DENVER — WoodSpring Suites has announced its plan to open six new hotels in the Denver area over the next four years. The company has partnered with Pure Strike Development LP and CAMTOD Group on the agreement. Value Place was rebranded as WoodSpring Suites this past April. This development agreement will grow the brand to a total of 15 properties throughout Colorado. The group’s first hotel in the Denver area will be located in Centennial. It is scheduled to break ground next March. Once completed, the hotel will feature amenities like in-room kitchens, free high-speed internet and guest laundry facilities. The extended-stay hotel brand also recently announced its newest addition, WoodSpring Suites Signature, which is “designed to appeal to less price sensitive guests,” according to the company. WoodSpring Suites is focused on strategic expansion across the U.S. through corporate- and franchise-owned development. The company expects to break ground on 30 additional properties by the end of the year. Expansion plans through 2017 include the addition of corporate and franchised properties in major metropolitan markets like Los Angeles, Seattle, Portland, Ore., Chicago, Philadelphia, Boston, Miami and Minneapolis.
PLEASANTON, CALIF. — Ziegler, a specialty investment bank, has arranged $52 million in financing for American Baptist Homes of the West (ABHOW). Founded in 1949 as Pilgrim Haven Home Corp., ABHOW owns and operates seven continuing care retirement communities (CCRCs) in California. The company also manages four affiliated CCRCs. Proceeds of the bonds will be used to refund 2006 bonds, reimburse the company for $11 million in prior capital expenditures, and fund $9 million in new projects.
FRESNO, Calif. — Integral Senior Living (ISL), a seniors housing operator based in Carlsbad, will manage Kingston Bay Senior Living in Fresno, which recently started construction. ISL expects the community to open in spring of 2016. Quiring General, a seniors housing-focused construction company headquartered in Fresno, is building Kingston Bay. Sitting on four acres, the 86,467-square-foot community will have 107 units, which will consist of 61 one-bedroom and 22 bedroom assisted living apartment homes, as well as 24 memory care residences. This senior living community will provide an active and healthy lifestyle while promoting independence and upholding the dignity of the residents.
SAN DIEGO – A 7,125-square-foot retail property in San Diego has sold to CITYWEST LLC for $3.8 million. The property is located at 142 University Ave. in the Hillcrest submarket. The space is fully leased to Fiesta Cantina, Charisma Cucina Italiana, Mess Royale, Cody’s Home + Gift, Detour Salon and 142 Beauty Spot. It was built in 1989. CITYWEST was represented by Richard Lebert and Matt Zimsky of Colliers International. The seller, 142 DMW Group LLC, was represented by Mark McEwen of the same firm.
LOS ANGELES — Kennedy Wilson has purchased a majority interest in Vintage Housing Holdings (VHH), which owns certain interests in a Western-based multifamily portfolio. The real estate investment and services company acquired a 61 percent equity ownership in VHH for $78 million, giving this portfolio a valuation of about $486 million. The portfolio contains 30 multifamily properties with a total of 5,485 units throughout the West. The properties are primarily located in Washington (3,796 units), California (756 units) and Nevada (544 units). The units were built, on average, in 2006. The portfolio has produced net operating income of about $12 million, year to date, as of April 31, 2015, according to Kennedy Wilson. The firm now maintains a portfolio of more than 25,000 multifamily units, including more than 9,000 units in the State of Washington. VHH, the portfolio’s developer and manager, will maintain a 39 percent equity interest. It will also continue to manage the portfolio.
FRESNO, CALIF. — Rouse Properties has acquired Fig Garden Village, a 301,459-square-foot lifestyle center in Fresno, for $106.1 million. The center is located at 5082 N. Palm Ave. Fig Garden Village is anchored by Whole Foods. Other notable tenants include Lululemon, Williams-Sonoma, J. Crew, Pottery Barn, Chicos, White House Black Market, Chipolte and Starbucks. The center was built in 1956 and renovated in 2007. It was 93.9 percent leased at the time of sale. The acquisition was financed with a new $74.2 million, non-recourse CMBS loan that features an interest rate of 4.14 percent.
SHORELINE, Wash — Investment banking firm Evans Senior Investments (ESI) has arranged the sale of Shoreline Health and Rehab, a skilled nursing facility in the Seattle suburbs, for $6.6 million. Opened in 1968, the 106-bed facility underwent a $3 million renovation in 2012 which added 40 private rooms, accommodating more Medicare short-term rehabilitation patients. ESI represented the seller; the buyer was a publicly traded REIT.
NEWPORT BEACH, CALIF. — DJM Capital Partners has signed Steven Alan, a luxury clothing, home and accessories store, as the newest retailer at Lido Marina Village in Newport Beach. The 1,526-square-foot retail store is slated to open late this fall. The store will carry the designer’s line of ready-to-wear casual, smart essential for both men and women, as well as a hand-curated selection of clothing, handbags and optical from an eclectic group of emerging designers. Other tenants at the 116,000-square-foot center, which is undergoing a renovation, include Juice|Served Here, Jolie, Honor Coffee Roasters and Charlie & Me.
HESPERIA, CALIF. — Progressive Real Estate Partners has signed seven new leases, totaling 19,600 square feet, at The Marketplace on Main in Hesperia. The recently opened Walmart-anchored retail center is located at 13401 Main St. Paul Galmarini of Progressive represented the ownership, Pacific/Lewis Properties, a division of Pacific Development Group, in the following transactions: • Petco, 10,000 square feet • The Habit Burger Grill, 2,500 square feet • Pieology Pizzeria, 2,000 square feet • Yogurtland, 1,200 square feet • Metro PCS, 1,400 square feet • Great Clips, 1,200 square feet • Nail Salon, 1,300 square feet The ownership broke ground on the two-building, 24,000-square-foot retail center in April. The seven new retailers are slated to open prior to Holiday 2015. There are three retail units, ranging from 1,500 to 1,600 square feet, available at the center.
SCOTTSDALE, ARIZ. – A 63,763-square-foot office flex portfolio in Scottsdale has sold to Crown West Realty and Development for $10.5 million. The three-building complex is located at 9171 E. Bell Road, 9181 E. Bell Road and 16611 N. 91st Street, within the McDowell Mountain Business Park. Crown West represented itself in the sale. Michelle Gardner of Shell Commercial will continue to act as the property’s leasing agent. The seller was not named.