Western

Next Century Partners Receives $1B in Construction Financing for Century Plaza Mixed-Use Project in Los Angeles

by Nellie Day July 11, 2016

LOS ANGELES — Next Century Partners has received $1 billion in construction financing for the Century Plaza mixed-use project in Los Angeles. The $2.5 billion project will include two residential towers, restaurants and retail shops. The existing, five-star Century Plaza Hotel on the site will also undergo a renovation. The project is located at 2025 Avenue of the Stars in the Century City submarket. Construction is scheduled to commence later this summer. The hotel closed for renovations in March, and is set to reopen in early 2018. It will include a redesigned open-air lobby that connects public plazas and fountains to a two-acre garden surrounded by restaurants and retail. The hotel has hosted a number of notable events over its 50-year run, including the Grammy Awards and the “Dinner of the Century” in 1969, which honored the first astronauts to reach the moon. The full, mixed-use project will feature about 100,000 square feet of retail. The 46-story residential towers will include 290 luxury residences. A variety of loans provided the $1 billion in financing, including a $446 million senior loan from J.P. Morgan Chase; $120 million mezzanine financing from an investment vehicle managed by Colony Capital; and $450 million of …

July 11, 2016

Hospitality Oregon Western

Hilton to Debut New Canopy by Hilton Brand in Portland

by Nellie Day July 8, 2016

PORTLAND, ORE. — Hilton Worldwide and the Buccini/Pollin Group have announced plans to build a Canopy by Hilton hotel in Portland. The 153-room hotel will be located at 425 NW 9th Ave. in the Pearl District’s Gallery Row. Portland and Washington, D.C., are the first two U.S. cities to receive hotels under the new Canopy by Hilton brand. Both are slated for opening in 2017. Phillips Realty Capital arranged a $27.7 million construction loan, while EB5 Capital provided $15.5 million in preferred equity raised from 31 foreign investors seeking U.S. residency under the EB-5 Immigrant Investor Program.

July 8, 2016

California Loans Retail Western

Cohen Financial Secures $5M Acquisition Loan for Retail Property in Redding

by Nellie Day July 8, 2016

REDDING, CALIF. — Cohen Financial has secured $5 million for the acquisition of a retail property in Redding. Paul Schroeder of Cohen Financial secured the fixed-rate, non-recourse loan with Wells Fargo for the undisclosed borrower. The 94,000-square-foot property is leased to Green Bay, Wis.-based Shopko Stores. Shopko operates 363 stores in 24 states.

July 8, 2016

California Retail Western

NAI Capital Negotiates $2.1M Sale of Retail Property in Corona

by Nellie Day July 8, 2016

CORONA, CALIF. — NAI Capital has arranged the sale of a freestanding, 9,000-square-foot retail property located within a grocery-anchored shopping center located at 1187 E. Magnolia Ave. in Corona. Boca Raton, Fla.-based KC Propco sold the property to Newport Beach, Calif.-based Corona Temescal Village5 for $2.1 million, or $235 per square foot. By the end of escrow, the property was fully leased. Mario Alvarez and Lidia Talavera of NAI Capital represented the seller.

July 8, 2016

California Retail Western

Lee & Associates Brokers 12,945 SF Lease for Black Plague Brewing in Oceanside

by Nellie Day July 8, 2016

OCEANSIDE, CALIF. — Lee & Associates has completed a lease for 12,945 square feet of retail space at 2550 Jason Court within the Jason Court Business Park in Oceanside. Black Plague Brewing plans to open in the location sometime in the next six months. Monique Medley of Lee & Associates – North San Diego County represented Black Plague Brewing, while Bob Willingham of Kidder Mathews represented the landlord, Southwest Greene International Inc. The lease was valued at approximately $724,000.

July 8, 2016

California Office Top Stories Western

Hudson Pacific Closes on $311 Million Office Acquisition in Los Angeles

by Jeff Shaw July 8, 2016

LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) has closed on its previously announced $311 million acquisition of 11601 Wilshire Boulevard, formerly known as the Wells Fargo Center, in Los Angeles. 11601 Wilshire was built in 1983 and serves as the gateway to the Brentwood/Westside office market, with its location at the corner of San Vicente and Wilshire boulevards. The building has 25 floors totaling 500,475 square feet. HPP bought the property from funds managed by The Blackstone Group. The building was 83 percent occupied at the time of closing. Blackstone bought the building in 2006 for $164 million, according to the Los Angeles Business Journal. HPP plans to renovate and increase occupancy at the building. “We intend to further elevate this asset within the marketplace, spending capital wisely to facilitate lease-up and create value for our stockholders,” says Victor Coleman, chairman and CEO of HPP. HPP is among the tenants in the building, where the REIT has had its headquarters since the company’s initial public offering in July 2010. To build capital for the acquisition, HPP sold One Bay Plaza, a 195,739-square-foot office tower in Burlingame, for $53.4 million in early June. The company also received $28.5 million in proceeds from …

July 8, 2016

California Loans Office Western

Sidra Montgomery Receives $98M Loan to Buy Bank of the West Building in San Francisco

by Nellie Day July 7, 2016

SAN FRANCISCO — Sidra Montgomery LLC has received $98 million in acquisition financing to purchase the Bank of the West building in San Francisco. The 25-story office property is located at 180 Montgomery St. in the Financial District. The property recently underwent a $9 million renovation and holds LEED-Gold Certification. Bank of the West occupies 40 percent of the space. JPMorgan Chase & Co. provided the 10-year loan. It features a fixed rate below 4 percent and full-term, interest-only payments. Tal Bar-Or, Raj Khatiwala and Kyle Kite of Meridian Capital Group negotiated the transaction.

July 7, 2016

Arizona Multifamily Western

TruAmerica Multifamily Purchases Scottsdale Springs Apartments for $81M

by Nellie Day July 7, 2016

SCOTTSDALE, ARIZ. — TruAmerica Multifamily has purchased the 644-unit Scottsdale Springs apartment complex for $81 million. The community is located at 7791 E. Osborn Road in Scottsdale. Scottsdale Springs was built in 1980. TruAmerica plans to renovate the property, which will include the addition of a clubhouse, fitness center, and media and business center. It will also include a new rooftop lounge overlooking a redesigned resort-style pool. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, Abacus Capital Group, in this transaction.

July 7, 2016

Office Oregon Western

KBS Capital Advisors Acquires Commonwealth Building in Portland for $69M

by Nellie Day July 7, 2016

PORTLAND, ORE. — KBS Capital Advisors has purchased the Commonwealth Building, a 216,099-square-foot, creative-tech office tower in Portland, for $69 million. The building is located at 421 S.W. 6th Ave. The space was originally built in 1948. The Commonwealth Building was renovated between 2013 and 2015 when the mid-century building was converted into a creative-tech office tower. HFF secured a $47.4 million, five-year, floating-rate acquisition loan through an insurance company for the buyer. The firm also assisted the seller, Unico Properties LLC, in this transaction.

July 7, 2016

California Office Western

Lincoln Property Co. Buys Wateridge Office Campus in Los Angeles

by Nellie Day July 7, 2016

LOS ANGELES — Lincoln Property Co. has purchased Wateridge, a Class A office campus in West Los Angeles, for an undisclosed sum. The six-building campus is situated on the corner of La Cienega Boulevard and Slauson Avenue. The property was originally constructed in 1989. Notable tenants include Kaiser Permanente, the L.A. County Department of Children and Family Services and Evolve Media. The space also contains a multi-tenant retail building and a standalone 24 Hour Fitness. LPC Realty Advisors I LP, an affiliate of Lincoln Property Company, arranged the acquisition.

July 7, 2016

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