FORT COLLINS, COLO. — Rockies Lodging Capital has purchased two hotels in Fort Collins for an undisclosed sum. The hotels include the 113-room Residence Inn and the 112-room Courtyard located at 1127 and 1200 Oakridge Drive, respectively. The properties are situated in the center of Fort Collins’ main commercial corridor. CBRE Hotels’ Mark Darrington and Larry Kaplan represented the seller, Southwest Value Partners, in this transaction.
SAN DIEGO — Pacifica Host Hotels has sold its 118-room Best Western Plus Otay Valley in the San Diego submarket of Chula Vista to a California-based hotel ownership group. The price was not disclosed. The hotel will retain the Best Western branding. The new owner plans to renovate the hotel. Leigh-Anne Ashton, Bruce Holmes and Harry Hashim of HotelBrokerOne represented both parties. The transaction involved a 1031 exchange.
SACRAMENTO, CALIF. — A limited liability company has acquired the 60-unit Red Robin Apartments in Sacramento for $3.9 million. The community is located at 2080 Red Robin Lane. It features four studios, 26 one-bedroom units, 26 two-bedroom units and four two-bedroom townhomes. Steve Nelson and Dusty Haeling of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
PASADENA, CALIF. — Anda Realty Capital has purchased a 54,961-square-foot office building in Pasadena for an undisclosed sum. The seven-story building is located at 225 E. Colorado Blvd. It is situated across the street from the Paseo Colorado mixed-use development and less than two blocks from Old Town Pasadena. The property was originally built in 1912 for Citizens Savings Bank. The building’s original marble walls, wood paneling and brass finishes have been completely restored in recent years. JLL’s Tom Bohlinger and Jon Lange represented both the buyer and seller, Barker Pacific Group, in this transaction. The firm’s Brian Halpern and Alex Kane secured a bridge loan for the buyer.
SAN FRANCISCO — TH Real Estate has purchased a 59,868-square-foot creative office building in the South of Market (SoMa) neighborhood of San Francisco for an undisclosed price. The building is located at 539 Bryant St. The property was originally built in 1912 as a warehouse facility. It was converted to creative office space in 1983. The building is fully occupied by tenants like HoneyBook, Life360, Sauce Labs, HKS Architects and Gigwalk. TH Real Estate is an affiliate of Nuveen, the investment management arm of TIAA.
PUEBLO, COLO. — Hutton has started construction of a new phase of Pueblo Crossing, a shopping center just south of Colorado Springs. The center is situated on North Elizabeth Street. A 35,000-square-foot Dick’s Sporting Goods will anchor the center, which will also feature a 10,000-square-foot Ulta store, a 5,000-square-foot Maurice’s clothing store and an outparcel building with additional retailers that haven’t yet been announced. The newest phase of Pueblo Crossing will be situated on 8.2 acres. It will sit adjacent to the newly opened Dillon Drive Interstate interchange and the Colorado Department of Transportation office, which is currently under construction. Hutton plans to deliver the first phase of the project early this spring.
CHULA VISTA, CALIF. — SCA Architecture (formerly known as Smith Consulting Architects), a San Diego-based architectural firm, has completed the planning, design and construction of a repositioning at Gateway Marketplace, located at Fourth Avenue and C Street in Chula Vista. Brixton Capital is the developer of the $9.3 million remodeling project. Situated on an 8.8-acre lot, the project consisted of renovating an abandoned Target building in an existing neighborhood. The former Target store was divided into three tenant spaces. The front of the building was set back ten feet to allow for new, distinct tenant entries. Quick-serve grocery store and restaurant spaces were added to the center as well. Updated architecture and color schemes were used to update the center’s look. The existing site was enhanced with new landscaping, lighting, pedestrian walkways and a new gateway plaza. New tenants at the center include Party City, Smart & Final, Hobby Lobby and Aldi. AT&T, Little Caesar’s Pizza, Pho Hung Cali, iNails & Spa and other tenants are slated to open later this year. Scott Cairns served as principal-in-charge for SCA Architecture, with Norman Barrett as project designer and Dennis Seguban serving as project manager. Consultants included GSSI Structural Engineers as structural …
ONTARIO, CALIF. — Progressive Real Estate Partners has arranged a 15-year lease with Golden Corral for a 12,936-square-foot restaurant at 1640 E. 4th St. in Ontario. Construction is slated to begin in April and the restaurant is projected to open in late 2017. Located in the Kmart-anchored Vineyard Freeway Center, the project is located near I-10, with an average daily traffic count of 237,000 cars passing by the location. Progressive Real Estate Partners’ Paul Su marketed the property and represented both Golden Corral and the lessor in the transaction. In addition to Kmart, the 163,000-square-foot center is also home to tenants including RadioShack and Domino’s Pizza. Coupled with the new Golden Corral, the landlord is embarking upon a renovation of the 60,000 square feet of shop space that will include enhanced facades, a new color scheme and parking lot renovations.
LAS VEGAS — GTM Architects has completed design work with Sugar Factory American Brasserie at six new locations across the U.S., including its largest restaurant in Las Vegas. At 17,700 square feet on two levels, the Las Vegas location includes an indoor dining room plus two outdoor patios on both levels, a 14-seat mini-carousel leading to a private gazebo, a full service café, a bulk candy selection in the confectionary shop, and an upscale Chocolate Lounge spanning more than 3,000 square feet.
SAN DIEGO — MetroGroup Realty Finance has secured $34.3 million in acquisition financing for a 132,695 square-foot office/flex campus in the Kearney Mesa submarket of San Diego. The complex is located at 9404 Chesapeake Drive and 5775, 5785 & 5788 Roscoe Court. The borrower was Klein Investment Family Limited Partnership, which was involved in a 1031 exchange. The financing included permanent financing for a seven-year term and 25-year amortization schedule and an interest-only bridge loan floating over LIBOR for a one-year term. The campus is fully leased to Cobham Advanced Electronic Solutions, a subsidiary of UK-based Cobham PLC, a technology company for the aerospace and defense industries.
