TACOMA, WASH. — The Westridges, a 714-unit apartment community just outside downtown Tacoma, has sold to JRK Investors for $64.5 million. This 62-building property is the largest apartment community in Pierce County and the fourth largest in the Puget Sound region. The 37.1-acre site is located at 2602 Westridge Ave. West. The community was completed in 1991. The sale was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Capital Markets. The seller was not named.
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AVONDALE, ARIZ. – The 400-unit Crystal Springs Apartments in Avondale has received $25.7 million in permanent financing. The community is located at 11885 W. McDowell Road in thesouthwestern Phoenix suburb. The property was built in two phases that spanned from 2002 to 2004. It was 95 percent leased at the time of closing. The non-recourse loan has a fixed interest rate for the five-year term. It also features a 30-year amortization schedule. Financing was originated by Don Burnes of Johnson Capital’s Phoenix office on behalf of a California-based real estate investor. The lender is a Wall Street firm. Crystal Springs is managed by Riverstone Residential Group.
WEST HOLLYWOOD, CALIF. — Funny Or Die, the popular comedy video website, has leased 1.5 floors at Formosa South in West Hollywood. Formosa South is a creative office building that is currently under construction at The Lot, an 11-acre studio campus. The new office building will be located adjacent to the studio arrival gates. Funny Or Die is expanding its operations and plans to maintain a studio, in addition to other production and office space, at the new building. The campus is located on Santa Monica Boulevard and is bounded by Formosa Avenue and Poinsettia Place. Construction on Formosa South began in April 2012 and will be completed in late 2013. The Lot and Formosa South are both owned by CIM Group.
TEMPE, ARIZ. – USA Place, a $350-million mixed-use development, is planned for the City of Tempe. The project will include: a 330-room Omni Hotel; a 30,000-square-foot conference center; new national headquarters for USA Place; a training center for USA Basketball; a 4,500-seat event center; 500 luxury apartments; 160,000 square feet of retail; and up to 200,000 square feet of office space, which would include a new home for Arizona Interscholastic Association events.USA Place will be located on a 10.5-acre site at the southeast corner of Mill Avenue and University Drive in downtown Tempe. The site is adjacent to Arizona State University’s main campus and the Mill Avenue District. It is also in close proximity to light rail stations and Phoenix Sky Harbor International Airport. Once completed in the second half of 2015, the new full-service Omni Hotel will be Tempe’s first four-diamond hotel. USA Basketball is also scheduled to relocate its national headquarters and open its new training center in fall 2015. The company is currently based in Colorado Springs. Construction is expected to commence by the end of the year, with the conference center, event center, and the first phase of residential, retail and office spaces also scheduled to …
INGLEWOOD, CALIF. – Madison Square Garden Company (MSG) has invested $100 million in the revitalization efforts of the iconic Forum in Inglewood. The indoor arena contains 17,505 seats for basketball games, 16,005, forice hockeygames and up to 18,000 for concerts. MSG plans to reopen the Forum in January 2014 with Chase as the new presenting partner. The Forum will then be called The Forum Presented by Chase. It is located at 3900 West ManchesterBlvd. Updates to the arena include new state-of-the-art, technically advanced support systems that feature a sky deck to accommodate the largest touring concerts, productions and events. The historic Forum Club will also be updated and converted into the Chase Lounge. The 40,000-square-foot outdoor terrace surrounding the venue’s perimeter will also be revitalized. A marquee is set to be erected at the corner of Manchester and Prairie Avenue as well.MSG purchased the Forum in 2012 for $23.5 million. The acquisition allowed the venue owner and operator to enter the West Coast.The Forum’s Jan. 15, 2014, reopening will be kicked off by a performance from the Eagles.
SOUTH JORDAN, UTAH – A new joint venture between Mountain Real Estate Capital (MREC) and DAI/Candlelight Homes of Utah has acquired the Santorini Village in South Jordan. The JV plans to develop the 199-lot housing community, which will be located at 9800 South Redwood Road. The community will be developed by DAI and built by Candlelight Homes. This acquisition represents MREC’s first investment into the Salt Lake City housing market.
TEMPE, ARIZ. – USA Place, a $350-million mixed-use development, is planned for the City of Tempe. The project will include: a 330-room Omni Hotel; a 30,000-square-foot conference center; new national headquarters for USA Place; a training center for USA Basketball; a 4,500-seat event center; 500 luxury apartments; 160,000 square feet of retail; and up to 200,000 square feet of office space, which would include a new home for Arizona Interscholastic Association events. USA Place will be located on a 10.5-acre site at the southeast corner of Mill Avenue and University Drive in downtown Tempe. The site is adjacent to Arizona State University’s main campus and the Mill Avenue District. It is also in close proximity to light rail stations and Phoenix Sky Harbor International Airport. Once completed in the second half of 2015, the new full-service Omni Hotel will be Tempe’s first four-diamond hotel. USA Basketball is also scheduled to relocate its national headquarters and open its new training center in fall 2015. The company is currently based in Colorado Springs. Construction is expected to commence by the end of the year, with the conference center, event center, and the first phase of residential, retail and office spaces also scheduled …
INGLEWOOD, CALIF. – Madison Square Garden Company (MSG) has invested $100 million in the revitalization efforts of the iconic Forum in Inglewood. The indoor arena contains 17,505 seats for basketball games, 16,005, for ice hockey games and up to 18,000 for concerts. MSG plans to reopen the Forum in January 2014 with Chase as the new presenting partner. The Forum will then be called The Forum Presented by Chase. It is located at 3900 West Manchester Blvd. Updates to the arena include new state-of-the-art, technically advanced support systems that feature a sky deck to accommodate the largest touring concerts, productions and events. The historic Forum Club will also be updated and converted into the Chase Lounge. The 40,000-square-foot outdoor terrace surrounding the venue’s perimeter will also be revitalized. A marquee is set to be erected at the corner of Manchester and Prairie Avenue as well. MSG purchased the Forum in 2012 for $23.5 million. The acquisition allowed the venue owner and operator to enter the West Coast. The Forum’s Jan. 15, 2014, reopening will be kicked off by a performance from the Eagles.
SOUTH JORDAN, UTAH – A new joint venture between Mountain Real Estate Capital (MREC) and DAI/Candlelight Homes of Utah has acquired the Santorini Village in South Jordan. The JV plans to develop the 199-lot housing community, which will be located at 9800 South Redwood Road. The community will be developed by DAI and built by Candlelight Homes. This acquisition represents MREC’s first investment into the Salt Lake City housing market.
BURBANK, CALIF. – A 34,153-square-foot office building in Burbank has sold to a locally based private investor for an undisclosed sum. The building is located at 2727 W. Alameda Ave. in the city’s media district. The sale comes just days after the building's two tenants, FotoKem and St. Joseph’s Hospital/Providence Health System, renewed their leases. Corey Spoundand Dean Hawthorneof Jones Lang LaSalle’s Los Angeles office represented both the buyer and the seller, GLC Enterprises, in this transaction. The firm also completed the two lease renewals.