PORTLAND, Ore.--(BUSINESS WIRE)--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.”
The Properties -
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 Avenue, 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 Gold 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
Considered the nation’s leading expert in creating a future in green buildings, Gerding Edlen is a full service real estate investment, development and property management firm with a depth of experience in sustainable development, renewable energy and creative financing structures. Recognized for their socially responsible approach to real estate investment, Gerding Edlen is one of the world's leading developers of LEED Certified properties with over 40 certified or registered LEED projects. Since 1996, the firm has developed more than 60 green projects totaling nearly $5 Billion in real estate value throughout the Western United States. (gerdingedlen.com)