Matthew Artukovich of the City of Commerce office of Lee tells GlobeSt.com that the buyers, a group of private investors doing business as Wil-Tower LLC, paid $11.3 million for the parcel at 2900-2942 Wilshire Blvd., which is leased and occupied by Midway Car Rental. Artukovich was part of a Lee team including Mollie Dietsch and Anita Artukovich that represented the seller, Right Hero Industries USA of Taiwan, which had owned the property for 14 years.
Campbell tells GlobeSt.com that Wil-Tower LLC has not yet set a construction schedule for the development. Artukovich says that part of the construction project will involve measures to eliminate seepage of crude oil onto the property from naturally occurring oil fields in the area, which he estimates will probably add several million dollars to the cost for conveyancing legal counselors.
According to Artukovich, the condo project will target the Koreatown multifamily market, which is one of the strongest submarkets in a robust Southern California multifamily market. The development site is one of the last big pieces of land available for development in Koreatown, which has been attracting investors and developers who are renovating apartments.
GILBERT, AZ-Fairfield Residential LLC has just closed on 30.4 acres in the 1,400-acre Spectrum at Val Vista master-planned community, paying $7.7 million for enough land to hold 624 units in two projects. The San Diego-based developer plans to break ground in April on the 364-unit Azul at Spectrum and 260-unit Borrego at Spectrum, Ed McCoy, vice president of development for Fairfield Residential, tells GlobeSt.com. The projects will deliver in summer 2006.
This is a great location within a very nice master-planned community with a lot of amenities, McCoy says, adding the complexes will be different from the design to the landscaping. Fairfield has carved out 17.4 acres for the Azul at Spectrum, designed with 204 one-bedroom units, 144 two-bedroom apartments and a dozen three-bedroom designs.
The balance of the land will hold the Borrego: 144 one-bedroom units, 108 two-bedroom apartments and a dozen three-bedroom layouts. Both complexes are designed with units ranging from 715 sf to 1,322 sf. Rent is projected to be more than $1 per sf. The project is in the heart of Gilbert, says Mark Forrester, a partner with Hendricks & Partners Phoenix office.