Archstone-Smith buys mixed-use project

Site features apartments, rail line, retail space

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Archstone-Smith has acquired Del Mar Station, a transit-oriented, mixed-use project midway through development in Pasadena, Calif. That value of the transaction was $134 million. The Metro Gold Line train runs through Del Mar Station, which will be comprised of four buildings containing 347 luxury apartment units, approximately 11,000 square feet of retail and a 1,200-stall subterranean parking structure when completed. The project will also include a refurbished historic train depot serving as a restaurant. Urban Partners broke ground on Del Mar Station in 2002 and completion is scheduled for February 2006. Urban Partners and OakTree Capital Management were the sellers. Urban Partners and OakTree Capital had completed $76 million of construction on the project before selling it to Archstone-Smith, which will develop the remainder of the property and serve as property manager. Colliers International Inc., which offers commercial real estate services throughout Southern California...