Western

H.G. FENTON DEVELOPS 254-UNIT URBAN COMMUNITY

by admin May 14, 2008

SAN DIEGO — H.G. Fenton Development Co. is developing Aquatera, a residential community located in San Diego’s Mission Valley area. The 19-acre project will offer 254 one-, two- and three-bedroom apartment homes featuring granite countertops, ceramic tile entry ways, 9-foot ceilings, stainless steel appliances, washers/dryers, air conditioning, walk-in closets and a private patio or balcony. Additionally, the project will feature a fully equipped sports club, a Cyber Café, a gourmet kitchen, a pool table, a media center, and a resort-style pool with a spa and cabanas. Architects Orange provided architectural services for the project; Crane Development Corp. served as general contractor. Completion is slated for early 2009.

May 14, 2008

TWO-BUILDING INDUSTRIAL PROJECT UNDERWAY

by admin May 14, 2008

FREDERICK, COLO. — Panattoni Development Co. is currently developing a two-building industrial project in Frederick. Located along Interstate 25 between State Highways 119 and 52, the project will feature an 81,925-square-foot building offering showroom/light-industrial space and divisible to 16,500 square feet, and a 138,240-square-foot facility designed for warehouse or distribution space and divisible to 30,000 square feet. Mike Wafer and Steve Poole of Grubb & Ellis are marketing the project.

May 14, 2008

Retail Western

GROUND BREAKS AT LAVEEN RANCH MARKETPLACE

by admin May 14, 2008

LAVEEN, ARIZ. — Phoenix-based Evergreen Development Co. is developing Laveen Ranch Marketplace, a 14.21-acre retail center located at the intersection of 51st Avenue and Baseline Road in Laveen. Safeway is currently constructing a 55,000-square-foot store on the site, and Fletcher Tire is building a freestanding store at the center. Safeway is slated to open in October, while Fletcher Tire and the retail center are expected to open in August. Current tenants include Rosattis Pizza, The UPS Store, Nails of the World and a Mexican restaurant. Butler Design Group provided architectural services for the center, while A.R. Mays served as general contractor.

May 14, 2008

Multifamily Western

CENTENNIAL WEST TRADES HANDS FOR $1.7 MILLION

by admin May 14, 2008

WALLA WALLA, WASH. — Tiburon, Calif.-based Achuck Family Partnership LP has purchased Centennial West for $1.7 million. Located at 1501 W. Rose St. in Walla Walla, the property features 62 residential units. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented the seller, Santa Rosa, Calif.-based Burbank Investors Services, in the transaction.

May 14, 2008

Multifamily Western

VILLA NUEVA APARTMENT COMPLEX SELLS FOR $41.2 MILLION

by admin May 13, 2008

SAN YSIDRO, CALIF. — Steadfast Villa Nueva LP has purchased Villa Nueva, a Section 8 affordable housing apartment complex in San Ysidro. Located at 3604 Beyer Blvd., the 390-unit property sold for $41.2 million. Kevin Mulhern of CB Richard Ellis’ (CBRE) San Diego office and Jim Lampman of CBRE’s Seattle office marketed the property on behalf of the seller, Villa Nueva; Steadfast Villa Nueva was represented in-house.

May 13, 2008

Office Western

VOIT COMMERCIAL BROKERS $7.6 MILLION OFFICE PROPERTY SALE

by admin May 13, 2008

SAN DIEGO — San Diego-based La Jolla Car Wash has acquired a 34,000-square-foot office property, which is located at 1060 Eighth Ave. in San Diego. La Mesa, Calif.-based Pacific View Properties sold the property for $7.6 million. The buyer intends to occupy a portion of the four-story, Class B office building and lease the remaining space. Brian Mulvaney and Jon Boland of Voit Commercial Brokerage’s San Diego office represented the seller; Jeff Hoffman and Hans Strom of Strom Commercial represented the buyer in the transaction.

May 13, 2008

Office Western

CT REALTY CORP. ACQUIRES CITRUS PARK FOR $24.5 MILLION

by admin May 13, 2008

RIVERSIDE, CALIF. — Newport Beach, Calif.-based CT Realty Corp. has purchased Citrus Park, a 12-building office and industrial park located in Riverside, for $24.5 million. Located on 43 acres, the park consists of 417,811 total square feet. Two buildings are two-story office buildings totaling 78,115 square feet and the remaining buildings are single-story industrial office/warehouse facilities offering approximately 332,695 total square feet. CT Realty plans to invest $7 million to redevelop the park into separate parcels available for sale or lease. Additionally, the entire park will be redeveloped to offer a contemporary, campus-like business park environment. Rick Fuller of Lee & Associates represented both the buyer and the seller, Fleetwood Enterprises Inc., in the transaction. Equity financing was provided by CT California Fund V and Fund VI, with debt financing provided by Pacific Coast Capital Partners.

May 13, 2008

Retail Western

MAJESTIC REALTY CO. TO DEVELOP 89-ACRE BUSINESS PARK

by admin May 13, 2008

DES MOINES, WASH. — The Port of Seattle has selected Majestic Realty Co. for the development of Des Moines Creek Business Park. Located just south of Seattle-Tacoma International Airport, the 89-acre park will include a big-box retail center as well as flexible-use business park buildings able to accommodate airport-adjacent tenants. Majestic plans to use the LEED Green Building Rating System as a performance standard for designing the $90 million project. Build-out of the project is expected to occur in three phases over 5 years, with groundbreaking for the first phase slated for summer 2009.

May 13, 2008

Multifamily Western

RIVERSTONE APARTMENTS TRADES HANDS FOR $6.85 MILLION

by admin May 13, 2008

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.

May 13, 2008

Market Reports Oregon Western Market Reports

Downtown core continues climb.

by admin May 13, 2008

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 …

May 13, 2008

Newer Posts

Older Posts