Western

Boulder Housing Authority Purchases Tantra Lake Apartments for $45.6M

by Nellie Day April 5, 2017

BOULDER, COLO. — The Boulder Housing Authority has acquired the 185-unit Tantra Lake Apartments in Boulder for $45.6 million. The garden-style community is located at 1000 W. Moorhead Circle. Tantra Lake is situated about three miles southeast of downtown Boulder and the University of Colorado Boulder campus. Community amenities include a heated indoor swimming pool, hot tub, outdoor basketball and tennis courts, grilling areas, playground, 24-hour fitness facility, resident lounge, business center, man-made lake and views of the Rocky Mountains. HFF’s Matthew Lawton and Jordan Robbins represented the seller, Waterton, in this transaction.

April 5, 2017

California Multifamily Western

Graham Street Realty Acquires Hookston Square Office Campus in the East Bay for $30.4M

by Nellie Day April 5, 2017

PLEASANT HILL, CALIF. — Graham Street Realty has acquired the Hookston Square office campus in the East Bay community of Pleasant Hill for $30.4 million. The two-building, 207,555-square-foot campus is located at 3478 and 3480 Buskirk Ave. Hookston Square is situated east of Interstate 680 and close to State Route 24, which provides access to downtown San Francisco. The campus is currently 87 percent leased to tenants like John Muir Health, Pacific Business Center, Accelrys, Maze & Associates and the Source Group. HFF’s David Dokko and Garrett Calbert represented both the buyer and seller, True North Management Group, in this transaction. The firm also secured a three-year, floating-rate acquisition loan through a commercial bank for the buyer.

April 5, 2017

Multifamily Washington Western

Capitol Hill Partners Buys Carroll and Kensington Apartments in Seattle

by Nellie Day April 5, 2017

SEATTLE — Capitol Hill Partners has acquired the 58-unit Carroll and Kensington Apartments in Seattle for an undisclosed sum. The community is located at 305 Bellevue Ave. E. The acquisition includes two mid-rise buildings with shared parking. The Carroll and Kensington Apartments were built in 1908 and 1994, respectively. The historic Carroll Apartments were upgraded in 2003. Marty Leith of ARA Newmark represented the seller, Family Apartments LLC, in this transaction.

April 5, 2017

California Office Western

Summit Financial Consultants Renews, Expands at Westlake Park Place in LA

by Nellie Day April 5, 2017

LOS ANGELES — Summit Financial Consultants has renewed its lease and expanded its footprint at Westlake Park Place in the Westlake Village submarket of Los Angeles. The wealth management firm has leased 6,090 square feet at the final building that was constructed at Westlake Park Place. The new space is located at 3075 Townsgate Road. Mike Foxworthy of DAUM Commercial represented Summit Financial. Craig Cahow and Mike Foxworthy of DAUM Commercial represented the landlord, Westlake Plaza Center East – II LLC.

April 5, 2017

California Industrial Office Western

TA Realty Sells 45-Property Industrial, Office Portfolio for $854.5M

by Jeff Shaw April 4, 2017

LOS ANGELES, DALLAS, CHICAGO AND WASHINGTON, D.C. — Boston-based investment management firm TA Realty, acting on behalf of The Realty Associates Fund IX LP, has sold a 45-property industrial and office portfolio for $854.5 million to Brookfield-managed real estate funds. The industrial and office properties in the portfolio total 8.6 million square feet across 12 states. The majority of the properties are leased to investment-grade tenants in Los Angeles, Dallas, Chicago and Washington, D.C. The full list of properties was not released. The Realty Associates Fund IX LP is a commingled fund with $1.49 billion in equity capital. According to CoStar Group, among the Brookfield funds reported to be the buyers is its core real estate investment fund, Brookfield Premier Real Estate Partners, which launched last November. By the end of 2016, Brookfield had raised more than $1 billion for the fund. TA Realty is still pursuing sales of the fund’s remaining assets through individual and pooled transactions, according to managing partner Tom Landry. “We believe the outcome of this transaction represents an attractive risk-adjusted return on invested capital, and we look forward to distributing the proceeds to our investors,” says Landry. JLL represented TA Realty in the transaction. Nicole Dutra …

April 4, 2017

California Industrial Western

Rockefeller Group Purchases 68 Acres of Land in Perris for Distribution Centers

by Nellie Day April 4, 2017

PERRIS, CALIF. — Rockefeller Group has purchased 68 acres of land in Perris, where it plans to construct two distribution centers totaling 1.4 million square feet. The price of the land was not disclosed. The centers will be situated about 70 miles east of the ports of Los Angeles and Long Beach. The property will be named Optimus Logistics Center. JLL’s Michael McCrary, Peter McWilliams and Nicole Welch represented Rockefeller Group in the transaction, as well as the seller, Optimus Building Corp.

April 4, 2017

Arizona Multifamily Seniors Housing Western

McFarlin Group Buys 6.9 Acres in Phoenix for Assisted Living Community

by Nellie Day April 4, 2017

PHOENIX — McFarlin Group has acquired 6.9 acres of land in Phoenix for the development of an assisted living and memory care community. HealthSouth Corp. sold the plot for $2.7 million. Avison Young’s Julie Johnson and Alexandra Loye represented the seller in the transaction, while D.L. Slaughter Co. represented the buyer. The community, to be named Mariposa Point at Algodon Center, is slated for groundbreaking in late 2017 and completion in early 2018. Surpass Senior Living will operate the property once completed. The parcel is located within the Algodon Medical Center and across from Banner Estrella Medical Center. The property is expected to include more than 80 units of assisted living and memory care and will be licensed for approximately 120 residents.

April 4, 2017

Arizona Hospitality Western

Virtua Partners to Build SpringHill Suites Hotel in Avondale

by Nellie Day April 4, 2017

AVONDALE, ARIZ. — Virtua Partners has announced plans to build a 130-room SpringHill Suites Hotel in Avondale. The hotel will be a part of a 58-acre mixed-use site that’s situated one half mile north of Interstate 10. Quyp Hospitality LLC, an affiliate of Virtua Partners, will develop the property. The firm has partnered with Marriott on the project.

April 4, 2017

California Multifamily Seniors Housing Western

W Designed Developments Acquires Seniors Housing Development Site in California for $1M

by Nellie Day April 4, 2017

VISTA, CALIF. — W Designed Developments has acquired a 2.6-acre plot in Southern California, with plans to develop a seniors housing community on the site. Irwin Dubinksy Living Trust and Kissinger Family Trust sold the property for $1 million. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County represented sellers while Weston Harmer represented the buyer. The site is in Vista, located between San Diego and Los Angeles. Details on the proposed seniors housing facility were not released.

April 4, 2017

Hawaii Hospitality Top Stories Western

Marriott Sells 759-Room Hawaiian Resort for $317M

by Jeff Shaw April 4, 2017

LAHAINA, HAWAII — Marriott International Inc. (NASDAQ: MAR) has sold the Westin Maui Resort and Spa to a joint venture between Trinity Investments LLC and Oaktree Capital Management LP for approximately $317 million. The 759-room oceanfront resort is situated on 12 acres along Ka’anapali Beach in Lahaina, a town on the island of Maui’s western coast. Guestrooms are split between two 12-story buildings: the 553-room Ocean Tower, which recently underwent a multimillion-dollar renovation, and the 206-room Beach Tower. According to Bloomberg, the sale represents an effort to dispose of assets that Marriott acquired in its $14 billion takeover of Starwood Hotels & Resorts Inc., which was completed in September 2016. Under the terms of the transaction, Marriott will continue to manage the property. “The sale demonstrates the strength of the Westin brand and reaffirms our commitment to our asset-light strategy as we continue our merger integration,” said Leeny Oberg, chief financial officer of Bethesda, Md.-based Marriott. The deal raises Trinity’s volume of transactions in Hawaiian hospitality properties over the last six months to more than $600 million. As part of the agreement, the buyers have committed to providing capital improvements to the Beach Tower, as well as to the resort’s …

April 4, 2017

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