LITTLETON, COLO. — Mountain View LLC has purchased a 106,000-square-foot industrial building, which is located at 6415-6455 Business Center Dr. in Littleton, as part of a 1031 exchange. The single-tenant net leased property sold for $16.85 million or approximately $159 per square foot. The current tenant, Verizon Communications Inc., recently negotiated a lease extension that included extensive tenant improvements on the 13-year old building. Alec Rhodes and R.C. Myles of Fuller Real Estate represented the seller, Baylor and Solution Properties, in the transaction.
SUISUN CITY, CALIF. — Basin Street Hospitality, a division of Petaluma, Calif.-based Basin Street Properties, has broken ground for the construction of a Hampton Inn & Suites hotel in Suisun City. Located at Harbor Center Drive, the hotel will feature 102 rooms, an outdoor pool and spa, meeting rooms, complimentary hot breakfast, complimentary high-speed Internet access, flat-screen televisions, and the Hampton 100 percent satisfaction guarantee. Completion is slated for summer 2009.
CARLSBAD, CALIF. — Phase 3 Properties has acquired a 20,907-square-foot research and development (R&D) building in Carlsbad. Located at 6211 El Camino Real, the one-story building features a newly renovated mezzanine level with approximately 4,500 square feet of second-story office space. Joe Crotty and Ron King of Coldwell Banker Commercial Almar Group ONCOR International represented the seller, Kamay Investments LLC, in the transaction; Phase 3 Properties was self-represented.
PORTLAND, ORE. — Reno, Nev.-based DP Partners has completed its first speculative building at LogistiCourt at Portal Way in Portland. Located at 18210 NE Portal Way, the 264,984-square-foot facility is divisible to 43,992 square feet and features 30-foot clear height ceilings, 50 truck docks, six drive-in doors, bay sizes of 52-foot by 55-foot with 60-foot speed bays, parking for 183, trailer parking upon request and T5 HO high-efficiency light fixtures. Centennial, Colo.-based Vistar Corp. has signed a long-term lease for 102,988 square feet of the newly completed facility. Portland-based Group Mackenzie provided architectural services; and Portland-based Perlo McCormack Pacific served as general contractor for the project. The exclusive leasing agent for LogistiCourt is Andy Kangas, Arielle Scesa and Stuart Skaug of CB Richard Ellis.
LOS ANGELES — McCarthy Building Cos. Inc. has completed the construction of the Los Angeles County Administration Building, a $65 million facility located in South Los Angeles. The project consists of a $55.5 million, four-story office building and a $9.6 million, six-story parking structure. Developed by Los Angeles-based ICO Development in conjunction with the county of Los Angeles, the 220,000-square-foot office property is leased to four Los Angeles County departments — Child Support Services, Department of Children and Family Services, Department of Mental Health and Department of Social Services. McCarthy constructed the facility under a design-build contract with ICO Development. Gensler Architects provided architectural services for the project.
DES MOINES, WASH. — FSC Saddlebrook Associates LLC has acquired Saddlebrook Apartments, a 223-unit apartment community located at 2100 S. 260th St. in Des Moines. Denver-based Simpson Housing LLLP sold the property for $28.3 million. The community consists of 22 three-story buildings offering studio, one-, two- and three-bedroom units averaging 850 square feet. Kenny Dudunakis of Hendricks & Partners Seattle office represented both parties in the transaction.
REEDLEY, CALIF. — Nashashibi Family Trust has acquired Reedley Place Shopping Center, which is located at 1721-1761 E. Manning in Reedley. The two-building, 22,222-square-foot center sold for $7.72 million. The center is anchored by a Rite-Aid and the Educational Employees Credit Union. Baycal Realty represented the buyer; Reg Kobzi, Sam Aliso and Dan Riley of CB Richard Ellis represented the seller, Sterling Development Corp., in the transaction.
SAN DIEGO — Pite Duncan LLP has purchased Morena Vista Corporate Center, which his located at 4375 Jutland Dr. in San Diego, for $5.8 million. The two-story, multi-tenant office building offers 31,530 square feet of space and covered parking. Originally built in 1991, the property is situated on a 2.86-acre site. The buyer plans to relocate its law firm into the building, which will be 100 percent occupied by four tenants. Chris Hobson and Jack Kruger of Grubb & Ellis|BRE Commercial represented the buyer; Steve Rowland, Michael Roberts and Kruger represented the seller, Marling Group Inc., in the transaction.
DOWNEY, CALIF. — Wells Fargo & Co. has closed a $53 million Fannie Mae loan for the refinancing of Park Regency Club Apartments in Downey. The loan carries a 7-year term plus a 1-year extension option. The 460-unit community features two swimming pools, a heated spa, barbeque grills, tennis courts, two fitness centers, a children’s playground and a multi-level clubhouse. Phil Morse of Wells Fargo Multifamily Capital in McLean, Va., originated the loan, with Doug Thompson of HFS Capital Advisors Inc. as a correspondent. The borrower, an affiliate of Gehr Enterprises, plans to use the proceeds to diversity its real estate portfolio in the Manhattan, N.Y., hospitality market.
ESCONDIDO, CALIF. — Pacific Realty Advisors is developing Harmony Grove Industrial Park, a 36,500-square-foot industrial park located at 1291 Pacific Oaks Pl. in Escondido. With completion slated for June, the multi-tenant project features suites ranging in size from 1,219 to 2,198 square feet, with the option to combine spaces. The separately metered warehouse units also feature grade-level truck doors. Kenneth D. Smith Architects provided architectural services for the project; Kenard Construction is serving as general contractor. Matt Strockis and Eugene Marini of Cushman & Wakefield are marketing the project.