KENT, WASH. — Beverly Hills, Calif.-based KW Multifamily Group has acquired James Street Crossing, a 300-unit apartment community located at 6248 S. 242nd Pl. in Kent. Chicago-based Equity Residential sold the property for an undisclosed price. Constructed in 1989, the property is located just down the street from the extremely successful Kent Station development. Kenny Dudunakis of Hendricks & Partners’ Seattle office brokered the transaction.
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SAUSALITO, CALIF. — Westcore Properties, on behalf of Westcore Marin, has acquired an 11-building portfolio in Sausalito for $26 million. The 134,812-square-foot portfolio includes office, restaurant, industrial and artist space. Jeff Traynor of Orion Partners represented the buyer, while Jerry Suyderhoud, also of Orion Partners, represented the seller, Marin Freeholders, in the transaction. Financing for the acquisition was provided by California Bank & Trust.
HILLSBORO, ORE. — KBS Realty Advisors has acquired Evergreen Park, a four-building light industrial park located on NW Evergreen Parkway in Hillsboro. The 10.56-acre property offers 172,000 square feet of space and is currently 83 percent leased to seven tenants. The acquisition price and the seller were not disclosed.
VERNAL, UTAH — The Merrill Group of Companies has acquired a 2.50-acre site, which is located at the corner of 2000 West and Highway 40 in Vernal, for an undisclosed price. The company plans to develop a four-story, 109-room hotel inn and suites, which will feature conference and meeting space, on the property. Completion is slated for third quarter 2009. David Frank provided in-house representation for the Los Angeles-based company in the transaction.
CARLSBAD, CALIF. — Zinola LP has purchased a 22,156-square-foot R&D building, which is located at 5816 Dryden Rd. in Carlsbad, for $3.4 million. Built in 1989 on 1.44 acres, the multi-tenant property is part of the Carlsbad Airport Center development. At the time of acquisition, the property was 100 percent leased to California Pegasus and Pelican Packaging. Brandon Keith of Commercial Realty Advisers represented the buyer; Paul Lafrenz, Shauna Fick, John Barksdale and Lars Eisenhauer of CB Richard Ellis represented the seller, California Pegasus LLC, in the transaction.
What area is your expertise? • Office leasing and sales in Salt Lake County What trends do you see presently in office development in your area? • The office market continues to show positive net absorption and a sustained demand for office product. Developers and the capital markets have not been over-zealous by creating a large supply of speculative office product. Most of the new office construction has had substantial pre-leasing activity.There is also a greater interest in creating a more green and sustainable office buildings. Who are the active office developers in your area? • DDRS, Boyer Company, Woodbury Corporation and Hamilton Partners Please name one or two significant office developments in your area. What impact will these projects have on the market? • The Gateway in the downtown area of Salt Lake City continues to have an impact on the office market. Large and notable companies such as Fidelity and Ernst and Young continue to locate in this mixed-use project. Tenants seek to have amenities such as restaurants, shopping, entertainment, condos, and light-rail transportation at their doorstep. This project will continue to be the “pace-setter” in office development and will be the development that will have little, if …
SAN FRANCISCO — San Francisco-based Carmel Partners Inc. has completed three transactions in Northern California, Hawaii and Southern California. Carmel Partners Investment Fund II LP invested in the 205-unit Grosvenor Suites in San Francisco, the 857-unit Kukui Gardens in Honolulu and the four-property, 153-unit Westwood Collection in Los Angeles. Terms of the transactions were not disclosed.
SAN DIEGO COUNTY, CALIF. — Phoenix-based Opus West is developing Horizon Tech Center @ Scripps Ranch in San Diego County. Situated on an 11.3-acre site, the 158,000-square-foot project is being constructed to meet LEED Green Building Rating Systems certification requirements. The three-building campus features large, efficient floor plates; floor-to-floor heights designed to accommodate extensive lab and clean room areas; and 10-foot finished ceiling heights for office areas. Opus Architecture & Engineering, along with RJC Architects, provided architectural services for the project.
GREELEY, COLO. — Greeley Plaza LLC has purchased Chase Plaza, a 122,000-square-foot property located at 822 7th St. in downtown Greeley. Greeley Lincoln Park Properties, Colorado Recovery Properties and Robert G. Tointon sold the property for $9.9 million. Taylor Turano and Barry Higgins of Marcus & Millichap’s Denver office represented both parties in the transaction.
BEND, ORE. — Renaissance Homes is developing Fremont Place, a four-building, live-work multifamily community located within NorthWest Crossing in Bend. The project will feature 30 two-level townhomes each consisting of 600 square feet of commercial space on the first level and 1,200 to 1,600 square feet of residential space on the second level. The commercial space is restricted to services, such as beauty shops, law offices, neighborhood shops and other like businesses. Portland, Ore.-based Myhre Group Architects provided architectural and design services for the project, which is slated for completion in July.