TORRANCE, CALIF. — Sichuan Xinglida Group Enterprises Co. Ltd. has purchased the 487-room Torrance Marriott South Bay hotel for $74 million. The hotel is located at 3635 Fashion Way next to Del Amo Fashion Center. The 17-story Marriott was built in 1985 and underwent an extensive renovation in 2007. Sichuan Xinglida purchased the hotel through its U.S. subsidiary XLD Group, LLC. This is its first Los Angeles-area acquisition. The seller was DiamondRock Hospitality Company. The transaction was executed by John Strauss, Bob Webster, Tim Southard and Tony Muscio of Jones Lang LaSalle’s Hotels & Hospitality Group.
SUNNVALE, SANTA CLARA, CALIF. — Invesco Real Estate has acquired the Central Silicon Valley Industrial Portfolio for an undisclosed sum. The portfolio contains four Class A warehouse and manufacturing buildings totaling 312,110 square feet in Sunnyvale and Santa Clara. The acquisition includes 2940-2990 Mead Ave., 2855-2865 Uranium Drive and 3000-3008 Kifer Road in Santa Clara, as well as 123-127 Uranium Drive in Sunnyvale. The two multi-suite manufacturing buildings and two distribution warehouse buildings are situated on the border of Santa Clara and Sunnyvale. They are located one block from Bowers Avenue near the Lawrence Expressway. All four fully leased buildings have direct access to US Highway 101, the Central Expressway and Interstate 280. The seller, AEW Capital Management, was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk, Darla Longo, Barbara Emmons, Rebecca Perlmutter and Brian Matteoni. AEW sold the property on behalf of an institutional client.
WEST HOLLYWOOD, CALIF. – A 10-unit apartment building in West Hollywood has sold to a limited liability company for $2.3 million. The community is located at 7624 Fountain Ave. near Fairfax’s shopping district. It was built in 1961. Tony Azzi and Jason Grant of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, an individual/personal trust, in this transaction.
OAKLAND, CALIF. – Ellis Partners has acquired 1111 Broadway in downtown Oakland for a reported $158 million. The 24-story, Class A building contains a total of 566,168 square feet inside Oakland City Center. Notable tenants at the building include Merrill Lynch Wealth Management, HTNB, Wendel Rosen Black & Dean LLP and Tiemstra Law. Oakland City Center was owned by CBRE Investors until it began the disposition of all five assets earlier this year. Eastdil Secured represented both the buyer and the seller in this transaction.
SAN FRANCISCO – A three-property California apartment portfolio has received an $89.1-million refinance. The properties include the 164-unit The Boulders in Walnut Creek; the 100-unit Chesapeake Point in San Mateo; and the 248-unit Los Robles in Thousand Oaks. The loans feature 10-year terms and 30-year amortization schedules. They were arranged by Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office through the firm’s relationship with theGuardian Life Insurance Company of America.
MESA, ARIZ. – A 98-unit apartment building in Mesa has sold to a foreign entity for $4.1 million. The community is located at 5801 East Albany Street across from Dreamland Villa Golf Course. It was built in 1971. Doug Fielding of Marcus & Millichap’s Phoenix office represented both the buyer and the unnamed seller in this transaction.
ATLANTA — Cushman & Wakefield has arranged the sale of One and Two Premier Plaza, a two-building, Class A office complex located in Atlanta’s Central Perimeter submarket. The buildings total 316,269 square feet. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the sellers, CenterSquare Investment Management and Ackerman & Co., in the transaction. Cornerstone Real Estate Advisers purchased the office buildings, which were 78 percent leased at the time of sale.
TIFTON, GA. — HFF has arranged the sale of Publix Plaza, a 52,600-square-foot Publix-anchored shopping center in Tifton. Publix Super Markets Inc. purchased the property for approximately $7 million. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, TMall Development LLC, an entity of Atlanta-based RCG Ventures, in the transaction. The property, which was built in 2012, was 98.1 percent occupied at the time of sale.
JACKSON, MISS. — Dougherty Mortgage LLC has closed a $2.6 million Fannie Mae loan for the refinancing of Southbrook Gardens Apartments, a 100-unit affordable housing community in Jackson. Dougherty Mortgage’s Austin, Texas, office arranged the 10-year loan on behalf of the borrower, Daniel Lake Partners LP.
KANSAS CITY, MO. — Commerce Tower Group LLC (CTG) has plans to convert Commerce Tower at 911 Main St. in Kansas City to a mixed-use property. The plans call for 160,000 square feet of office space and approximately 265 Class A apartment units that will cost an estimated $70 million. The first floor will be converted to retail space, while offices will remain on floors 2-14 and 24-30. Apartments will be located on floors 15-23.The office space is slated for a summer 2014 completion, with the entire project to be delivered by spring of 2015. Additional amenities include a fitness facility, conference rooms and a rooftop green space and pool. CTG has selected Cassidy Turley to provide project leasing and management services for Commerce Tower at 911 Main St. in Kansas City. The team of Michael Lanning, senior vice president, Thomas Houts, vice president, and Jeffrey Winters, associate vice president, will serve as the leasing agents for the 463,495-square-foot building.