SCOTTSDALE, ARIZ. – A 31,427-square-foot development site in Scottsdale has sold to Deco Acquisitions (dba Deco Communities) for $4 million. The 0.72-acre site is located at 4422 N. 75th Street. Deco Communities plans to develop the 90-unit Envy luxury condominium complex on the site. It will partner with Isles Ranch Partners on this project. The unnamed seller was represented by David Fogler, Steven Nicoluzakis and Don Arones of Cassidy Turley.
Western
LONG BEACH, CALIF. – A retail building in Long Beach that is occupied by a CVS store has received $2.7 million in refinancing. The store is located at 1250 E. Pacific Coast Highway. The loan features a 10-year term and a 25-year amortization schedule. It was arranged by Doug Austin of NorthMarq Capital’s San Diego office through the firm’s relationship with a correspondent life company.
LONG BEACH, CALIF. — Parallel Capital Partners has acquired Shoreline Square, a 383,652-square-foot office tower in Long Beach, for $101.7 million. The Class A office tower is located at 301 East Ocean Blvd. It is part of a master-planned, mixed-use development within the city’s Central Business District. Shoreline Square is currently 90 percent leased. Notable tenants include General Services Administration U.S. Customs office, Comerica bank, Tidelands Oil (Oxy), Department of Defense offices and UBS Financial Services. The tower currently holds a LEED-Silver designation. It was renovated in 2008, and is expected to achieve LEED-Gold certification later this year. Parallel Capital Partners represented itself in this transaction, while the seller, Guggenheim Real Estate, was represented by CBRE’s Kevin Shannon.
LOS ANGELES – Blackstone has acquired the National Upscale Select Service Portfolio, which includes 15 hotels along the east and west coastlines, for an undisclosed sum. The portfolio contains seven California-based hotels, including the 125-roomHampton Inn & Suites Thousand Oaks; the 143-room Hyatt Place Los Angeles/LAX/El Segundo; the 128-room Residence Inn Camarillo; the 132-room SpringHill Suites Irvine John Wayne Airport Irvine/Orange County; the 112-room Residence Inn San Diego North /San Marcos; the 119-room Homewood Suites Fresno and the 118-room SpringHill Suites Fresno. It also contains hotels in Alabama, Florida, Virginia, Connecticut, Pennsylvania and Maryland. All hotels are under the Hilton, Hyatt or Marriott branding. Most are less than five years old, and many feature amenities like sundry shops, fitness centers, outdoor patios and business centers. The seller, OTO Development LLC, was represented by Mark Fair, Al Calhoun and Samantha Fisher of JLL’s Hotels & Hospitality Group.
HONOLULU, HAWAII — Johnny Rockets and Fun Foods LLC have signed an area development agreement to bring Johnny Rockets restaurants to Hawaii and Guam. Fun Foods LLC is a sister company of the Fernandez Entertainment group, which operates E. K. Fernandez Shows and Fun Factory. Fun Factory operates family entertainment centers on Oahu, Maui, the Big Island and Kauai. E. K. Fernandez Shows is a locally owned, third-generation family business that provides carnival, fair and circus attractions in Hawaii. Pacific Business Newsnotes Johnny Rockets is targeting locations in Waikiki and Ala Moana Center, among others. It has also been in talks with Fun Factory to open restaurants either adjacent to or inside the family entertainment centers, though nothing has been decided yet.
CHANDLER, ARIZ. – W. P. Carey Inc. has acquired a 183,000-square-foot office building in Chandler for $43.1 million. The Class A building is located at 2700 Frye Road. The facility is leased to QBE Holdings for 10 years. It serves as the company’s West Coast regional headquarters. Neil Glassmoyer, Tivon Moffitt and Peter Bauman of Colliers International in Greater Phoenix represented both the buyer and the seller, Regent Properties, in this transaction.
CARLSBAD, CALIF. – A 106,311-square-foot industrial building in Carlsbad has sold to 2270 Camino LP for $9.5 million. The building is located at 2270 Camino Vida Roble. The buyer is an entity of Lincoln Property Company. Aric Starck of Cassidy Turley represented both the buyer and the seller, 2270 Camino Vida Roble LLC, an entity of the Gilbert J. Martin Foundation, in this transaction.
SAN DIEGO – A 42,973-square-foot Albertsons supermarket in Downtown San Diego has received $12.7 million in financing. The supermarket is located within the East Village neighborhood. It occupies the ground floor of a seven-story, mixed-use development that includes a 229-unit luxury apartment complex. Financing was arranged by Jamie Dick and Jay Dick of Newmark Realty Capital’s San Diego office. The borrower was a Southern California-based investment management company. The lender is an East Coast based bank.
SAN LUIS OBISPO, CALIF. — The Village at Nipomo, a 37,939-square-foot retail center in the San Luis Obispo suburb of Nipomo, has received $8.4 million in acquisition financing. The center is located on West Tefft Street, one block west of Highway 101. It was fully leased to 15 tenants, including Starbucks, Wells Fargo, a day spa, an antique store, a real estate office, a pizza parlor, a pet supply store and a dry cleaner. The 10-year, fixed-rate loan has a 30-year amortization schedule. The loan was originated by Don Burnes of Johnson Capital. The principals of the newly formed borrowing entity operate a real estate investment firm based in the San Francisco Bay Area.
SAN DIEGO — Fieldstone Plaza, a 44,307-square-foot office building in the San Diego submarket of Sorrento Mesa, has sold to TA Associates Realty for $9.4 million. The building is located at 5465 Morehouse Drive, near the Interstate 805/Mira Mesa Boulevard interchange. It was built in 1986. Fieldstone Plaza is currently 92 percent occupied. The unnamed seller was represented by Louay Alsadek, Evan August, Hunter Rowe and Brad Black of CBRE Institutional Investment Properties team.