BETHESDA, MD. — LaSalle Hotel Properties has sold 7.6 million shares of common stock to Barclays, Deutsche Bank Securities and Morgan Stanley for $40.30 per share. LaSalle will use the net proceeds from this underwritten public offering to fund three hotel acquisitions out West. Though the properties were not named, LaSalle noted the hotels were located in San Francisco, Los Angeles and Portland, Ore. They will be purchased for a total of about $500 million. The company will also use some of the proceeds to reduce the amount of its outstanding $750-million senior unsecured credit facility, as well as for general corporate purposes. Barclays, Deutsche Bank Securities and Morgan Stanley are acting as the offering’s underwriters. LaSalle has also granted the underwriters an option to purchase up to 1.14 million additional shares. Bethesda, Md.-based LaSalle Hotel Properties is a multi-operator REIT that owns 44 hotels. The portfolio contains a total of 11,100 guest rooms in upscale, full-service hotels throughout 13 markets in nine states and the District of Columbia. LaSalle specializes in the ownership, redevelopment and repositioning of upscale, full-service hotels in urban, resort and convention markets.
SAN JOSE, CALIF. — KBS Capital Advisors has purchased Ten Almaden, a 309,255-square-foot office building in San Jose, for a reported $116.7 million. The Class A office tower is located at its namesake, 10 Almaden Blvd. Ten Almaden is situated near the San Jose Diridon Transit Station, which is serviced by Caltrain, Amtrak, ACE commuter rail, VTA light rail, bus lines and the planned California High-Speed Rail that will connect downtown San Jose to San Francisco and the peninsula. It is also near San Jose’s Norman S. Mineta International Airport, Interstates 280, 680, 880, US 101, and Highways 87 and 17. The LEED-Gold-certified office tower was built in 1988 and renovated in 2010. It features a three-story atrium and lobby, fitness center with outdoor pool, sauna, showers, a six-level parking structure and a café. Ten Almaden is currently 89 percent leased. Notable tenants include Citibank, Comcast, Robert Half International, Rosetta Marketing Group and Turner Construction Company. The seller, Equity Office Properties, was represented by HFF’s Steven Golubchik, Michael Leggett and John Simerlein.
UNION CITY, CALIF. — Terreno Realty Corporation has acquired Central Plaza, a 170,129-square-foot industrial complex in the San Francisco Bay Area submarket of Union City, for $23.8 million. Terreno is also under contract to acquire Central Pacific, an adjacent industrial project that is currently under construction, for $37.2 million. The three-building, Class A Central Plaza is located at 33306-33580 Alvarado Niles Road. It recently received an upgrade to its exterior façade, asphalt, roof and HVAC system. Central Plaza is currently 99 percent leased. Notable tenants include Strapack, CoreMark and Phillips Delivery. The four-building, 300,000-square-foot Central Pacific is scheduled for completion next March. The Class A project is being developed by Westcore Properties, which was also the seller of Central Plaza. Kevin Hatcher and Mark Maguire of Colliers International represented both Westcore Properties and Terreno Reality Corporation in these transactions.
MESA, ARIZ. — NALS Apartment Homes has purchased the 280-unit Waterford at Superstition Springs apartment complex in Mesa for $33 million. The community is located at 7311 East Southern Ave. Waterford is situated less than a mile from Superstition Springs Center, a 1.2-million-square-foot regional shopping mall with more than 150 stores and eateries. Mesa Pavilions, a 720,000-square-foot power center, also sits directly across the street from this community. Common-area amenities at Waterford include a resort-style swimming pool with spa, a leasing office, 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi, an executive business center and conference room, 80 detached garages, 30 detached storage units, a car care center, and a courtyard space with a playground, volleyball court and barbecue grills. The seller, Waterford at Superstition Springs LLC, was represented by Steve Gebing of IPA and Cliff David of Marcus & Millichap.
SAN JOSE, CALIF. – Vitamin Shoppe will open a 3,000-square-foot store at the Westgate Center in San Jose tomorrow, Dec. 13. The shop will be located at the corner of Saratoga Avenue and West Campbell Avenue. It will occupy a former gas station. The corner site will soon include the Veggie Grill, Verizon Wireless, as well as additional tenants that will be announced shortly. Construction on the corner is slated for completion early next year. Notable tenants at Westgate Center include Target, Nike Factory Store, Walmart Neighborhood Market, Old Navy, Gap Factory Store, Burlington Coat Factory, Nordstrom Rack, Michaels, Any Mountain, J. Crew Factory and Ross Dress for Less. Federal Realty Trust owns both the Westgate Center and the gas station site that is being redeveloped. Westgate was represented by SRS Real Estate Partners.
OAKLAND, CALIF. – The Swig Company has acquired The Wakefield Building, a 57,000-square-foot creative office property in Oakland, for an undisclosed sum. The building is located at 416 17th Street. The property was originally developed as a medical office building by Dr. W.H. Wakefield in the 1920s. Notable tenants include Sungevity’s incubator spin-off, SFunCube, as well as First Place for Youth, the American Heart Association, the Rockwood Leadership Institute and the Asian Pacific Education Network. The Swig Company also owns and operates the nearby Kaiser Center on Lake Merritt. The unnamed seller was represented by Seth Siegal and Adam Lasoff of Cushman & Wakefield. The Swig Company’s legal advice was provided by Tony Ratner of Farella Braun + Martell.
SEATTLE – Swedish Health Services has leased 24,000 square feet at First Hill Medical Pavilion in Seattle. The space is located on Seattle’s First Hill, across from the Swedish Hospital campus. Swedish Health Services will relocate its transplant group to the sixth floor of the building in the second quarter of next year. The building is 44 percent leased. It is currently undergoing a significant renovation. Swedish Health Services was represented by Bob Mooney and Hans Kemp of Flinn Ferguson. The landlord, a joint venture between Trammell Crow Company and Washington Capital Management, was represented by CBRE’s Paul Carr, Steve Perovich and Marcus Yamamoto.
SCOTTSDALE, ARIZ. – Make-A-Wish Foundation of Arizona has purchased an 11,400-square-foot office building in Scottsdale for $1.9 million. The building is located at 2901 N. 78th Street, just outside the downtown area. The foundation plans to use this space for its new headquarters after the property undergoes a full remodel. The purchase was made through contributions from a large donor. The building’s former tenant, RevSolve, previously known as Collections Service Bureau, relocated to another office just a mile away this past July. Make-A-Wish was represented by CBRE’s Chris Marchildon and Barry Gabel. The seller, SPQR LLC, was represented by Kelly O’Dea of LevRose/TCN Worldwide.
RAMON, CALIF. – Sarens has leased 7,355 square feet of space at Bishop Ranch in San Ramon. The Class A office space is located at 5000 Executive Parkway. The heavy lifting and engineered transport company will be relocating from the Marina Village office complex in nearby Alameda. Sarens recently transported the Endeavor space shuttle to Los Angeles. The company was represented by Gregg Hall of Cresa San Jose. The landlord, Sunset Development, represented itself in this transaction.
RANCHO CUCAMONGA, CALIF. – Crunch Fitness & UFC has leased 25,015 square feet of space in Rancho Cucamonga. The space is located at 12739 Foothill Blvd. The lease is valued at $3.2 million. Vicky Espinosa, Fred Encinas and Lidia Talavera of NAI Global represented both Crunch Fitness and the landlord, THM Enterprises LLC, in this transaction.