GLENDALE, CALIF. – Construction has commenced on the 303-unit Glendale Triangle residential mixed-use project. The 315,391-square-foot project will be located at 3900 San Fernando Road in Glendale near animation studios like Disney and DreamWorks. It is being developed by Camden USA, which conceived and designed the project to attract Gen-Y renters. Lifestyle amenities include a pool and spa, two roof decks, four courtyards, a barbecue area and a fitness center with yoga rooms. The project includes 16 live-work units and six ground-floor retail spaces. It is scheduled for completion in the third quarter of 2015. Bernardswill serve as general contractor.
SAN DIEGO – A joint venture between Clarion Partners and HP Investors has acquired an interest in the retail and commercial parking portion of the Gaslamp City Square condominium project. The purchase price was not disclosed. The property is located at 450 J Street in Downtown San Diego’s historic Gaslamp District. The property’s 54,773-square-foot retail component contains a mix of national and regional tenants like Quicksilver, Oceanaire and GStar. The acquisition also includes more than 250 dedicated parking stalls. Gaslamp City Square was developed in 2004. This is HP’s sixth Downtown San Diego acquisition in the past 18 months.
SAN FRANCISCO – The University of California, San Francisco(UCSF) has announced its plans to establish a state-of-the-art clinical and translational research unit focused on endocrinology in Mission Bay. The 30,000-square-foot space will be located at 499 Illinois Street in the San Francisco submarket. The facility is in close proximity to UCSF'S research campus and three new hospitals. The university has signed a 15-year lease at the property. Illumina also recently nabbed office and laboratory space at this 222,780-square-foot waterfront project. About 82 percent of the building is now leased or under negotiation. The building is owned by Alexandria Real Estate Equities.
PUYALLUP, WASH. – The 225-unit Glenbrooke Apartments in Puyallup has received a $13.6-million refinance. The affordable housing complex is located at 701 43rdAve. The property had a complex ownership structure with multiple partners. The transaction facilitated a refinance for a limited partner buy-out. Financing was based on a 10-year term and a 30-year amortization period with three years interest-only. It was arranged by Ron Peterson of NorthMarq Capital’s Seattle regional office through the firm’s seller-servicer relationship with Freddie Mac.
DENVER — JMIR Acquisitions, LLC has purchased the 451-room Hyatt Regency Denver Tech Center for an undisclosed sum. The hotel is located at 7800 E. Tufts Ave. in Denver. The property also features a newly renovated lobby, the new Root 25 Taphouse & Kitchen, and 30,000 square feet of function space, including an 11,000-square-foot ballroom. The seller was Hyatt Equities, (Den) LLC. HREC Investment Advisors served as the exclusive investment banking agent for Hyatt Hotel Corporation. The property will be managed by Davidson Hotels & Resorts.
WOODSTOCK, GA. — Duke Realty has completed the development of Northside Hospital's new 100,797-square-foot, four-story medical office building (MOB), located at 900 Towne Lake Parkway in Woodstock, about 25 miles north of Atlanta. Northside-Cherokee Towne Lake Medical Office Building is fully leased to Northside Hospital and features a variety of outpatient health services and physician practices. Duke Realty Towne Lake Development LLC owns the new facility, which has been submitted for consideration of LEED certification. The MOB's design team includes architect Lyman Davidson Dooley Inc. and general contractor Brasfield & Gorrie.
PLANTATION, FLA. — CBRE has arranged the $21.5 million sale of the five-story, 134,443-square-foot Lakeside Office Center, a Class A office building located at 600 N. Pine Island Road in Plantation. Beverly, Mass.-based Brookwood Financial Partners purchased the property from Invesco Real Estate. CBRE represented the seller in the transaction and secured a $14.7 million acquisition loan on behalf of the buyer. The office building was 75 percent leased at the time of sale. The CBRE team involved in the transaction includes Christian Lee, Charles Foschini, Christopher Apone and Marcos Minaya, all in CBRE's Miami office. Sandra Anderson of Jones Lang LaSalle also assisted in the transaction and now handles leasing for the new owner.
SOUTHAVEN, MISS. — Home2 Suites by Hilton has opened its 22nd U.S. hotel at 6750 Southcrest Parkway in Southaven, about 14 miles outside of Memphis, Tenn. The four-story, 105-room Home2 Suites by Hilton Memphis/Southaven is the brand's third hotel in Mississippi. Cohen Realty Inc. owns the hotel and Vista Host Inc. manages the property. The new hotel features a Home2 MKT for convenience items, a Spin2 Cycle fitness/laundry facility, continental breakfast room, complimentary shuttle to and from the airport, an indoor pool, patio with grills, a dog park and a walking trail.
CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has arranged the $1.6 million sale of a 6,500-square-foot retail property located at 2400 Chesapeake Square Road in Chesapeake. The buyer, Parker Realty Group, purchased the center from Kelly's at Chesapeake Square LLC for redevelopment. Renovations are underway and should wrap up in January 2014. Starbucks Coffee, Hair Cuttery and Jersey Mikes have signed leases for space at the center. Eric Stanley of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $10 million in first mortgage refinancing for Somerstone Apartments, a 360-unit, market-rate multifamily community located in Charlotte. Kevin Jenkins of NorthMarq Capital's Charlotte office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Somerstone LLC.