SEATTLE – A joint venture between Provenance Hotels and Thayer Lodging Group has acquired the 120-room Hotel 1000 in Downtown Seattle for a reported $63 million. The Forbes Four Star-rated hotel is located at the intersection of 1000 First Avenue and Madison Street, near the waterfront along Elliott Bay. There are 10 floors of upscale condominiums that sit atop the 14-story hotel. The hotel portion also features a 100-seat restaurant, spa, state-of-the-art golf simulator, and 9,100 square feet of conference and event space. This is the joint venture’s first acquisition. It is Thayer’s third acquisition through its $300-million Thayer Fund VI. Provenance will manage the hotel.
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SAN DIEGO — An entity of NBC 7 San Diego has acquired a 52,347-square-foot office building in San Diego for $9.6 million. The Class A building is located at 9680 Granite Ridge Drive in the StoneCrest office complex of Kearny Mesa. The NBC station plans to use the space for a new television studio and administrative offices. NBC 7 San Diego is an NBCUniversal Owned Television Station. The entity that acquired the asset was KNSD Granite Ridge LLC. It was represented by Tim Cowden, Jay Arnett and David Kim of Colliers International. The seller, T-C Stonecrest LLC, was represented by CBRE’s Brad Black and Mike Hoeck.
COSTA MESA, CALIF. — Bristol Village Plaza, a 125,000-square-foot shopping center in Costa Mesa, has received $7.7 million in CMBS financing. The plaza is located at 270 Bristol Street. Notable tenants include McDonalds and Del Taco. Starbucks is in the process of building out its store and obtaining final city approvals as well. The 10-year CMBS loan features a fixed rate of 4.74 percent and full-term, interest-only payments. It will be used to refinance the property. The loan was negotiated by Seth K. Grossman and Andy Strauss of Meridian Capital Group on behalf of The Festival Companies.
HAWTHORNE, CALIF. – ThinKom Solutions has signed a seven-year lease at OceanGate Business Park in Hawthorne. The park is located at 4881 W. 145th Street. The broadband antenna and product solutions provider will be expanding and relocating from its current headquarters in Torrance. ThinKom was represented by JLL’s Chris Strickfaden and Mark Mattis of PM Realty Group. The landlord, St. Paul Fire and Marine Insurance, a division of the Travellers Insurance, was represented by Britt Shuford of SCO Advisors.
FREMONT, CALIF. — Toyota Tsusho America (TAI) has signed a five-year lease for 64,396 square feet in Fremont. The industrial property is located at 41470-41490 Boyce Road. TAI is currently located at the Tesla Motors production facility. The vehicle development, production systems and engineering services provider needed to relocate due to Tesla’s expansion of its Model X and Model E production lines. TAI was represented by Craig Leiker and James Viso of Kidder Mathews. The landlord is Prologis.
TEMPE, ARIZ. — Attis Investments LLC has acquired nine office condos at Riverside Office Plaza II, a 75,500-square-foot office complex in Tempe, for $2.8 million. The 27-condo plaza is located at 1215 and 1255 West Rio Salado Parkway. It is situated next to the Tempe Center for the Arts. The plaza is now sold out. Attis plans to lease and build out the vacant office condos. It was represented by JLL’s Mark Gustin. The seller, Southwest Value Partners, was represented by Jeff Wentworth and Sean Spellman of Cassidy Turley.
The Los Angeles/Southern California industrial real estate market ended the first quarter of 2014 with the lowest vacancy since early 2008, at an average rate of 3.8 percent. This latest positive trend in activity signifies a full recovery by the end of the year. Asking rents have climbed dramatically over the past 36 months. The Los Angeles industrial market rents have increased by as much as 20 percent to $.55 triple net, from a low mark of $.44 triple net in the first quarter of 2011. They are predicted to grow another 5 percent by year end. This rental increase is due to the robust economic recovery in Southern California, in addition to major tenants’ pent-up demand and a lack of supply for Class A distribution space. To enhance this recovery, the region’s unemployment has dropped to a low of 7.5 percent, or 50 basis points lower than the first quarter of 2013. Los Angeles/Southern California has the largest industrial base in the nation, with more than 1.6 billion square feet of product in all classes. Coupled with the lowest vacancy rate nationally at 3.8 percent – not to mention 18 consecutive quarters of positive net absorption – and this …
INDIO, CALIF. — BH Properties has acquired 100 acres of land in the High Desert community of Indio for $8.8 million. The land is located at 42nd Avenue and Monroe Street. It sits adjacent to Interstate 10. A Walmart Supercenter is being built next door. It is expected to open next year. This is BH Properties’ first land acquisition. The seller, Wells Fargo Bank, was represented by Curtis Barlow of Coldwell Banker Commercial/Lyle & Associates and Tom Olson of Douglas Wilson Companies.
FREMONT, CALIF. — Quanta Computer has leased a 125,501-square-foot warehouse and distribution facility in Fremont. The Class A facility is located at 45101-45125 Industrial Drive. It is the former Autodesk & McCollister’s Moving & Storage facility. Quanta, one of the world’s largest notebook computer original design manufacturing companies, maintains more than 1 million square feet of industrial and R&D space throughout Fremont. The landlord, PS Business Parks, was represented by Ed Hofer and Greig Lagomarsino of Colliers.
SAN FRANCISCO — The owners of the DRAKE Gastro Lounge have acquired its current building in San Francisco for $4.3 million. The two-story restaurant, bar, and lounge property is located at 508 Fourth Street in the South of Market area (SOMA). The owners were able to purchase the 9,900-square-foot building through a 20-year, fixed-rate, SBA 504 loan. Financing was provided by Bruce Whitaker of TMC Financing. The third-party lender was Stanford Federal Credit Union.