TEJON RANCH, CALIF. — Clayco Inc. is developing a 350,000-square-foot build-to-suit distribution center for Famous Footwear, a retail division of Brown Shoe Company, in Tejon Ranch. Located within Tejon Industrial Complex, the 23.75-acre development parcel is situated within the recently approved Foreign Trade Zone. The trade zone was set up by a joint venture between Tejon Ranch Company and The Rockfeller Group Development Corp. The initial plans for the project call for a 350,000-square-foot distribution center with ample land remaining for future developments.
MILWAUKIE, ORE. — Beaverton, Ore.-based SKL Properties LLC has purchased Forest Creek, an apartment community in Milwaukie. Located at 12730 SE McLoughlin Blvd., the 36-unit complex sold for $2.75 million. The seller was Lake Oswego, Ore.-based Shields Family L.L.C. II. Grayson Pounder of Hendricks & Partner’s Portland, Ore., office represented both parties in the transaction.
LOS ANGELES — Los Angeles-based Meta Housing Corp. is breaking ground for the development of an affordable residential/retail project in Los Angeles. Located at 1011 E. Adams Blvd., the yet unnamed project will feature 80 apartments above 19,000 square feet of ground-level retail space fronting East Adams Boulevard and South Central Avenue. The retail portion will feature the area’s newest Fresh & Easy Neighborhood Market. Ranging in size from 554 to 1,103 square feet, the apartments offer one-, two- and three-bedroom floorplans. The apartments will feature energy-efficient kitchen appliances, carpeting and vinyl flooring, ceiling fans, smoke detectors, central heating and air conditioning, balconies, walk-in closets, and cable television/Internet access. Additionally, the community will feature 21,000 square feet of open space with landscaped courtyards; barbeque areas; a community facility offering classrooms; a computer/business center and a kitchen; laundry facilities and tot lot and meditation areas. The project will also offer two levels of above-ground parking, with one level accommodating the retail portion and the second, fully secured level accommodating the residents. The project is 100 percent affordable housing for residents earning from 35 to 45 percent of the area median income for Los Angeles County. Starting rents are expected to range …
EL MONTE AND LOMITA, CALIF. — Grubb & Ellis Healthcare REIT Inc. has closed its Senior Care Portfolio 1 with the acquisition of two skilled nursing facilities in California. Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Rd. in Lomita, each property is a single-story skilled nursing facility. The two facilities total approximately 71,000 square feet of gross leaseable space and 219 patient beds. Additionally, the properties are 100 percent leased to North American Healthcare. HCP Inc. sold the properties for an undisclosed price. Grubb & Ellis Healthcare REIT financed the acquisition through an unsecured note from an affiliate and cash on hand. The portfolio comprises six properties: the two recent California acquisitions and four properties in Texas, which were acquired in March.
WASCO, CALIF. — Wasco Affordable Housing Inc. has developed Central Avenue Senior Apartments, a 42-unit senior-housing apartment community located at 300 Central Ave. in Wasco. The community consists of 14 one-story buildings featuring one- and two-bedroom apartments. The community is restricted to retired and working agricultural workers age 62 years or older, who earn 60 percent or less of the medium area income. Each apartment offers a stove, a microwave, a refrigerator, a dishwasher and an individual washer and dryer. Financing for the $8.2 million project was provided in part by a $3 million tax credit equity investment from Enterprise Community Investment Inc., a $2.25 million loan from the USDA Rural Development program, which includes a mortgage and rent subsidies, and a $900,000 loan from the State of California’s Joe Serna Jr. Farmworker Housing Grant Program.
LONG BEACH, CALIF. — Long Beach-based Ensemble Real Estate is developing Long Beach Residence Inn, which is located at 600 Queensway Dr. in Long Beach. The 178-room hotel offers 139 studios, 29 one-bedroom and 10 two-bedroom rooms. The 11-story, 135,000-square-foot project is slated to cost $30 million. Marina del Rey, Calif.-based Cuningham Group is providing architectural services for the project; Seattle-based Johnson Braund Design Group Inc. is providing interior design services. R.D. Olson Construction is serving as general contractor for the project, which is fast-tracked for completion in summer 2009.
LA MIRADA, CALIF. — The city of La Mirada has acquired a 24,860-square-foot industrial building in La Mirada for $3.4 million. Located at 14515 Alondra Blvd., the freestanding, one-story property offers access to the 5 and 18 freeways. E.W. Sparr Family Trust and FSB First American Trust, both private investors based in Santa Ana, Calif., sold the property. Rob Socci and Peter Castleton of Voit Commercial Brokerage’s Anaheim, Calif., metro office represented both parties in the transaction.
LOS ANGELES — Ground has broken for the construction of University Gateway, a student housing and retail project situated near the University of Southern California (USC) campus in Los Angeles. Located on the northwest corner of Figueroa and Jefferson Boulevard, the eight-story development will feature 600,000 square feet of floor space offering 421 undergraduate and graduate apartments above more than 78,000 square feet of retail space, and a nine-story parking structure. “With this groundbreaking and Clark Construction at the helm as the design/builder, the project is firmly on track for summer 2010 opening,” says Matthew Burton, principal/CFO of Urban Partners LLC. “It has been a long road but that makes it all the more gratifying to finally get to this day.” Developed by Urban Partners and designed by Clark Construction, the project features laundry facilities and lounge/study rooms on each floor, 14 one-bedroom units averaging 668 square feet, 407 two-bedroom/two-bath units averaging 910 square feet, which will accommodate four students. A portion of University’s Gateway second floor will feature three internal courtyards with landscaped gardens complete with trees, low-flowering shrubbery and seating areas. The project’s aesthetics will complement the Italian Romanesque red brick architectural style of the existing campus facilities. …
BIG BEAR LAKE, CALIF. — McSam Hotel Group has acquired Northwoods Resort and Conference Center, a 148-room hotel located at 40650 Village Dr. in Big Bear Lake, for $12.5 million. Built in 1995, the four-story hotel features Stillwells Restaurant and Lounge, a gift shop, a pool, a whirlpool, a sauna, an exercise room and an outdoor amphitheatre. Scott Clawson of Marcus & Millichap’s Chicago office, along with Michael Goldstein of Packard Hospitality, represented the buyer; Robert Brauchli and Jigar Patel of Marcus & Millichap’s San Diego office represented the seller, WWW Asset One Corp., in the transaction.
BOUNTIFUL, UTAH — Grubb & Ellis Healthcare REIT Inc. has acquired Renaissance Medical Centre, a five-story Class A medical office building located at 1551 S. Renaissance Dr. in Bountiful. Completed in 2004, the property consists of 112,000 square feet of gross leaseable area. The center is approximately 88 percent leased and anchored by MountainWest Surgical Center, which leases approximately 30,000 square feet. The property was sold by an unaffiliated third party represented by Chris Bodnar of CB Richard Ellis – Colorado Private Client Group. Grubb & Ellis Healthcare REIT primarily financed the acquisition through the assumption of the two existing loans on the property, which are serviced by Midland Loan Services Inc. and Wachovia Bank N.A., and cash on hand.