Western

The Preiss Co. Buys Student Housing Community in Riverside

by Nellie Day March 2, 2017

RIVERSIDE, CALIF. — The Preiss Co. has acquired GrandMarc at University Village in Riverside. The community offers one-, two- and three-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a resort-style swimming pool and spa, outdoor grilling station, basketball court, clubhouse, study and meeting rooms, a game room, theater room, 24-hour fitness center and tanning beds. The seller was an undisclosed private investment group. The Preiss Co. will operate the facility and oversee renovations and upgrades.

March 2, 2017

Arizona Office Western

Riva Ridge Development Buys CBIZ Plaza Office Tower in Phoenix for $26M

by Nellie Day March 1, 2017

PHOENIX — Riva Ridge Development has purchased CBIZ Plaza, a 266,231-square-foot office property in Phoenix, for $26 million. The 16-story tower is located at 3101 and 3111 N. Central Ave. CBIZ Plaza is 78 percent occupied. The Class B project was constructed in 1980. The seller was LNR Property Corp. Eric Wichterman and Mike Coover of Cushman & Wakefield executed the sale.

March 1, 2017

Multifamily Utah Western

Coppergate Apartments in Sandy Sells for $22.5M

by Nellie Day March 1, 2017

SANDY, UTAH — An out-of-state-investment group has acquired the 192-unit Coppergate Apartments in Sandy for $22.5 million. The community is located at 8870 S. State St., approximately 14 miles south of Salt Lake City. The Section 42 Low Income Housing Tax Credit apartment community is composed of seven three-story buildings on almost nine acres. The two- and three-bedroom units range from 866 square feet to 1,068 square feet. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller, a local developer, in this transaction.

March 1, 2017

California Loans Retail Western

PSRS Secures $15M Refinancing for Courtyard Shopping Center Near San Francisco

by Nellie Day March 1, 2017

PLEASANT HILL, CALIF. — PSRS has secured a $15 million refinancing for Courtyard Shopping Center, an 85,000-square-foot retail center located roughly 25 miles outside San Francisco in Pleasant Hill. Smart & Final, Staples and Rite Aid anchor the property. Seth Ludwick of PSRS Santa Barbara secured the non-recourse loan, which features a 25-year term, through a life insurance company.

March 1, 2017

Industrial Nevada Western

Zazzle Leases 180,792 SF Industrial Facility in Nevada

by Nellie Day March 1, 2017

RENO, NEV. — Zazzle has leased a 180,792-square-foot industrial facility at the South Valley Commerce Center in Reno. The space is located at 811 Sandhill Road. Zazzle currently operates three facilities in California. The ecommerce company began searching for a new manufacturing facility about a year ago. The landlord is a joint venture between Panattoni and Hillwood Investment Properties. Dave Simonsen of Kidder Mathews and John McKenna of Newmark Cornish & Carey represented Zazzle. Michael Nevis, Michael Hoeck, and Steve Kucera, also of Kidder Mathews represented the landlord.

March 1, 2017

Nevada Retail Western

Hanley Investment Arranges $4.9M Sale of Retail Building in Reno

by Nellie Day March 1, 2017

RENO, NEV. — Hanley Investment Group has arranged the $4.9 million sale of a 7,624-square-foot retail building located in Reno. Jos. A. Bank and Sleep Number occupy the property, located at 6350 S. Virginia St. Hanley Investment represented the buyer, a Los Angeles-based private investor, in the transaction. Pegasus Investments represented the seller, an undisclosed real estate investment and development firm based in Indianapolis. Both tenants are operating under corporate leases.

March 1, 2017

Arizona Hospitality Top Stories Western

DiamondRock Acquires L’Auberge, Orchards Inn Resorts in Arizona for $97M

by Nellie Day March 1, 2017

SEDONA, ARIZ. — DiamondRock Hospitality Co. (NYSE: DRH) has purchased the 88-room L’Auberge de Sedona and the adjacent 70-room Orchards Inn Sedona for a total of $97 million. The resorts are situated in the Red Rock region of Sedona on the banks of Oak Creek, just south of Flagstaff. DiamondRock plans to reposition the resorts through a $5 million capital investment plan, which will enhance the luxury cottages at L’Auberge, among other improvements. The renovations will be completed during the off seasons over the next two years for minimal disruptions. “This acquisition represents a rare opportunity to own two high-quality resort properties in a coveted, high-barrier-to-entry resort market,” says Mark Brugger, DiamondRock’s president and CEO. “While we believe the initial pricing of the deal is attractive, we have identified significant opportunities to increase profitability.” About $14 million has been invested in the resorts, its guest rooms and restaurants since 2015. Sedona is one of the highest growth markets in the U.S. hospitality industry, DiamondRock notes, with RevPAR (revenue per available room) increasing 11.3 percent in 2016. L’Auberge includes dining options Cress on Oak Creek and Etch Kitchen & Bar, while Orchards Inn features 89Agave Mexican restaurant, among other casual dining …

March 1, 2017

Loans Office Western

LaSalle, Pacshore Partners Receives $89.2M in Financing to Acquire LA Creative Office Portfolio

by Nellie Day February 28, 2017

LOS ANGELES — A joint venture between LaSalle Investment Management & Pacshore Partners has received $89.2 million in acquisition financing for a three-building creative office portfolio in West Los Angeles. The portfolio contains a total of 215,261 square feet of Class A office space in Playa Vista and Malibu. Brad Zampa, Mike Walker and Megan Woodring of CBRE Capital Markets’ Debt & Structured Finance team secured the five-year, non-recourse, floating-rate financing. A life company provided the capital.

February 28, 2017

Hospitality Washington Western

Hersha Hospitality Trust Purchases Pan Pacific Hotel in Seattle for $79M

by Nellie Day February 28, 2017

SEATTLE — Hersha Hospitality Trust has acquired the 152-room Pan Pacific Hotel in Seattle for $79 million. The hotel is part of the 2200 Westlake mixed-use project in the South Lake Union neighborhood. Pan Pacific Hotel is situated across the street from Amazon’s global headquarters. Other nearby companies include Facebook, Google, Expedia, Microsoft and the Bill & Melinda Gates Foundation. Chris Burdett and Matthew Behrens of CBRE Hotels Northwest represented the seller, Vulcan, in this transaction.

February 28, 2017

Colorado Multifamily Western

BMC Investments Buys Landon Park Apartments in Aurora

by Nellie Day February 28, 2017

AURORA, COLO. — BMC Investments has acquired the 464-unit Landon Park Apartments in Aurora for an undisclosed sum. The community is located at 100 S. Sable Blvd. Landon Park was built in 1978. It is situated one mile from the Aurora Metro Center light rail station, which provides access to Denver Tech Center, Fitzsimons Life Science District, the Stapleton Redevelopment and Denver International Airport. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented seller, Bridge Investment Group, in this transaction.

February 28, 2017

Newer Posts

Older Posts