Western

Lakeview Apartments in Westminster Receives $26.3M in Financing

by Nellie Day February 20, 2015

WESTMINSTER, COLO. — The 504-unit Lakeview Apartments in Westminster has received $26.3 million in financing. The community is located at 3701 West 68th Ave., about 10 miles north of Downtown Denver. Lakeview Apartments is situated at the intersection of West 68th Avenue and Lowell Boulevard. It is within three blocks of an upcoming light rail station. The fixed-rate loan features a 10-year term with three years interest-only. The securitized loan contains a 3.65 percent interest rate. Acquisition financing was arranged by HFF’s Brock Yaffe and Kristian Lichtenfels through the firm’s Freddie Mac Program Plus Seller/Servicer program. The loan was arranged on behalf of BMC Investments.

February 20, 2015

Hospitality New Mexico Western

WR Management Debuts GuestHouse International Inn & Suites Albuquerque Airport

by Nellie Day February 20, 2015

ALBUQUERQUE, N. MEX. — WR Management Co. has opened the new 80-room GuestHouse International Inn & Suites Albuquerque Airport. The hotel is located at 2601 Mulberry South East. The property has been recently upgraded and renovated. The hotel is situated near the University of New Mexico, Old Town Albuquerque and Albuquerque International Sunport Airport. The hotel also offers complimentary shuttles to the airport. The hotel features free wireless Internet access, complimentary hot breakfast and a kids-stay-free policy. GuestHouse International is part of the Boomerang Hotels property group.

February 20, 2015

California Retail Western

Phillips Edison Grocery Center REIT II Buys North Point Landing in Modesto

by Nellie Day February 20, 2015

MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has purchased North Point Landing, a 152,769-square-foot shopping center in Modesto, for an undisclosed sum. The center is located at 3848 McHenry Ave. North Point is anchored by Walmart Supercenter. Other notable tenants include GNC, T-Mobile, the UPS Store, Allstate and Round Table Pizza. Phillips Edison Grocery Center REIT II is a public, non-traded REIT that seeks to acquire and manage well-occupied, grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services. It looks for properties in strong demographic markets throughout the U.S. It currently owns and manages an institutional-quality retail portfolio with 22 grocery-anchored shopping centers totaling 2.5 million square feet.

February 20, 2015

California Industrial Western

JC Paper Extends Lease for Warehouse Space in Fremont

by Nellie Day February 19, 2015

FREMONT, CALIF. – JC Paper has signed a 10-year lease extension for 214,809 square feet of warehouse space in Fremont. The space is located at 47422 Kato Road. The Kato Road complex was built in 1997. JC Paper was represented in-house by Mark Clarke. The landlord, Westcore Properties, was represented by its own Meghan Sandlin.

February 19, 2015

California Office Western

Santa Ana Office Building Sells for $12.7M

by Nellie Day February 19, 2015

SANTA ANA, CALIF. – A 152,705-square-foot office building in Santa Ana has sold to Small Giant for $12.7 million. The nine-story building is located at 1200 North Main. It was 55 percent leased at closing. The property was built in 1971 and renovated in 1997. The seller, Positive Investments, was represented by Dan Vittone and Alan Pekarcik of Avison Young.

February 19, 2015

California Industrial Western

Lincoln Property Company Buys Carlsbad Office Park

by Nellie Day February 19, 2015

CARLSBAD, CALIF. – Lincoln Property Company has purchased a 68,392-square-foot R&D/office park in Carlsbad for $11.9 million. The park is located at 5993 and 5999 Avenida Encinas. It was 80 percent occupied at the time of purchase. This is Lincoln’s fourth purchase in North County over the past year. Rick Reeder and Aric Stark of DTZ represented both the buyer and unnamed seller in this transaction.

February 19, 2015

Office Utah Western

Traeger Wood Pellet Grills Leases Space in Salt Lake City

by Nellie Day February 19, 2015

SALT LAKE CITY – Traeger Wood Pellet Grills has leased 28,740 square feet at Wilmington Gardens in the Salt Lake City submarket of Sugar House. The new mixed-use project will be located at 1215 East Wilmington Ave. It will contain 75,000 square feet of office and 25,000 square feet of retail, in addition to 100 condo and apartment units. It is expected to be completed this March. The developer is Wilmington Gardens Group, a partnership between Woodbury Corporation, Colmena Group and Dee’s Inc. Traeger was represented by Aaron Jones of Newmark Grubb Acres.

February 19, 2015

California Retail Western

Ramon Plaza in Los Angeles Sells for $9.1M

by Nellie Day February 18, 2015

LOS ANGELES – Ramon Plaza, a 70,131-square foot retail property in the Los Angeles submarket of Cathedral City, has sold to an unnamed buyer for $9.1 million. The three-building property is located at 68100 Ramon Road. It contains a mix of medical, retail and office uses. The seller, a private investor, was represented by Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office.

February 18, 2015

Hospitality Washington Western

Provenance Hotels, NBP Capital to Buy the Roosevelt Hotel in Seattle

by Nellie Day February 18, 2015

SEATTLE — Provenance Hotels and partner NBP Capital have agreed to purchase the 151-room Roosevelt Hotel in Seattle for an undisclosed sum. The hotel is located at intersection of 7th Avenue and Pine Street in the city’s Downtown region. The Roosevelt Hotel is situated across from the Washington State Convention Center, near the Central Business District, Pike Place Market and the waterfront. Provenance Hotels had owned the property with the seller, North Coast Washington LLC, since 1985. The property will continue to be affiliated with Coast Hotels for the next 60 days until Provenance Hotels assumes management. Provenance Hotels and NBP Capital are both headquartered in Portland, Ore. They are equal partners in the acquisition. The partners plan to bring a marquee restaurant to the Roosevelt Hotel, which originally opened in 1930. The pair also purchased the historic Woodlark and Cornelius buildings in Downtown Portland earlier this month.

February 18, 2015

California Office Western

Meridian Provides $35M in Financing for San Francisco Office, Retail Property

by Nellie Day February 18, 2015

SAN FRANCISCO — Meridian Capital Group has provided $35 million in acquisition financing for an office and retail property in San Francisco. The 46,000-square-foot property is located at 166 Geary Street in the city’s Union Square area. The loan was provided to The Jackson Group, Sun Equity Partners and Concord Real Estate. The 36-month, floating-rate mortgage was structured to accommodate the sponsors’ unique business plan. The borrowers plan to separate the asset into two commercial condos post-closing by pre-allocating $25 million to one portion of the asset and $10 million to the remainder. Financing was provided by a national balance sheet lender. It features full-term, interest-only payments. The loan was arranged by Shaya Ackerman and Moshe Majeski of Meridian Capital Group.

February 18, 2015

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