Western
CORVALLIS, ORE. — Los Angeles-based RPM Investments Inc. has acquired North Pointe Apartments, a 160-unit multifamily community located at 2675 Lancaster St. in Corvallis. Seattle, Wash.-based North Pointe Apartments NW LLC sold the property for $12.37 million. Built in 1996, the property consists of two-bedroom/one-bath units measuring 846 square feet. The community features a pool and spa, a children’s playground, a sport court, laundry facilities, garages and a business center. Phil Oester of Hendricks & Partners’ Phoenix office represented the seller in the transaction.
SAN DIEGO — Venture Development has completed the renovation of Sorrento Glen Business Park located in the Sorrento Valley area of San Diego. Designed by Pacific Cornerstone Architects, the $2 million redevelopment project included the exterior renovation of approximately 14 office and light lab condominiums within two single-story buildings totaling an estimated 44,900 square feet. Lusardi Construction served as general contractor for the project.
SAN DIEGO — The Amerland Group, a San Diego-based affordable housing company, has acquired Bay Vista Methodist Heights Apartments in San Diego. The buyer plans to invest more than $8 million to improve and renovate the property. Renovation plans include new appliances, cabinets, countertops, sinks, faucets and windows. Additionally, the company will be implementing an extensive range of social services, such as youth mentoring and tutoring, gang prevention and intervention, food distribution and infant daycare. Built in 1969 by Rev. Grandison Phelps of the St. Paul Methodist Church, the property is the longest-standing public housing apartment building in San Diego and was financed by the U.S. Department of Housing and Urban Development. The seller and acquisition price were not disclosed.
PHOENIX — Phoenix-based 3B Holdings LLC has purchased a 12,100-square-foot industrial building, which is located at 2352 N. Delaware Ct. in Phoenix, for $1.63 million. The company plans to relocate to the property. Matt McDougall of NAI Horizon represented the buyer; James Harper of Grubb & Ellis|BRE Commercial represented the seller, 10th Place Properties, in the transaction.
PORTLAND, ORE. — Redwood City, Calif.-based JB Matteson Inc. has acquired Harrison Tower Apartments, a 24-story, 185-unit property in downtown Portland, for $45 million. Portland Center Investors sold the recently converted 149,470-square-foot complex to the buyer fully renovated, vacant and with no condo sales contracts pending. The buyer will complete the final renovations, which include a leasing center, administrative offices, a cyber café, a fitness center and a swimming pool/spa area. PCCP provided acquisition financing.
PORTLAND, ORE. — Redwood City, Calif.-based JB Matteson Inc. has acquired Harrison Tower Apartments, a 24-story, 185-unit property in downtown Portland, for $45 million. Portland Center Investors sold the recently converted 149,470-square-foot complex to the buyer fully renovated, vacant and with no condo sales contracts pending. The buyer will complete the final renovations, which include a leasing center, administrative offices, a cyber café, a fitness center and a swimming pool/spa area. PCCP provided acquisition financing.
SAN BERNARDINO, CALIF. — Hillwood, a Perot Company, is developing the Southgate section of AllianceCalifornia in San Bernardino. Located on the east side of Tippecanoe Avenue, the more than 2.6 million-square-foot project is designed for five buildings ranging in size from 39,000 to more than 1 million square feet. Infrastructure work, including the extension of Central Avenue, has already begun with construction of the first building slated to commence in early summer. Designed for LEED certification, the buildings will feature 30 to 32 feet minimum ceiling clearance, ESFR fire sprinkler systems, large secured truck courts, cross-dock and single-sided loading, 2 to 3 percent skylights and extra trailer storage capacity.
WESTLAKE VILLAGE, CALIF. — Phoenix-based Opus West is developing Opus Corporate Center at Westlake Village, a $180 million mixed-use development located at the junction of U.S. 101 Freeway and Lindero Canyon Road in Westlake Village. The 435,000-square-foot center will feature twin Class A office buildings totaling 361,000 square feet, three freestanding restaurant pads, a 45,000-square-foot fitness facility and 8,000 square feet of service retail. The project is slated to break ground in April, with completion expected in first quarter 2009. Opus Architects & Engineers is the project designer, while Opus West Construction Corp. is serving as general contractor.