BOULDER, COLO. — Summit Hotel Properties has purchased the 157-room Marriott hotel in Boulder for $61.4 million. The hotel is located at 2660 Canyon Blvd. The Marriott is situated within walking distance of the University of Colorado, Folsom Field and Pearl Street Mall. Notable employers in the area include IBM, Google, NCAR, Qualcomm and Covidien. The hotel has achieved a revenue per available room (RevPAR) of $167 a night over the past 12 months. This represents a 51 percent premium over the Summit’s pro forma RevPAR for its portfolio.
SANTA ANA, CALIF. — Meridian Capital Group has arranged $74.7 million in acquisition and recapitalization financing for the 349-unit Adagio at South Coast in Santa Ana. The community is located at 3124 S. Main St. The acquisition loan features four years of interest-only payments during the initial term, followed by an extension option. Meridian’s Seth Grossman and Sarah Kuebler negotiated the transaction on behalf of Decron Properties. A balance-sheet lender provided the capital.
IRVINE, CALIF. — Karma Automotive has leased a 262,000-square-foot manufacturing facility in Irvine. The facility is being developed at 9950 Jeronimo Road on the site of the former Kawasaki USA headquarters. Karma will relocate from nearby Costa Mesa. Bixby Land Company acquired the space from Kawasaki in 2015 for $44.2 million. It has since been rebranded as creative work environment Habitat. Karma Automotive is owned by Wanxiang Group, which purchased Fisker Automotive’s assets in 2014. Karma recently announced its distribution strategy for the new Revero automobile, which includes an Orange County Brand Experience Center that will be housed at this new location. Kevin Leonard and George Okita of California Commercial Real Estate Services represented the automotive company. CBRE’s Gregg Haly and Jeff Carr represented Bixby in this lease transaction.
BEND, ORE. — A private investor from Louisiana has acquired the 168-unit Sienna Pointe apartment community in Bend for $23.7 million. The community is located at 1855 NE Lotus Drive. It was built in phases between 1990 and 1993. Cody Hagerman, Greg Frick, Rob Marton and Tyler Johnson of HFO Investment Real Estate represented the seller, Oregon Pacific, in this transaction.
BANNING, CALIF. — Marinita Development Co. has developed a retail building at Sun Lakes Village Shopping Center, a retail center at the intersection of Highland Springs Avenue and Interstate 10 in Banning. With a grand opening celebration scheduled for the end of September, the 95,000-square-foot building, located at 300 S. Highland Springs Ave., is fully leased to Hobby Lobby, Marshalls, Party City and Big 5 Sporting Goods. Additional tenants at Sun Lakes Village Shopping Center include Albertsons and Rite Aid. Marinita Development has offices in Newport Beach, Calif. and Las Vegas.
GOODYEAR, ARIZ. — Hines has purchased Goodyear Crossing II, an 820,384-square-foot fulfillment center in Goodyear, for $56.2 million. The center is situated near the I-10 Freeway and Loop 101. It also features 15,000 square feet of office space. JLL’s Bo Mills and Mark Detmer represented the seller, Gramercy Property Trust, in this transaction.
PORTLAND, ORE. — A joint venture between PCCP and Capstone Partners has commenced construction of PDX Logistics Center III, a 257,120-square-foot industrial complex in Portland. The two-building property will be situated approximately half a mile from the air cargo entrance at Portland International Airport and three miles from Interstate 205. DX Logistics Center III is designed to attract smaller, local distribution users with space needs averaging about 45,000 square feet and requiring office build-outs. Construction is scheduled for completion next August.
SANTA BARBARA, CALIF. — C.W. Driver has completed the $58.5 million renovation of the Davidson Library at the University of California, Santa Barbara (UCSB). The project included the addition of a 62,000-square-foot, three-story building to the north of the library that houses the Special Research Collections, a collection of rare artifacts and unique materials for UCSB students, faculty and the scholarly community. The upgraded library is designed to enhance teaching, learning and research at UCSB and meet the needs of the campus’ growing student body. The work included Fire and Life Safety upgrades, seismic retrofits and various renovations to bring the existing library up to code and add a range of collaboration spaces, a café and numerous open-air study areas.
TEMECULA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $48.8 million loan for the acquisition of the 300-unit Cape May at Harveston apartment community in Temecula. The community is located at 40140 Village Road. The garden-style complex was built in 2006. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz arranged the financing on behalf of MIG Real Estate. The Fannie Mae loan features a 10-year term and floating rate.
IRVINE, CALIF. — WNC, an Irvine-based national investor in real estate and community development, has closed WNC Institutional Tax Credit Fund 42 L.P., a $102 million institutional low-income housing tax credit (LIHTC) fund. The fund is estimated to include 1,504 affordable housing units in total, and is comprised of 17 multifamily and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and Wisconsin. This is the second national fund and third multi-investor fund WNC has closed in 2016, totaling $329.7 million.