LOS ANGELES — Laurus Corporation has acquired the 474-room Marriott Warner Center hotel in the Los Angeles submarket of Woodland Hills for an undisclosed sum. The 16-story, full-service hotel is located at 21850 Oxnard Street. The hotel is situated within the pre-planned Woodland Hills/Warner Center development, a corporate hub with more than 10.3 million square feet of office space. It is one of the largest office submarkets in the Greater Los Angeles area. Marriott Warner Center hotel also sits directly adjacent to the 614,400-square-foot Westfield Promenade mall and the 1.6-million square-foot Westfield Topanga Shopping Center.
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LOS ANGELES – Cotti Foods has received a $39.4-million loan to acquire 39 Wendy’s Restaurants throughout Los Angeles and Hawaii. Some of the funds will also be used to remodel existing units, as well as to develop new units. The acquisition includes 32 restaurants in the Greater Los Angeles market and seven in Hawaii. The restaurants were sold by Wendy’s International Inc. So far, the company has disposed of 418 Wendy’s restaurants across 13 U.S. markets. Most of these dispositions occurred out West. The loan was provided by GE Capital’s Franchise Finance business.
EL CAJON, CALIF. – El Cajon Senior Towers, an 89-unit affordable seniors housing complex, has received a $6-million loan. The complex is located at 180 Ballantyne Street in the San Diego submarket of El Cajon. It was built in 1981. The borrower is a private investor who specializes in owning and operating multifamily properties servicing families and seniors with lower incomes. The loan was arranged by Jeff Kearns and Kent Carpenter of Johnson Capital under the HUD/FHA’s 223(f) loan program. The program offers 35-year, fixed-rate mortgages at very low interest rates.
Due to its unique location and an economy pretty well recovered from the recession, Honolulu has experienced explosive growth in high-rise condo developments. These are exciting times for investors and developers of multifamily properties on the islands. Hawaii’s economy is finally on a positive growth trend for 2014. This is expected to continue into 2015 and beyond. The state’s economy relies heavily on conditions in the U.S. economy and key international economies, particularly Japan, which has experienced slow growth. Tourism in Hawaii is the No. 1 industry. Last year, it grew 4.8 percent, which resulted in more than eight million annual visitors. This is expected to taper to 3 percent in 2014. U.S real GDP is expected to increase by 2.4 percent in 2014 and 3 percent in 2015. In comparison, Hawaii’s economy is projected to show a 2.4 percent increase in 2014 and 2.2 percent in 2015. Hawaii’s unemployment rate is projected to be 4.2 percent in 2014, 4 percent in 2015 and 3.5 percent in 2017. The Honolulu Consumer Price index is expected to increase to 2.1 percent in 2014 and 2.5 percent in 2015. These are all positive signs. However, Hawaii suffers from a critical shortage of …
HOLLYWOOD, CALIF. — NeueHouse has leased 93,000 square feet of space at Columbia Square in Hollywood. The private membership collaborative concept signed a 15-year lease that will commence in the first quarter of 2015. This is the largest lease to be signed in Hollywood in more than five years, according to Kilroy Realty Corporation, which owns the building. NeueHouse will occupy the newly renovated Radio and Business buildings. These historic buildings anchor Columbia Square, which is a 680,000-square-foot, mixed-use project that will contain creative office, retail and residential components. The $400-million project is now underway on the site of CBS’ early 20th century broadcast facility on Sunset Boulevard. NeueHouse was represented by Steve Kolsky and Neal Golden of Newmark Knight Frank. Kilroy was represented by Carl Muhlstein of Jones Lang LaSalle.
LAS VEGAS — Century Park, a 114,402-square-foot office building in Las Vegas, has sold to Flaming Spencer Garden LLC for $4.3 million. The two-building, Class B property is located at 1771 E. Flamingo Road. It is situated near McCarran International Airport, the Las Vegas Convention Center and the Las Vegas Strip. The seller, Riversource REO 1 LLC, was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.
PLEASANTON, CALIF. – A 64,760-square-foot office building in Pleasanton has sold to 5100 VJ Franklin LLC for an undisclosed sum. The two-story building is located at 5100 Franklin Drive. It was built in 2001. The space was most recently occupied by Hitachi Data Systems. It will now serve as the corporate headquarters for an unnamed tenant. The LLC was represented by Rick Keely, Greig Lagomarsino and Brian Lagomarsino of Colliers International. The seller, Ellis Partners LLC, was represented by Ted Helgans, Jason Chandler, Ned Wood and Mark Triska of the same firm.
BEAVERTON, ORE. — Oregon Metropolitan Elite Gymnastics Academy (OMEGA) has leased 20,014 square feet at the Harvest Court Industrial building in Beaverton. The building is located at 9700 SW Harvest Court. OMEGA will occupy the space Aug. 1. The academy was represented by Ken Boyko of NAI Norris, Beggs & Simpson. The landlord, Lynch Properties LLC, was represented by Scott MacLean of the same firm.
SAN DIEGO – The 21-unit Bahia Vista Townhomes has broken ground in the San Diego submarket of Chula Vista. The community will be located less than a mile from the coastline, one block from the freeway entrance and one-half block from the Palomar trolley station. The one-acre parcel was acquired by Pathfinder Partners LLC last year. Bahia Vista is scheduled for completion next summer. Pathfinder provided the private equity, while Lanshire Housing Partners LLC is acting as developer. The community will be built by Lanshire Development and designed by Rodriguez Associates Architects and Planners.
BEVERLY HILLS, CALIF. – A 68,423-square-foot office building in Beverly Hills has received $25 million in financing. The Class A building is located at 315 South Beverly Drive. It is currently 95 percent occupied. The financing includes a $21-million first mortgage and a $4-million mezzanine loan. The non-recourse loan carries a 10-year term with five years interest-only and a fixed interest rate. The loans were provided by Lucent Capital.