SAN DIEGO — The 176-room Courtyard San Diego Old Town and the 123-room Fairfield Inn & Suites San Diego Old Town have received $50 million in debt financing. They are located at 2435 Jefferson Street and 3900 Old Town Ave., respectively. Both hotels are Marriott brands and are owned by a joint venture between Rockpoint Group, LLC and Clearview Hotel Capital, LLC. The floating-rate loan carries a three-year initial term and two optional 12-month extensions. It was secured by Mathew Comfort, Reid McGlameryand Mike Huthof Jones Lang LaSalle. The loan was provided by a domestic bank.
WESTMINSTER, COLO. – Cornerstone Real Estate Advisers LLC has acquired the 310-unit Bradburn Row in Westminster for an undisclosed sum. The community is located at 11900 Newton Street within the master-planned community of Bradburn Village, about 20 minutes north of Downtown Denver. Bradburn Row was 96 percent occupied at the time of sale.Cornerstone purchased the asset on behalf of an institutional investor. The seller, Carmel Partners, was represented by HFF’s Jordan Robbins and Jake Young.
IRVINE, CALIF. — Bixby Land Companyhas purchased a 45,576-square-foot office building in Irvine for an undisclosed sum. The company plans to redevelop the property into a creative office space that encourages a contemporary work environment. The building is located at 18231 West McDurmott in the John Wayne Airport submarket. The project has been named “gen2.” It will feature natural and sustainable materials, wood elements and an outdoor gathering area that serves as a natural extension of the collaborative interior spaces. The building is being designed to accommodate three tenants that will each occupy about 15,000 square feet. It is scheduled for completion in mid-2014. Leasing will be handled by Bob Thagard of Orion Property Partners and John Griffin of Voit. The project will be designed by LPA. This is Bixby’s seventh value-add renovation in the past two years.
DENVER — Gart Investment Company has acquired Willow Run Shopping Center, a 91,565-square-foot retail outpost in the Denver suburb of Westminster, for $10.8 million. The center is located at 12900-12910 N. Zuni Street. It was 80 percent leased at the time of sale. Notable tenants include Safeway, Allstate and Subway. Outlying tenants that were not part of the sale include JPMorgan Chase, Conoco Philips and McDonalds. Gart was represented by Shaun Riley of Faris Lee Investments. The seller, TNP SRT Willow Run, LLC, was represented by Richard Chichester, Jeff Conover and Tom Chichester of the same firm.
ATLANTA — Cascade Investments, a privately owned investment arm of Bill Gates, has purchased Four Season Hotel Atlanta in Midtown Atlanta for an undisclosed amount. Cascade purchased the hotel from Host Hotels & Resorts, which has owned it since 1998. Four Seasons Hotel Atlanta opened in 1997 and features 244 guestrooms, 18 luxury suites, a 7,790-square-foot private spa and fitness center and two upscale restaurants. The hotel occupies the first 19 floors of a 54-story tower. Toronto-based Four Seasons Hotels & Resorts will continue to operate the hotel. Four Seasons Hotels & Resorts is owned jointly by Cascade, Kingdom Holding Co. and Triples Holdings. The transaction also includes the acquisition of 99,000 square feet of office space in the tower. The Four Seasons Hotel Atlanta is Cascade’s second Four Seasons acquisition in recent weeks.
CARY, N.C. — The Connor Group has purchased Amberwood at Lochmere, a 206-unit, garden-style apartment community located in Cary, part of the Raleigh-Durham metro area. The Connor Group purchased the property from Amberwood Apartment Associates LP for $18.1 million. The apartment community features tennis courts, a putting green, playground and walking/hiking trails.
MARIETTA, GA. — Jones Lang LaSalle has arranged the sale of Powers Ferry Plaza, an 86,401-square-foot shopping center located on Powers Ferry Road in Marietta, a suburb immediately north of Atlanta. The shopping center is anchored by Micro Center, a computer and technology retailer. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle represented the seller, Equity One, in the transaction. An Atlanta-based investor purchased the center.
MEMPHIS, TENN. — Paramount Lodging Advisors has brokered the sale of Drury Inn & Suites, a 118-room hotel located in Memphis. A regional investor purchased the hotel and has rebranded it as a Quality Inn & Suites. Adam Montufar and Brent Clemens of Paramount represented the seller, DSW Inns LLC, in the transaction.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged a 35,849-square-foot office lease at Park Central III in Richmond. The one-story office building is located at 8831 Park Central Drive. Mac Wilson and James Stikeleather of Cushman & Wakefield represented the landlord in the transaction. The tenant, Universal Health Services Inc., is a Fortune 500 hospital management company.
BEMIDJI, MINN. — DoubleTree by Hilton has opened a new 92-room hotel along the waterfront of Lake Bemidji following a 15-month, $14 million investment. The newly constructed DoubleTree by Hilton Bemidji hotel adjoins the existing Hampton Inn & Suites Bemidji, a sister brand within the Hilton Worldwide portfolio. SCGM LLC owns the hotel, which is managed by Rich Siegert & Associates. The hotel features more than 5,000 square feet of flexible meeting space, 700 feet of private beach access, and more than half of the rooms include private balconies that overlook Lake Bemidji.