Western

Palmdale Apartments in Long Beach Sells for $3.1M

by Nellie Day April 13, 2017

LONG BEACH, CALIF. — Forward 6th Street Investments LLC has acquired the 24-unit Palmdale Apartments in Long Beach for $3.1 million. The community is located at 845 E. 6th St. It was built in 1924. The property was recently renovated to include hardwood floors and granite countertops in all units. The LLC plans to carry out additional renovations to the exterior common areas, as well as further unit upgrades. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and private seller in this transaction.

April 13, 2017

Arizona Multifamily Western

Resource Real Estate Acquires Indigo Creek Apartments in Arizona for $55.2M

by Nellie Day April 12, 2017

GLENDALE, ARIZ. — Resource Real Estate has purchased the 408-unit Indigo Creek apartment complex in Glendale for $55.2 million. The community is situated on more than 19 acres in the Arrowhead region of Greater Phoenix, about three miles from the Bell Road Retail Corridor. Indigo Creek was built in 1998. Unit amenities include ceramic tile entries and oval, Roman-style soaking tubs. Community amenities include three swimming pools and two spas accented by gas-burning fire pits. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Bascom Arizona Ventures, in this transaction.

April 12, 2017

Arizona Multifamily Western

Del Marco Buys Desert Gardens Apartments in Glendale for $19.5M

by Nellie Day April 12, 2017

GLENDALE, ARIZ. — Del Marco LLC has acquired the 307-unit Desert Gardens apartments in Glendale for $19.5 million. The community is located at 13517 W. Glendale Ave. Desert Gardens was 99 percent leased at the time of the sale. It contains 17 two-story buildings situated on 11.1 acres. Community amenities include a covered playground, basketball court, dog park, tennis court, horseshoe pit, sand volleyball court, fitness center, clubhouse, heated pool, jetted hot tub and barbecue areas. It is situated near Luke Air Force Base, the Westgate Entertainment District, University of Phoenix Stadium and Gila River Arena. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International represented both the buyer and seller, Desert Gardens V LLC, in this transaction.

April 12, 2017

California Hospitality Western

New Hyatt Place Emeryville/San Francisco Opens in East Bay

by Nellie Day April 12, 2017

EMERYVILLE, CALIF. — The 175-room Hyatt Place Emeryville/San Francisco hotel has opened in East Bay. The hotel is located at 5700 Bay St. in Emeryville. The new Hyatt has been a part of Emeryville’s ongoing downtown expansion and restoration initiative. It serves as the flagship hotel in Bay Street Emeryville, a three-block-long development. The retail mega-center features 65 stores, 10 restaurants, a movie theater and 400 residential units. Ensemble Real Estate Investments led the hotel’s development.

April 12, 2017

California Office Western

Affirm Leases 86,225 SF of Office Space in San Francisco

by Nellie Day April 12, 2017

SAN FRANCISCO — Financial technology company Affirm has signed an eight-year lease for 86,225 square feet of office space in San Francisco. The space is located at 650 California St. Affirm will occupy floors eight through 12, as well as the building’s annex. The company is scheduled to relocate its headquarters from nearby 633 Folsom St. this August. Co-working company WeWork also recently leased space at this property. The landlord is Columbia Property Trust.

April 12, 2017

Office Oregon Western

The PIA Agency Rents Creative Office Space at the New Market Theater in Portland

by Nellie Day April 12, 2017

PORTLAND, ORE. — The PIA Agency has leased 9,380 square feet of creative office space at the New Market Theater in Portland. The theater is located at 115 S.W. Ash St. in the Old Town-Chinatown historic district. The New Market Theater was built as a marketplace and 1,200-seat theater in two phases in 1872 and 1875. It was modeled after a building in Venice, Italy. The space was converted into creative office after it was purchased by Swift Real Estate Partners in 2015. Jennifer Medak of Colliers International represented PIA, a creative content agency. CBRE’s Trevor Kafoury, Michelle Franceschi and Autumn Brice represented Swift.

April 12, 2017

California Multifamily Western

Orion Properties, DVO Real Estate Purchase Bel Brook and Hideaway Apartments in San Leandro for $36.6M

by Nellie Day April 11, 2017

SAN LEANDRO, CALIF. — A joint venture between Trion Properties and DVO Real Estate has acquired the 146-unit Bel Brook and Hideaway Apartments in San Leandro for $36.6 million. The community is located at 77-85 Estabrook St. Bel Brook and Hideaway was originally built in 1967. It was 94 percent occupied at the time of acquisition. The JV plans to modernize the property through exterior and interior renovations, including the installation of new vinyl wood plank flooring, stainless steel kitchen appliances, modern cabinetry, high-end finishes and bathroom upgrades. The property will also be rebranded and receive new signage. John Leyvas Jr. and Brad Lehman of Newmark, Cornish and Carey represented both the buyer and seller, John Sullivan Family, in this transaction. Continental Partners arranged acquisition financing through NXT Capital.

April 11, 2017

California Loans Office Western

Quantum Capital Partners Secures $33.5M to Build New DaVita Facility in Downtown LA

by Nellie Day April 11, 2017

LOS ANGELES — Quantum Capital Partners has secured secured $33.5 million in permanent and construction financing for a 60,000-square-foot medical office building and parking structure in downtown Los Angeles. DaVita Healthcare Partners will lease the new space. The facility is being built on a 2.9-acre site at 1120 W. Washington Blvd., near the US 10 and CA 110 interchange. The borrower is Robhana Group, which acquired the development site in 2012. The permanent loan portion of the financing is secured by the fully occupied, 50,000-square-foot building that sits adjacent to the new development.

April 11, 2017

California Office Western

Lincoln Property Co., Long Wharf Capital Acquire Office Tower in Glendale

by Nellie Day April 11, 2017

GLENDALE, CALIF. — A joint venture between Lincoln Property Co. and Long Wharf Capital has purchased an eight-story office building in downtown Glendale for an undisclosed sum. The property is located at 520 N. Central Ave. The JV plans to renovate the 96,140-square-foot property in the next few months. This will include modernizing the outdoor amenity space, upgrading the lobby and common areas, and upgrades to four full-floor vacancies. The asset was originally built in 1985. Notable tenants include North American Title, Logic Mate International and H&R Block.

April 11, 2017

California Hospitality Western

Stargazer Inn & Suites in Monterey Sells for $8.4M

by Nellie Day April 11, 2017

MONTEREY, CALIF. — A local private investor has acquired the 52-room Stargazer Inn & Suites for $8.4 million. The boutique hotel is located at 1046 Munras Ave. in Monterey. The hotel features an indoor pool and spa, breakfast room and parking. Many guest rooms offer fireplaces and partial ocean views. Eric Gunderson of Avison Young represented the seller, Monterey Signature Hotels, in this transaction.

April 11, 2017

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