Western

HFF Secures $24.8 Million Financing for Retail Center in Washington

by Nellie Day October 8, 2015

VANCOUVER, WASH. — Holliday Fenoglio Fowler (HFF) has arranged $24.8 million in proceeds to finance Hazel Dell Towne Center, a 264,191-square-foot retail center located in Vancouver, Washington. Bruce Ganong, Casey Davidson and Brandon Roth of HFF worked on behalf of the sponsor, Pine Tree Commercial Realty LLC, to place the five-year, floating-rate loan with East West Bank. Tenants at the 84 percent leased center include Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource and Supercuts.

October 8, 2015

California Multifamily Seniors Housing Western

Anthem Breaks Ground on $12.6M Memory Care Community in California

by Nellie Day October 8, 2015

MURRIETA, CALIF. — Developer and operator Anthem Memory Care has broken ground on Vineyard Place, a $12.6 million memory care community in Murrieta, about 80 miles southeast of Los Angeles. Anthem expects to open the 38,000-square-foot, 66-unit community in summer 2016. Working with Anthem on developing and building Vineyard Place are CM Consulting, Markham Development Management Group, CBTwo Architects, Consolidated Contracting and LTC Properties, which is providing financing. Anthem, based in Lake Oswego, Ore., also operates a dementia care community in Chico, Calif., and four in Denver. It is currently developing three communities in the greater Chicago area.

October 8, 2015

Arizona Office Western

Arizona School of Real Estate & Business Building in Scottsdale Sells for $7.7M

by Nellie Day October 8, 2015

SCOTTSDALE, ARIZ. — Arc Construction and MacDonald Development have purchased a 17,711-square-foot building in Scottsdale that houses the Arizona School of Real Estate & Business for $7.7 million. The building is located at 7142 E. 1st St. The sale also included an adjacent parking lot on 40,623 square feet of land. Jon Rosenberg and Keri Davies of LevRose Commercial Real Estate represented the seller, Bill Gray, the school’s original founder.

October 8, 2015

California Retail Western

BIG USA, RED Development Add Five Properties to Recently Launched Joint Venture

by Nellie Day October 8, 2015

BEVERLY HILLS, CALIF. — Beverly Hills-based BIG Shopping Centers USA and RED Development have added five retail assets totaling 1.5 million square feet to their recently launched joint venture BIG RED Portfolio LLC. Acquired properties include Chandler Festival, a 494,858-square-foot power center, Chandler Village, a 296,460-square-foot power center and Chandler Gateway, a 261,678-square-foot power center, all located in Chandler, Arizona; One Pacific Place, a 91,143-square-foot outdoor shopping center located in Omaha, Nebraska; and Greenway Station, a 291,315-square-foot lifestyle center located in Middleton, Wisconsin.

October 8, 2015

Hawaii Retail Western

Six New Restaurants to Open at Ka Makana Ali’i in West Oahu

by Nellie Day October 8, 2015

KAPOLEI, HAWAII — Six new restaurants are set to open at DeBartolo Development’s Ka Makana Ali’i, a 1.4-million-square-foot regional mall currently under construction in Kapolei in West Oahu. Openings will include a 6,200-square-foot California Pizza Kitchen, Luibueno’s, Nagoya Ramen, Auntie Anne’s, Cinnabon and Gloria Jean’s Coffee. Phase I of the center is expected to open in late 2016.

October 8, 2015

California Hospitality Western

RLJ Lodging Trust Buys Residence Inn by Marriott in Los Altos for $70M

by Nellie Day October 7, 2015

LOS ALTOS, CALIF. — RLJ Lodging Trust has purchased Los Altos Hotel Associates LLC’s interest in the 156-room Residence Inn by Marriott in the Silicon Valley submarket of Los Altos for $70 million. The hotel is located at 4460 El Camino Real. The Residence Inn opened in 2000. It recently underwent a renovation that included upgrades to the public areas and guestrooms. The hotel caters to extended-stay travelers visiting nearby Palo Alto and Stanford University. Major corporate employers in the area include Hewlett Packard, VMware, SAP, Google, Intuit, Stanford University and Hospital and LinkedIn. Scott Griemsmann of Paramount Lodging Advisors represented the seller in this transaction.

October 7, 2015

California Office Western

Creative Office Campus in Costa Mesa Sells for $48M

by Nellie Day October 7, 2015

COSTA MESA, CALIF. — Steelwave & Goldman Sachs has purchased a 180,000-square-foot office campus in Costa Mesa for $48 million. The property is located at 3333 South Susan St. The seller, Emulex Corp., occupies the largest of the three buildings. The remaining two vacant buildings contain a total of 84,000 square feet that will be repositioned as creative office space. The site features 14.2 acres with 3.2 acres that can be used for future development. CBRE’s Paul Jones, Kevin Shannon, Gary Stache, Anthony Delorenzo and Blake Bokosky represented Emulex in the deal.

October 7, 2015

California Industrial Western

Lagunitas Brewing Leases Industrial Facility in Azusa

by Nellie Day October 7, 2015

AZUSA, CALIF. — Lagunitas Brewing Company has leased 254,840 square feet of industrial space in Azusa. The new space will be situated inside a speculative, three-building industrial business park located at 1207 – 1223 10th Street. The site offers easy access to Interstates 210, 605 and 5. The facility will serve as the company’s third production brewery, with an initial capacity of about 420,000 barrels per year. JLL’s Paul Sablock, Nicole Welch and Peter McWilliams represented both the landlord, Xebec, and Lagunitas in this lease transaction.

October 7, 2015

Arizona Multifamily Western

OpenPath Investments Purchases Ventana Palms Apartments in Phoenix for $8.5M

by Nellie Day October 7, 2015

PHOENIX — OpenPath Investments has purchased the 160-unit Ventana Palms Apartments in Phoenix for $8.5 million. The community is located at 7021 W. McDowell Road. It was built in 1989. OpenPath will invest $1.5 million in interior and exterior upgrades to the property.

October 7, 2015

Office Utah Western

DataMaster Buys Fairfield Crossing Building in Utah

by Nellie Day October 7, 2015

LAYTON, UTAH — DataMaster has acquired Fairfield Crossing Building, a 16,000-square-foot office building in Layton, for an undisclosed sum. The space was formerly a retail asset, but the real estate appraisal software company will house its sales and tech services at the property. It is situated just north of Salt Lake City. Chris Falk of Newmark Grubb ACRES represented DataMaster. Adam Hawkes of Mountain West Retail and Investment represented the undisclosed seller.

October 7, 2015

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