CASA GRANDE, ARIZ. — Scottsdale, Ariz.-based The Wolff Co. has partnered with Gilbert, Ariz.-based Langley Properties to acquire the Legends, a 6,884-acre land parcel located in Casa Grande, from D.R. Horton Inc. for $70 million. Bounded by Miller Road, Highway 84, Montgomery Road and Russell Road, the property is zoned for 23,050 residential units and 450 acres of commercial buildings, as well as various public uses. The partnership plans to sell parcels to multiple homebuilders for development. Approximately 3,700 lots in phase one are already platted and engineered. The commercial land will be developed or sold.
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AURORA, COLO. — Irvine, Calif.-based Lowry Village Apartments LLC – The Bascom Group LLC has purchased Lowry Village, a 450-unit apartment community located at 9913 E. First Ave. in Aurora, for $15 million. Built in 1973, the property consists of nine three-story, interior-hallway buildings offering a mix of 342 one-bedroom units and 108 two-bedroom/two-bath units. The property also features a leasing center, a clubhouse with a fitness center, a heated pool, six laundry facilities and two play areas. Chuck Sweeney of Hendricks & Partners’ Denver office represented the seller, Timberleaf Apartments LLC – Maxx Properties of Mamaroneck, N.Y., in the transaction.
RENTON, WASH. — Paul Sleeth of Colliers International brokered the two-part sale of North Benson Center, which is located in Renton, for a total consideration of approximately $49.7 million. The seller, Petro Benson LLC, contracted to sell the entire property to Trimark Property Group LLC; however, Cincinnatti-based bargain department store Fred Meyer exercised its first right of refusal. The store, which is owned by Kroger Co., was interested in owning the building and land that it occupies at the center – approximately 200,00 square feet. After contracting to acquire the entire center, Fred Meyer contracted to sell a 76,998-square-foot portion to Trimark for $17 million. The two transactions were simultaneously closed.
WEST HOLLYWOOD, CALIF. — Los Angeles-based CIM Group is developing 400,000 square feet of space at The Lot, the former Warner Hollywood Studios on Santa Monica Boulevard in West Hollywood. With construction slated to begin in 2008, the new buildings will vary in size and configuration, including two 150,000-square-foot, six-story office buildings. Designed by HLW Architects, the new project will feature modern features and state-of-the-art systems, as well as complement and reflect the architectural elements of the existing facilities in order to maintain the character of the historic property. Completion is scheduled for year-end 2009 or early 2010.
SAN JOSE, CALIF. — Pedro Arroyo and Vincent Aicale of Arroyo & Coates represented Tully Corners Associates LP in the disposition of Tully Corners Shopping Center, a 115,992-square-foot shopping center located at the corner of Tully and Quimby roads in San Jose, to WR Tully LP, an affiliate of Weingarten Realty Investors, and a private investment group as tenants-in-common. Built in 1988, the center is anchored by a Food Maxx grocery store, and contains national tenants such as Petco, Payless Shoe Source and Party America. The acquisition price was not disclosed.
HENDERSON, NEV. — Developer Anthony Marnell III has unveiled plans to develop M Resort, Spa and Casino, an 11-story resort located within the southern area of Las Vegas Valley in Henderson. The resort will feature 390 rooms and suites, 90,000 square feet of gaming space, and more than 40,000 square feet of meeting and conference space, as well as a variety of amenities, including a 20,000-square-foot spa and multiple restaurants, dining and entertainment options. M Resort, Spa and Casino has partnered with Marnell Corrao Associates on the design and construction of the project, which is slated for completion in spring 2009.
SACRAMENTO, CALIF. — InterContinental Hotels Group (IHG) has opened the Staybridge Suites Sacramento Natomas, a 117-room extended-stay hotel located at 140 Promenade Circle in Sacramento. The all-suite hotel features three suite options – deluxe studio, one-bedroom and two-bedroom/two-bath. All suites include functional, well-lit workstations with ergonomic seating, complimentary high-speed Internet access, complimentary local phone calls, and two-line speakerphones with direct-dial number and personal voice mail, as well as fully equipped kitchens. The hotel is owned by Heritage Inn of Sacramento Inc. and managed by Tharaldson Property Management, under a license agreement with a company in the IHG.
FREMONT, CALIF. — BRIDGE Housing Corp. has developed Irvington Terrace, a 100-unit apartment community located at 4109 Broadmoor Common in Fremont. The property features 100 affordable apartment homes for families earning 30 and 50 percent of the area median income. Rents for the one-, two- and three-bedroom apartments range from $429 to $910 per month, depending on income and apartment size. The property also features two landscaped courtyards, children’s play areas, a community room and laundry facilities. Financing for Irvington Terrace was provided by the city of Fremont, Redevelopment Agency of the city of Fremont, California Department of Housing and Community Development, Housing Authority of the county of Alameda, Wells Fargo Bank, MMA Financial and California Community Reinvestment Corp. McLarand Vasquez Emsiek & Partners provided architectural services for the project; L&D Construction served as general contractor.
ANAHEIM, CALIF. — Mike Hefner of Voit Commercial Brokerage represented the buyer, a private investor, in the acquisition of a 21,230-square-foot industrial building, which is located at 1265 N. Patt St. within North Anaheim Industrial Park in Anaheim. North Anaheim Association sold the property for $3.75 million. Jim DeRegt and Brad Gilmer of Lee & Associates represented the seller in the transaction.
SUSANVILLE, CALIF. — Phillips Edison & Co. has acquired Lassen Shopping Center in Susanville. Dollar Tree and Lassen Career Network anchor the 79,187-square-foot center. The seller and the acquisition price were not disclosed.