Western

The Water Garden Phase I in Santa Monica Receives $260M in Financing

by Nellie Day March 20, 2015

SANTA MONICA, CALIF. — Phase I of the Water Garden office complex in Santa Monica has received a $260-million refinancing. The complex is located at 2425 Olympic Blvd. and 1620 26th Street. Phase I includes 673,660 square feet situated in two, six-story office buildings. Tenants in this phase include Amazon, Edmonds, Group M Worldwide, Sony Computer Entertainment and AMC Networking Entertainment. Phase I is part of the larger 1.27-million-square-foot Water Garden office complex. It sits catty-corner to a light rail station that will be completed next year. The 12-year, fixed-rate loan was arranged by HFF’s Mike Tepedino, Paul Brindley and Jennifer Keller through New York Life Real Estate Investors. The borrower is composed of institutional investors advised by J.P. Morgan Asset Management.

March 20, 2015

Hospitality Nevada Western

Solstar Investments Buys Two Marriott Properties Near Las Vegas

by Nellie Day March 20, 2015

LAS VEGAS — Solstar Investments has acquired two Marriott-flagged properties near Las Vegas for an undisclosed sum. The acquisition includes the 120-room Marriott SpringHill Suites Hotel and the 108-room Marriott TownePlace Suites Hotel in the submarket of Henderson. Both hotels were built in 2009. They will be managed by Twenty Four Seven Hotels. The hotels were purchased from Campbell Lodging, the original owner and developer. Financing was provided by GE Capital Franchise Finance, while Sklar Kirsh served as legal advisors.

March 20, 2015

California Western

Fred Sands Establishes Institute of Real Estate at Pepperdine University

by Nellie Day March 20, 2015

LOS ANGELES — Fred Sands, the man behind California’s second largest real estate and financial services company, has partnered with Pepperdine University in Malibu to establish the Fred Sands Institute of Real Estate within the Graziadio School of Business and Management. The Sands Institute will include Master’s degree and certification programs, the Fred Sands Chair in real estate, the Fred Sands Fellows Program and Sands real estate conferences. According to a release issued by the school, the “Sands Institute will engage students and real estate professionals at both practical and policy levels. Conferences will explore real estate development trends and best practices, acquisitions, the brokerage business, financing opportunities, and other timely industry topics.” Sands is the former chairman of Fred Sands Realtors, which, along with its franchised operations, employed 4,000 people and generated $9.4 billion in annual volume. The debt-free company was sold to Coldwell Banker in 2000. Today, Sands is the chair and sole owner of Vintage Real Estate LLC, which acquires and revitalizes regional malls across the nation. He also chairs Vintage Fund Management LLC, which invests in growth companies and has historically generated returns that would place it in the top quartile of comparable private equity firms. …

March 20, 2015

California Western

California Resources Corporation Relocates to Chatsworth

by Nellie Day March 20, 2015

CHATSWORTH, CALIF. – The California Resources Corporation (CRC) has relocated its headquarters to Chatsworth. The independent oil and gas exploration and production company will occupy 42,051 square feet at 9200 Oakdale Ave. The 10-story, Class A office building is situated within the West Valley Corporate Center, just west of Burbank. CRC will be relocating part of its Los Angeles office to the new facility in the earlier part of this year. Its other office is located at the Occidental Center in Westwood. CRC was represented by Steve Walbridge, David Gordon, Ian Zilla, and Jesse Danzig of Savills Studley in this seven-year lease transaction. The landlord, Omninet West Valley LP, was represented by JLL’s Michael Danielpour, Jim Lindvall and Dan Sanchez.

March 20, 2015

California Multifamily Western

Carmen Apartments in Santa Maria Sells for $15.6M

by Nellie Day March 19, 2015

SANTA MARIA, CALIF. – The 128-unit Carmen Apartments in Santa Maria has sold to an unnamed buyer for $15.6 million. The community is located at 201 Carmen Lane. It was built in 1976. Santa Maria is about 30 miles south of San Luis Obispo and about 70 miles north of Santa Barbara. The buyer was represented by Jeff Louks and Matt Ziegler of Marcus & Millichap’s Encino office. Ziegler also represented the unnamed seller.

March 19, 2015

Multifamily Nevada Western

Reno Apartment Building Sells for $15M

by Nellie Day March 19, 2015

RENO, NEV. – A 206-unit apartment building in Reno has sold to M3 Multifamily LLC for $15 million. The Element Apartments is located near Meadowood Regional Mall. It is also near notable employers like Nevada Energy, Microsoft Licensing and Intuit Reno. The seller, FPA Multifamily, was represented by CBRE’s Aiman Noursoultanova.

March 19, 2015

California Retail Western

Poway Valley Center in San Diego sells for $6.2M

by Nellie Day March 19, 2015

SAN DIEGO – Poway Valley Center, a 25,754-square-foot retail shopping center in the San Diego submarket of Poway, has sold to Capstone Advisors for $6.2 million. The center is located at the corner of Poway and Community roads. Capstone plans to make capital improvements to the storefronts, landscaping and parking lot, among other things. John Jennings and Rob Ippolito of Cushman and Wakefield represented both Capstone and the unnamed seller in this transaction.

March 19, 2015

Arizona Retail Western

Shops at Desert Springs in Tucson Sells for $5.3M

by Nellie Day March 19, 2015

TUCSON, ARIZ. – Shops at Desert Springs, a 20,485-square-foot neighborhood retail center in Tucson, has sold to Bastion Investments for $5.3 million. The center is located at 7250 N. La Cholla Blvd. It is shadowed anchored by Albertsons. Other notable tenants include Christie’s Appliance, Edward Jones, L’Amour Nails, Great Clips, H&R Block, Casey’s Hallmark, Edmund Marquez Insurance, Papa Murphey’s Pizza and the Arizona National Guard. The seller was La Cholla Retail II LLC. The transaction was executed by CBRE’s Pete Villaescusa, Mike Sandahl, Jesse Peron, Wyatt Campbell, Phil Voorhees and Brad Rable.

March 19, 2015

California Office Western

Wasserman Grossman & Sloan Renews at One Westwood

by Nellie Day March 19, 2015

LOS ANGELES – Business management and accounting firm Wasserman Grossman & Sloan LLP has renewed at One Westwood in the Los Angeles submarket of Westwood. The building is located at 10990 Wilshire Blvd. The firm initially subleased the building’s entire eighth floor in 2010. Its new five-year lease will take Wasserman through 2020. The lease is valued at $2.8 million. The firm was represented by Mitchell Stokes of Madison Partners. The landlord, Douglas Emmett, was represented in-house by Rob Zaas.

March 19, 2015

Colorado Office Western

Invesco Buys Office Building in Denver’s LoDo Neighborhood

by Nellie Day March 18, 2015

DENVER — Invesco Real Estate has acquired a 306,791-square-foot office building in Denver’s Lower Downtown (LoDo) neighborhood for a reported $170 million. The building is located at 1515 Wynkoop Street. The Class AA asset is fully leased to notable tenants like Maximus, Black Hills Corporation and Polsinelli. It sits adjacent to Union Station, which recently underwent a redevelopment. The building has received LEED-Gold certification. It also received the Most Efficient Building in Denver award in 2013. The seller was American Realty Advisors.

March 18, 2015

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