SAN FRANCISCO — The Grove has signed a lease for 3,650 square feet of space at One Henry Adams, an apartment community located on Townsend Circle in Showplace Square in San Francisco. One Henry Adams and the new restaurant location are slated to open in the fourth quarter of 2016. Owned by Equity Residential, the 241-unit apartment community offers 8,600 square feet of retail space.
LAS VEGAS — The owner of the SLS Las Vegas has partnered with Starwood Hotels & Resorts Worldwide to open the first W Hotel in Las Vegas. The hotel will occupy an existing 289-room tower that is currently operated under the SLS LUX brand. The new W Hotel is scheduled to open in the third quarter of 2016. The SLS Las Vegas will also become part of Starwood’s Tribute Portfolio, as part of the agreement. The hotel will include a dedicated entry and reception area for W Hotel guests, an Away Spa, and an outdoor pool and bar known as WET. It will also feature the signature W Living Room, which is the brand’s unique take on the traditional hotel lobby. Starwood will manage W Las Vegas, while Kreeger will continue to manage the remainder of the SLS property. The SLS Las Vegas is owned by Las Vegas Resort Holdings LLC. SLS Las Vegas will join Starwood’s four existing hotels in the market, including the Westin Las Vegas Hotel, Casino & Spa, the Westin Lake Las Vegas Resort & Spa, Four Points by Sheraton Las Vegas East Flamingo and Element Las Vegas Summerlin.
MORENO VALLEY, CALIF. — Phillips Edison Grocery Center REIT II Inc. has acquired Moreno Marketplace in Moreno Valley for an undisclosed price. Located 52 miles east of downtown Los Angeles, the 77,763-square-foot shopping center is anchored by Stater Bros., a privately held supermarket discount chain that operates 168 stores throughout Southern California. Additional tenants include Subway, Fantastic Sams, Wells Fargo Bank and Jack in the Box. The name of the seller was not released.
CLOVIS AND FRESNO, CALIF. — Newmark Grubb Pearson Commercial has brokered three retail leases in Clovis and Fresno totaling 6,254 square feet. In the first transaction, Royal Vapes leased 1,470 square feet at 140 W. Shaw Ave. in Clovis from J&D Properties. Troy McKenney and Craig Holdener of Newmark Grubb Pearson Commercial brokered the transaction. In the second deal, James McKenney leased 2,160 square feet of retail space at 841 Clovis Ave. in Clovis to Hodges Investment Group. McKenney and Holdener handled the transaction. In the final transaction, Urban Block Fitness inked a deal for 2,624 square feet of retail space at 4025 N. Figarden Drive in Fresno from The Grove Shopping Center. Holdener and McKenney, along with Terri Giovacchini of Cushman & Wakefield, brokered the deal.
LOS ANGELES — Lincoln Property Company has completed its renovation of 800 Wilshire, a 226,797-square-foot office tower in Downtown Los Angeles. The 16-story tower is located at 800 Wilshire Blvd. Lincoln acquired the property with its joint venture partner Angelo, Gordon & Co. in 2013. Since then, the company established a new tenant base, upgraded common areas to cater to creative office users, improved the aesthetics of the building and recruited new retailers on the ground floor. Occupancy rose from 65 percent to 95 percent, according to Lincoln. The tower was originally built in 1972. It was last renovated in 2004. Cross Campus recently signed on at 800 Wilshire, as did 800 Degrees Pizza, which now occupies some of the ground-floor retail space. The JV sold the property to Onni Group last month for about $80 million. Marc Renard of Cushman & Wakefield’s Capital Market Group executed the transaction.
RANCHO CUCAMONGA, CALIF. — Custom Goods has leased 441,970 square feet of industrial space at Prologis Rancho Cucamonga Distribution Center. The center is located at 8369 Milliken Ave. The new lease will allow the third-party logistics firm to double its warehouse and distribution capacity for its clients in the region. It also operates eight other distribution facilities in Southern California. JLL’s Louis Tomaselli and Jordan Quinn represented the company. Travis Durfee and Tyson Chave were in-house representatives for the landlord, Prologis.
ALISO VIEJO, CALIF. — Berkadia has arranged $105 million in financing for the 590-unit Barcelona Apartments in Aliso Viejo. The community is located at 23592 Windsong. The property was about 95 percent occupied at the time of closing. The loan features a 10-year term, 3.51 percent interest rate and interest-only payments for the full term. Mitch Thurston and Andy Ahlers of Berkadia originated the transaction through the firm’s Fannie Mae program.
SEATTLE — CBRE has arranged a $19.1 million loan for seniors housing investment company Capitol Seniors Housing (CSH) to acquire Maple Leaf Assisted Living & Memory Care, a 119-unit independent living, assisted living and memory care community in Seattle. The non-recourse, floating rate loan includes a three-year term with 24 months of interest-only payments. Of the proceeds, $16.6 million will be used for the acquisition and $2.5 million are for capital improvements. Planned improvements include upgrading units and renovating common areas, with particular emphasis on the memory care areas. Upon acquisition, CSH will lease the community to Washington-based operator Milestone Retirement Communities. Aron Will, executive vice president of CBRE National Senior Housing, arranged the financing.
SIMI VALLEY, CALIF. — CBRE Group Inc. has brokered the sale of Woodlands Plaza, a shopping center located at 530-660 E. Los Angeles Ave. in Simi Valley. DP Grand Simi LLC acquired the 61,373-square-foot property for $15.9 million. The center is located on four parcels totaling 6.7 acres and has traffic counts of more than 38,000 vehicles per day. The property is 81 percent occupied to a variety of tenants, including Fantastic Sam’s, Goodwill, H&R Block and Subway. Alex Kozakov, Patrick Wade and Maxx Cohen of CBRE represented the seller, B/C Sinaloa Plaza LLC, in the transaction.
CARPINTERIA, CALIF. — Lee & Associates has arranged the sale of a 51,585-square-foot office building in the coastal Southern California town of Carpinteria for $10.7 million. The buyer, Steadfast Carpinteria Senior LLC, plans to build a 76-bed seniors housing community on the site. Construction will begin once all current tenants have vacated. Stephen Leider and Clarice Clarke, principals with Lee & Associates Santa Barbara, represented Steadfast in the sale. Steadfast is an affiliate of Steadfast Cos., an Irvine-based real estate investment management company that owns and/or operates a $3 billion portfolio in the U.S. and Mexico. Lee & Associates is a brokerage with office locations throughout the country.