VANCOUVER, WASH. — Vancouver-based HIRE I – Arnada Pointe (220) LLC has acquired Polo Club, a 200-unit multifamily community in Vancouver, for $16.9 million. Located at 4820 NE Hazel Dell Ave., the 193,404-square-foot apartment community features a mix of one-, two- and three-bedroom units averaging 967 square feet. The community also features a pool, a fitness center, a basketball court, a playground and additional storage. The units feature washers/dryers, fireplaces, patios/balconies and vaulted ceilings. At the time of acquisition, the property was 95 percent occupied. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller, Portland-based The Polo Club LLC, in the transaction.
Western
PARK CITY, UTAH — Thompson National Properties LLC, on behalf of the Vulture Fund, has purchased the Blind Dog Building in Park City for an undisclosed price. The property, which is located at 1781 and 1787 Sidewinder Dr., is commonly referred to as the Blind Dog Building because it is anchored by the Blind Dog Restaurant. The three-story, more than 15,000-square-foot building was built in two phases, with the final phase completed in 2002. At the time of acquisition, the value-add property was 73 percent occupied. The seller was not disclosed.
BREA, CALIF. — Regency Centers is breaking ground for the redevelopment of Brea Marketplace, a 351,982-square-foot shopping center located at 835 E. Birch St. in Brea. The two-phase redevelopment plan includes a new façade, tile roof, landscaping, new signage, site work, lighting and re-surfacing the parking areas. Currently, the center features a 37,000-square-foot 24-Hour Fitness, Beverages and More, Fidelity Investments, and a variety of restaurants and service businesses. A 20,331-square-foot Circuit City is currently under construction, with completion slated for mid-July. The second phase will feature a T.G.I. Friday’s restaurant and the development of an adjacent two-story, 4,000-square-foot office building. Completion is slated for 2009.
DALLAS — Riverstone Residential Group has added 14 new apartment communities to its portfolio. Located in eight states, the properties encompass 2,372 units, bringing the total number of units under management to 192,000. The additions are located in California, Connecticut, Idaho, North Carolina, Oregon, Tennessee, Texas and Washington. “We are very pleased to welcome these fine properties to the Riverstone family,” said Christy Freeland, CEO of Riverstone Residential Group. “We believe Riverstone is the property management company of choice because of the high caliber of our management professionals, our presence in states coast-to-coast and the competitive advantages we provide through our unique selection of integrated ancillary products and services.” In other company news, Riverstone has recently hired Craig Rooney as senior vice president for the Southern California region. Rooney’s responsibilities will include oversight of a portfolio of more than 12,000 apartment units located in communities throughout the region. He will also play a key role in the development of new business. “We are delighted to place Craig in this leadership role,” said Walt Smith, president of Riverstone HSC Residential’s Western Division. “His experience over the last 20 years has made him one of the true local experts of Southern California’s …
SYLMAR, CALIF. — Ko’s Foothill Glen Apartments Inc. has purchased Foothill Glen Apartments, an 81-unit apartment community in Sylmar. Located at 13490-13520 Foothill Blvd., the 68,380-square-foot property consists of four two-story buildings. Community amenities include picnic and barbeque areas, four separate laundry facility rooms, secured entry and gated carport parking with remote access. Foothill Glen Apartments LLC sold the property for $12.85 million or $158,642 per unit. Rick Raymundo of Marcus & Millichap represented the seller and procured the buyer in the transaction.
HONOLULU — EnviroFinance Group LLC has provided $11 million in financing for the remediation, infrastructure and site development of a 174,240-square-foot land parcel in Honolulu. The borrower, Weston Solutions Inc., plans to take the 4-acre contaminated site, which was formerly a manufactured gas plant, through an extensive environmental remediation. After clean up, the property, which is located at 616 Iwilei Rd., will likely be developed into a retail center. Weston is investigating the use of an innovative in-situ chemical oxidation process to clean up the site, which is contaminated with high concentrations of benzene.
ROCKLIN, CALIF. — An undisclosed buyer has purchased Sunset Street in Rocklin. Located at 3655 Sunset Blvd., the 104-unit property sold for $9.2 million. Al Inouye and Steve Nelson of Hendricks & Partners represented both parties in the transaction. The seller was not disclosed.
KENT, WASH. — Beverly Hills, Calif.-based Kennedy Wilson Multifamily Management Group has acquired Indigo Springs, a 278-unit multifamily community located at 11101 SE 208th St. in Kent, for $36 million. The community comprises one-, two- and three-bedroom apartments in five different floor plans. Units feature kitchens with an open floor plan overlooking the dining and living areas, washer/dryers, linen closets, fireplaces, ceiling fans, track lighting, scenic wetland views and a sunroom/patio/deck with extra storage. Additionally, the community features a clubhouse with fireplace and kitchen, a fitness center, an outdoor pool and spa, a basketball court, a playground, and detached garages. David Young and Phil Oester of Hendricks & Partners represented the buyer and the undisclosed seller in the transaction.
LA MESA, CALIF. — Ledcor Construction Inc. is nearing completion for a five-story 66,000-square-foot medical office project located on the Grossmont Hospital Campus in La Mesa. Ledcor Construction is serving as general contractor for the $9.6 million project, which is owned by Pacific Medical Buildings. The project features a stucco exterior, two machine-room-less elevators, five built-out lobbies, a trash enclosure, a solar crosswalk and a seven-story parking structure. HDR is providing architectural services, Rand Engineering is serving as site work contractor, TMAD Taylor and Gaines is serving as structural and mechanical engineer, BDS Engineering Inc. is providing civil engineer services, Tanner Engineering is serving as electrical engineer and KTU+A is serving as landscape architect.
SEAL BEACH, CALIF. — Phil Voorhees, Megan Wood, Patrick Toomey and Barclay Harty of CB Richard Ellis (CBRE) represented Panattoni Development in the disposition of Pacific Gateway Shopping Center in Seal Beach. A foreign investor purchased the 19,474-square-foot property for $12.8 million or $657 per square foot, which reflects a 6.59 percent cap rate. Located at 2311, 2365 and 2399 Seal Beach Blvd., the property is currently leased to Charles Schwab, Subway, Countrywide, Starbucks Coffee and Anytime Fitness.