SAN DIEGO AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based Citivest Realty Services represented Beach Hut Deli in two new leases in San Diego and Oceanside. The gourmet deli sandwich restaurant has partnered with Ryan Brothers Coffee to open a 2,690-square-foot concept at Lane Field in San Diego. Beach Hut Deli signed a 10-year lease with LFN Developers for the space. Bill Shrader of Colliers International San Diego represented the landlord. Additionally, Beach Hut Deli signed a lease for 1,800 square feet at One Mission Ave. in Oceanside. Spencer Kerrigan of Voit Commercial Services represented the landlord, GFP Oceanside Block 18 LLC, in the transaction.
SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Inland Auto Service Center, a retail property located at 1680 S. Camino Road in San Bernardino. A partnership sold the 17,749-square-foot property to a personal trust for $1.2 million. The property was constructed in 1975 and renovated in 1990. Chuck Shillington of Marcus & Millichap represented the seller and buyer in the deal.
SAN JOSE, CALIF. — A joint venture between Community Preservation Partners (CPP) and Jamboree Housing has purchased the 144-unit Monte Vista Gardens apartments in San Jose for $53 million. The affordable housing community is located at 2601 Nuestra Castillo Court. CPP will invest more than $5.5 million to rehabilitate the community. The acquisition secures a series of tax incentives that will keep 80 percent of the units at affordable levels, while the other 20 percent will remain set by the open market. The rehab will commence in August and conclude next April.
DENVER — A joint venture between Schnitzer West and J.P. Morgan Asset Management will develop Civica Cherry Creek, a boutique office building in Denver. The seven-story building will feature 100,500 square feet of office space and 11,500 square feet of retail atop a four‐story underground parking garage. The developers broke ground this month with a scheduled completion of December 2017. The building will include amenities including a rooftop terrace with outdoor meeting space, private library, concierge services, conference center, outdoor lounge at street level and locker rooms.
GARDEN GROVE, CALIF. — CapRock Partners has purchased two industrial properties in Garden Grove for a total of $9.4 million. The assets are located at 7180 Lampson Ave. and 12570 Industry St. The two properties occupy one parcel and comprise a total of 76,888 square feet. CapRock plans to refurbish both the occupied 39,200-square-foot building on Lampson and the vacant 37,688 square-foot property on Industry. CBRE’s Steve Young, Bob Goodmanson and Brad Schneider represented both CapRock Partners and the seller, a local investor, in this transaction.
LOS ANGELES — MWest Holdings has purchased the Park Wilshire Apartments in Los Angeles for an undisclosed sum. The community is located at 2424 Wilshire Blvd. Park Wilshire originally opened in 1924 as a residential hotel. MWest plans to renovate the space. Greg Harris, Ronald Harris, Paul Darrow and Joseph Grabiec of Marcus & Millichap’s Institutional Property Advisors represented the buyer.
LAKEWOOD, COLO. — An unnamed buyer has acquired the 12-unit Cedar Creek apartments in Lakewood for $2.3 million. The community is located at 8721- 8761 W. Hampden Ave. Cedar Creek was built in 2007 and 2008. The acquisition equates to $193,833 per unit and $135.29 per square foot. Josh Newell and Connor Knutson represented both the buyer and local seller in this transaction.
REDMOND, WASH. — Hayman Advisors has purchased Redmond Woods, a Microsoft-anchored, 145,221-square-foot office complex in Redmond, for $37 million. The complex is located at 5000, 5010 and 5020 148th Ave. NE. It includes three buildings that are fully occupied by seven tenants, including Microsoft Corp. The property is also adjacent to Microsoft’s world headquarters. NGKF’s Kevin Shannon and Michael Moll, with the assistance of CBRE’s Lou Senini and Tom Pehl, represented the seller, Clarion Partners, in this transaction.
NEWPORT BEACH, CALIF. — R.D. Olson Construction has started construction of the 130-room Lido House Hotel in Newport Beach. It will be situated next to Lido Marina Village at the gateway to the Balboa Peninsula. The property will be part of Marriott International’s Autograph Collection. The hotel will feature 4,000 square feet of meeting rooms, a ballroom, events lawn, saltwater pool with television- and data-equipped private cabanas and a brick monument fireplace, high-end fitness center, and Boost, the hotel’s luxury spa. Lido House Hotel’s exterior amenities will also include an exterior courtyard along Newport Boulevard. The hotel will feature upscale called Mayor’s Table, and a rooftop deck and lounge named Top Side. Construction on the hotel should be complete in summer 2017.
PHOENIX — Benjamin Covaciu has acquired the 115-unit Lincoln Village apartments in Phoenix for $6.1 million. The community is located at 2211 W. Campbell Ave., within the Black Canyon Corridor. It was built in 1980. The seller was Arie de Jong. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers executed the transaction.