PARAMOUNT, CALIF. — Colliers Retail Foresight has arranged a lease for restaurant space at Clearwater Crossing, a 12,000-square-foot restaurant development in Paramount. Stinkin’ Crawfish will occupy 2,800 square feet of space at the property. James Rodriguez and Michael Bohorquez of Colliers represented the tenant and undisclosed landlord in the deal.
LOS ANGELES — Douglas Emmett has received a total of $550 million in loans to refinance a four-property multifamily portfolio in Los Angeles. The Class A assets are located in Los Angeles and Santa Monica. About 90 percent of the total loan amount, or nearly $500 million, qualified for Fannie Mae’s Delegated Underwriting and Servicing (DUS) Green Rewards program, making it the largest transaction using Fannie Mae’s Green Rewards to date. The Green Rewards program will fund environmental upgrades to three of the four properties. These improvements allowed the borrower to secure competitive loan terms while ensuring more sustainable operations and cost savings for years to come. Walker & Dunlop closed the four interest-only loans.
CORVALLIS, ORE. — An unnamed buyer has acquired the 420-unit Witham Hill Oaks Apartments in Corvallis for $56 million. The community is located at 4275 N.W. Clubhouse Place. The 50-building property was built in three phases in 1968, 1977 and 1998. Witham Hill contains one- to three-bedroom units, with amenities like a fitness center, clubhouse, basketball court, children’s playgrounds, pool, spa, laundry facilities and covered parking. It’s situated less than two miles from the Oregon State University campus, near major employers like Hewlett-Packard and Good Samaritan Regional Medical Center. CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Witham Hill Oaks Apartments LLC, in this transaction.
SAN FRANCISCO — A joint venture between CIM Group and fifteenfortyseven Critical Systems Realty (1547) has acquired a 7.3-acre site at 400 Paul Ave. in the Portola neighborhood of San Francisco for an undisclosed sum. The site will soon be home to a 187,000-square-foot data center with 24 megawatt power capacity. The acquisition also includes two 1930s-era buildings that total 54,225 square feet. The facilities will undergo improvements to serve as office and support space for data center tenants.
IRVINE, CALIF. — Digital Map Products has leased 22,000 square feet of office space at University Research Park in Irvine. The cloud-based location technology and data solutions provider will occupy an entire floor that was formerly home to chipmaker Broadcom. The research park is situated next to UC Irvine. Digital Map Products is working with local universities like UC Irvine to provide free access to the company’s technology. The campus also houses Irvine Co.’s tech incubator, The Vine, where startups have generated more than $24 million in funding, and UCI Applied Innovation.
LOS ANGELES — Business Finance Capital (BFC) has serviced more than $148 million in SBA 504 funds in Los Angeles so far in 2017. The certified development company has completed a total of 106 SBA loans, which are designed to assist businesses seeking finance mechanisms such as real estate and machinery. The program works by distributing the loan across three parties: a conventional lender (50 percent), a nonprofit certified development company such as BFC (40 percent) and the buyer (10 percent). BFC also services the 504 Refinance Program. BFC services a range of industries, including wholesalers and distributors, manufacturers, assisted living facilities, hotels, law practices, medical and dental offices, car washes, construction companies and more.
PHOENIX — Cathedral Development Group has completed the $33 million conversion of a historic luxury hotel in Phoenix into The Historic Westward Ho Apartments, an affordable seniors housing community. Originally built in 1928, the hotel hosted famed guests such as President John F. Kennedy, President Ronald Reagan, Jackie Gleason and Paul Newman throughout its history. Cathedral purchased the property in 1978 and has spent 40 years trying to preserve and restore the property. Cathedral Development Group utilized public/private programs to help fund three separate renovation projects. The renovations included new energy efficient heating and cooling features, a new plumbing system throughout the property to enhance water efficiency, new features in select units such as kitchen cabinets, floors, bathroom fixtures, energy efficient windows, a lightning protection system for the building and the restoration of the historic courtyard fountain. In a related but separately funded project, the first floor commercial space was remodeled and a long-term lease signed with Arizona State University. The property can now host up to 289 elderly and disabled residents. Based in Providence, R.I., Cathedral Development Group is working on projects in Rhode Island, New York, Maine, Connecticut, Arizona and Delaware.
CHICO, CALIF. — Fountain Residential Partners has broken ground on Campus Walk, a 174-bed student housing community located near California State University – Chico. The property will offer fully furnished two- and four-bedroom units. Community amenities are set to include study rooms, a pool deck with a movie screen, and a specially designed outdoor fitness and lounge area. Chico-based general contractor Modern Building Inc. is building the community, which Aspen Heights will lease and manage. The development is scheduled for completion in fall 2018.
LAS VEGAS — Blueprint Studios Trends has leased an 81,000-square-foot space within the Southwest Corporate Campus in Las Vegas that formerly served as the headquarters of International Gaming Technology (IGT). The campus is located at 7900 W. Sunset Road. The studio plans to use the space to produce designs for large-scale events, including tradeshows, general sessions, exhibit booths, summits and sales kick-off meetings. Southwest Corporate Campus was completed in 2007. Notable neighboring tenants include IGT, IKEA, Pepsi, UFC, Freeman Company, Scientific Games, Ainsworth and Switch. The Naseef Team of Colliers International represented Blueprint. Susan Borst, Dan Doherty, Chris Lane and Jerry Doty of Colliers International represented the landlord, Panattoni Development.
LAS CRUCES, N.M. — The 91-room Home2 Suites by Hilton has debuted in Las Cruces. The new hotel is located at 1120 N. Telshor Blvd. The property offers all-suite accommodations with fully equipped kitchens and modular furniture. It also features complimentary Internet and communal spaces. Trademark Home2 Suites amenities include Spin2 Cycle, a combined laundry and fitness area, Home2 MKT for grab-and-go items and the Inspired Table, a complimentary daily breakfast that includes more than 400 potential combinations. Home2 Suites is situated near downtown Las Cruces, Las Cruces International Airport, New Mexico State University, Veterans Memorial Park and Dripping Springs Natural Area. The pet-friendly property is owned by Las Cruces Hotel Partners LLC and managed by Kana Hotel Group.