Western

Plaza Del Norte Buys The Courtyard I Office Building in San Diego for $9.2M

by Nellie Day October 11, 2017

SAN DIEGO — Plaza Del Norte has acquired The Courtyard I, a 50,405-square-foot office building in the Sorrento Mesa submarket of San Diego, for $9.2 million. The asset is located at 6480 Weathers Place. It was 68 percent leased at the time of sale. The three-story office building was built in 1989. Peter Curry and Brooks Campbell of Cushman & Wakefield represented the 1031 buyer. The firm’s Mark Avilla, Bill Cavanaugh and Mike Novkov represented the seller, Courtyard Mira Mesa LLC, in this transaction.

October 11, 2017

California Multifamily Western

Churchill Apartments in Pasadena Sells for $4.2M

by Nellie Day October 11, 2017

PASADENA, CALIF. — A local private investor has acquired the 16-unit Churchill Apartments in Pasadena for $4.2 million. The community is located at 450 S. Los Robles Ave. It was built in 1965. Units feature a patio or balcony, tuck-under parking spaces with wall storage boxes and a laundry room. Mike Vara of Charles Dunn Co. represented the buyer, while the firm’s Chuck Dunn represented the seller, Miller Trust, in this transaction.

October 11, 2017

Arizona Hospitality Loans Multifamily Top Stories Western

Five Star Development Receives $282M Construction Financing for Ritz-Carlton Near Phoenix

by Kristin Harlow October 11, 2017

PARADISE VALLEY, ARIZ. — Five Star Development has received $282 million in construction financing for the next stage of development of The Ritz-Carlton Hotel and Residences in Paradise Valley, located 15 miles northeast of Phoenix. Owned and developed by Five Star, The Ritz-Carlton Paradise Valley is part of a master-planned community spanning 122 acres. The property includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 villas, ranging from 1,700 to 4,500 square feet, as well as 39 single-family homes, ranging from 4,500 to 10,000 square feet. Five Star also plans to build luxury townhomes and a shopping and dining destination known as The Palmeraie. The Ritz-Carlton resort will feature a 400-foot pool, spa, fitness center, event space, citrus orchard, herb garden, walking paths and lawn. Bryan Clark and Zack Holderman of HFF arranged the financing. Bank of the Ozarks provided a $210 million senior loan and Starwood Property Trust Inc. provided a $72 million mezzanine loan. Loan proceeds will be used to refinance an existing land loan and construct the hotel and residences. Scottsdale, Ariz.-based Five Star owns and develops projects in multiple real estate asset classes in Arizona, California, Texas and New Mexico. — Kristin Hiller

October 11, 2017

Colorado Multifamily Western

Griffis Residential Closes $407M Multifamily Investment Fund

by Nellie Day October 10, 2017

DENVER — Griffis Residential has closed Griffis Premium Apartment Fund IV, a $407 million fund that was used to acquired four apartment communities throughout the West and Texas. The communities contain a total of 1,475 units. They are situated in the metro areas of Seattle, Denver, Los Angeles and Austin, Texas. Fund IV iss targeting about $1 billion in multifamily apartment investments primarily in Colorado, Texas, Washington, Oregon and California. Griffis’ fourth private equity real estate investment fund pursued the same investment strategy as its predecessor funds: acquiring high-quality apartment communities and creating value through operational and capital improvements. Target assets are typically of recent vintage, contain more than 200 units and have a total project cost ranging from $50 million to $150 million. Acquisitions in Fund IV are focused on markets benefiting from above-average wage growth and demographics that favor the apartment industry. Shelter Rock Capital Advisors acted as the exclusive capital advisor to Griffis Premium Apartment Fund IV.

October 10, 2017

Colorado Multifamily Western

Doster Construction to Build 208-Unit Apartment Complex in Aurora

by Nellie Day October 10, 2017

AURORA, COLO. — Doster Construction Co. is set to start construction of the 280-unit Springs at Eagle Bend apartment complex in Aurora. The 283,084-square-foot development includes 14 buildings with their own private, ground-level entrance. Amenities will include a resort-style pool, fitness center, two pet playgrounds, clubhouse and 12 parking garage buildings. The apartment community is scheduled for completion in winter 2019. Continental Properties is developing the property, which Phillips Partnership designed.

October 10, 2017

California Multifamily Western

California Landmark Group Starts Construction of G8 Apartments in Marina Del Rey

by Nellie Day October 10, 2017

MARINA DEL REY, CALIF. — California Landmark Group (CLG) has started construction of the 230-unit G8 apartment community in the Marina Arts District adjacent to Marina del Rey. The $100 million community will be located at 13448 W. Beach Ave. in the Los Angeles submarket. Common-area amenities include a park, three courtyards with pools, collaborative indoor and outdoor workspaces, a fitness center, and a rooftop deck offering views of the city and ocean. The project will also include 25,000 square feet of renovated creative office space. G8 will be one of the largest multifamily developments to be built on Los Angeles’ Westside in several years, according to CLG.

October 10, 2017

California Retail Western

CBRE Arranges $10.4 Million Sale of Retail Center in San Diego

by Nellie Day October 10, 2017

SAN DIEGO — CBRE has arranged the $10.4 million sale of Torrey Highlands Plaza, a 14,042-square-foot retail center in San Diego. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller, Paragon affiliate TH Plaza LLC. Tim Mills of CBRE represented the buyer, Santa Monica Property Investors. At the time of sale, Torrey Highlands Plaza was fully leased to 10 tenants.

October 10, 2017

California Office Western

The Switch Subleases 24,700 SF of Broadcast Space in Burbank

by Nellie Day October 10, 2017

BURBANK, CALIF. — The Switch has subleased 24,700 square feet of space at KCETLink’s facilities at The Pointe in Burbank. The Switch will serve as the outsourced provider of all broadcast origination, master control and technical services to KCET and Link TV. The outsourcing decision comes after KCETLink Media Group received $63 million in auction proceeds. The deal includes the acquisition of the master control assets, production (studio and remote) facilities and certain satellite transmission assets. JLL’s Carl Muhlstein and Nicole Mihalka represented KCETLink in the sublease.

October 10, 2017

Colorado Mixed-Use Multifamily Top Stories Western

ARA Newmark Brokers $141.5M Sale of 218-Unit Multifamily Community in Denver

by Katie Sloan October 10, 2017

DENVER — ARA Newmark has brokered the $141.5 million sale of Steele Creek, a 218-unit luxury multifamily community located in the Cherry Creek neighborhood of Denver. The community offers studio, one- and two-bedroom units. Shared amenities include a rooftop deck with an infinity pool, spa, fireplace, cabanas, daybeds, high-end grills and dining areas; a clubroom with billiards and a virtual golf/sports simulator; and a business lounge. The property also features ground-floor retail space leased to Matsuhisa Restaurant, AT&T and Drybar. The 12-story development is located across the street from Cherry Creek Shopping Center, home to over 160 retailers including Nordstrom, Neiman Marcus, Macy’s and Restoration Hardware. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, Denver-based real estate investment company BMC Investments, in the transaction. The buyer was not disclosed. — Katie Sloan

October 10, 2017

California Industrial Western

Construction Begins on 26-Building Industrial Complex in Temecula

by Nellie Day October 9, 2017

TEMECULA, CALIF. — French Valley Airport Center LLC has started construction of the first two phases of French Valley Airport Center in Temecula. The 26-building industrial project will be situated adjacent to Temecula Valley’s French Valley Airport. The initial two construction phases are slated for completion in June 2018. The buildings will each offer between 4,336 square feet to 7,300 square feet, with the potential to combine some buildings for up to 25,400 square feet. Architects Orange designed the property.

October 9, 2017

Newer Posts

Older Posts