VICTORVILLE, CALIF. — Stirling Capital Investments, a joint venture between Foothill Ranch, Calif.-based Stirling and Denver-based DT Industrial Trust Inc., has broken ground for the construction of a 1 million-square-foot speculative industrial facility within Southern California Logistics Centre in Victorville. The building will join five other buildings, which are part of the 6.5 million-square-foot first phase of development at the site. As a LEED-registered project, the facility will feature 32-foot clear height, 179 dock doors, concrete truck courts from 185 feet to 405 feet, 328 parking stalls, approximately 405 additional trailer parking spaces, ESFR sprinklers, a fenced yard and 3 percent skylights. Completion is slated for December of this year. Jay Dick, Darla Long, Mark Latimer and Marc Santoro of CB Richard Ellis are marketing the facilities on behalf of Stirling Capital Investments.
Western
LOS ANGELES — AZ Wellesley Plaza LLC has acquired an 82,258-square-foot office building, which is located at 12304 Santa Monica Blvd. in Los Angeles’ Westside, from Santa Monica-Wellesley, a joint venture, for $28.9 million. Completed in 1981, the three-story building was 98 percent occupied at the time of acquisition. T.C. Macker and Craig Newlands of Coldwell Banker Commercial WESTMAC represented both parties in the transaction.
ENGLEWOOD, COLO. — Behringer Harvard, on behalf of Behringer Harvard REIT I Inc., has completed the disposition of 9100 Mineral Circle, an approximately 153,000-square-foot, four-story office building located in Englewood. The property, which is 100 percent occupied, is located within Panorama Business Park, and features dual-feed power, fiber optics, a raised floor computer room and a multimedia boardroom. The buyer and the acquisition price were not disclosed.
RANCHO CUCAMONGA, CALIF. — Irvine, Calif.-based Faris Lee Investments has brokered the pre-sale of Foothill Plaza, a 29,006-square-foot retail center located at the intersection of 15 Freeway and Foothill Boulevard in Rancho Cucamonga. An investment group led by San Diego-based Sechong I LLC purchased the property for $19.75 million or $681 per square foot. Built in July 2007, the property consists of four retail pads and a multi-tenant retail building. Current tenants include El Torito Grill, Citi Bank and El Pollo Loco. Jeff Conover of Faris Lee Investments represented the seller/developer, Newport Beach, Calif.-based Peninsula Retail Partners, in the transaction.
LOS ANGELES — Beverly Hills, Calif.-based Maxxam Enterprises has completed the construction of an approximately 60,000-square-foot wholesale center, which is located at 777 East 12th St. in the Fashion District of Los Angeles. The property provides space for stores and showrooms on wholesale women’s fashions and apparel on its ground and mezzanine levels. A full-service branch of Pacific City Bank occupies the second floor.
THORNTON, COLO. — Holland Residential has acquired Brittany Downs Apartments in Thornton from Brittany Apartments LLC and New York City-based Brittany Phase II Apartments LLC for $33.62 million. The 325,376-square-foot property is situated on 18 acres at 8849 Pearl St. It features 22 two- and three-story buildings, and 464 units. Dave Potarf and Dan Woodward of Marcus & Millichap’s Denver office represented both parties in the transaction.
PASADENA, CALIF. — Cambra Real Estate/Angelo Gordon Co. has acquired Old Pasadena Plaza I and Old Pasadena Plaza II from Old Pasadena Plaza II LLC for $32 million. The mixed-use properties total 72,815 square feet and are located at 61, 75-85, 87-91 and 95 N. Raymond Ave., and 54-56 E. Holly St. Bob Safai of Madison Partners represented the buyer in the transaction.
PORTLAND, ORE. — Urban Renaissance Group and Boston-based Great Point Investors have acquired the Morgan Building in Portland for $27.5 million. The 8-story, 156-984-square-foot historic building is located at 720 S.W. Washington St. in the central business district. It is currently home to Morgan’s Alley, a 17,500-square-foot retail arcade. The sellers name was undisclosed.
SOUTH GATE, CALIF. — Golden Boy Partners has broken ground on a 107-unit multifamily community in South Gate. Tierra del Rey will be situated on 5 acres at Firestone Boulevard and Calden Avenue, and will offer two- and three-bedroom townhomes. Golden Boy Partners is a real estate development company formed by Oscar De La Hoya and John Long, CEO of Highridge Partners. Tierra del Rey is scheduled for completion in March 2009.
CARLSBAD, CALIF. — Continuing Life Communities has completed Phase IV of La Costa Glen Carlsbad, a retirement community located in Carlsbad. The final phase features 211 apartment homes, 52 villas and a 32,000-square-foot Fairway Clubhouse. New amenities include a 12,000-square-foot recreation/fitness center featuring a sauna, yoga, massage and exercise facilities, a heated indoor swimming pool, a movie theater, and a pitch-and-putt golf course. The 281-acre community, located at 1940 Levante St., first opened in 2002.