TACOMA, WASH. – The 35-unit Hannah Heights condominium development in Tacoma has sold to Pathfinder Partners LLC for an undisclosed sum. The building is located at 415 6th Ave. in the city’s downtown area. It was built in 2007 and is fully leased. Hannah Heights will continue to operate as a rental community for the immediate future while Pathfinder completes several common-area improvements. The company acquired the property through a court-appointed receivership sale from a regional bank.
Western
SAN FRANCISCO – A 305,260-square-foot office building in San Francisco has received $120 million in financing. The waterfront building is located at 500 Terry A. Francois Blvd. in Mission Bay. It is situated near the 3rd Street Light Rail, and sits adjacent to the site of the future arena for the NBA’s Golden State Warriors. Major tenants at the building include Cisco, Wix and Cengage. An affiliate of the Sobrato Organization acquired the building in May 2011. The loan features a 15-year term and 30-year amortization schedule. It was arranged by Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office through the firm’s correspondent relationship with Allianz Real Estate of America LLC.
FREMONT, CALIF. — Ashford Hospitality Trust has acquired the 357-room Fremont Marriott Silicon Valley hotel for a reported $50 million. The hotel is located at 46100 Landing Parkway in the Silicon Valley submarket of Fremont. The hotel also contains 15,000 square feet of meeting space spread throughout 19 flexible meeting rooms. It will be managed by Remington Lodging. Cushman & Wakefield Global Hospitality served as the exclusive advisor to AIG. The team also served as exclusive advisor to AHT in arranging the $37.5-million financing for the hotel’s acquisition. The floating-rate loan was provided by a money center bank. Daniel MacDonnell, James Escarzega and Steve Michels served as advisors to AIG in the sale. MacDonnell and Michels also served as advisors to AHT in the acquisition’s financing.
PALO ALTO, CALIF. – Pacific Urban Residential has received $31 million in acquisition financing for the 90-unit Park Towers apartment complex in Palo Alto. The community is located at 535 Everett. It is walking distance to University Avenue and Stanford University. The six-story apartment building was originally developed in 1964. Park Towers’ amenities include subterranean parking, pool and a fully equipped gym. The first-mortgage financing was provided by Mesa West Capital. Mesa West also provided a $20.4-million, first-mortgage loan to California Landmark Group for the acquisition and repositioning of the 80-unit Woodlark Apartments in Larkspur. The 11-building complex is located at 965 Magnolia Ave. It was built in 1962. The sponsor plans to utilize a portion of the loan proceeds on renovations and improvements. This will include new appliances, cabinets, laminate flooring, paint, stone countertops, and the installation of washers and dryers in each unit, as well as a new gym and leasing office.
LOS ANGELES – A local private investor has acquired a 186,000-square-foot creative office building in Downtown Los Angeles for $19 million. The 12-story building is located at 155 W. Washington Blvd. The structure was originally built in 1927. It was renovated in 2010. The building currently boasts a 97 percent occupancy rate. It enjoys high visibility from the 110 and 10 freeways. The buyer was represented by Emil Golub of Fortune Investments. The seller, West Washington Properties LLC, was represented by John Anthony and Christopher Steck of Charles Dunn Company.
LAS VEGAS — Escondido Industrial Park, a 153,000-square-foot distribution and warehouse facility in Las Vegas, has sold to a private partnership for $7.3 million. The facility is located south of McCarran International Airport. Notable tenants at the park include Konami Gaming, G-Tech and Absolute Exhibits. The facility recently underwent a major renovation. The buyer was represented by Las Vegas Realty. The seller, CIP Real Estate, was represented by Brian Riffel of Colliers International.
Investor money has returned to the industrial market in Las Vegas. Compressing cap rates continue to result in rising values on properties even in the hardest-hit areas of Las Vegas. Couple that with limited available industrial product, and the result is the need for today’s buyers to act quickly and competitively if they want to acquire quality properties that will deliver attractive yields. MCA Realty initially entered the Las Vegas market in mid-2011 to acquire incubator/mid-bay, multi-tenant industrial properties significantly below replacement cost. Since that time, the firm has seen a substantial shift in the number of buyers competing for this product type in this market. This increasing competition will continue to drive values up, and investors will need to rely even more heavily on their local brokerage relationships to make deals work. On the leasing side, vacancy rates continue their downward trend. Occupancy is up on all industrial product types, and confidence from business owners continues to rise. The result is increased stabilization throughout the market. A key component driving the tenant demand for multi-tenant industrial is the resurgence of hotel construction and renovation in the works on the Las Vegas Strip. This activity has created a surge of …
SAN DIEGO – A 12,907-square-foot office property in the San Diego submarket of Cardiff-By-The-Sea has sold to a private, local individual for $8 million. It is located at 131 Aberdeen Drive. The building is fully occupied by GoPro. The digital imagingcompany has resided at the building since 2011. It recently signed a new five-year, triple-net lease for the space. The unnamed seller was represented by CBRE’s Paul Lafrenz, Melissa Foster and Chris Pascale.
SAN DIEGO – A 56,386-square-foot industrial building in Poway has sold to a local investment firm for $6.1 million. The building is located at 12250 Kirkham Road in the San Diego submarket. The seller, Atomic Investments, was represented by Brian Mulvaney and Josh West of Voit Real Estate Services’ San Diego office.
DENVER — Grandbridge Real Estate Capital has opened a new regional office in Denver. It will be managed by senior vice president John M. Stewart. Penny A. Newton has also joined the team as vice president. Grandbridge is a full-service commercial and multifamily finance provider. It is headquartered in Charlotte, N.C., where it finances all types of income-producing properties. Grandbridge is a subsidiary of Branch Banking and Trust Company (BB&T).