ALBUQUERQUE, N.M. — Philadelphia-based NWJ Albuquerque Investment Fund II LLC has purchased Theta Apartments, a 49-unit apartment community located in Albuquerque, for $2.3 million. Built in 1972, the five-building community consists of 48 two-bedroom/two-bath units and one one-bedroom/one-bath manager’s unit. At the time of acquisition, the property was 97 percent occupied. Kunal Chothani of Investment Property Advisors represented the buyer; Pat Frerkes of Sperry Van Ness/Pat Frerkes Investments LLC represented the seller, Littleton, Colo.-based SIDMAR LLC, in the transaction.
VICTORVILLE, CALIF. — Stirling Capital Investments has completed its fourth industrial building at the Southern California Logistics Centre (SCLC) in Victorville. The center, known as Distribution Centre 13A, consists of 296,490 square feet of industrial space. Located on a 17-acre site, the cross-docked facility features 32-foot clear height ceilings, ESFR sprinklers, 112 dock high loading doors, 147 truck trailer parking spaces and 164 automobile parking spaces along with a 185-foot concrete truck yard. Additionally, the building was designed for LEED certification and includes skylights and energy efficient lighting. The building is part of the 6.5 million-square-foot first phase of SCLC. Jay Dick, Darla Longo and Mark Latimer of CB Richard Ellis are marketing the facility.
IRVINE, CALIF. — Irvine-based Sanderson J Ray has purchased Bristol Park Medical Plaza in Irvine for $13 million or $458 per square foot. Located at 250 E. Yale Loop, the 28,365-square-foot property is fully occupied by five tenants, including Bristol Park Medical and Irvine Diagnostics Center. Dennis Vaccaro of Faris Lee Investments represented the buyer and the seller, Orange County, Calif.-based Yorba Hawthorne LLC, in the transaction.
LAS VEGAS — Las Vegas-based Danoski Clutts Building Group has been selected to build the second phase of Desert Marketplace in Las Vegas. Located at Warm Springs and Durango, the project includes ground-up construction for 107,000 square feet of retail space. Tenants of the project will include TJ Maxx, Big 5 Sporting Goods, Petco and other major retailers. With completion slated for October, the project will feature steel, wood and masonry structures.
SAN DIEGO — Soledad Development Group has completed the developed of Highland Skypark, a 57,000-square-foot office campus located along Ruffin Road in San Diego. Designed by Smith Consulting Architects, the $5 million project features five office buildings ranging in size from 4,765 to 20,060 square feet. Planning & Engineering served as civil engineer; Ridge Landscape Architects provided landscape architectural services; Prime Structural engineers served as structural engineer; DEC Engineers provided mechanical engineer services; MPE Consulting served as electrical engineer and TSA Contracting Inc. served as general contractor.
SAN DIEGO — Affordable Housing has acquired a 20,000-square-foot property, which is located at 1050 B St. in San Diego, for an undisclosed price. The company plans to develop Ten Fifty B, a 23-story mixed-use project, on the site. The project will feature 229 studio, one-, two- and three-bedroom apartments and approximately 14,000 square feet of retail space. Completion is slated for spring 2010. The seller, The Smiedt Children’s Trust and the Josephson Children’s Trust, received a combination of cash and retail space in the transaction. Timothy Winslow and Jason Kimmel of Grubb & Ellis|BRE Commercial represented the seller; the buyer was self-represented.
What area is your expertise? Sales and leasing of industrial and commercial property in Portland, Oregon. What trends do you see presently in industrial development in your area? Industrial development continues to be fairly strong, provided land can be found to be developed. Overall, within the Portland Metropolitan Area industrial land supply is short on top-quality sites. Consequently, secondary and redevelopment sites, though limited in supply, continue to be the choices available to development firms. What type of industrial product is doing well in your area? There are two types that seem to be doing fairly well. One is 40,000 to 50,000 square foot and larger spaces for warehouse/distribution use in newer developments that are located along major freeways with easy access. The others are 5,000 to 20,000 square foot spaces for local or semi-regional companies with a need for corporate headquarters, assembly manufacturing and/or warehousing. Who are the active industrial developers in your area? Locally, firms such as Specht Development, Pacific NW Properties, PacTrust Development; national companies such as Opus, Prologis, Birtcher and Trammel Crow continue to be very active in our area. Please name one or two significant industrial developments in your area. What impact will these projects …
FERNLEY, NEV. — Sacramento, Calif.-based Panattoni Development Co. has completed work on a 337,500-square-foot facility in Fernley. Located at 2375 E. Newlands Dr., the 20-acre lot accommodates space for storage of fencing, decking and railing products. The facility was built for Trex, a national producer of composite decking, railing and fencing.
EL CAJON, CALIF. — Pacific Realty Advisors has acquired a multi-tenant industrial building for $5.83 million. Located at 1100 N. Magnolia in El Cajon, the 40,919-square-foot property features 2,150-square-foot bays and convenient access to the 67 and 8 freeways. Current tenants include Helix Mechanical, McKeever Inc. and Motonation. Ken Ruppert and Kerry Schimpf of Grubb & Ellis|BRE Commercial represented the buyer and the seller, Burer Family Investments LP, in the transaction.
BEAVERTON, ORE. — Red Mortgage Capital Inc., the mortgage-banking arm of RED CAPITAL GROUP, has provided $10.64 million in Fannie Mae DUS, fixed-rate financing to Portland, Ore.-based The Randall Group Inc. for Elmonica Court Apartments, which is located at 1248 SW Kiley Way in Beaverton. Built in 1997, the community consists of 12 three-story apartment buildings offering a total of 144 one-, two- and three-bedroom units. Unit amenities include full-size washers/dryers, large closets and a patio/balcony with extra storage space. Community amenities include a swimming pool and a garden with sitting areas.