DENVER – The 189-room Hotel Monaco Denver has received a $41-million balance sheet loan. The hotel is located at 1717 Champa Street in the city’s Lower Downtown region. It includes more than 4,000 square feet of meeting space, Panzano restaurant, a fitness center and a full-service spa. The floating-rate loan was arranged by Mathew Comfort, Mike Huth and Keith Largay of Jones Lang LaSalle’s (JLL) Hotels & Hospitality Group. The team worked on behalf of Inland American Lodging Advisor, Inc. The company also received a $27.5-million, floating-rate, balance sheet loan for its Hotel Monaco Chicago. Inland America purchased both hotels this past November.
Western
ONTARIO, CALIF. — Sedgwick Claims Management, a technology-enabled claims and productivity management solutions provider, has renewed and expanded at Empire Towers in Ontario. The company has leased more than 29,700 square feet at the property, which is located at 3633 Inland Empire Blvd. Sedgwick Claims was represented by Vindar Batoosingh of CBRE's Ontario office. The landlord is CIP Real Estate. It owns the towers in partnership with a fund sponsored by Guggenheim Real Estate.
SANTA MONICA, CALIF. – The 14-unit Idaho Apartments in Santa Monica has sold to a private investor for $3 million. The community is located at 858 Lincoln Blvd. Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a partnership, in this transaction.
LAS VEGAS — Griffis Residential has acquired The Wellington, a 332-unit luxury apartment community in Las Vegas, for $43 million. The Class A community is located at 9550 W. Sahara Ave. It was built in 1998 and renovated in 2012. ARA’s Christopher Bentley and Melissa Salas represented the seller, The Picerne Group, in this transaction. ARA also assisted Griffis.
SCOTTSDALE, ARIZ. — An entity formed by Jerry Simms has purchased Shea Scottsdale, a 160,228-square-foot retail center, for $44.5 million. The center was built in 1994 at 10653 N. Scottsdale Road in Scottsdale. It was 95 percent occupied at the time of closing. Shea Scottsdale is anchored by Safeway and CVS Pharmacy. Additional tenants include Wells Fargo, McDonalds, MidFirst Bank, Jason’s Deli and Arby’s. Simms was represented by Marty DeRito of DeRito Partners. Michael Hackett and Ryan Schubert of Cassidy Turley Capital Markets Group represented the seller, Karlin Real Estate, in this transaction. Karlin purchased Shea Scottsdale, along with the adjacent retail center Shea Scottsdale East, in October 2011 for $50.3 million. The company has retained ownership of Shea Scottsdale East.
LAS VEGAS – A 46,691-square-foot industrial building in Las Vegas has sold to Roberts Ranch Venture, LP for $4.5 million. The building is located at 6425 Montessouri Street. Cathy Jones of Sun Commercial Real Estate represented the seller, CPI TWO, LLC, along with three partners, in this transaction.
DENVER – A pair of 17-unit apartment buildings in Denver has sold to High Street Apartments, LLC and Elizabeth Street Apartments, LLC, for $4.4 million. The communities are located at 1345 High Street and 1443 Elizabeth near City Park. Both were recently renovated. The Calame | Lewallen Team at Pinnacle Real Estate Advisors, LLC represented both the buyer and the seller, Boutique Apartments, in this transaction.
PHOENIX — Creative Touch Interiors (CTI) has signed a three-year lease for 36,540 square feet of office space in Phoenix. The new space is located at 1002 E. University Drive. The 73,080-square-foot building is also leased to two other tenants. It is part of a three-building project that totals 177,000 square feet. CTI will be relocating from its facility near Sky Harbor International Airport. The tenant was represented by Pat Feeney of CBRE and Chris Gadrix of CBRE Atlanta Global Corporate Services Inc. Jackie Orcutt, John Grady and Jim Wilson of Cushman & Wakefield assisted with the transaction. The landlord is EastGroup Properties.
LOS ANGELES – A 20,727-square-foot building in Beverly Hills that is leased to high-end fashion retailers Tom Ford and Bally has received $120.2 million in financing. The three-story trophy building is located at 338-342 Rodeo Drive. Financing included $30.2 million of mezzanine debt and preferred equity, which was sold at closing to an account managed by BlackRock. ECA Capital will use a portion of the loan proceeds to reposition the asset. Financing was originated by Ronnie Gul of Mesa West and arranged by Chuck Hoag and Trisha Connolly of Cushman & Wakefield’s Chicago office.
CYPRESS, CALIF. — Stockbridge has purchased the Cypress Distribution Center, a 543,431-square-foot industrial project, for $60 million. The Class A center is located at 6550 Katella Ave. and 11130 Holder Street in the Orange County suburb of Cypress. The project contains two buildings that are separately parceled. Notable tenants include Empire Warehousing, ILAD, VF Outdoor, Inc. (Vans) and Integrated Alarm Services. CBRE’s Kevin Shannon, Darla Long and Barbara Emmons represented the seller, Colony Realty Partners, alongside Cushman & Wakefield’s Rick Ellison and Tom Sheets.