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.
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LAGUNA HILLS, CALIF. — Alicia Office Park, an 86,360-square-foot office campus in Laguna Hills, has received a $10-million bridge loan. The park is located at 25201, 25231 and 25241 Paseo de Alicia. The property contains three separately parceled office buildings that were developed in 1979 and renovated in 2008. The loan included an initial $7.5 million, along with an additional $2.4 million structured as a holdback for future tenant improvements, leasing commissions and capital expenditures. The park is currently 61 percent occupied. This rate will decrease to about 35 percent occupancy, however, when a large tenant lease expires this summer. The debt was structured around this decrease in occupancy. The loan was arranged by Steve Tucci and Shaun Moothart of CBRE’s Debt and Structured Finance team through a debt fund.
SPOKANE, WASH. — A 51,758-square-foot retail property in Spokane has sold to AB Management LLC for $7.5 million. The center is located at 7630 N. Division. Notable tenants include Michaels Arts and Crafts and Cash and Carry. John Hillier and Cory Barbieri represented both the buyer and sellers, TCRC Properties One LLC and Triple C Properties Two LLC, in this transaction. The duo will continue to manage the property.
MONTEREY, CALIF. — William “Bill” Grimm has been promoted to Chief Operating Officer of the Cannery Row Company, a commercial development firm in the Monterey Peninsula area. Grimm previously served as executive vice president of real estate leasing and acquisitions. He joined the company in 2001 from Gloria Jean’s Coffees where he was an officer and the vice president of global development. The Cannery Row Company also operates in Northern California.
SAN DIEGO – A 15,400-square-foot parcel of land in the San Diego submarket of La Jolla has sold to SARE Investments (c/o Colrich) for $2.9 million. The parcel is located at 5702 La Jolla Blvd., in the Bird Rock neighborhood. The buyer plans to develop a high-end mixed-use project on the site. It will feature ocean-view condominiums, 5,500 square feet of ground-floor retail and a rooftop deck. The property had been fully entitled by the seller, the Krambs Family Trust. The off-market transaction was executed by Victor Krebs of Colliers International.
SAN FRANCISCO – Chinese developer Kylli Inc. has acquired the 583,000-square-foot office building at 225 Bush Street in San Francisco’s Central Business District. This is the largest office sale in San Francisco since 2012, according to Flynn Properties and GEM Realty Capital, two of the building’s owners. The Class A building was originally the headquarters for Standard Oil when it was built in 1922. The 22-story tower is currently 99 percent leased. Notable tenants include Lithium Technologies, Groupon, Zillow, Twitch.tv, Meltwater and RocketSpace. Flynn and GEM originally purchased the building in 2000. The joint venture owned the building with partner Whitehall-Goldman Sachs until 2005. In 2012, the JV partnered with SEB ImmoInvest on the building. GEM and SEB sold their entire stakes in 225 Bush Street as part of the sales transaction. Flynn will remain as an investor in the new joint venture. It will also act as the property manager and leasing agent for 225 Bush Street. JLL identified Kylli as Flynn’s new joint venture partner. The firm also provided support on this cross-border transaction.
SAN FRANCISCO — Pebblebrook Hotel Trust has acquired the 160-room Prescott Hotel in San Francisco for $49 million. The hotel is located on Post Street, just one block from Union Square. It also enjoys close proximity to the Moscone Convention Center, the Powell & Market cable car turntable and the Westfield San Francisco Centre. The Prescott Hotel contains two buildings. The 96-room, seven-story building is located at 545 Post Street. Pebblebrook will own a fee-simple interest in this property. The company will own a leasehold interest in the second building, which contains 64 rooms on floors three through seven. That building is located at 555 Post Street. There is 75 years remaining on that lease, which expires in 2089. The former building was originally built in 1913 as the Cecil Hotel, while the latter building was constructed in 1922 for the Union League Club. Both buildings were renovated, repositioned and reopened as the Prescott Hotel in 1989. Pebblebrook also plans to renovate and reposition the property sometime between 2015 and 2016. The hotel’s design will be overseen by Dawson Design Associates. Kimpton will continue to manage the property. This is Pebblebrook’s sixth investment in San Francisco. The Prescott Hotel operated …
FORT COLLINS, COLO. — Mountain View Capital has acquired the 240-unit Terra Vida apartments in Fort Collins for $39 million. The community was built in 2012 at 3707 Precision Drive. It was 96 percent occupied at the time of closing. Terra Vida enjoys close proximity to Colorado State University, as well as some of the area’s major employers that are located along East Harmony Road. They include Agilent Technologies, HP, Intel, Poudre Valley Health Systems and Wolf Robotics. ARA Colorado’s Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment represented the seller, Milestone Development Group LLC and its partner, Les Kaplan, in this transaction.
FLAGSTAFF, ARIZ. – Clear Sky Summit has acquired the 168-unit Timberline Village Apartments in Flagstaff for $22.2 million. The community is located at 4255 East Soliere Ave. It sits adjacent to the Continental Country Club’s golf course. The Class A luxury apartment community was built in 1997. Rents range from $875 for a one-bedroom, one-bathroom, to $1,350 for a three-bedroom, two-bathroom unit. Clear Sky Capital was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley. The seller was Bassham Trust’s Timberland Village I & II LLC.
Virtú Investments has acquired the 112-unit Hillcrest Apartments in Durango for $14.5 million. The community is located at 1000 Goeglein Gulch Road. That property was 92 percent occupied at the time of closing. ARA Colorado’s Terrance Hunt, Shane Ozment and Andy Hellman represented the seller, Butte Companies, in this transaction.