Western

JV ACQUIRES 165-UNIT TOWNHOME COMMUNITY FOR $29.25 MILLION

by admin August 14, 2008

MONTCLAIR, CALIF. — Beverly Hills, Calif.-based Kennedy Wilson Multifamily Management Group has partnered with PCCP LLC to acquire Cambridge Park, a 165-unit townhome community located in Montclair. Acacia Capital sold the property for $29.25 million. The community comprises 22 two-story, townhome-style structures and a leasing office. To be renamed The Lexington, the property offers a mix of two- and three-bedroom units averaging 1,100 square feet. Units feature mansard roofs, central heating and air-conditioning, oversized patios or balconies, full-size washers and dryers, double steel sinks, electric ranges, dishwashers, ceiling fans and large closets. Additionally, the community offers a fitness center, a swimming pool, a children’s playground and outdoor barbeques. The buyers, who assumed Acacia’s existing Fannie Mae/Prudential loan, plan to invest an additional $2.33 million to renovate the property, which was built in 1974.

August 14, 2008

UPTOWN APARTMENTS RECEIVES LEED SILVER CERTIFICATION

by admin August 14, 2008

OAKLAND, CALIF. — A joint venture between Forest City Residential Group Inc. and MacFarlane Partners is developing Uptown Apartments, a transit-oriented residential development in Oakland. Encompassing four city blocks between Telegraph Avenue, 19th Street, Thomas L. Berkley Way and San Pablo Avenue, the project represents a true public/private partnership between the two companies and the city of Oakland Redevelopment Agency. The William, the first phase of the project, is complete and available for lease. When completed at the end of this year, the project will offer 665 apartment homes, with 25 percent designated as affordable rental housing for low-income and moderate-income residents, and 9,000 square feet of retail space. The project has received LEED Silver certification from the U.S. Green Building Council for its environmentally friendly design and sustainable components. MVE & Partners provided architectural services for the project.

August 14, 2008

Multifamily Western

312-UNIT MF COMMUNITY SELLS FOR $35.25 MILLION

by admin August 14, 2008

GILBERT, ARIZ. — Memphis, Tenn.-based Mid-America Apartments L.P. has acquired Alexan Lyon’s Gate, a 312-unit apartment community located at 3301 E. Ray Rd. in Gilbert. Scottsdale, Ariz.-based TCR Ray Road Holdings LP sold the property for $35.25 million. Situated on a 15.38-acre site, the property features one-, two- and three-bedroom floor plans averaging 959 square feet. The units feature a full amenity package including 9-foot ceilings and full-size washer/dryers. Additionally, the community offers a resort-style swimming pool and spa, a clubhouse with business center, a fully equipped fitness center, a volleyball court and a cyber café. Mark Forrester and Bob Bruno of Hendricks & Partners’ Phoenix office represented the seller in the transaction.

August 14, 2008

Multifamily Western

GUARDIAN ACQUIRES 98-UNIT MULTIFAMILY COMPLEX FOR $12.2 MILLION

by admin August 14, 2008

LEBANON, ORE. — Guardian Management LLC has purchased and opened a newly constructed workforce housing development, Queen Anne Apartments, in Lebanon. Stayton Ore.-based Slayden Construction Group Inc. constructed the $12.2 million development. Queen Anne Apartments offers 98 residential units, a sand volleyball court, a full-size basketball court, a fitness center, a community room and a children’s playground. The units feature washers and dryers, dishwashers and microwave ovens. Guardian purchased the property from Queen Anne Apartments LLC with tax-exempt bonds, which were issued by the State of Oregon. The acquisition price reflects an all-in cost of $125,000 per unit.

August 14, 2008

Industrial Western

VALLARTA SUPERMARKETS ACQUIRES 89,693-SF HEADQUARTERS

by admin August 13, 2008

SYLMAR, CALIF. — San Fernando Valley, Calif.-based Vallarta Supermarkets Inc., an American supermarket chain with a Hispanic emphasis, has acquired an 89,693-square-foot corporate headquarters and distribution facility in Sylmar. Located in the Golden Triangle at 12881 and 12883 Bradley Ave., the property offers 10 dock-high doors, 14,110 square feet of office space, 24 feet of minimum clear height in one of the buildings and on-site parking for 150 cars. The company plans to relocate to the new facility this fall. David Hoffberg and Jerry Scullin of Van Nuys, Calif.-based Delphi Business Properties represented the buyer; Ross Thomas, also of Delphi Business Properties, represented the seller, Hydrel Realty Partners, in the transaction. The acquisition price was not disclosed.

August 13, 2008

Hospitality Western

HUNTINGTON HOTEL GROUP TO DEVELOP 162-ROOM HOTEL

by admin August 13, 2008

CAMPBELL, CALIF. — Irving, Texas-based Huntington Hotel Group has purchased an approximately 3.5-acre hotel development site located at 655 Creekside Way in Campbell. Sand Hill Property Co. sold the parcel, which is entitled for development prior to the sale, for an undisclosed price. Huntington Hotel plans to develop a 162-room Courtyard by Marriott on the site. The hotel will be part of a master-planned stretch of property, which will include the five-story, 170,000-square-foot Creekside Office Park project. Scott Griemsmann of NAI BT Commercial represented both parties in the transaction.

August 13, 2008

Industrial Western

VOIT COMMERCIAL BROKERS SALE OF 59,876-SF INDUSTRIAL BUILDING

by admin August 13, 2008

GARDEN GROVE, CALIF. — KIFLP LLC has completed the disposition of a 59,876-square-foot industrial building, which is located at 14271 Corporate Dr. in Garden Grove. Situated on a 2.58-acre site, the property was purchased by an undisclosed private party for $8 million. The building is divisible with separate office entrances and features a two-story 17,500-square-foot office space. Mike Hartel, Mike Bouma and Trevor Pavone of Voit Commercial Brokerage’s Anaheim, Calif., office represented the seller; Brad Christian of Colliers International represented the buyer in the transaction.

August 13, 2008

Industrial Western

MIRA MESA INDUSTRIAL BUILDING SELLS FOR $6.5 MILLION

by admin August 13, 2008

SAN DIEGO — First Industrial Realty Trust has acquired an industrial/office building, which is located at 9880 Mesa Rim Rd. in San Diego’s Mira Mesa area, for $6.5 million. The 45,540-square-foot property is currently leased to Thermo Fisher Scientific through the end of 2008. Scott Dickson of Grubb & Ellis|BRE Commercial represented the buyer; Randy LaChance and Glen Volk of Voit Commercial represented the seller, Pacific Community Builders LLC, in the transaction.

August 13, 2008

Office Western

BERNARDO TERRACE CORPORATE CENTER OPENS

by admin August 12, 2008

RANCHO BERNARDO, CALIF. — Los Gatos, Calif.-based Granum Partners is developing Bernardo Terrace Corporate Center, a 330,000-square-foot office complex located at 11111 Rancho Bernardo Rd. in Rancho Bernardo. The first 110,000-square-foot building of the three-building campus is complete and move-in ready. When completed, the four-story buildings will feature 15-foot floor-to-floor heights, a high parking ratio, a fitness center and state-of-the-art technology such as broadband and fiber optics. The remaining two buildings will each offer 110,000 square feet of space. BPA Architecture Planning Interiors provided design services for the project; A.O. Reed served as construction manager.

August 12, 2008

Office Western

JV ACQUIRES 91,288-SQUARE-FOOT OFFICE BUILDING

by admin August 12, 2008

CUPERTINO, CALIF. — RREEF Alternative Investments, the global alternatives asset management business of Deutsche Bank’s Asset Management division, has formed a joint venture with Snell&Co to acquire Torre Plaza in Cupertino for an undisclosed price. The 91,288-square-foot office building offers a unique butterfly designed-floor plate, which allows tenants twice the amount of exterior glass and natural light. Located at 10201 Torre Ave., the property was vacant at the time of acquisition. Cushman & Wakefield represented the undisclosed seller in the transaction.

August 12, 2008

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