LAS VEGAS — LBG Real Estate Cos. LLC, in partnership with Blue Vista Capital Management LLC, has sold the Southwest Marketplace retail property in Las Vegas for $30.4 million. Philips Edison acquired the property. Developed in 2007, the 115,720-square-foot shopping center is located at the intersection of Rainbow Boulevard and Windmill Lane. Smith’s Food and Drug, a wholly owned subsidiary of The Kroger Co., anchors the facility. The site also includes Smith’s Gas, as well as two pad sites for future development. LBG acquired the asset in July 2011, at which time the space was approximately 50 percent leased.
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PALO ALTO, CALIF. — Cohen Financial has arranged a $29.8 million loan for the refinancing of a 50,000-square-foot office building in Palo Alto. Located at 130 Lytton Ave., in proximity to Palo Alto Caltrain station, the four-story structure is fully leased to Amazon subsidiary A9. Paul Schroeder of Cohen Financial originated the fixed-rate, seven-year loan through Sun Life of Canada. According to the Silicon Valley Business Journal, Rockwood Capital purchased the asset in November 2013.
LONG BEACH, CALIF. — Meta Housing Corp. has broken ground on Long Beach & 21st Apartments, a $16.4 million, 41-unit seniors housing property in Long Beach. To be located at 2114 Long Beach Blvd., the affordable housing complex will offer one- and two-bedrooms residences for adults ages 55 and older. Amenities will include a community activity room, community kitchen, library and rooftop deck. Meta Housing is partnering with PATH Ventures in the development of the project. PSL Architects has designed the facility to achieve LEED Silver certification. Bank of America provided construction financing and equity for the project. Completion is slated for the summer of 2015.
COVINA, CALIF. — Argent Retail Advisors has arranged a 42,000-square-foot retail lease at Grand Covina Plaza in the Los Angeles suburb of Covina for Stater Bros. Supermarket. Constructed in 1956 and remodeled in 1992, the 112,000-square-foot Grand Covina Plaza houses tenants including Dollar Tree, KFC, 7-Eleven, H&R Block and RadioShack. Stater Bros. Supermarket will occupy space previously leased by Albertsons and is set to move in during the fourth quarter. Terry Bortnick of Argent Retail Advisors represented the property owner, locally based Grand Covina Plaza LLC, in the 15-year lease agreement.
NEWARK, CALIF. — Hilton Worldwide and DoubleTree by Hilton have opened the 315-room DoubleTree by Hilton Newark-Fremont in the East Bay. The hotel is located at 39900 Balentine Drive. It is situated off Interstate 880 in the East Bay/Silicon Valley area between Oakland and San Jose. The property is owned by SM Broadway Corporation and managed by Hotel Managers Group.
DENVER – A 1.1-acre site at the corner of 18th and Wewatta in the Central Platte Valley area near Denver has sold to Portman Holdings for $10.8 million. The site is across the street from the newly renovated Union Station, which will open this July. Portman is partnering with Hensel Phelps Development Group to develop 200,000 square feet of office space, which will include retail and hotel components.
NEWPORT BEACH, CALIF. — Buchanan Street Partners has acquired WorkScapes, an 82,660-square-foot creative office campus in Newport Beach, for $14.5 million. The six-building campus is located at 20321-20371 Irvine Ave. Notable tenants include the Newport Beach Chamber of Commerce, Life Generations Health Care and P11 Creative Inc. The seller, Hackman Capital Partners, was in the process of converting the campus into a creative office space at the time of sale. Buchanan plans to complete the repositioning. Hackman was represented by CBRE’s Gary Stache, Pat Scruggs and Anthony DeLorenzo. The firm’s Simon Dillon, Justin Hill and Jason Katz will also handle the campus’ leasing efforts.
HOLLYWOOD, CALIF. — Catalina Bar & Grill has signed a 15-year lease for its 9,000-square-foot space in Hollywood. The lease renewal is valued at $5.5 million. The space is located at 6725 Sunset Blvd. It is situated on the ground floor of a 73,000-square-foot creative office building that houses several music industry tenants, including Native Instruments and A.M. Only. The dining and entertainment venue was represented by Bruce Stratton of Entertainment Real Estate Services. The landlord, Crown Sunset Associates LLC, was represented by John Tronson and Christopher Bonbright of Avison Young.
WAILUA, HAWAII — Coco Palms Hui LLChas entered into a management agreement with an affiliate of the Hyatt Hotels Corporationto manage the 363-room Coco Palms Resort on Kauai. The resort is located in Wailua, on the eastern coast of Kauai. It will continue to operate as the Coco Palms Resort under the Hyatt umbrella. The resort has been shuttered since 1992 when it was damaged by Hurricane Iniki. The Coco Palms is set to undergo a major revitalization next year, with a re-opening date scheduled for early 2017. The property was originally constructed in 1953. It was made famous in 1961 when the movie “Blue Hawaii” was filmed on its grounds – the same grounds that were once home to Kauai’s last reigning queen, Queen Deborah Kapule Kekaiha`akulou. The resort’s redevelopment plan will preserve the original footprint of the property and its signature lagoon. The new efforts will also include an on-property community center that will highlight the cultural significance of the site, as well as the area’s native culture, history and arts.
LOS ANGELES — DivcoWest has acquired the Continental Grand Plaza, a 483,000-square-foot office complex in the Los Angeles submarket of El Segundo, for an undisclosed sum. The two-building, Class A complex is located at 300-400 Continental Blvd., less than 3 miles from Los Angeles International Airport. DivcoWest recently purchased Gateway El Segundo, a five building office and retail portfolio just a block from Continental Grand, this past April. The privately owned real estate investment firm believes this area is “becoming a key Los Angeles growth market for media and technology-related companies,” according to its transaction announcement.