SAN FRANCISCO — Jeff Kirwan, president and CEO of Gap brand, will leave Gap Inc. A search is underway for his replacement. In the interim, Brent Hyder, currently serving as Gap Inc.’s executive vice president of global talent and sustainability, will oversee the brand. Prior to his current role, Hyder served as chief operating officer at Gap brand. He also served as vice president and general manager of Gap Japan K.K., leading all aspects of the Gap Inc. business in Japan. Gap Inc. is a global retailer overseeing the Gap, Banana Republic, Old Navy, Athleta, Intermix and Weddington Way brands. Gap Inc. has approximately 3,200 company-operated stores and 450 franchise stores in more than 90 countries worldwide.
CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to sell a three-property hotel portfolio to Host Hotels & Resorts Inc. (NYSE: HST) for approximately $1 billion. The transaction includes the Andaz Maui at Wailea Resort in Wailea, Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Fla. Hyatt will continue to manage the three hotels under long-term management agreements. The transaction is expected to close at the end of March. The 301-room Andaz Maui features a 15-acre beachfront setting, four infinity pools, 15,000 square feet of event space, five dining options, a spa and a fitness center. Featuring 668 rooms, the Grand Hyatt San Francisco includes a 24-hour fitness center, as well as restaurant, lounge and event space on the 36th floor. Located in southwest Florida, the 454-room Hyatt Regency Coconut Point features several pools, waterslides, a golf course, rock climbing wall, five restaurants and over 82,500 square feet of flexible space. The sale reflects a recently announced initiative from Hyatt to reduce real estate ownership, according to Mark Hoplamazian, president and CEO of Hyatt. Andaz Maui and Grand Hyatt San Francisco reflect a combined attributed sale value of approximately …
LAS VEGAS — Vestar has acquired Best in the West, a 465,000-square-foot shopping center in Las Vegas. The price was $87 million, according to The Las Vegas Review-Journal. Bryan Ley and Jules Sherwood of HFF arranged the transaction on behalf of the seller, Weingarten Realty Investors. At the time of sale, Best in the West was 94 percent leased to tenants such as Best Buy, T.J Maxx, Stein Mart, PetSmart, DSW, Bed Bath & Beyond, JoAnn Fabrics, Office Depot, Ulta Beauty, Old Navy and Marshalls.
SANTA CLARITA, CALIF. — Colliers International has facilitated the sale of a retail center located at 23300-23314 Valencia Blvd. in Santa Clarita. A private investor acquired the property, situated on 3.5 acres, from DP Santa Clarita LLC for $9.8 million. Built in 1973 and renovated in 2012, the 45,429-square-foot property is fully leased to 99 Cents Only and Harbor Freight Tools. David Maling and Chris Maling of Colliers represented the seller in the transaction.
LOS ANGELES — Charles Dunn Co. has arranged the sale of a retail and industrial building located at 437-441 S. Los Angeles St. in downtown Los Angeles. JVS Real Estate Investment purchased the property from 441 Los Angeles Street LLC for $3.7 million. The buyer plans to renovate the vacant, three-story, 15,538-square-foot building for its retail and wholesale business. Chris Runyen of Charles Dunn Co. represented the seller, while interPres Realty represented the buyer in the deal.
VAN NUYS, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 6650 Van Nuys Blvd. in Van Nuys. An individual/personal trust sold the property to a private investor for $1.4 million. The property features 6,253 square feet of retail space. Brandon Michaels and Justin Rappel of Marcus & Millichap represented both the seller and buyer in the deal.
LOS ANGELES — Kreation has signed a lease to open a organic pressed juice cafe at 11754-11756 San Vicente Blvd. in the Brentwood neighborhood of Los Angeles. The juicer leased a 2,273-square-foot space from GPI Cos. Currently, Kreation has 12 juiceries and three cafes. Hilton & Hyland represented the tenant, while Houman Mahboubi, Greg Briest and Devin Klein of JLL represented the landlord in the transaction.
SALT LAKE CITY — NWQ LLC, a joint venture between Colmena Group, Wadsworth Development Group and Stokes Partners, has launched Phase I of SLC Port Global Logistics Center, a 7.5 million-square-foot industrial development in Salt Lake City. The 3,000-acre logistics park located in Salt Lake City’s Northwest Quadrant. SLC Port Global Logistics Center has capacity to accommodate up to 50 million square feet of Class A speculative and build-to-suit buildings, combined with owner-occupied and mega-site land for sale. Phase I of the development consists of 10 buildings totaling about 7.5 million square feet of bulk distribution and manufacturing industrial space. Building 2, consisting of 532,000 square feet, and Building 3, consisting of 170,000 square feet, are scheduled for delivery in spring 2019. CBRE’s Tom Dischmann, Jeff Richards, Matt McAfee and Chris Liddell will oversee listing on behalf of NWQ LLC.
TEMPE, ARIZ. — Western Wealth Capital has acquired the 150-unit Villatree apartments in Tempe for $17.3 million. The community is located at 1750 S. Price Road. Villatree was built in the 1980s, providing the new owner with a value-add opportunity. Steve Gebing and Cliff David represented both the buyer and the seller, PEM Real Estate Group, in this transaction.
HENDERSON, NEV. — Cypress West Partners has acquired Parkway Medical Plaza, an 88,958-square-foot medical office building in the Las Vegas submarket of Henderson for an undisclosed sum. The building is located at 100 N. Green Valley Parkway. Parkway Medical Plaza is 95 percent occupied with tenants including Healthcare Partners, Parkway Surgery Center and CareMore. It was built in 1997. The firm acquired the asset with Virtus Real Estate Capital. This marks the first joint venture for the two firms.