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Gerding Edlen purchases 2 California properties

By: Nick Bjork//April 8, 2011//

Gerding Edlen purchases 2 California properties

Nick Bjork//April 8, 2011//

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The Portland-based development firm has acquired two pieces of infill property in California, at the price of $17.85 million, which the firm plans to develop.

After strengthening its presence in the Portland market throughout the recession, the firm is turning its attention to out-of-state markets like California, said Kelly Saito, the recently promoted president of . The property acquisitions are in San Francisco and Venice, Calif.

Gerding purchased the San Francisco property, located in downtown at 1285 Sutter St., for $9.25 million. The company plans to start construction on the property next month, building a mixed-use high rise with an emphasis on sustainability. The development will include 107 residential rental units and 10,000 square feet of retail space. Gerding is tracking a gold Leadership in Energy and Environmental Design certification from the U.S. Green Building Council.

The firm purchased the 62,000-square-foot vacant Venice property for $8.6 million. As part of the purchase, Gerding acquired the project that is currently under construction on the site, a new, for-rent residential mixed-use building with 70 apartment units and retail space. The project is also seeking LEED gold certification.



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