February 24, 2010
GRUBB & ELLIS BROKERS SALE OF HISTORIC APARTMENT BUILDING
TUCSON, ARIZ. — Grubb & Ellis has negotiated the sale of the historic Coronado Hotel Apartments, located at 402 E. Ninth St. in downtown Tucson, for an undisclosed amount. Built in 1928 and included on the National Registry of Historic Places, the property at the time of the sale was offering low-income families rental assistance through the HUD Moderate Rehab program. Coronado Housing Limited Partnership sold the 42-unit apartment building to a private investor. Grubb & Ellis’ Sandy Alter represented both parties in the transaction.
$15 MILLION RENOVATION COMPLETE AT INLAND EMPIRE UNIVERSITY
RIVERSIDE, CALIF. — The $15 million renovation of the University of California Riverside’s 58,546-square-foot Geology building has been completed. Done in multiple phases during the past 3 years while research and experiments remained active in the building, the academic facility received upgrades to building systems, infrastructure and seismic enhancements. Barnhart Balfour Beatty performed the renovation/construction tasks, and WWCOT Architecture provided architecture and engineering services.
FREDERICK ROSS CO. HANDLES $3.7 MILLION OFFICE ACQUISITION
ENGLEWOOD, COLO. — Frederick Ross Co. has brokered Case-SRS’s $3.7 million purchase of a 54,280-square-foot facility, located within Compark Business Center at 8530 Concord Center Drive in Englewood, from IBC Holdings. The national distributor of satellite industry supplies plans to move into its new Colorado headquarters in April. Frederick Ross’ Peter Beugg represented the buyer in transaction, and the firm’s Dave Lee and Jason Addlesperger represented the seller. Constructed by IBC Holdings in 2006, the property is conveniently located off of E-470.