Western

Hilton to Spin Off Real Estate into 70-Property Hotel REIT

by Nellie Day February 29, 2016

MCLEAN, VA — Hilton Worldwide (NYSE: HLT) has announced plans to spin off the majority of its real estate business into a publicly traded REIT. The company also plans a second spinoff, putting its Hilton Grand Vacations timeshare business into a third publicly traded company. The company hopes the spinoffs will help focus Hilton Worldwide’s model on its core business. “The transactions we announced today will result in three pure-play companies, enabling dedicated management teams to fully activate their respective businesses,” says Christopher Nassetta, president and CEO of Hilton Worldwide. “We intend to have the appropriate leadership, strategies and capital structures in place to set up all three companies for further success.” If approved by the Securities and Exchange Commission (SEC), Hilton’s new REIT will include about 70 properties and 35,000 rooms, comprising one of the largest and most geographically diversified publicly traded lodging REITs. The REIT’s portfolio will contain luxury and upper-upscale assets in high-barrier-to-entry urban and convention markets, top resort destinations, select international regions and strategic airport locations. The new timeshare company will contain nearly 50 club resorts in the United States and Europe. The company will have a long-term license agreement with Hilton Worldwide to market, sell …

February 29, 2016

California Industrial Western

McGuire Building in San Francisco Sells for $47M

by Nellie Day February 26, 2016

SAN FRANCISCO — A joint venture between SKS Partners LLC and ProspectHill Group has purchased the McGuire Building, a 140,000-square-foot industrial property in San Francisco, for $47 million. The building is located at 1201 Bryant St., within the South of Market (SOMA) district. The JV plans to redevelop the space to re-introduce it in “like-new” condition, per the facility’s production, distribution and repair zoning. Tim Mason and Gerald Norton of Binswanger represented the seller, Kohler Co., in this transaction.

February 26, 2016

Arizona Industrial Western

JV Buys Riverview Point Office Campus in Arizona for $34.3M

by Nellie Day February 26, 2016

MESA, ARIZ. — A joint venture between Harvard Investments and Lincoln Property Co. (LPC) has purchased Riverview Point in Mesa for $34.3 million. The two-building property will be part of the JV’s new Waypoint office campus, which will be situated along the Loop 202 at the borders of Tempe, Scottsdale and Mesa. The new 34.5-acre development will include the recently completed Waypoint One, as well as Waypoint Two, which has yet to break ground. Riverview Point was built in 2008. It is currently 98 percent occupied. Notable tenants include Ashton Woods, Mitel Corp. and Udall Shumway PLC. It also serves as the corporate headquarters for Nextcare. The JV plans to renovate Riverview Point as it creates the cohesive Waypoint office campus. LPC will manage all four buildings at the project. CBRE’s Barry Gabel and Chris Marchildon represented the seller, R&R Riverview LLC, in the transaction. The financing partner is BMO Harris.

February 26, 2016

California Multifamily Seniors Housing Western

Creekside Apartment Investors Buys Market-Rate Seniors Housing Community in California for $11.4M

by Nellie Day February 26, 2016

PITTSBURG, CALIF. — Creekside Apartment Investors LLC has purchased Creekside Village, an 88-unit, market-rate seniors housing community in the Bay Area city of Pittsburg, for $11.4 million. The gated community was built in 2003 and consists of 82 one-bedroom units and six two-bedroom units. The five buildings sit on just over six acres of land. Based in Los Angeles, Creekside Apartment Investors is a project of the managing partners of L5 Real Estate Investments and Equity Consultants Real Estate. Rich Martini, vice president, and Bill Hillis and Curt Scheve, both senior vice presidents, of Colliers International arranged the deal on behalf of the seller, Lark Creek LLC.

February 26, 2016

California Industrial Western

Munchkin Leases Space at Prologis Redlands Distribution Center

by Nellie Day February 26, 2016

REDLANDS, CALIF. — Munchkin has leased 341,280 square feet of industrial space at Prologis Redlands Distribution Center. The center is located at 27334 San Bernardino Ave. in Redlands. The infant and toddler product designer and manufacturer will use the space as its new regional warehouse and distribution facility. JLL’s Tim O’Rourke and Mike McRoskey represented Munchkin in the deal. CBRE’s Tyson Chave represented Prologis in the lease transaction.

February 26, 2016

Office Washington Western

Oracle Leases Space at Century Square in Seattle

by Nellie Day February 26, 2016

SEATTLE — Oracle has leased 90,000 square feet of space at Century Square in downtown Seattle. The space is located at 1501 4th Ave. The Class A property is now 98 percent leased. It is situated between South Lake Union and the financial district. Laura Ford and David Abbott of Colliers International represented the landlord.

February 26, 2016

California Office Top Stories Western

NorthMarq Arranges $148M Refinancing of Two Office Buildings in Silicon Valley

by Christina Cannon February 26, 2016

CUPERTINO, CALIF. — NorthMarq Capital has arranged a $148 million refinancing loan for two office buildings at Cupertino City Center in Cupertino. Prometheus Real Estate Group was the borrower in the transaction. Prometheus developed and still manages the property. Cupertino City Center is a mixed-use development that consists of five office buildings, three residential projects and one hotel. The two eight-story office buildings, which total 354,770 square feet, are located at 20400 and 20450 Stevens Creek Blvd. The buildings were constructed in the late 1980s. “They remain the tallest buildings in the market and offer views and a central location no others can,” says Nathan Prouty, managing director with NorthMarq Capital’s San Francisco office. Community amenities at Cupertino City Center include a fitness facility, swimming pool and amphitheater. “This mixed-use amenity package is market-leading and rare in this location in Silicon Valley,” says Prouty. The transaction was structured with a 10-year term and 30-year amortization schedule. Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America provided the financing. Major tenants at Cupertino City Center include Apple, Seagate Technology and Morgan Stanley. “These buildings have been well occupied since they were built,” says Andrew Slaton, …

February 26, 2016

Entertainment Experience Evolution Panel, Los Angeles

Features Retail Top Stories Western

The Only Thing Constant in Retail Today is Change, Say EEE Panelists

by Jeff Shaw February 25, 2016

LOS ANGELES — The old formula for shopping center success no longer applies today, thanks to the advent of mobile technology, e-commerce competition and changing consumer tastes. This was the sentiment put forth by speakers and panelists at Shopping Center Business’s Entertainment Experience Evolution conference, held Feb. 24 and 25 at Regal Cinema House and the J.W. Marriott at L.A. Live in Los Angeles. Jerry France, chairman and CEO of France Media, set the stage during his opening remarks where he noted how far the retail industry has come — and how much potential is still in store. “We live and work in a very interesting country and are in a very exciting industry,” he said. “Having been in this industry for 50 years, I have seen a lot of change. Today we see a change in retail due to e-commerce versus bricks and mortar. We’re now seeing some e-commerce companies becoming bricks and mortar, so it goes both ways.” “I would not write retail off,” France continued. “I see tremendous growth ahead of us, with lots of new projects.” Indeed, there are many “new” projects on the horizon, though the meaning of this term has changed right alongside the retail …

February 25, 2016

California Multifamily Western

West Hollywood Apartment Building Sells for $18.5M

by Nellie Day February 25, 2016

LOS ANGELES – 1320 North Sierra Bonita Apartments LLC has purchased a 52-unit apartment building in the Los Angeles submarket of West Hollywood for $18.5 million. The community is located at 1320 N. Sierra Bonita Ave. The LLC plans to renovate the units to bring them to market rate. Travis Greene of Charles Dunn Company represented the buyer, while Hamid Soroudi of the same firm represented the seller, 27th/Pico Boulevard LP.

February 25, 2016

Arizona Hospitality Western

Hilton Garden Inn and Convention Center Pivot Point Trades in Yuma

by Nellie Day February 25, 2016

YUMA, ARIZ. – A California-based hotel investor has purchased the 150-room Hilton Garden Inn and Convention Center Pivot Point in Yuma for an undisclosed sum. The hotel is located at 310 N. Madison Ave. The transaction includes a 20,000-square-foot convention center. The new owner is in the process of completing Hilton-required upgrades to the hotel. The buyer owns and operates a hotel portfolio under major brands including Marriott and Hilton. The seller is a private equity fund that acquired the hotel in 2012. HREC Investment Advisors executed the transaction.

February 25, 2016

Newer Posts

Older Posts