SAN DIEGO — Flocke & Avoyer Commercial Real Estate has brokered the renewal of 3,655 square feet of restaurant space within Campus Plaza. Popeyes is the lessee at 6095 El Cajon Blvd. for $1.2 million for a 10-year term. Bill Thaxton and Stewart Keith of Flocke & Avoyer Commercial Real Estate represented the lessor, while the lessee was self-represented in the transaction.
TEMPE, ARIZ. — American Campus Communities has broken ground on its sixth student housing facility at Arizona State University in Tempe, a $120 million live-learn facility. Upon its opening in fall 2017, the facility will house 1,594 students enrolled in the Fulton Schools of Engineering. The property will feature E-Space, a 3,500-square-foot lab outfitted with resources that cater to the needs of Fulton Schools students. The dining facility also has been designed with Fulton Schools of Engineering students in mind. The facility is approximately 14,000 square feet, includes seating for 500 students, and features four food stations and a mixture of seating types, including counter seating, booth seating and tables. A tech lounge is located on the mezzanine level along with individual seating pods with views of the landscape and main level. The new residence hall will be located in the heart of campus on East University Drive, providing residents with the option to walk or bike to class. The property features amenities such as social and recreation lounges, an Academic Success Center, a cardio fitness room and several academic study spaces.
SAN DIEGO — HFF has arranged a $96.4 million loan for Genesis at Campus Point, a vacant, four-building office complex in the UTC submarket of San Diego, which will fund the complex’s conversion into a biotech space. The 311,022-square-foot campus is located at 4224, 4242 and 4244 Campus Point Court and 10210 Campus Point Drive. The space is situated near the convergence of interstates 5 and 805 inside a life science cluster. Other notable tenants in the area include the University of California San Diego, Scripps medical campus, Illumina, Eli Lilly and Celgene. The buildings will feature multiple conference rooms, an on-site café with indoor and outdoor seating, a full-service fitness center, large balconies and a combination of covered and surface parking. HFF’s Tim Wright, Todd Sugimoto and Zack Holderman arranged the financing on behalf of the borrower, a partnership between Phase 3 Real Estate Partners and its institutional partner. The 36-month, floating-rate loan was placed with TPG Real Estate Finance Trust. Proceeds will be used to recapitalize the mid-year acquisition and fund the immediate repositioning costs of the asset.
ALISO VIEJO, CALIF. — Berkadia has arranged $130 million in financing for the 675-unit St. Moritz Apartments. The community is located at 23411 Summerfield in Aliso Viejo, southeast of Los Angeles. 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 loan through the firm’s Fannie Mae program.
SAN DIEGO — Bartell Hotels has purchased the 211-room San Diego Airport Hilton on Harbor Island for $37.7 million. The hotel is located at 1960 Harbor Island Drive. The property is situated along San Diego’s waterfront, less than a mile from San Diego International Airport. It underwent an extensive renovation in the early 2000s when the hotel joined the Hilton Worldwide brand. Bartell plans to make an additional $5 million in upgrades. The company now owns eight properties in San Diego.
SAN JOSE, CALIF. — Sundt Construction Inc. recently topped out Campus Village Phase II, a 10-story student housing building at San Jose State University. When complete, the building will feature 850 beds, common study rooms, a lounge, multi-purpose room, recreation room and more. Sundt is working with architects Solomon Cordwell Buenz on the $102 million project, which is expected to be completed in mid-2016.
LITCHFIELD PARK, ARIZ. — Cushman & Wakefield has arranged the $14.5 million sale of Camelback Crossing, a 94,156-square-foot, Bashas’-anchored shopping center in the Phoenix suburb of Litchfield Park. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Nevada Holding Co. L.P., in the transaction. Madison Plaza 1 LLC, an entity formed by a California investor, purchased the 93.3 percent occupied center.
LOS ANGELES — A private investor has purchased an 8,568-square-foot medical office building in the Los Angeles submarket of Culver City for $6.5 million. The building is located at 10801 Venice Blvd. It was built in 1979. Lloyd Bakan and Gary Berwick of Avison Young represented the seller, also a local private investor.
LOS ANGELES — A local real estate syndicator has purchased the 24-unit Mariposa Place Apartments in Los Angeles for $4.7 million. The community is located at 501 Mariposa Place. The buyer acquired the property through a 1031 exchange transaction. The seller was Lion Real Estate Group. Keller Williams Commercial Studio City executed the transaction.
ARCADIA, CALIF. — Regus Corp. has signed an 11-year lease at Arcadia Gateway Centre. The center is located at 440 E. Huntington Drive. The company will occupy the entire third floor, totaling 16,400 square feet. Other notable tenants at the center include Oracle Corp. and Arroyo Insurance. Carl Anderson represented the landlord, Arcadia Gateway Centre Delaware Partners LLC.