DENVER, SAN FRANCISCO – Blackstone has purchased a four-property, Hilton Select Service Portfolio that includes the 157-room Hilton Garden Inn in Denver and the 177-room Homewood Suites in San Francisco.The purchase price was not disclosed. The portfolio contains a total of 751 rooms. The Hilton Garden Inn is located in the Meridian Business Park at 9290 Meridian Blvd. It completed a $2.3-million capital improvements program in 2011. The Homewood Suites is located at 2000 Shoreline Court near Downtown San Francisco. It completed an extensive renovation in 2008, as well as a public-area renovation in 2013.
Western
LA VERNE, CALIF. – Construction has commenced on La Verne Village, a 172-unit, mixed-use residential and retail community in La Verne. The $43-million development will be located at 2855 Foothill Blvd. on the site of a former automobile dealership. The project’s retail component will feature two buildings with suites ranging from 1,100 square feet to 7,800 square feet. It will target retail, office and restaurant users. Retail leasing is being handled by Fred Encinas of NAI Capital’s Ontario office. Pre-leasing for the residential component is expected to commence in the fourth quarter of 2013. Occupancy is slated for the first quarter of 2014. The project is being developed by Hutton Companies and designed by KTGY Group.
TEMPE, ARIZ. – The 144-unit Copper Creek apartments in Tempe has sold to Pathfinder Partners, LLC for $16.4 million. The community is located at 3501 S. McClintock Drive near the Arizona State University campus. The new owner is planning a $1.6-million renovation that will include interior and exterior upgrades. This is Pathfinder’s eighth acquisition in the Phoenix Metro area. It is also the firm’s largest acquisition in the area. The seller was Equity Residential.
VISALIA, CALIF. – Trion Properties, a Los Angeles-based real estate investment company, has sold a 57,254-square-foot shopping center located at 3230-3298 S. Mooney Blvd. in Visalia to a family trust for $4 million, or roughly $70 per square foot.Trion Properties acquired a nonperforming note on the asset in 2012 in an all-cash transaction from a regional bank, which had to remove it from their books by year-end. Nick Whitstone at CBRE handled the note transaction. The property reverted to Trion in a foreclosure sale on February 4, and Trion immediately listed the property for sale with Mark Denholm from CORE Commercial, who represented Trion in the disposition. The property, which was built in 1977, was approximately 60 percent leased at the time of the sale with a tenant roster that includes King Buffet and Tuesday Morning.
OCEANSIDE, CALIF. – A 40-unit apartment complex in Oceanside has sold to DJ&E Investments, LLC for $4.1 million. The five-building community is located at 1202 Missouri Ave. DJ&E was represented by Avezta Equity. The seller, Lucy Nannizzi, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego.
TORRANCE, CALIF. – A 28,500-square-foot land parcel in Torrance has sold to Beverly Hills Ferrari Maserati for $2.3 million. The parcel is located at 23305 Hawthorne Blvd. It is slated for a 20,000-square-foot Ferrari Maserati dealership. Beverly Hills Ferrari Maserati was represented by Sheri Messerlianof NAI Capital’s South Bay office. The seller was Vivial Markham Trust.
VISALIA, CALIF. – Trion Properties, a Los Angeles-based real estate investment company, has sold a 57,254-square-foot shopping center located at 3230-3298 S. Mooney Blvd. in Visalia to a family trust for $4 million, or roughly $70 per square foot. Trion Properties acquired a nonperforming note on the asset in 2012 in an all-cash transaction from a regional bank, which had to remove it from their books by year-end. Nick Whitstone at CBRE handled the note transaction. The property reverted to Trion in a foreclosure sale on February 4, and Trion immediately listed the property for sale with Mark Denholm from CORE Commercial, who represented Trion in the disposition. The property, which was built in 1977, was approximately 60 percent leased at the time of the sale with a tenant roster that includes King Buffet and Tuesday Morning.
OCEANSIDE, CALIF. – A 40-unit apartment complex in Oceanside has sold to DJ&E Investments, LLC for $4.1 million. The five-building community is located at 1202 Missouri Ave. DJ&E was represented by Avezta Equity. The seller, Lucy Nannizzi, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego.
TORRANCE, CALIF. – A 28,500-square-foot land parcel in Torrance has sold to Beverly Hills Ferrari Maserati for $2.3 million. The parcel is located at 23305 Hawthorne Blvd. It is slated for a 20,000-square-foot Ferrari Maserati dealership. Beverly Hills Ferrari Maserati was represented by Sheri Messerlian of NAI Capital’s South Bay office. The seller was Vivial Markham Trust.
HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule.It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.