NORTH RICHLAND HILLS, TEXAS — The Frank Kent Motor Co. has purchased a 125,000-square-foot facility at 6550 Wuliger Way in North Richland Hills. The facility will serve as the company’s new corporate headquarters for the relocation of its General Motors accessory distribution business and the creation of its Texas training facility. A former Sealy bedding plant, the 15-acre property located just north of NE Loop 820 near Iron Horse Boulevard was vacant for 18 months. Southwest ADI is the exclusive automotive accessories distributor for the General Motors brands in the Dallas-Fort Worth, Austin, San Antonio and Houston areas. This new location will employ 50 full-time employees in conjunction with space to train up to 75 people from the dealers the company services.
SAN DIEGO — Strategic Hotels & Resorts and its joint venture partner have sold the 417-room Hyatt Regency La Jolla for $118 million. The hotel was purchased by affiliates of Walton Street Capital LLC and JMA Ventures LLC. The hotel is located at 3777 La Jolla Village Drive. It is situated near a variety of healthcare, retail and dining services. Hyatt Regency La Jolla is located directly across the street from the UCSD Radiology at La Jolla center, the University Ambulatory Surgery Center and Pacific Lipo. Strategic Hotels formerly owned a 53.5 percent stake in the asset. The joint venture retired $89.2 million of debt secured by the hotel at closing. The company will use the proceeds from the sale to reduce outstanding debt on its revolving credit facility.
MONTCLAIR, CALIF. — GH Palmer Associates has received an $81-million bridge loan to purchase The Paseos at Montclair North, a 385-unit luxury multifamily community near Ontario. The community is located at 4914 Olive Street. The Paseos is situated directly across from Montclair Plaza regional mall. It is one block south of the Metro link commuter rail. The property features one-, two- and three- bedroom units with amenities like gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances and walk-in closets. Community amenities include two resort-style pools, spas with cabanas and pool beds, a central park with a concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a fitness facility. The bridge financing includes a 3.23 percent rate, a five-year term and a 75 percent loan-to-value. Financing was secured by George Smith Partners (GSP). It was one of the last financings completed by GE Capital before its sale this past April. GSP previously secured $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property for the original developer back in 2012.
LOS ANGELES — The City of Los Angeles is set to receive its first Hotel Indigo. The 350-room Hotel Indigo Downtown Los Angeles will be the flagship hotel at Metropolis, a more than $1 billion mixed-use development. Hotel Indigo is currently under construction and scheduled for completion in winter 2016. It will be located at 899 Francisco Street. The hotel was designed by Gensler. Its décor will feature narratives from Downtown LA’s past, including Fiesta De Las Flores, the glamorous pre-Hollywood nightlife scene and the underground speakeasies of the roaring ‘20s. Metropolis, which is also under construction, will feature three residential towers and a curated retail experience. It is owned by Greenland USA. The Hotel Indigo Downtown Los Angeles is owned by Greenland LA Metropolis Hotel Development LLC. It will be managed by an affiliate of IHG. The hotel is being developed by IHG and Greenland USA, a subsidiary of Shanghai-based Greenland Group. Though this will be the eighth IHG-branded hotel for Greenland Group, this will be the first time the companies have partnered together in the U.S. The Hotel Indigo brand also recently announced it will open its first Denver-area hotel inside Union Tower West, a 212,000-square-foot development, in …
PORTLAND, ORE. — Aukum Management LLC has purchased the 372-unit Canyon Creek apartment community in the Portland submarket of Wilsonville for $49.5 million. The community is located at 26310 SW Canyon Creek Road, about 16 miles south of Downtown Portland. The property is 95.7 percent leased. Its units average about 858 square feet. Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center. The seller, a private investor, was represented by HFF’s Ira Virden and Kerry Hughes.
LOS ANGELES — A joint venture between the Swig Company and Intercontinental Real Estate Corporation has acquired a 408,000-square-foot office tower in Los Angeles for an undisclosed sum. The 22-story tower is known by its address, 6300 Wilshire Blvd. The Class A property also contains a six-level parking garage and surface lot. The JV plans to make a significant investment in the property. The building is situated between the Miracle Mile and Fairfax Commercial districts. Notable development activity within the neighborhood includes several new residential projects, the multi-million dollar renovation of the Peterson Automotive Museum, the new Academy of Motion Pictures Museum and the Purple Line extension of the Los Angeles Metro System. Intercontinental made the investment with the Swig Company on behalf of its latest managed fund, which has invested in more than 80 commercial assets nationwide. This is the JV’s second transaction. The two firms acquired Bristol 61, a creative office campus in Culver City, late last year. The seller, Legacy Partners, was represented by Stephen Somer of Eastdil Secured. The JV’s legal advisors on the transaction were Tony Ratner of Farella Braun + Martel, and Kendall Brook and Mark Warcup of Bradley & Associates P.C. Leasing at …
NEW YORK CITY — Colliers International has brokered the sale of Edgewater Plaza, a seven-story office building located at One Edgewater Plaza in Staten Island. Edgewater Plaza Loft LLC acquired the 268,938-square-foot property for $21.5 million. At the time of sale, 181,172 square feet of the property was occupied by The City of New York Board of Elections, The New York Police Department and Staten Island University Hospital, among others. Jacklene Chesler, Richard Madison and Jeffrey Oram of Colliers represented the undisclosed seller in the transaction.
NEW YORK CITY — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of a 90,000-square-foot flex property located at 1351 and 1339 Jerome Ave./1320 and 1342 Inwood Ave. in the Mount Eden section of the Bronx. Jerome Avenue Storage Associates LLC, operating as American Self-Storage, purchased the property by executing its lease option to buy for $9 million from Boss Realty LLC/Plaza Packaging. The property features high ceilings, multiple loading docks and drive-in entrances. Grant Dolgin and Dmitri Gourianov of KDA represented both parties in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a commercial building located at 401 State St. in the Boerum Hill neighborhood of Brooklyn. The 12,000-square-foot building sold for $10 million, or $833 per existing square foot. The property was sold vacant and is ideal for a community facility, office or residential conversion. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented seller Joseph Streicher, while Mark Kennedy of Douglass Elliman represented the buyer in the transaction.
NEW YORK CITY — Himmel + Meringoff Properties has leased 30,720 square feet of office space to Dataminr at Six East 32nd St. in New York City’s NoMad district. The company has signed a 10-year lease for two floors at the 11-story office building. Dataminr, which transforms real-time data from Twitter and other public sources into actionable signals, is relocating and expanding from 99 Madison Ave. Jason Vacker represented the ownership, Himmel + Meringoff Properties, while Matthew McBride of CBRE represented the tenant.