PHOENIX – A pair of warehouses that are situated just south of Phoenix Sky Harbor International Airport have sold to ViaWest Group for $6.3 million. The warehouses are located at 2950 E. Broadway Road. They contain 50,256 square feet and 44,838 square feet and are part of Broadway Crossing industrial park. Both buildings are fully leased. They were built in 2000. Matt McDougall of Lee & Associates represented both the buyer and seller, CNA Enterprises, in this transaction.
CARSON, CALIF. – AMPAM Parks Mechanical has purchased a 50,100-square-foot industrial building in Carson for $5.8 million. The facility is located at 17036 S Avalon Blvd. It served as the former headquarters of National Emblem. AMPAM plans to occupy the new facility later this year. The company was represented by Bart Pucci of Studley. National Emblem was represented by Greg Gill and Sean Lieppman of Lee & Associates – Long Beach.
LOS ANGELES – Trojan Fig Partners LLC has purchased 901 Bar & Grill, a popular restaurant near the USC campus in Los Angeles, for an undisclosed sum. The transaction included two buildings and three tenants: 901 Bar & Grill, Carl’s Jr. and El Pollo Loco, located at 2902, 2912 and 2904 South Figueroa Street, respectively. The seller, Figueroa Retail LLC, was represented by CBRE’s Chris Caras and Michael Shustak.
IRVINE, CALIF. – A 21,463-square-foot industrial building in Irvine has sold to RH Matthews LLC for $3.8 million. The building is located at 17752 Fitch Street. Jim deRegt, Jim Snyder and Pat Lacey of Lee & Associates – Newport Beach represented both the buyer and seller, MDG Real Estate, in this transaction.
BERKELEY, CALIF. – The 32-unit Courtyard Terrace Apartments in El Sobrante has sold to a limited liability company for $3.7 million. The community is located at 4200 Appian Way, just north of Berkeley. It was built in 1960 and renovated in 2010. The LLC was represented by Jon Holmquist of Marcus & Millichap’s San Francisco office. The seller, also an LLC, was represented by Vincent Schwab and Jon Holmquist of the same firm.
SAN FRANCISCO — HCP has broken ground on the first phase of The Cove at Oyster Point, a new life science development in South San Francisco. The 884,000-square-foot project will be located on Oyster Point Boulevard. The campus will contain seven buildings that range in size from 102,000 square feet to 158,000 square feet. It will also feature 5.5 acres of outdoor green space, an amenity center, and retail and hotel entitlements. The first phase will contain two buildings totaling 253,000 square feet. They are scheduled for completion in the third quarter of 2016. The Cove will be South San Francisco’s first ground-up, multi-tenant life science development in nearly a decade, according to CBRE life sciences experts Chris Jacobs and Rick Friday, who are serving as the project’s exclusive leasing agents.
DENVER — A joint venture between AB Real Estate Group and Sage Hospitality has acquired the TownePlace Suites Denver Portfolio for an undisclosed sum. The portfolio contains five properties throughout the Denver metro region, for a total of 584 rooms. Properties included in this acquisition are the TownePlace Suites Denver Downtown, the TownePlace Suites Denver West Federal Center, the TownePlace Suites Denver Southeast, the TownePlace Suites Denver Tech Center and the TownePlace Suites Boulder Broomfield. The hotels’ guestrooms and public spaces underwent significant renovations in 2013. The TownePlace Suites-branded properties are members of the Marriott franchise system. They will continue to be managed by Sage Hospitality. The sale was executed by JLL’s Mark Fair, Mark Fraioli and Chris Dewey.
FREMONT, CALIF. — Healthcare Realty Trust has acquired Civic Center Place, a 110,679-square-foot medical office building in Fremont, for $39.2 million. The center is located at 39141 Civic Center Drive. Civic Center Place was built in 1999. It is situated on 3.9 acres on the east side of the San Francisco Bay. The center was 98 percent leased at the time of closing. It is mostly occupied by healthcare-related tenants, as the center sits adjacent to the Washington Township Hospital Campus and Kaiser Permanente Fremont Medical Center. The facilities are situated along the future “Gateway” to the city’s downtown district. The transaction was executed by Marcus Muirhead, Greg Guglielmino and Steve Gonzalez of the Colliers Muirhead-Guglielmino-Gonzalez Investment Team. The seller was Berkeley Land Company.
PHOENIX — A partnership between Wood Partners and American Realty Advisors has acquired the 350-unit Pinnacle Towne Centre apartments in Phoenix for an undisclosed sum. The community is located at 1601 E. Highland Ave. The partnership plans to renovate the property into an upscale townhome community called Altera Highland. Altera Highland will include a luxury clubhouse, a fitness center and two resort-style pools with spas. The community fits with Wood’s strategy of acquiring and renovating well-located assets in growing markets. The seller, a REIT controlled by Essex Property Trust, was represented by Tyler Anderson of CBRE Group.
PORTLAND, ORE. — NBP Capital and Provenance Hotels have teamed up to develop a new hotel in Downtown Portland. The duo plan to invest $30 million to renovate two adjacent historic buildings they recently purchased on the corner of SW Alder and SW Park. The acquisition included the Woodlark Building, which was built in 1912, and the former Cornelius Hotel, built in 1908. The adaptive reuse will connect the two buildings, which have spaces for two food and beverage outlets. Both properties are listed on the National Register of Historic Places. The new lifestyle hotel will include 150 rooms. This is the first joint acquisition by NBP Capital and Provenance Hotels. NBP is the majority partner in the project. Developer Arthur Mutal has also invested alongside NBP and Provenance Hotels. This is Provenance’s fifth hotel project in Portland. The company owns the Westin Portland. It also owns and manages Portland’s Hotel Lucia, Hotel deLuxe and Sentinel, as well as Hotel Max and Hotel 1000 in Seattle, and Hotel Murano in Tacoma, Wash. Provenance will also manage this hotel when it opens in 2016. The new project will be designed by R&A Architecture & Design, Freier Architekt and MCA Architects.
