California

Family Trust Sells Ground Lease of Rite Aid Parking Lot in South Pasadena for $7.2M

by Amy Works October 14, 2019

SOUTH PASADENA, CALIF. — An out-of-state family trust has sold the ground lease of a parking lot adjacent to a Rite Aid store located at 900 S. Fair Oaks Ave. in South Pasadena. A Southern California-based private investment company acquired the approximately 27,000-square-foot site for $7.2 million. Dan Elliott, Sean Lutz, Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Brandon Burns and Brandon Gill of Cushman & Wakefield represented the buyer in the transaction.

October 14, 2019

Acquisitions California Florida Hospitality Illinois Midwest New York Northeast Southeast Top Stories Western

Queensgate Investments Acquires Freehand Hotels for $400M

by Kristin Harlow October 14, 2019

NEW YORK CITY, LOS ANGELES, MIAMI AND CHICAGO — Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for approximately $400 million. Freehand is a lifestyle hotel brand, owner and operator of hotel assets with 922 rooms across four hotels in Manhattan’s Flatiron District, downtown Los Angeles, Miami Beach and River North Chicago. The brand advertises itself as combining the social culture of a hostel with top-shelf design, food and beverage. Included in the acquisition is the Broken Shaker bar concept that operates within the hotels. Generator, a hostel business that Queensgate acquired in 2017, will manage Freehand. Generator seeks to appeal to millennial customers, focusing on capital city addresses, design-led interiors and shared social spaces. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities,” says Puneet Kanuga, investment director at Queensgate. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.” London-based Queensgate …

October 14, 2019

Acquisitions California Office Western

Sunroad Enterprises Sells 71,934 SF Office Complex in San Diego for $19.9M

by Amy Works October 11, 2019

SAN DIEGO — San Diego-based Sunroad Enterprises has completed the disposition of Sunroad Plaza, an office campus located in the Rancho Bernardo submarket of San Diego. Texas-based Virtus Real Estate Capital purchased the property for $19.9 million. Located at 11770 Bernardo Plaza Court, the 71,934-square-foot asset consists of one three-story building and one four-story building. The campus features on-site showers and lockers, executive conferencing facilities and 423 parking spaces. At the time of sale, Sunroad Plaza was 82 percent leased to a mix of government, medical and professional office users. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson of CBRE represented the seller, while Lars Eisenhauer of CBRE represented the buyer in the deal.

October 11, 2019

Acquisitions California Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 172-Unit Self-Storage Facility in California’s Inland Empire

by Amy Works October 11, 2019

HIGHLAND, CALIF. — Marcus & Millichap has arranged the acquisition of International Self Storage in Highland. A local investment company purchased the asset for an undisclosed price. The 17,905-square-foot International Self-Storage features 172 non-climate-controlled, drive-up units ranging in size from four feet by four feet to eight feet by 10 feet. Additionally, the property is fully fenced and equipped with security monitoring systems, including electronic gate access and individual alarms. The property also features an on-site manager’s office with residence. Keith Phillips of The LeClaire Group of Marcus & Millichap’s Encino, Calif., office procured the buyer, while the undisclosed seller was self-represented in the deal.

October 11, 2019

Residence-Inn-Marriott-Portland-Downtown-RiverPlace-Portland-OR

Acquisitions California Hospitality Oregon Western

Summit Hotel Properties to Acquire Four-Asset West Coast Hotel Portfolio for $249M

by Amy Works October 10, 2019

PORTLAND, HILLSBORO, ORE., AND SOUTH SAN FRANCISCO AND MILPITAS, CALIF. — Through its recently formed joint venture with GIC, Summit Hotel Properties has agreed to acquire four hotels located on the west coast for $249 million. The portfolio is located in three high-growth markets. The properties are the 258-key Residence Inn by Marriott Portland Downtown/RiverPlace in Portland; the 122-guestroom Residence Inn by Marriott Portland Hillsboro in Hillsboro; the 169-key Hilton Garden Inn San Francisco Airport North in South San Francisco; and the 161-room Hilton Garden Inn San Jose/Milpitas in Milpitas, Calif. The total purchase price of $249 million, or approximately $351,000 per key, represents an average capitalization rate of 8.4 percent based on management’s current estimate of the hotels’ net operating income for the full-year 2019. The joint venture plans to invest approximately $23 million of capital on the four hotels during the first three years of ownership. The pending transaction is expected to close in fourth-quarter 2019.

October 10, 2019

Acquisitions California Office Western

Joint Venture Sells 306,243 SF Office Tower in LAX Submarket for $45M

by Amy Works October 10, 2019

LOS ANGELES — An affiliate of San Francisco-based The Roxborough Group, in partnership with Los Angeles-based The Ruth Group, has completed the disposition of an office tower located at 5901 W. Century Blvd. in Los Angeles’ LAX submarket. A partnership led by North Sea Capital acquired the property for $45 million. Kevin Shannon, Michael Moore, Ken White and Sean Fulp of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction. The 15-story tower features 306,243 square feet of office space along Century Boulevard. At the time of sale, the property was 92 percent leased. Along with recent building systems upgrades, 5901 Century was heavily rebranded and features a newly renovated lobby and common areas, an executive clubhouse, dog park and bicycle-sharing program. The seller acquired the asset in early 2017 and invested in excess of $8 million to renovate and reposition the property.

October 10, 2019

Acquisitions California Office Retail Western

BrandWilson Buys 43,437 SF Retail/Office Property in California for $18.1M

by Amy Works October 10, 2019

GLENDALE, CALIF. — A private investor operating under the entity of BrandWilson LLC has purchased a mixed-use property located at 201 N. Brand Blvd. in Glendale. Bow Truss Capital sold the asset for $18.1 million. Warren Berzack and Slavic Zlatkin of Lee & Associates – LA North/Ventura represented the buyer, while Trevor Carl Nelson of Newmontis Real Estate Investment Management represented the seller in the deal. The historic Woolworth Building was recently renovated. The 43,437-square-foot property comprises a storefront retail space on the ground floor and office space on the second floor. At the time of sale, the property was fully leased to a variety of tenants, including AT&T, Unify Credit Union, 85° and Regus.

October 10, 2019

California Multifamily Western

New Rent Control Law to Take Effect in California on Jan. 1, 2020

by Jeff Shaw October 9, 2019

SACRAMENTO — California Gov. Gavin Newsom has signed a statewide rent control bill into law that aims to protect renters against price gouging and provide eviction protections. More specifically, Assembly Bill 1482 bars landlords from raising rents more than 5 percent plus the local inflation rate in one year. The annual inflation rate varies by region, but averages about 2.5 percent across the state.

October 9, 2019

Acquisitions California Office Western

Jupiter Holdings Divests of 292,540 SF Office Building in California for $43.5M

by Amy Works October 9, 2019

SAN PEDRO, CALIF. — Jupiter Holdings has completed the sale of Topaz, a Class A office building located at 222 W. Sixth St. in San Pedro. Harbor Associates acquired the asset for $43.5 million. Situated along the waterfront, the 11-story building features 292,540 square feet of office space, 13,244 square feet of retail space and an adjacent seven-story parking structure. The seller invested more than $10 million in building renovations at the property, which was constructed in 1990. Kevin Shannon, Ken White and Scott Schumacher of Newmark Knight Frank represented the seller in the transaction.

October 9, 2019

LogistiCenter-at-Park-Meridian-Riverside-CA

California Development Industrial Western

Dermody Properties Completes 262,260 SF LogistiCenter at Park Meridian in Riverside, California

by Amy Works October 9, 2019

RIVERSIDE, CALIF. — Dermody Properties has completed construction of LogistiCenter at Park Meridian, located at 21822 Opportunity Way within Meridian Business Center in Riverside. Situated on 13.5 acres in the heart of Inland Empire East, the 262,260-square-foot facility features 32-foot clear heights, 56 dock-high doors, an ESFR sprinkler system and LED warehouse lighting. Additionally, the building has 2,493 square feet of built-out office space within the total square footage available for lease. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield have been retained to handle leasing for the project.

October 9, 2019

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