Gerding Edlen Announces Two California Acquisitions
Apr 07, 2011
portland, or – Gerding Edlen announces the acquisition of two California properties as part of their increasing portfolio of real estate investments specific to urban infill, for rent residential mixed-use and office space. Building upon 13 years of pioneering sustainable building practices while delivering superior returns to investors – Gerding Edlen is considered the nation’s leader in creating a future in green buildings that sustain community.
In response to the current market demand for green technology alongside census statistics that track approximately 180,000 new urban dwellers moving into our cities daily; adding roughly 6 million new urban dwellers each year – Gerding Edlen is strategically responding and actively pursuing opportunities on the West Coast, Boston, New York and Washington, D.C.
Gerding Edlen Investment Management, representing one the four major areas of expertise with the company including Sustainable Solutions, Development, and Property Management, led the acquisitions.
The two California properties, 1285 Sutter Street in San Francisco and 512 Rose Avenue in Venice will both engage energy efficiencies and green building strategies with a holistic approach to community, driven by Gerding Edlen’s guiding philosophy, Principles of Place. According to Kelly Saito, President, “as we continue to reinforce our belief in the concept of 20-minute living and the creation of transformative buildings, these properties represent investment quality assets in central city locations within close proximity to public transit options.”
1285 Sutter Street, San Francisco
Purchased for 9.25M, this fully entitled property is located in the heart of downtown, San Francisco on the Van Ness corridor, just south of the Pacific Heights neighborhood; construction is expected to begin in May 2011. Upon completion, this new high rise development with an emphasis on sustainability, will be a ground-up, mixed use development that includes 107 residential rental units, approximately 10,000 square footage of retail and approximately 127 parking stalls. Gerding Edlen intends to seek a LEED Gold certification.
512 Rose Boulevard, Venice, California
Purchased for 8.6M, this site – approximately 62,000 square feet of vacant land – was the location of the Pioneer French Bakery from 1920 to 2006. Currently under construction with an expected completion date of March 2012, this building will be a for rent residential mixed-use building, including 3 levels – comprised of 70 apartment units, 10 percent dedicated as below market rate, retail space and an intended restaurant – as well as 2 levels of subterranean parking. Gerding Edlen intends to seek a LEED Platinum certification.
Venice is a district on the Westside of Los Angeles, bordered by the Pacific Ocean on the Southwest, Marina Del Ray on the Southeast, by Culver City on the East, by the Los Angeles neighborhood of Mar Vista on the Northeast and by the city of Santa Monica on the north.
Gerding Edlen is a leading real estate investment, development and asset and property management firm recognized for its expertise in creating and owning highly sustainable, urban infill, office, residential and mixed-use properties. Founded in 1996, the firm engages a socially responsible approach to real estate by cultivating properties that strengthen communities, minimize impact on the environment and add profound value to residents and tenants. Gerding Edlen’s efforts are guided by a set of criteria, known as the Principles of Place, where community plays a pivotal role alongside design, technology and sustainability in the success of their properties. Gerding Edlen’s development entity is a recognized national leader of sustainable development, which includes more than 75 LEED certified or certified pending properties.