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.
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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.
SACRAMENTO, CALIF. — EL & EL Wood Products Corp. has acquired a 20-acre industrial site in Galt for an undisclosed sum. The site is located about 20 miles south of Sacramento. The mouldings and millwork products distributor plans to build a 220,000-square-foot wholesale distribution center for its line of moldings, doors and other building materials. The company currently manages 255 employees, along with its own fleet of trucks throughout California, Nevada and Arizona. The project is anticipated to bring 75 new jobs to the City of Galt. The new facility will be built by BCM Construction Co. Tom Manz & Associates, an affiliate of seller KMS Development, will serve as construction manager. EL & EL Wood was represented by Tommy Ponder of Cable & Kilpatrick. Matt Cologna, Bryce MacDonald and Dave Nicholson of Cushman & Wakefield’s Sacramento office represented the seller in this transaction.
LAKE FOREST, CALIF. – The 240-unit Ridgecrest Apartments in Lake Forest has received a $41-million refinance. The community is located at 21486 Lake Forest Drive. The loan carries a seven-year term and a 30-year amortization schedule, following a two-year interest-only period. Financing was secured by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s seller/servicer with Freddie Mac. The servicer agreed to fund a cash-out mortgage on a 1.25 debt coverage ratio with two years interest-only based on strong sponsorship and an infill Orange County location.
SAN DIEGO – The Conrad Prebys Trust has acquired the 150-unit Vista Lane Apartments in the San Diego submarket of Chula Vista for $19.4 million. The community is located at 1440 Second Ave., just north of Orange Avenue. Vista Lane enjoys close proximity to Broadway, the area’s dominant retail corridor, and to the Chula Vista Bayfront redevelopment project. The 500-acre master plan seeks to convert the underused bayfront landscape into a residential and resort destination. Christopher J. Zorbas of Marcus & Millichap’s San Diego office represented both the buyer and the seller, the Kreutzkamp Revocable 2000 Trust, in this transaction.
PHOENIX – The 236-unit Tuscany Pointe Apartments in Phoenix has sold to The Lodge Complex Tulsa LLC for $10.1 million. The community is located at 14830 North Black Canyon Highway, between the North Interstate 17/Deer Valley employment corridor and the Metrocenter Mall. It was developed by Lincoln Property Co. Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors represented both the buyer and the seller, Howe Group LLC, in this transaction.