SCOTTSDALE, ARIZ. — Braemar Hotels & Resorts has entered into an definitive agreement to sell the Four Seasons Resort Scottsdale for $372 million, or $1.8 million per key, to an undisclosed buyer. The transaction includes a $10 million non-refundable earnest money deposit and is expected to close Oct. 22, subject to customary prorations and adjustments. Including anticipated capital expenditures of $23 million, the sales price represents a 6.2 percent capitalization rate on net operating income for the past 12 months ending in August 2026. The sales of these assets, in conjunction with other planned refinancing, are expected to create sufficient funds to pay the remainder of the Company Sale Fee and Master Agreement Termination Fee owed to Ashford as part of Braemar’s separation from Ashford and transition to a self-managed REIT. The completion of the separations is expected by mid-November. Pending completion of transactions, Braemar’s portfolio will include:
LAHAINA, HAWAII — An affiliate of U.S. Realty Partners has completed the disposition of a two-property retail portfolio in Lahaina to 11North Partners for $155 million. The portfolio includes: Bryan Ley and Tim Kuruzar of Northmarq, along with Jamie Brown of Hawaii Commercial Real Estate, brokered the sale. Additionally, Northmarq’s Joe Giordani, Alex Kane and Matt Radich arranged $96 million in acquisition financing through PNC Bank.
SEATTLE — Cadence Real Estate Advisors has acquired The Court at Northgate, a multifamily community located in the Pinehurst neighborhood of Seattle. A private seller group sold the asset for an undisclosed price. Built in 1978 on 3.3 acres, The Court at Northgate is a three-story property offering 132 studio, one- and two-bedroom apartments, a central courtyard swimming pool, clubhouse, game room, covered barbecue area and a dog park. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
IRVINE, CALIF. — Economos DeWolf has arranged the sale of an office building located at 2391 Morse Ave. in Irvine. The property traded for $15.7 million, or $707 per square foot. Steve Economos and Geoff DeWolf of Economos DeWolf represented the undisclosed seller and buyer in the deal. The 22,193-square-foot building, formerly headquarters of RiverRock Real Estate Group, is renovated and offers 5 Freeway frontage.
WESTMINSTER, COLO. — CBRE has arranged the sale of Novera Commerce Center, a proposed three-building industrial development in Westminster. Opus Development sold the project to Principal Asset Management for an undisclosed price. Todd Witty and Daniel Close of CBRE represented the seller and have been retained by the new ownership to lead leasing efforts for the development. Located at 13900 Huron St., the 386,489-square-foot project will comprise three buildings ranging from 89,000 square feet to 195,000 square feet. Slated for delivery in the second half of 2027, the development will offer flexible suite configurations, ample loading capacity, trailer parking and modern industrial specifications designed to accommodate a broad range of users. Buildings will accommodate users as small as approximately 18,700 square feet, providing flexibility for a range of occupier sizes.
OLYMPIA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment properties in Olympia. Hillsboro, Ore.-based Bender Equities sold the assets to FPA Multifamily for $43.7 million, or $154,417 per unit. Situated on more than 18 acres at 3000 Cardinal Drive NW, the adjacent properties include the 170-unit Evergreen Garden Apartments and the 113-unit Rock Maple Village Townhomes. Built in 1973, Evergreen Garden Apartments features 18 two-story residential buildings with a mix of one-, two- and three-bedroom apartments, a standalone clubhouse, an open park area with a basketball court, fenced children’s playground and covered barbecue and picnic area. Completed in 2004, Rock Maple Village features a mix of one-, two- and three-bedroom layouts spread across 10 two-story residential buildings. Community amenities include a children’s playground and picnic area, a basketball court and a large open lawn. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the deal.
Shea Properties Begins Construction on 118,232 SF Industrial Project in City of Industry, California
CITY OF INDUSTRY, CALIF. — Shea Properties has started construction on Shea Center Industry, a Class A industrial development in City of Industry. Totaling 118,232 square feet, Shea Center Industry will feature a 48,073-square-foot building and a 70,159-square-foot building, with 5,000 square feet to 7,000 square feet of office space. Completion is slated for late 2027. The buildings will feature 32-foot clear heights, ESFR fire suppression, grade-level and dock-high doors, dedicated office space and ample parking. Each building will have a fenced, private concrete yard with electric rolling gate operators.
BELLINGHAM, WASH. — Marcus & Millichap has directed the sale of Pak-A-Nut Storage, a self-storage facility in Bellingham. A local private owner that built and self-managed the property for 20 years sold the asset to a Phoenix-based institutional self-storage owner for $8 million. Situated on 5.8 acres at 840 Marine Drive, Pak-A-Nut Storage offers 58,410 square feet of self-storage space and more than 2 acres of land with potential for future expansion. Public Storage will serve as third-party manager for the new ownership. Chris Secreto of Marcus & Millichap represented the seller and procured the buyer in the transaction.
LOS ANGELES — Anderson Real Estate, a private, family-owned real estate development and management firm, has completed the $550 million refinancing of Anderson Towers, the company’s two-building office campus in Los Angeles’ Century City neighborhood. Eastdil Secured Savills arranged the financing on behalf of Anderson. Wells Fargo served as primary lender and servicer, while JPMorgan Chase was secondary lender in the refinancing. Legal counsel for the transaction included Allen Matkins for Anderson Real Estate and Hogan Lovells Cadwalader for the lenders. Since 2021, Anderson Real Estate has invested more than $300 million into renovations at Anderson Towers, which is located at 1800 and 1900 Avenue of the Stars. “We’ve invested in Anderson Towers because we believe deeply in the long-term strength of Century City and in creating office environments that will continue to attract leading companies to Los Angeles,” says Matt Lavin, executive chairman of Anderson Real Estate. “This financing represents another important milestone for Anderson Towers and underscores our long-term commitment to these properties and the broader Los Angeles community.” Anderson Real Estate completed its comprehensive renovations at Anderson Towers last year. David Montalba of Montalba Architects and Dillon Diers of OJB Landscape Architecture led the redesign, which included modernized …
HERCULES, CALIF. — Hercules Development Partners has completed the disposition of The Dylan, a 232-unit multifamily community in Hercules, about 10 miles north of Berkeley. Interstate Equities Corp. acquired the asset for $83.5 million. Ryan Wagner, Brandon Geraldo, Matt Kroger and Fatai Alashe of JLL Capital Markets represented the seller in the deal. Completed in 2022, the five-story community features 217 market-rate units and 15 below-market-rate units in a mix of studios, one- and two-bedroom layouts, averaging 804 square feet per unit. Onsite amenities include a lounge with community kitchen, a sports lounge featuring darts, billiards and foosball, a fitness center, resident courtyard featuring barbecue and fire pit areas and bike storage with a repair station. Additionally, Charles Halladay and Matt Cimino of JLL arranged a $54.3 million five-year acquisition loan through Freddie Mac for the buyer.
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