Western

Xenia Hotels & Resorts Acquires The Ritz-Carlton Denver for $100.2M

by Amy Works August 29, 2018

DENVER — Xenia Hotels & Resorts has purchased The Ritz-Carlton Denver, located at 1811 Curtis St. in downtown Denver, for $100.2 million, approximately $496,000 per key. The acquisition was funded with cash available on the company’s balance sheet. The 14-story hotel features 202 oversized rooms, including 47 suites, 13,000 square feet of meeting space, The Ritz-Carlton Spa and Elway’s Restaurant. The hotel is part of a mixed-use development that includes 25 luxury residences and 193 apartment units. The Ritz-Carlton, Denver is the 39th hotel in Xenia’s portfolio of primarily luxury and upper upscale hotels. It the company’s second Ritz-Carlton hotel.

August 29, 2018

Acquisitions Arizona Industrial Western

CBRE Global Investors Buys Industrial Center in Arizona for $48.5M

by Amy Works August 29, 2018

PHOENIX — Los Angeles-based CBRE Global Investors Acquisitions has purchased Southwest Industrial Center, an industrial asset located at 7775 W. Buckeye Road in Phoenix. Houston-based Hines sold the property for $48.5 million. Constructed in 2015, the 684,420-square-foot facility features 32-foot clear heights and Class A cross-dock distribution space. Bo Mills, Mark Detmer, Ryan Sitov, Marc Hertzberg and Anthony Lydon of JLL Capital Markets represented the seller in the transaction.

August 29, 2018

Arizona Development Multifamily Western

Evergreen Devco Breaks Ground on 258-Unit Apartment Community in Phoenix

by Amy Works August 29, 2018

PHOENIX — Evergreen Devco has broken ground on Parc at South Mountain, a luxury apartment community located at 3400 E. Southern Ave. in Phoenix. Situated on 10.8 acres, the development will feature 258 garden-style apartment units with wood-inspired plank flooring, quartz countertops and stainless-steel appliances. On-site amenities will include a resort-style pool and spa. The property’s leasing office is slated to open July 2019. The project team includes Todd & Associates as architect; MT Builders as contractor; Kland Civil Engineers as civil engineer; and Collaborative V Design Studio as landscape architect.

August 29, 2018

Acquisitions California Industrial Western

Realty Advisory Group Brokers Sale of 78,600 SF Industrial Asset in San Gabriel Valley

by Amy Works August 29, 2018

CITY OF INDUSTRY, CALIF. — Realty Advisory Group has arranged the sale of an industrial property located at 15250 Don Julian Road in City of Industry. Cordia Capital Management acquired the 78,600-square-foot property for an undisclosed price. Situated on 3.8 acres, the facility features 25-foot to 29-foot ceiling heights, seven dock-height positions and future divisibility. At the time of sale, Golden West Packaging Group fully occupied the property. Mark Repstad and John Repstad of Realty Advisory Group represented the undisclosed seller and the buyer in the transaction.

August 29, 2018

Acquisitions California Multifamily Western

Levin Johnston Arranges $7.6M Acquisition of Multifamily Community in Santa Clara, California

by Amy Works August 29, 2018

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the purchase of Claddagh Apartments, a multifamily property located at 1408 Reeve St. in Santa Clara. A local apartment group acquired the asset from an undisclosed seller for $7.6 million. Constructed in 1958, the property features 20 apartments in a mix of one- and two-bedroom layouts, a community pool, on-site laundry and covered parking. The buyer plans to reposition and renovate the property. Levin Johnston represented the buyer in the deal.

August 29, 2018

Acquisitions Arizona Multifamily Western

Tonti Properties Sells 173-Unit Multifamily Community in Arizona for $22.5M

by Amy Works August 28, 2018

TEMPE, ARIZ. — Tonti Properties has sold Wilshire Pines, a multifamily property located at 208 E. Baseline Road in Temple. Sheiner Group acquired the asset for $22.5 million. Built in 1979, the property features 173 apartment units. Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and Cliff David of Marcus & Millichap represented the seller and procured the buyer in the deal.

August 28, 2018

Acquisitions Mixed-Use Multifamily Nevada Retail Western

Northcap Commercial Brokers $11.5M Sale of Mixed-Use Asset in Las Vegas

by Amy Works August 28, 2018

LAS VEGAS — Northcap Commercial Multifamily has negotiated the sale of Desert Manor, a mixed-use asset located on an entire city block at 629 S. Main St. in Las Vegas. An undisclosed buyer acquired the property for $11.5 million. The sale consisted of 191 multifamily units, 6,364 square feet of retail space and 0.89 acres of land. Devin Lee of Northcap Multifamily represented the seller, 1060 Broadway LLC, in the deal.

August 28, 2018

California Leasing Activity Office Western

Splunk Signs 301,000 SF Office Lease at 700 Santana Row in San Jose

by Amy Works August 28, 2018

SAN JOSE, CALIF. — Splunk Inc. has signed a long-term lease for 301,000 square feet of office space at 700 Santana Row. The 319,000-square-foot mixed-use building is under construction at the intersection of Santana Row and Olsen Drive in San Jose. Splunk is a publicly traded software company that creates applications for tracking big data. Developed by Federal Realty Investment Trust, 700 Santana Row is scheduled for delivery in 2019. The property will feature seven levels of office space above ground-floor retail space and a parking garage with approximately 1,300 spaces. San Francisco-based WRNS Studio designed the asset, which Devcon Construction is building. The all-concrete structure features 13-foot ceiling heights, a modern glass curtain wall, private terraces, a world-class urban plaza and is built to LEED Silver standards. Once completed, Santana Row will offer a total of 690,000 square feet of Class A office space, which is fully leased; 50 shops; 30 restaurants; nine personal service businesses; 615 rental apartments; 219 residential condominiums; and the 215-room Hotel Valencia.

August 28, 2018

Colorado Loans Multifamily Seniors Housing Western

HFF Arranges Construction Financing for Seniors Housing Community in Denver

by Amy Works August 28, 2018

DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.

August 28, 2018

Acquisitions Colorado Retail Western

Quantum Real Estate Negotiates $1M Sale of 11,700 SF Retail Property in Gunnison, Colorado

by Amy Works August 28, 2018

GUNNISON, COLO. — Quantum Real Estate Advisors has arranged the sale of a retail property located at 800-810 N. Main St. in Gunnison. An individual investor from Crested Butte, Colo., acquired the multi-tenant building from an Aspen, Colo.-based individual for $1 million. At the time of sale, the 11,700-square-foot property was fully leased to a number of local tenants with long-term occupancy. Zack Hilgendorf of Quantum Real Estate represented the seller in the transaction.

August 28, 2018

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