HONOLULU — Symphony Honolulu, a 3.5-acre mixed-use development on the island of Oahu, has received $120 million in construction financing. The high-rise project will be located at 888 Kapiolani Blvd. in Kakaako, a commercial and retail district near the island’s southern shores.Construction will begin later this month. It is scheduled for completion by the end of 2015. Symphony Honolulu will feature 388 residential condos, along with ground-floor retail, which will be occupied by JN Automotive Group. The exclusive Hawaiian authorized dealer will have a luxury auto galleria showroom that features international brands like Ferrari, Maserati, Bentley, Lamborghini, Audi and Lotus. The project will be developed by OliverMcMillan, built by Nordic PCL, and designed by Gensler and Architects Hawaii. The syndicated construction loan was provided by First Hawaiian Bank. Central Pacific Bank, American Savings Bank and Washington Capital Joint Master Trust Mortgage income fund are also involved in this transaction.
Western
LOS ANGELES — Element L.A., a 12-acre creative office project in West Los Angeles, has received a $65-million construction loan. The $150-million campus will be located at 1861, 1901, 1925 and 1933 South Bundy Drive and 12333 West Olympic Blvd. It will incorporate the five existing buildings on this site, which are all set to undergo renovations. In keeping with the creative office tradition, Element L.A. will feature high ceilings, skylights and large windows, as well as outdoor patios, a bike shop, caf
LAS VEGAS – The 634-room Downtown Grand Las Vegas opened its doors today in Downtown Las Vegas. It is located on 3rd Street and East Ogden Avenue within the city’s Downtown3rd redevelopment corridor. The two-tower hotel contains 25,000 square feet of gaming space, in addition to many bars and restaurants. It also features a rooftop area called PICNIC with an infinity pool, private cabanas, a fire pit, and a restaurant and bar. The hotel was redeveloped by CIM Group. It formerly functioned as the Lady Luck until 2006. CIM has leased the casino portion of the project to Fifth Street Gaming, which holds the property’s gaming license. This is CIM’s first investment within this community. It is also working with the city to create a destination retail center near the Mob Museum, which is right across from Downtown Grand. This project is approved for 102,800 square feet of retail and conference space.
SAN BERNARDINO, CALIF. – A 35,640-square-foot building that formerly functioned as a big box property in San Bernardino has sold to MTK SoCal Investments, LLC for $4.6 million. The building is located at 1094 South E Street near the Inland Center Mall. It will soon be converted into a facility for the County of San Bernardino. The seller, Holdings Second, LLC, was represented by Marc Pironand Lidia Talaveraof NAI Capital.
HONOLULU — Symphony Honolulu, a 3.5-acre mixed-use development on the island of Oahu, has received $120 million in construction financing. The high-rise project will be located at 888 Kapiolani Blvd. in Kakaako, a commercial and retail district near the island’s southern shores.Construction will begin later this month. It is scheduled for completion by the end of 2015. Symphony Honolulu will feature 388 residential condos, along with ground-floor retail, which will be occupied by JN Automotive Group. The exclusive Hawaiian authorized dealer will have a luxury auto galleria showroom that features international brands like Ferrari, Maserati, Bentley, Lamborghini, Audi and Lotus. The project will be developed by OliverMcMillan, built by Nordic PCL, and designed by Gensler and Architects Hawaii. The syndicated construction loan was provided by First Hawaiian Bank. Central Pacific Bank, American Savings Bank and Washington Capital Joint Master Trust Mortgage income fund are also involved in this transaction.
LOS ANGELES — Element L.A., a 12-acre creative office project in West Los Angeles, has received a $65-million construction loan. The $150-million campus will be located at 1861, 1901, 1925 and 1933 South Bundy Drive and 12333 West Olympic Blvd. It will incorporate the five existing buildings on this site, which are all set to undergo renovations. In keeping with the creative office tradition, Element L.A. will feature high ceilings, skylights and large windows, as well as outdoor patios, a bike shop, café, and a volleyball and basketball court.American video game publisher Riot Games has recently signed a lease for 284,000 square feet of space at the campus. The project will be developed by Hudson Pacific Properties. The construction loan was provided by U.S. Bank. Hudson was represented by Eric Shelby and Tony Natsis of Allen Matkins in the lease transaction. Riot Games was represented by Jordan Fishman and Rob Plotkowski of Advisors LLP.
LAS VEGAS – The 634-room Downtown Grand Las Vegas opened its doors today in Downtown Las Vegas. It is located on 3rd Street and East Ogden Avenue within the city’s Downtown3rd redevelopment corridor. The two-tower hotel contains 25,000 square feet of gaming space, in addition to many bars and restaurants. It also features a rooftop area called PICNIC with an infinity pool, private cabanas, a fire pit, and a restaurant and bar. The hotel was redeveloped by CIM Group. It formerly functioned as the Lady Luck until 2006. CIM has leased the casino portion of the project to Fifth Street Gaming, which holds the property’s gaming license. This is CIM’s first investment within this community. It is also working with the city to create a destination retail center near the Mob Museum, which is right across from Downtown Grand. This project is approved for 102,800 square feet of retail and conference space.
SAN BERNARDINO, CALIF. – A 35,640-square-foot building that formerly functioned as a big box property in San Bernardino has sold to MTK SoCal Investments, LLC for $4.6 million. The building is located at 1094 South E Street near the Inland Center Mall. It will soon be converted into a facility for the County of San Bernardino. The seller, Holdings Second, LLC, was represented by Marc Piron and Lidia Talavera of NAI Capital.
SAN FRANCISCO — Prism Skylabs, an offline commerce leader, and Akamai, a cloud service provider, have leased a total of more than 43,000 square feet at 799 Market in San Francisco. Prism signed a five-year lease for 14,749 square feet, while Akamai signed a long-term lease for about 29,000 square feet. Both companies are scheduled to move into the 142,902-square-foot building in November. Prism was represented by Elizabeth Hart of Cornish & Carey Commercial Newmark Knight Frank, while Akamai was represented by David Duble of Cushman & Wakefield. The landlord, Jamestown, was represented by Bill Cumbelich, Daphne Spieker and John Walsh of CAC Group.
GLENDALE, ARIZ. — The 208-unit Acacia Pointe Apartments in Glendale has sold to Acacia Pointe, LLC for $8.5 million. The community is located at 8344 N. 67th Ave. It was built in 1985. The buyer was represented by Joe Dietz of US Investment Realty. The seller, Paradise Urban Apartments, LLC, dba Bank of America, was represented by Jim Crews and Brett Polachek of Cushman & Wakefield’s Multifamily Advisory Group.