Western

McFadden Center in Santa Ana Sells for $30.7M

by Nellie Day January 16, 2015

SANTA ANA, CALIF. — Newport Asset Management Group has purchased McFadden Center, a 184,737-square-foot retail and office complex in Santa Ana, for $30.7 million. The center is located at 1714 East McFadden Ave. The center features 11 buildings occupied by 57 tenants. The buildings include two retail pads, one retail-in-line building with 18 suites and eight business park buildings with a total of 79 suites. McFadden Center is currently 98 percent occupied. Newport plans to renovate the center as part of its long-term hold strategy. The firm was represented by Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine. “McFadden Center was an attractive purchase because it offers excellent cash flow and diversified income stream from industrial, office and retail tenants alike in a central OC location,” Swanson says. The seller, Olen Properties, was represented by HFF’s Mike McCann, Ryan Gallagher and Dan Curtis.

January 16, 2015

Colorado Multifamily Western

Asher Investments Buys Alta Harvest Station Apartments in Broomfield

by Nellie Day January 16, 2015

BROOMFIELD, COLO. – Asher Investments has acquired the 297-unit Alta Harvest Station apartment community in Broomfield for an undisclosed sum. The community is located at the southeast corner of Wadsworth Boulevard and 118th Avenue. Alta Harvest was just completed in late 2014. It is currently 93 percent leased. The new development was modeled after the 280-unit Alta Aspen Grove in Littleton, which was also developed by Wood Partners. That property now operates as Berkshire Aspen Grove. Common-area amenities at Alta Harvest include a resort-style swimming pool, outdoor fireplace, lawn courtyard, dog park and wash, bicycle/ski repair shop, plaza with seating and water features, fitness center, yoga/serenity room and a business center. Wood Partners dedicated 1.4 acres of the site as public land. Part of this land was turned into a one-acre pocket park. A half-acre urban trail along the east and south edges of the development connects to the future light rail stop. It also created a pedestrian route that accesses the RTD Regional Transit Station at West 116th Avenue. Wood Partners acted as the general contractor on Alta Harvest, while Womack Hampton served as the architect.

January 16, 2015

California Office Western

Buchanan Street Buys Cornerstone Heights Corporate Center in San Diego

by Nellie Day January 16, 2015

SAN DIEGO — Buchanan Street Partners has acquired Cornerstone Heights Corporate Center, a 97,945-square-foot office property in the San Diego submarket of Sorrento Mesa, for $23.1 million. The two-building center is located at 5959 & 6059 Cornerstone West. The center is 91 percent leased to three tenants, including Konica Minolta, Verimatrix and Tillster. It was developed in 1987. Both buildings recently underwent significant renovations. The seller, a partnership between Lincoln Property Company and Artemis Real Estate Partners, was represented by DTZ’s Rick Reeder and Brad Tecca. The firm’s Brett Ward will lead the center’s leasing efforts.

January 16, 2015

Arizona Hospitality Western

HSL Properties Buys Hilton El Conquistador Resort in Tucson

by Nellie Day January 16, 2015

TUCSON, ARIZ. — HSL Properties has acquired the 432-room Hilton El Conquistador Golf & Tennis Resort and the El Conquistador Country Club for a reported $15 million. The asset is situated on two separate parcels that total 383 acres. The resort was originally constructed in 1982 as a Sheraton hotel. The hotel was Tucson’s first major resort to include more than 250 rooms. It was repositioned as a Hilton hotel in 2003. The hotel features more than 100,000 square feet of indoor and outdoor event space, along with Tucson’s largest golf and tennis facility. The property contains 45 holes of golf and 31 hard-surface tennis courts. The transaction included 18 acres of developable land on Oracle Road. HSL plans to invest about $16 million to rehabilitate the hotel. This work should take about 12 to 18 months to complete. The majority of the rehabilitation will occur over the slower summer months, HSL says. The firm has also begun the process of splitting the resort’s country club and 45-hole golf course. The town of Oro Valley plans to purchase these assets in a sale that is expected to close March 1. The town will then turn the 31,475-square-foot club building into …

January 16, 2015

Colorado Multifamily Western

Eastpointe Apartments in Boulder Sells for $18M

by Nellie Day January 15, 2015

BOULDER, COLO. – The 140-unit Eastpointe Apartments in Boulder has sold to Apartment Investment and Management Company (AIMCO) for $18 million. The community is located at 1500-1590 Eisenhower Drive. It was built in 1974. AIMCO was represented by Jacob Steele and Nick Steele in Marcus & Millichap’s Denver office.

January 15, 2015

California Retail Western

Shops at Camarillo Town Center Sells for $4.4M

by Nellie Day January 15, 2015

CAMARILLO, CALIF. – The Shops at Camarillo Town Center, an 8,000-square-foot retail center in Camarillo, has sold to YS Properties for $4.4 million. The center is located at 415 W. Ventura Blvd. It is fully occupied by Subway, T-Mobile, Lindora Weight Loss Center and Eyeglass Factory. The Shops is part of the larger Camarillo Town Center. This 457,128-square-foot power center is anchored by Home Depot, Target, BevMo, Ross and Walmart Neighborhood Market. YS Properties was represented by Connie Kim of Coldwell Banker Wilshire. The seller, a private Orange County investor, was represented by Chris DePierro and Jeff Conover of Faris Lee.

January 15, 2015

California Office Western

Tech Start-Up Wish Leases Office Space in San Francisco

by Nellie Day January 15, 2015

SAN FRANCISCO – A locally based tech start-up company called Wish has leased 54,501 square feet of office space in San Francisco. The Class A space is located at 1 Sansome Street. The mobile commerce platform is doing business as ContextLogic. The landlord is Prudential Real Estate Investors. Wish was represented by DTZ’s Jason Burch, Jim Chesler and Charlie Moore.

January 15, 2015

Arizona Multifamily Western

Glendale Shadows Apartments Sells for $4.9M

by Nellie Day January 15, 2015

GLENDALE, ARIZ. – The 138-unit Glendale Shadows Apartments has sold to Terra Vista Investments USA for $4.9 million. The community is located at 5902 W. Royal Palm Road. It was built in 1975 and boasts a current occupancy rate of 93 percent. The seller, Monterey Group, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.

January 15, 2015

Arizona Industrial Western

Zounds Leases Space at Galveston Tech Center in Chandler

by Nellie Day January 15, 2015

CHANDLER, ARIZ. – Zounds has leased 11,639 square feet of office space at Galveston Tech Center in Chandler. The Class A office-flex building is located at 6825 W. Galveston. The current lease brings the center’s occupancy rate to 92 percent. Zounds will be relocating its engineering, office and warehouse/shipping departments to this location to accommodate the company’s growth. Zounds was represented by Cory Sposi of Commercial Properties. The landlord, ViaWest Group, was represented by DTZ’s Mike Heanel, Andy Markham and Will Strong.

January 15, 2015

California Hospitality Western

AWH Partners, Starr Cos. Buys Los Angeles Marriott Burbank Airport

by Nellie Day January 14, 2015

LOS ANGELES — A joint venture between AWH Partners and Starr Companies has acquired the 488-room Los Angeles Marriott Burbank Airport for reported purchase price north of $100 million. The full-service hotel is located at 2500 North Hollywood Way, adjacent to Bob Hope Airport and Amtrak-Burbank Airport train terminal, in the Los Angeles submarket of Burbank. The Marriott-branded hotel recently underwent a $10-million renovation. It includes two towers, along with an adjacent conference center that features nearly 46,000 square feet of indoor/outdoor function space. Amenities include a fully equipped fitness center, business center, two heated outdoor pools, spa, a concierge lounge, and a restaurant with dine-in and in-room dining options. The seller, Westbrook Partners, was represented by HFF’s Scott Hall.

January 14, 2015

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