SAN JOSE, CALIF. — Equity Office Properties has completed the disposition of a 143,000-square-foot industrial facility, which is located at 350 E. Plumeria Dr. in San Jose. Newport Beach, Calif.-based KBS REIT II purchased the property for $35.7 million or $250 per square foot. Constructed in 1986, the 8-acre property underwent a $6 million renovation in 2008. At the time of acquisition, the property was 100 percent leased to NetGear Inc.
Western
CARLSBAD, CALIF. — Santa Monica, Calif.-based Pacific Development Partners LLC has acquired a three-story, 85,000-square-foot mixed-use building, which is located at 1265 Laurel Tree Lane in Carlsbad, for $29.9 million. Developed by Biltmore Holdings, the facility is currently 100 percent leased by 24-Hour Fitness. Bill Barnett, Doug Hogan and Greg Lewis of Burnham Real Estate•ONCOR International represented the buyer in the transaction; the seller, Ascent-Biltmore Carlsbad LLC, was self-represented.
PHOENIX — Triple Net Properties LLC, on behalf of tenants-in-common, has purchased Townley Business Park, a nearly 176,000-square-foot business park located near the intersection of 23rd Avenue and Dunlap Road in Phoenix, for an undisclosed price. The garden-style park features three buildings and a 1.34-arce undeveloped parcel of land. The property is currently 80 percent leased to a variety of national and regional companies specializing in industries such as insurance, healthcare and real estate. The company purchased the park from ICP Real Estate, which was represented by Amr Ceran. Joseph Byers of Commercial Realty Capital arranged the financing, which was provided by PNC Bank.
CHANDLER, ARIZ. — Scottsdale, Ariz.-based Lees Mayfield Associates has broken ground for the construction of Chandler Echelon, a mixed-use business development located along Price Road Corridor in Chandler. The first phase of the project consists of a four-story, 190,000-square-foot office building, which was designed by Tempe, Ariz.-based DFD CornoyerHedrick. Phoenix-based The Weitz Company is acting as general contractor for the first phase. Additional plans for the development include the construction of a second, mirror-image office building; a 110-room Fairfield Inn & Suites; and a 150-room Courtyard, both hotels by Marriott International Inc. Delivery of the first phase is slated for fourth quarter 2008. Lees Mayfield is joined by co-developers REI Investments and White Lodging, both of Indianapolis, and Poe Companies of Louisville, Ky. Financing for the first office building was provided by Regions Bank of Birmingham, Ala.
SEATTLE — Queen Anne Manor LLC has acquired Queen Anne Manor, a 116-unit senior-housing community located at 120 Crockett St. in Seattle, for $17.2 million or $148,275 per unit. The seller, Seattle-based Alpha Care LLC, has owned and operated the property since 1980 as an assisted-living facility. The buyer plans to renovate the property to modernize operations while continuing to manage the building as an assisted-living facility. Josh Blake of Hendricks & Partners’ Seattle office negotiated the transaction.
LOVELAND, COLO. — The Boys & Girls Club of Larimer County and Loveland-based McWhinney are developing a new club facility, which will be located at 2500 E. First St. in southwest Loveland next to New Vision Charter School. The more than $3 million project will offer 20,000 square feet of space that will serve up to 300 children. The facility will feature a gymnasium, two classrooms, a learning center, a computer lab, a kitchen, office and storage space, an open game room, a library, two art rooms, a music room and a teen room. Sinnett Builders is serving as general contractor for the project, which is slated to open in August.
TEMECULA, CALIF. — Rancho Santa Fe, Calif.-based A&M Properties West Inc. has completed the disposition of Temecula Creek Villas, a 180-unit apartment community located at 31220 Samantha Lane in Temecula. A Newport Beach, Calif.-based private investor purchased the property for $36.9 million or $205,000 per unit. Constructed in 2007, the property consists of nine three-story buildings offering a mix of one-, two- and three-bedroom units averaging 1,073 square feet. The community also features detached garages, gated/controlled access, a fitness center, an indoor racquetball court, saunas, and a swimming pool and spa. Paul Runkle of Hendricks & Partners’ Inland Empire office represented the seller; William Battaglia of WB Holdings Inc. represented the buyer in the transaction.
MILPITAS, CALIF. — Westcore Properties LLC, doing business as Westcore Milpitas LLC, has acquired a nine-building industrial portfolio, which is located along Gibralter Drive in Milpitas, from Flextronics International USA Inc. for an undisclosed price. Situated on a 33.5-arce site, the portfolio offers 499,206 square feet of manufacturing space. Flextronics International USA will continue to occupy the buildings under a 10-year lease. Dan Hollingsworth of CPS/CORFAC International represented both parties in the transaction.
SEATTLE — Broadreach Capital Partners and joint venture partners Continental Properties and Unico Properties have sold 1915 Terry, a 252,000-square-foot, mid-rise office tower in Seattle, to Seattle-based Children’s Hospital for $35.9 million. The Broadreach-led partnership acquired the seven-story building in 2006 and negotiated a 15-year lease with Children’s Hospital for the entire building that included a buy-out option in 2007.
SAN FRANCISCO — Houston-based Noteware Development has broken ground for the construction of 5800 Third Street, the company’s second venture in San Francisco’s Bayview Candlestick Point neighborhood. Located on the site of a former Coca-Cola plant, the project will include 360 one- to three-bedroom residential homes, including 47 affordable units, and 20,000 square feet of retail space. United Kingdom-based grocer, Fresh & Easy, will anchor the development.