Western

HCP Breaks Ground on Phase I of The Cove at Oyster Point in San Francisco

by Nellie Day February 6, 2015

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.

February 6, 2015

Colorado Hospitality Western

AB Real Estate, Sage Buy TownePlace Suites Denver Portfolio

by Nellie Day February 6, 2015

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.

February 6, 2015

California Office Western

Civic Center Place in Fremont Sells for $39.2M

by Nellie Day February 6, 2015

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.

February 6, 2015

Arizona Multifamily Western

Wood Partners, American Realty Advisors Purchases Pinnacle Towne Centre in Phoenix

by Nellie Day February 6, 2015

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.

February 6, 2015

Hospitality Oregon Western

NBP Capital, Provenance Hotels Team to Develop New Hotel in Portland

by Nellie Day February 6, 2015

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.

February 6, 2015

California Industrial Western

Rexford Industrial Buys Miramar Industrial Building for $18.4M

by Nellie Day February 5, 2015

SAN DIEGO – Rexford Industrial has acquired a 112,500-square-foot industrial complex in the San Diego submarket of Miramar for $18.4 million. The five-building complex is located at 8902-8940 Activity Road. It is currently 92.5 percent occupied.

February 5, 2015

California Office Western

Calabasas Office Building Sells for $4.4M

by Nellie Day February 5, 2015

CALABASAS, CALIF. – A 19,000-square-foot office building in the Los Angeles submarket of Calabasas has sold to SDK Properties for $4.4 million. The building is located at 24003 Ventura Blvd. It was 90 percent occupied at the time of closing. SDK Properties was represented by Mitchell Stokes of Madison Partners. The seller was Calabasas Storage LLC.

February 5, 2015

Colorado Multifamily Western

Castle Court Apartments in Castle Rock Sells for $3.3M

by Nellie Day February 5, 2015

CASTLE ROCK, COLO. – The 34-unit Castle Court Apartments in Castle Rock has sold to an unnamed buyer for $3.3 million. The community is located at 7 & 19 N Cantril Street, just southeast of Denver. The two buildings contain 17 units each. They were built in 1980 and 1985, respectively. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and local seller in this transaction.

February 5, 2015

California Multifamily Western

Orlando Woods Apartments in San Diego Sells for $2.4M

by Nellie Day February 5, 2015

SAN DIEGO – The 28-unit Orlando Woods apartments in the San Diego submarket of El Cajon has sold to Ambient Communities for $2.4 million. The community is located at 265-67 Orlando Street. Peter Scepanovic and Corey McHenry of Colliers International Multifamily Advisory Group represented both Ambient and the seller, Strykowski Trust, in this transaction.

February 5, 2015

Office Washington Western

DiscoverOrg Leases 27,043 SF of Office Space in Vancouver

by Nellie Day February 5, 2015

VANCOUVER, WASH. – DiscoverOrg has leased 27,043 square feet of office space in Vancouver. The space is located at the 805 Broadway Building in the city’s downtown region. It was formerly occupied by CenturyLink. The sales and marketing intelligence data provider was represented by Rich Sabel and Tim Pfeiffer of Norris & Stevens. The landlord, Schlesinger Companies, was represented by Doug Bartocci and Tamara Fuller of Norris Beggs & Simpson, NAI.

February 5, 2015

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