EL MONTE, CALIF. — Kevin Hurley and Kevin Lutz of Hendricks & Partners represented the buyer, Arcadia, Calif.-based David F. Freeman &/or Assignee, in the acquisition of Riverstone, an apartment community in El Monte. Located at 3939 Maxson Rd., the 45-unit community sold for $6.85 million. The Harris Group of Marcus & Millichap represented the seller, El Segundo, Calif.-based 6604 Springpark Partners LLC, in the transaction.
What area is your expertise? Central Business District, Portland What trends do you see presently in office development in your area? We see a lot of new class A properties coming out of the ground, delivering approximately 2010, with a lot of rehab in the Class B market. Who are the active office developers in your area? Shorenstein, based out of San Francisco; TMT, a local developer; Winkler; and Unico are a few of the most active companies right now. Please name one or two significant office developments in your area. What impact will these projects have on the market? First & Main will be the next new construction out of the ground in the downtown core. It is a 13-story Class A office building with a completion date set for First Quarter 2010. Construction on TMT Development’s Park Avenue West has recently begun, also in the downtown core. This will be an office/retail/condo mixed-use building that delivers approximately late 2010 or early 2011. These projects will have a huge impact on the market, where the Class A supply is very tight. Where is the majority of development taking place? Why is this area doing well? There is a lot …
PHOENIX — Des Moines, Iowa-based Principal Finance Group has acquired two industrial facilities in Phoenix for $41 million. The company purchased a 309,485-square-foot distribution warehouse located at 6923 Buckeye Rd. for $18.2 million and a 380,740-square-foot distribution building located at 6825 Buckeye Rd. for $22.9 million. The Alter Group sold the properties, which are located within its 162-acre Buckeye Logistics Center. Pat Harlan and Steve Sayre of Cushman & Wakefield represented the seller in the transaction.
HENDERSON, NEV. — American Nevada Company (ANC) has developed a four-story office building, which is located at 2360 Corporate Cr. within Green Valley Corporate Center in Henderson. As the first green building developed by ANC, the project includes water efficiency elements, a heat island effect on the roof, low-emitting interior materials and photovoltaic panels. The 134,400-square-foot facility also offers tenants spaces ranging in size from 2,000 to 33,900 square feet. Currently, 72,654 square feet has already been pre-leased.
SACRAMENTO, CALIF. — Sundt Construction Inc. has broken ground for the construction of Valley Hi North Laguna Library, which is located at the corner of Bruceville Road and Cotton Lane in Sacramento. Designed by Berkeley, Calif.-based Noll & Tam, the $9.9 million, 20,000-square-foot library will feature several interior and exterior public art projects. Additionally, the facility is utilizing various sustainable elements to achieve LEED Gold Certification upon completion in April 2009.
TROUTDALE, ORE. — Gresham, Ore.-based B3R Properties has purchased Hampton Heights, which is located at 496-628 SW 257th Ave. in Troutdale. The 64-unit apartment community sold for $4.8 million. Grayson Pounder of Hendricks & Partners negotiated the transaction on behalf of the buyer. The seller was Saint Helens, Ore.-based Hampton Heights LLC.
DENVER — Westfield Development Co. has begun construction of 1800 Larimer, a 22-story office tower located in Denver’s central business district. The pre-certified Platinum LEED CS building will offer 500,000 square feet of office space. The project is nearly 75 percent pre-leased to a variety of tenants, including Xcel Energy, Westfield Development Co., Westfield Capital Partners, Frederick Ross Company, Apartment Realty Advisors and Citywide Banks. Wachovia is providing construction financing for the project, which is slated for completion in 2010.
SAN DIEGO — San Mateo, Calif.-based G.W. Williams Co. has acquired Montecito Point, a 72-unit apartment community located at 4179 Third Ave. in San Diego. San Diego-based Hillcrest Montecito sold the property for $17.5 million. Built in 1987, the property offers one- and two-bedroom floor plans, a spa, a barbecue, gated/controlled access, underground parking with elevator service and laundry facilities. Steve Huffman of Hendricks & Partners represented both parties in the transaction.
DALY CITY, CALIF. — Walnut Creek, Calif.-based Diablo Wealth Management has purchased Chateau El Camino, an 85-unit apartment community located in Daly City, for $11.8 million. Constructed in 1965, the property features studio, one- and two-bedroom units, a central courtyard and secured parking. David Silver, Nathan Blair and Ken Meislin of Arroyo & Coates represented the undisclosed seller in the transaction; the buyer was self-represented.
CHULA VISTA, CALIF. — San Diego-based Pacific Realty Advisors has acquired a 2.98-acre office property, which is located at 340-342 Fourth Ave. in Chula Vista, for $8.8 million. The property comprises 35,000 square feet of office space. Tracy Clark and Jeff Wells of Voit Commercial Brokerage represented the seller, Doctor’s Park LLC, in the transaction; Pacific Realty Advisors negotiated the transaction in-house.