DENVER – A 680,277-square-foot office building in Denver has sold to Franklin Street Properties Corp. for $183 million. The building is located at 1999 Broadway in the city’s Central Business District. The acquisition included a nine-story parking structure. The building is 96 percent leased.
GOODYEAR, ARIZ. — Vista Capital Company has arranged and closed $32 million in financing for a five-property hotel portfolio. The 478-room portfolio includes the Hampton Inn & Suites, Holiday Inn Express, Residence Inn and Holiday Inn Hotel & Suites in Goodyear, as well as the Holiday Inn Express in Washington, Utah. The Goodyear hotels are located within a mile of one another.
ALBANY, ORE. — Hobby Lobby has finally entered the Oregon market. The arts and crafts chain recently leased a 61,000-square-foot outpost at the Heritage Mall in Albany. It will occupy the former Gottschalks building. Hobby Lobby is expected to open in the first quarter of 2014. It will join fellow mall tenants such as Target, Sears, Ross Dress for Less, Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works. The mall is owned by Vintage Real Estate. It is currently undergoing a renovation and repositioning.
SEATTLE – The Saturn Building, a mixed-use project in Seattle that will contain incubator office spaces for new and fledgling small businesses, has received a $12.9-million portfolio loan. The property is located at 3417 Evanston Ave. North in the city’s Fremont district. This represented the third in a series of loans that HomeStreet Bank Commercial Real Estate has provided to Seattle developers that are delivering smaller, more affordable office space for entrepreneurs and business owners. The loan was facilitated by Carmen Esteban. The project is being developed by Brian Regan.
PHOENIX – The Avalon Hills condominiums in Phoenix has sold to BH Properties for $5.6 million. The community is located at 3535 West Tierra Buena Lane. It contains 348 units, although only 250 were acquired by BH Properties. Both the buyer and the seller, Michael Carmel (trustee), were represented by Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily team.
COSTA MESA, CALIF. – The 21-unit Orange Elden apartments in Costa Mesa has sold to an investment group for $5.2 million. The community is located at 2151 Orange Ave. Peter M. Hauser and Steven C. Brombal ofHendricks-Berkadia’s Newport Beach office represented both the buyer and the seller, CTF6-Elden, LLC, in this transaction.
JEKYLL ISLAND, GA. — Jekyll Oceanfront Hotel LLC has broken ground on the $41 million Westin Jekyll Island, a 200-room beachfront hotel that will open in September 2014 as part of the Jekyll Island Beach Village project. The property will be located at 110 Ocean Way, adjacent to the new 128,000-square-foot Jekyll Island Convention Center. The hotel will feature a full-service restaurant and green design elements. When complete, New Castle Hotels and Resorts will operate the property.
ATLANTA — The Georgia Institute of Technology has selected Cooper Carry as the architect of record for the school's new 218,000-square-foot Engineered BioSystems Building. The $100 million project, located on the university's campus in Atlanta, will bring the College of Science and College of Engineering together for collaborative bio-engineering research. The project is the first phase of a four-phase expansion for Georgia Tech's bioscience research department. Lake Flato will serve as the design architect for the project and McCarthy Building Group is the general contractor. Completion is slated for 2014.
MOBILE, ALA. — Deerwood Real Estate Capital has arranged a $20.7 million nonrecourse loan for the acquisition of a 381,000-square-foot power center in Mobile. The center is 80 percent leased. Rafi Frankel and Mark Silbersher of Deerwood arranged the 10-year loan, which includes two years of interest-only payments, followed by a 28-year amortization schedule.
RIVIERA BEACH AND JACKSONVILLE, FLA. — Oak Grove Capital has arranged two HUD 223(f) loans totaling $37.1 million for the Cornerstone Group, which will use the funds to refinance two affordable housing communities in Florida. Each of the two fixed-rate loans carries a 35-year term and amortization period. The properties include Indian Trace Apartments, a 330-unit property in Riviera Beach; and Mission Pointe Apartments, a 338-unit complex in Jacksonville. Amenities at the communities include a fitness center, car wash and outdoor pool.