Western

Park-Meadows-Corporate-Center-I-Lone-Tree-CO

Bailey Co. Buys Park Meadows Corporate Center in Lone Tree, Colorado, for $10M

by Amy Works February 8, 2019

LONE TREE, COLO. — Golden, Colo.-based The Bailey Co. has acquired Park Meadows Corporate Center I, located at 10004 Park Meadows Drive in Lone Tree. LRS Bay Road Investment Group sold the property for $10 million. Monica Wiley and Jeff Wood of CBRE represented the seller, while Mitch Bradley, Joe Serieno and Chad Alexander, also of CBRE, served as leasing advisors on the transaction. Constructed in 2000, the three-story multi-tenant asset features 60,144 square feet of office space. Lone Tree is located in metro Denver, approximately 15 miles south of downtown.

February 8, 2019

Acquisitions Arizona Retail Western

SVN Desert Commercial Advisors Arranges $6.9M Shopping Center Sale in Mesa, Arizona

by Amy Works February 8, 2019

MESA, ARIZ. — SVN Desert Commercial Advisors has brokered the sale of a shopping center, located at 810-848 S. Alma School Road in Mesa. Alex Holding LLC and Sunnyslope LLC acquired the asset for $6.9 million. At the time of sale, the 74,604-square-foot property was fully occupied. Rommie Mojahed and Beau Flahart of SVN Desert Commercial Advisors represented the undisclosed seller in the transaction.

February 8, 2019

Acquisitions Colorado Office Western

Concord HQ Purchases 9,009 SF Office Property in Denver for $4.5M

by Amy Works February 8, 2019

DENVER — Concord HQ LLC has purchased an office property in Denver from Unico BOP 1406 Wazee LLC/Unico BOP 1408 Wazee for $4.5 million. Located at 1408 Wazee in Denver, the asset features 9,009 square feet of office space. Andrew Blaustein and Josh Pons of Newmark Knight Frank represented the buyer, while JLL represented the seller in the deal. First American Title Insurance Co. also participated in the transaction.

February 8, 2019

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Acquisitions California Office Western

CBRE Brokers $3M Sale of Creative Office Building in San Diego’s Bankers Hill

by Amy Works February 8, 2019

SAN DIEGO — CBRE has arranged the sale of a creative office building, located at 2870 Fifth Ave. in San Diego’s Bankers Hill neighborhood. A private 1031-exchange buyer acquired the approximately 7,300-square-foot property for $3 million, or $411 per square foot. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Marc Frederick of CBRE represented the seller, HG Fenton Co., in the deal. Originally constructed as a fire station in 1900, the two-story building was recently repositioned and renovated into a modern creative office building. At the time of sale, the property was 100 percent leased. Tenants include Fox & Jane salon, Sojourn Healing Collective, KD Skin beauty salon and Explore That Store digital marketing agency.

February 8, 2019

California Multifamily Top Stories Western

Hankey Investment, Jamison Properties Break Ground on $300M Residential Tower in Los Angeles’ Koreatown

by Kristin Harlow February 8, 2019

LOS ANGELES — Hankey Investment Co. LP and Jamison Properties LP have broken ground on a $300 million residential tower in Koreatown, a submarket adjacent to downtown Los Angeles. Located at 2900 Wilshire Blvd., the unnamed development will rise 25 stories. The project will include 644 apartment units and a 1,000-space parking podium. Floor plans will range from studios to three-bedroom units, as well as two-story penthouses. Monthly rents will range from $2,000 to $10,000. A one-acre amenity deck will house a gym, clubhouse, pool, spa, business center, dog park and zen garden. The project will also include 15,000 square feet of ground-floor retail space. The building’s design features a unique floor shape as to avoid casting shade on two nearby parks, as well as providing unobstructed views of downtown Los Angeles and the Hollywood Hills. “As the Los Angeles housing market continues to be impacted, additional rental units will help provide much-needed homes in a very desirable location,” says W. Scott Dobbins, president of Hankey. The project team also includes Large Architecture, Dianna Wong Architecture + Interior Design, AECOM and Wilshire Construction. Completion is slated for early 2021. — Kristin Hiller

February 8, 2019

Acquisitions California Office Western

CIGNA Investment Management, The Muller Co. Buy Century Plaza in San Jose for $63.4M

by Amy Works February 7, 2019

SAN JOSE, CALIF. — A joint venture between CIGNA Investment Management and The Muller Co. has acquired Century Plaza, a six-story office building located at 550 S. Winchester Blvd. near Santana Row in San Jose. New York Life Real Estate Investors sold the property for $63.4 million. The new ownership plans to rebrand the 103,622-square-foot property and invest approximately $4.1 million to upgrade the façade, landscaping, lobby, restrooms and corridors. At the time of sale, the property was 82 percent leased. Eric Fox and Nick Lazzarina of Cushman & Wakefield’s San Jose office, along with Steven Hermann, Seth Siegel and Adam Lasoff of Cushman & Wakefield’s San Francisco office, represented the buyer and seller in the deal.

February 7, 2019

Hawaii Hospitality Loans Western

Phillips Realty Capital Structures $63M Financing for OHANA Waikiki Malia Hotel in Honolulu

by Amy Works February 7, 2019

HONOLULU — Bethesda, Md.-based Phillips Realty Capital has secured $63 million in financing on behalf of Lucky Hotels USA. Benefit Street Partners provided fixed-rate, permanent financing secured by the OHANA Waikiki Malia Hotel in Honolulu. John Sieber Jr. of Phillips Realty Capital structured the financing, while Aaron Derby at Benefit Street Partners represented the lender. Situated at 2211 Kuhio Ave. within the Waikiki Resort District, the hotel features two towers built in 1960 and 1980 and underwent a $6.2 million renovation in 2010 to update the rooms, lobby and common areas. Outrigger Hotels and Resorts manages the 327-room hotel.

February 7, 2019

California Development Multifamily Retail Western

Shea Properties, Ivanhoé Cambridge Begin Construction of Mixed-Use Property in San Jose

by Amy Works February 7, 2019

SAN JOSE, CALIF. — Shea Properties and Ivanhoé Cambridge have broken ground on a two-property mixed-use project in San Jose’s Japantown. Situated on a 3.8-acre parcel, the project will include Facet, a two-building, 518-unit apartment community, and 6th and Jackson, a 19,000-square-foot retail area with restaurants, shops and services. Additionally, the project will feature a community park situated between the residential structures. Being built by San Jose-based Swenson, the residential component will feature units ranging from 512-square-foot studios to 1,537-square-foot three-bedroom units. Units will include stainless steel appliances, full-size washers/dryers, quartz countertops and smart home technology. Community amenities will include swimming pool/spa, poolside BBQ grills, outdoor gaming areas, fitness room, indoor kitchen/lounge, rooftop deck, pet spa and large dog run area. Additionally, the North building will offer flexible work options, including work pods, collaborative work lounges and multimedia rooms, for residents. The South Building will feature amenities for an active lifestyle, including large, gym-quality fitness areas, as well as shopping and dining options on the ground level. Facet is slated to begin leasing in Spring 2021, with the retail space at 6th and Jackson scheduled to open at the same time.

February 7, 2019

Development Multifamily New Mexico Seniors Housing Western

MorningStar, Confluent Open 71,000 SF Seniors Housing Community in Santa Fe

by Amy Works February 7, 2019

SANTA FE, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have opened MorningStar Assisted Living & Memory Care of Santa Fe. The 71,000-square-foot senior living community adds 56 assisted living units and 29 memory care units to the Santa Fe market. Nearly one-fifth of the city’s population is 65 or older, according to the developers. Construction of the community began in August 2017. The development represents the second MorningStar Senior Living community in the state. MorningStar and Confluent opened the MorningStar of Albuquerque community in 2016 and are building a third New Mexico community scheduled to open in Rio Rancho in spring 2019. The Santa Fe project represents the ninth completed joint venture between affiliates of Denver-based senior living developer, owner and operator MorningStar, and Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development. Rosemann & Associates was the architect on the project while New Mexico-based Bradbury Stamm Construction served as general contractor. Confluent is the project owner and MorningStar serves as the operator.

February 7, 2019

Acquisitions Arizona Retail Western

Cushman & Wakefield Arranges Sale of Coyote Station Retail Center in Sedona for $7.7M

by Amy Works February 7, 2019

SEDONA, ARIZ. — Cushman & Wakefield has brokered the sale of Coyote Station, located at northeast corner of State Route 179 and Cortez Drive in Sedona. Cupertino, Calif.-based Brochway LLC acquired the property from Sedona-based Crescent Properties for $7.7 million. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller. Coyote Station is a 10,028-square-foot, multi-tenant retail center. At the time of sale, a variety of tenants fully occupied the center, including Marathon Petroleum, Subway, Wendy’s and Diamond Resorts.

February 7, 2019

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