DENVER — Platform at Union Station, a 287-unit high-rise development in Downtown Denver, has broken ground. It will be located at Chestnut Place and 16th Street in the city’s Union Station neighborhood. Platform’s developer, Holland Partner Group, is striving for LEED-Gold certification. Holland Residential, the firm’s operations division, will act as property manager once construction is complete. That date has yet to be released. The 21-story building will sit across from Union Station, which provides Amtrak, RTD FasTracks, light and commuter rail services, among other modes of transportation. The hub is currently undergoing an extensive redevelopment.
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ORO VALLEY, ARIZ. — Oro Valley Marketplace, a 521,000-square-foot power center, has received $48.4 million in refinancing. The center is located at the southwest corner of Tangerine Road and Oracle Road in Oro Valley. It is currently 93 percent leased to tenants like Walmart Supercenter, Cinemark Theatre, Dick’s Sporting Goods, Petco, Best Buy and Big Lots. The center had been encumbered with a floating-rate construction loan that had about two years left on its term and loan amounts that exceeded a 65 percent loan-to-value ratio. The loan recapitalization allowed Vestar to right-size the center’s debt while securing long-term, fixed-rate debt. The seven-year permanent loan was provided by the Massachusetts Mutual Life Insurance Company through its subsidiary, Cornerstone Real Estate Advisors, LLC.
POMONA – The Shops at Indian Hill, a 58,485-square-foot shopping center in Pomona, has sold to a private Los Angeles investor for $14 million. The center is located at 631-641 Indian Hill Blvd. and 1541-1575 Holt Ave. It’s fully occupied by tenants like El Super, ACE Cash Express, Adriana’s Insurance, AT&T, Baskin Robbins, Liberty Tax and Mattress Xpress. The buyer was represented by Edward B. Hanley of Hanley Investment Group Real Estate Advisors. The seller, Red Mountain Retail Group, was represented by Carlos J. Lopez and Kevin T. Fryman, also of Hanley.
MONTECITO, CALIF. – A mixed-use development in Montecito that will contain two condo units atop 10,323 square feet of office and retail space has received a $7.3-million loan. The project will be located at 1255 Coast Village Road. Some of the retail space has already been pre-leased to a high end women’s clothing boutique and a restaurant owned by the Hillstone Restaurant Group. Financing was secured by Jeffrey Hudson of George Elkins Mortgage Banking Company on behalf of Black Valnar Properties, LLC.
ORO VALLEY, ARIZ. — Oro Valley Marketplace, a 521,000-square-foot power center, has received $48.4 million in refinancing. The center is located at the southwest corner of Tangerine Road and Oracle Road in Oro Valley. It is currently 93 percent leased to tenants like Walmart Supercenter, Cinemark Theatre, Dick’s Sporting Goods, Petco, Best Buy and Big Lots. The center had been encumbered with a floating-rate construction loan that had about two years left on its term and loan amounts that exceeded a 65 percent loan-to-value ratio. The loan recapitalization allowed Vestar to right-size the center’s debt while securing long-term, fixed-rate debt. The seven-year permanent loan was provided by the Massachusetts Mutual Life Insurance Company through its subsidiary, Cornerstone Real Estate Advisors, LLC.
POMONA – The Shops at Indian Hill, a 58,485-square-foot shopping center in Pomona, has sold to a private Los Angeles investor for $14 million. The center is located at 631-641 Indian Hill Blvd. and 1541-1575 Holt Ave. It’s fully occupied by tenants like El Super, ACE Cash Express, Adriana’s Insurance, AT&T, Baskin Robbins, Liberty Tax and Mattress Xpress. The buyer was represented by Edward B. Hanley of Hanley Investment Group Real Estate Advisors. The seller, Red Mountain Retail Group, was represented by Carlos J. Lopez and Kevin T. Fryman, also of Hanley.
MONTECITO, CALIF. – A mixed-use development in Montecito that will contain two condo units atop 10,323 square feet of office and retail space has received a $7.3-million loan. The project will be located at 1255 Coast Village Road. Some of the retail space has already been pre-leased to a high end women’s clothing boutique and a restaurant owned by the Hillstone Restaurant Group. Financing was secured by Jeffrey Hudson of George Elkins Mortgage Banking Company on behalf of Black Valnar Properties, LLC.
TEMPE, ARIZ. — The State Farm Tempe Operations Center, a 372,408-square-foot corporate campus in Tempe, has sold to JDM II TOC, LLC for $73 million. The five-building campus is located at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive within the master-planned Fountainhead Corporate Park. It is fully occupied by State Farm Insurance. The seller, State Farm Mutual Automobile Insurance Company, was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office.
PASADENA, CALIF. — A 103,169-square-foot, Class A office campus in Pasadena has received $24.3 million in financing. The funds will allow a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners, L.P. to acquire, reposition and lease the property, known as 150 Orange Grove. The joint venture will deploy a significant amount of capital into the property’s renovations and building systems in order to attract new tenants. The campus is fully occupied by the seller, Avery Dennison. The labeling and packaging company will lease the space back through early 2014 as it finalizes its relocation. Renovations will begin in late 2013 and are scheduled for completion in mid-2014.The loan was provided by PCCP, LLC.
CULVER CITY, CALIF. – A 52,348-square-foot office building in Culver City has sold to a private investor for $12.6 million. The three-story building is located at 6133 Bristol Parkway. The previous owner, a joint venture between Palisades Equity Partners and an institutional investor, recently repositioned the center. The JV made a substantial investment in its building improvements and ultimately enhanced the rent roll’s credit quality.The buyer was represented by James Hooks of CRESA. The seller was represented by Steve Solomon and Chris Strickfaden of Jones Lang LaSalle.