ASPEN, COLO. — The 179-room St. Regis Aspen Resort has received a $100 million refinance. The resort is located at 315 E. Dean Street, at the base of Aspen Mountain in downtown Aspen. The property was acquired by 315 East Dean Associates, led by Stephane de Baets, in 2010. The company has since invested about $50 million to renovate the five-star resort. The first mortgage was provided by an affiliate of KSL Capital Partners Credit Opportunities Fund.
SEATTLE — The 92-unit Sunset Electric apartment community in Seattle has sold to ASB Real Estate for $41.7 million. The community is located at 1111 E. Pine Street. It features an open-air interior courtyard and a rooftop deck. Sunset Electric is one of the few LEED-Platinum apartment communities in the Pacific Northwest. The seller, the Wolff Companies, was represented by JLL’s David Young, Corey Marx, Seth Heikkila and Matt Kemper.
SEATTLE — ASB Real Estate has acquired the 108-unit REO Flats in Seattle for $47.1 million. The community is located at 1525 14th Ave. It features high-end finishes, a rooftop deck, skyline views and a preserved, historic brick façade. The sellers were Madrona Real Estate and Glenmont Capital Management. The sale was executed by JLL’s David Young, Corey Marx, Seth Heikkila and Matt Kemper.
PHOENIX — A partnership between Lincoln Property Company (LPC) and funds managed by Oaktree Capital Management has acquired Biltmore Commerce Center, a 259,000-square-foot office property in Phoenix, for $58 million. The Class A center is located at 3200 E. Camelback Road in the Camelback Corridor. The three-story property is currently 93 percent leased to tenants like HDR Engineering, Lee & Associates, United Way, Greystar, North American Title Company and Miller Russell & Associates. It is situated across the street from two retail projects that feature tenants like Central Bistro, Wells Fargo, Bank of America, Mexx 32, Tarbell’s, Tommy V’s Osteria and Pizzeria, Tomaso’s and Hava Java Café. Biltmore Commerce Center includes a newly remodeled, 11,000-square-foot, three-story atrium. It recently had its corridors and lobbies remodeled, in addition to upgraded landscaping and a new water feature. The seller, a joint venture between DPC Development Company and Bridge Investment Group, was represented by Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield. The institutional-quality office building’s property management strategy will be directed by LPC’s Alisa Timm.
DUBLIN, CALIF. — American Realty Advisors has acquired Dublin Place Shopping Center, a 283,506-square-foot retail center in Northern California, for $51.1 million. The center is located at 6920-7202 Amador Plaza Road; 7590 Amador Valley Blvd.; and 7505-7533 Dublin Blvd. in Dublin, just east of the San Francisco Bay. The property is 97 percent occupied. It is anchored by Target, Hobby Lobby, Burlington Coat Factory and Toys R Us. American plans to upgrade the shop buildings in an effort to bring existing below-market-rate rents up to current market rates. The firm may also eventually add more commercial and residential space to the center. Both American and the seller, PFRS Dublin Corporation, represented themselves in this acquisition.
PHOENIX – Verrado Main Street, a 66,085-square-foot, mixed-use property in the Phoenix submarket of Buckeye, has sold to HCCJ Family GP LLC for $13 million. The retail and office property contains two Class A office buildings, in addition to a retail component that features Bashas’ Grocery, CVS Pharmacy and a mix of smaller tenants. The sale also included two parcels of 6.8 acres that are zoned for future commercial and mixed-use development. The office space is fully leased. The retail space was more than 94 percent leased at the time of sale. The seller, DMB, was represented by CBRE’s Barry Gabel and Chris Marchildon.
LOS ANGELES – The Government of the United States (GSA) has renewed its lease for 21,961 square feet of office space in the Los Angeles submarket of Brentwood. The GSA leases the entire fourth floor of a Class A building at 12121 Wilshire Blvd. The space is situated on the northwest corner of Wilshire Boulevard and Bundy Drive. The GSA has occupied the building for 10 years. It has now signed on for an additional 10 years. The landlord, Douglas Emmett, was represented by Mitchell Stokes and Bob Safai of Madison Partners.
SAN FRANCISCO – Singapore-based specialty restaurant VeganBurg has announced plans to open its first U.S. restaurant in San Francisco. The plant-based burger restaurant will open at 1466 Haight Street this summer. The space was previously vacated by All You Knead. The company is evaluating plans for future sites across the country. VeganBurg was represented by John Polyzoides and Andrew Lindsey of SRS Real Estate Partners.
ONTARIO, CALIF. – Wohl Investment Company has acquired Airport Wineville Business Park, a 53,937-square-foot, mixed use industrial center in Ontario, for $4.5 million. The four-building park is located at 5140 E. Airport Drive and 151,181 and 201 S. Wineville Ave. Wohl was represented by Patrick Barnes of Colliers International. The seller was McLellan Estate Co.
GARDENA, CALIF. – Sator Sports has acquired a 19,650-square-foot industrial building in Gardena for $2.4 million. The building is located at 1455 W. 139th Street. The soccer equipment company will be relocating its headquarters from nearby 1536 228th Street. It should occupy its new space by mid-April. The new building will allow the company to expand. Sator Sports was represented by Matt Stringfellow and Courtney Bell of the Klabin Company/CORFAC International. The seller Major Fulfillment Inc., was represented by David Denitz of Gateway Business Properties.
