SEATTLE — Broadreach Capital Partners and joint venture partners Continental Properties and Unico Properties have sold 1915 Terry, a 252,000-square-foot, mid-rise office tower in Seattle, to Seattle-based Children’s Hospital for $35.9 million. The Broadreach-led partnership acquired the seven-story building in 2006 and negotiated a 15-year lease with Children’s Hospital for the entire building that included a buy-out option in 2007.
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SAN FRANCISCO — Houston-based Noteware Development has broken ground for the construction of 5800 Third Street, the company’s second venture in San Francisco’s Bayview Candlestick Point neighborhood. Located on the site of a former Coca-Cola plant, the project will include 360 one- to three-bedroom residential homes, including 47 affordable units, and 20,000 square feet of retail space. United Kingdom-based grocer, Fresh & Easy, will anchor the development.
LOS ANGELES — California-based Gafcon Inc. has completed the 43,000-square-foot first phase of Village Walk, a upscale retail center in Los Angeles’ San Fernando Valley. Located at 18660-18728 Ventura Blvd. within the community of Tarzana, the project is owned by The Village at Tarzana LP and being developed by Pacific Equity Properties Inc. The project features a two-story, steel-framed building with 11 units for retail space and restaurant use. Additionally, Gafcon has been retained for the second phase of the project, which includes a Whole Foods Market-anchored 286,000-square-foot center. California-based W.E. O’Neil Construction Co. served as general contractor; Gruen Associates provided architectural services for the project.
PHOENIX — Minnetonka, Minn.-based Carlson Real Estate Co. has acquired Opus Cotton Center, a four-building, 265,000-square-foot commercial complex in Phoenix, from Minneapolis-based Opus Real Estate Fund VI (ORE) and Phoenix-based Opus West Corp. for $46.1 million. The buyer plans to rename the property Cotton Center IV to represent the four flex buildings that make up the project. The buildings range in size from 57,055 to 82,825 square feet. At the time of acquisition, the complex was 77 percent occupied by tenants such as Inter-Tel Technologies, Genzyme Corp., Sodexho and AETNA Insurance. Brian Ackerman, Chris Toci, Pat Harlan, Mike Beall and Jim Wilson of Cushman & Wakefield brokered the transaction.
MORENO VALLEY, CALIF. — Greg Gill and John Bowman of Charles Dunn Company, a partner of GVA Worldwide, has negotiated a 10-year lease for March Commerce Center, a 613,174-square-foot industrial center located at 22150 Goldencrest Dr. in Moreno Valley, for Dayville, Conn.-based United Natural Foods Inc. (UNFI). UNFI plans to occupy the entire building, which was built in 2006 and never occupied. Gus Andros and John Murphy of Collins Commercial, along with Bruce Springer of Grubb & Ellis, represented the landlord, Cactus Commerce LLC, in the transaction, which was valued at $28.5 million.
CENTENNIAL, COLO. — Crown West Realty has purchased Plaza Quebec, a 94,400-square-foot office building located at 6025 S. Quebec St. in Centennial, from Principal Financial Group for $10.25 million. The company plans to upgrade the three-story property, which was built in 1984, to Class A status. Currently, the building is 93 percent occupied. Ryan Stout and Nate Bradley of Grubb & Ellis are marketing and leasing the property, which will have 20,000 square feet of space available for lease during 2008 and 2009.
BEVERLY HILLS, CALIF. — New Pacific Canon LLC, an entity of Beverly Hills-based New Pacific Realty Corp., has acquired 9399 Wilshire Boulevard, an approximately 10,187-square-foot office/retail property in Beverly Hills, for $10.35 million or $1,016 per square foot. Built in 1954, the two-story property was 95 percent occupied at the close of escrow. The buyer plans to utilize the top floor as its new corporate headquarters. The first floor includes a retail tenant, Johnathon Arndt Gallery of Jewels. Dennis Herzig of Sperry Van Ness’ Los Angeles office represented both the buyer and the seller, Beverly Hills-based Guy Price Inc., in the transaction.
EMERYVILLE, CALIF. — GID Investment Advisers LLC, on behalf of Windsor Realty Fund-V LLC, has purchased Metropolitan Apartments, a 284-unit apartment community located in Emeryville, for an undisclosed price. Located in the commercial core of Emeryville, the property will be renamed Bay Street Apartments by Windsor. Built in early 2007, the property consists of five levels of residential units and parking situated on top of a portion of Bay Street Emeryville, a 325,000-square-foot mixed-used project. The complex offers one- and two-bedroom units with an average unit size of 966 square feet. A portion of the units are rent restricted and have been set aside for residents earning below area median income. The residences include 9- to 14-foot ceilings, solid maple cabinetry, granite countertops, and full-size washers and dryers. Additionally, the property features a private pool and spa, a fitness facility and a business center.
VICTORVILLE, CALIF. — Stirling Capital Investments, a joint venture between Foothill Ranch, Calif.-based Stirling Enterprises and Denver-based DCT Industrial Trust Inc., has broken ground for the construction of a 296,000-square-foot Class A distribution center, which will be located on a 17.48-acre site within Southern California Logistics Centre in Victorville. The facility will feature 32-foot ceilings, an ESFR sprinkler system, 147 trailer parking spaces and 116 dock doors. The partnership has executed an agreement with Cal Cartage, a third party logistics provider, to co-market the facility. The building will be the first logistics-oriented facility at the park, and will provide warehouse management and logistics fulfillment services. Completion is slated for second quarter 2008.
GLENDALE, CALIF. — Hollywood, Calif.-based 1027 Wilshire Associates LLC has purchased Glendale Exchange, a 92,154-square-foot retail/office development located along Maryland Avenue in Glendale, for $22.5 million. The property is 100 percent leased to a variety of tenants, including a 10-screen Mann Theater and a 6,000-square-foot Tony Roma’s restaurant. Dan Riley, Sam Alison and Geoff Martin of CB Richard Ellis (CBRE) represented the seller, Florida-based Glendale Exchange MW LP, in the transaction.