OLTMANS CONSTRUCTION has begun construction on the 1.6 million sq. ft. Gateway Pointe Industrial Park in Los Angeles County. The project, owned by the Southwest Carpenters Pension Trust, is valued at $110 million. The first phase of the project will include nearly 1 million sq. ft. and is scheduled for completion in November.
KUSHNER COS. has purchased two luxury high-rises in Cherry Hill, N.J., in a transaction valued at $45 million. The 525-unit Towers of Windsor Park consists of two 13-story buildings.
UNITED PROPERTIES recently represented Thrivent Financial for Lutherans in the sale of a 2.6 million sq. ft. industrial portfolio, which included 22 bulk warehouse buildings in four states. The combined transactions are valued at nearly $114 million.
WATT COMMERCIAL PROPERTIES has sold Acqua Vista, its recently completed luxury high-rise condominium project in San Diego, to K. Hovnanian Cos. of California Inc., for $106 million. Watt originally conceived the building as an apartment project, but later developed it as condominiums due to demand for urban for-sale housing in the area, reports Jonathan Genton, vice president of development for Watt.