HONOLULU — KZ DevCo LP has completed construction on a 20,114-square-foot Long’s Drugs in Honolulu. The new store is located at 1030 King Street in the Makiki neighborhood. The project costs totaled more than $25 million, making it one of the most expensive Long’s projects to date. Long’s broke ground in the second half of 2013. It is expected to open for business this June.
Western
SCOTTSDALE, ARIZ. – A 9.5-acre land parcel in the Scottsdale Airpark has sold to Boeing V LLC for $8.3 million. The 415,562-square-foot parcel was the largest remaining for-sale commercial parcel with runway access in the Airpark. It is located on the south side of the airport’s runway. Boeing was represented by Mark Linsalata of Lee & Associates. The seller, Phoenix Dragon FEI LLC was represented by Linsalata, along with Bill Blake and Fred Darche.
MILPITAS, CALIF. — Micron Technology has leased 141,000 square feet of space in three buildings at Tasman Technology Park in Milpitas. The park is located at 540, 570 and 596 Alder. The advanced semiconductor systems and engineering technology provider will be relocating from North San Jose and Fremont. The landlord, Duetsche Asset & Wealth Management, was represented by Gregory M. Davies, Steve Horton and Colin Feichtmeier of Cassidy Turley in Northern California.
NEWPORT BEACH, CALIF. – A 16-room boutique hotel in Newport Beach has received $3.5 million in acquisition financing. The hotel features a ground-floor restaurant, a quadruplex and beachside cottages. This asset was purchased as part of a pool of properties for a total of $7.1 million. The hotel’s first trust deed was provided by Lone Oak Fund at 8.3 percent interest-only. The firm also sought out a second trust deed with an established junior lender. A private equity investor completed the capital stack with a third trust deed.
LOS ANGELES — Lewis Horne has been named president of CBRE’s Greater Los Angeles region. He has overseen the firm’s Los Angeles and Orange County regions since 2007. Horne is responsible for eight offices and more than 1,200 employees in the firm’s 15 primary business lines and specialty practice groups. CBRE professionals in the region complete more than 12,000 property sale and lease transactions per year. The firm also manages about 87 million square feet of commercial property in the area. Horne recently oversaw the relocation of CBRE’s Downtown Los Angeles headquarters to400 Hope Street. He began his commercial real estate career in 1984 as an industrial broker. Horne is a graduate of the University of Southern California.
SAN JOSE, CALIF. – A joint venture between Sares Regis Group of Northern California and Pritzker Realty Group has acquired a two-acre development site in Downtown San Jose for an undisclosed sum. The site will soon be home to The Pierce, a mid-rise, luxury apartment community. The land is located at 60 Pierce Ave. on Market Street between Pierce Avenue and Reed Street in the city’s South First Area district. Demolition of the existing industrial and commercial buildings on the site began April 1. The Pierce will include 232 units and 4,300 square feet of ground-floor retail space. It was designed by Steinberg Architects. The new development is scheduled for occupancy in fall 2015. The project will reportedly cost $70 million.
ENGLEWOOD, COLO. – Construction is underway at Elevation at County Line Station, a 265-unit apartment community in Englewood. The $44-million, transit-oriented development is situated on eight acres next to the County Line Road Park-n-Ride. It also enjoys a close proximity to the light rail station and Park Meadows Mall. The four-story, four-building luxury apartment communityis scheduled for completion this fall. It includes many unique amenities, such as a light rail commuter lounge, roof top clubroom, a “paw spa” (dog wash), an electric car charging station and a bicycle-borrowing program. It is being developed by Grand Peaks Properties and designed by KTGY.
COLORADO SPRINGS, COLO. – The 292-unit Spring Canyon Apartments in Colorado Springs has received a $32.4-million acquisition loan. The community was purchased by Advenir @ Spring Canyon LLC. It is located at 4510 Spring Canyon Heights. The seven-year Freddie Mac loan features interest-only payments for one year. Financing was secured by Charles Foschini of CBRE’s Debt & Structured Finance Group. Christian Lee of CBRE’s Capital Markets Institutional Group and Christopher Apone of CBRE’s Debt & Structured Finance Group assisted in this transaction.
DENVER — Hudson’s Bay Centre, a 172,912-square-foot boutique office building in Denver, has received $21.2 million in acquisition financing. The Class A office building was acquired by a joint venture between MDC Realty Advisors USA and Artis REIT. The property is located at 1600 Stout Street in the Midtown East section of the Central Business District. It sits adjacent to the 16th Street Mall Shuttle and Stout Station RTD light rail station. The transit-oriented property is currently 96.4 percent leased. The seven-year loan features a fixed interest rate of 3.76 percent. It was secured by HFF’s Josh Simon and Leon McBroom. The loan was placed with Principal Real Estate Investors.
TUCSON, ARIZ. — Starwood Hotels & Resorts has sold the 154-room Aloft Tucson University Hotel to Lightstone Value Plus Real Estate Investment Trust II for $19 million. The hotel is located at 1900 E. Speedway Blvd., next to the University of Arizona in Tucson. The hotel will remain under the Aloft Hotels flag. It will be managed by Island Hospitality Management. The public, non-traded REIT is sponsored by The Lightstone Group. Starwood was represented by Bill Murney and Mike Cahill of HREC Investment Advisors.