MODESTO, CALIF. — A 125-room Courtyard by Marriott in Modesto has sold to American Traders for an undisclosed sum. The hotel is located on Sisk Road and sits adjacent to the Central Valley Plaza Shopping Center. The new owner plans to renovate and convert the property into a Radisson Hotel. The property will be managed by Southern Host Lodging. The seller, LNR Partners, was represented by Mike Armstrong of HREC Investment Advisors’ San Diego office.
Western
DENVER — The 296-unit Prospect Park apartment project in Denver has received $13.7 million in financing. It will be located at 2970 Huron Street, just blocks from the Union Station redevelopment and adjacent to Coors Field. The 300,000-square-foot building should be completed in the third quarter of 2014. The mezzanine loan was secured by HFF’s Dave Keller and Ken Martin. They worked on behalf of Edwards Companies. The loan was placed with Behringer Harvard Opportunity REIT II, Inc. It will be used in conjunction with a construction loan to finance the project’s development.
SAN DIEGO — The 11-unit Bayside apartments in San Diego has sold to 1728 Realty Company LLC for $2.6 million. The community is located at 3630 Bayside Lane. The seller, 3630 Bayside LLC, was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.
Much like the economy in general, commercial real estate has experienced its share of ups and downs over the past 10 years. However, the strength of Utah’s economy, established infrastructure and strategic regional location are sustaining the Salt Lake industrial market and securing its position as one of the most resilient in the nation. For three consecutive years, Utah has been ranked as the “Best State for Business” by Forbes magazine. It was also recently designated as a boom state by the U.S. Chamber of Commerce. The strength of the local economy has convinced many national and international companies to relocate to Utah, and new construction has followed close behind. By the end of the first quarter of 2013, there were 1.4 million square feet of industrial space under construction, 70 percent of which was pre-leased. Although overall market activity slowed during that quarter, as compared to 2012, the Salt Lake market continues to experience growth. Consequently, industrial availability remains below the average for the Western region. Another sign of market strength is the improvement in lease rates. Utah’s industrial market experienced increasing lease rates and positive net absorption. In fact, from March 2012 to March 2013, the overall achieved …
SCOTTSDALE, ARIZ. — Mercado at Scottsdale Ranch, a 118,730-square-foot community center, has sold to Whitestone REIT for $21.3 million. The Class A center is located at the intersection of East Via Linda & Mountain View Road in Scottsdale. Notable tenants include AJ’s Fine Foods and Walgreens. The acquisition includes an $11.1-million debt assumption, as well as a $10.2-million equity requirement that is funded by Whitestone’s unsecured revolving credit facility. With this latest acquisition, Whitestone now owns 16 community centers and future development land parcels in the Greater Phoenix area for a total of 1.4 million square feet.
GLENDALE, CALIF. – The 272-room Embassy Suites Hotel in Glendale has received a $50-million refinance. The hotel is located at 800 N. Central Ave. The five-year, non-recourse loan will be used to refinance a bridge loan and provide substantial cash out. It has a fixed interest rate in the low 4 percent range and a 30-year amortization schedule. The loan was arranged by Mitch Paskover of Continental Funding Group.
SAN DIEGO — CentreWest Plaza, a 116,825-square-foot, Class A office park in the San Diego submarket of Sorrento Mesa, has sold to Cornerstone Real Estate Advisers, LLC for $29.2 million. The plaza is located at 9710 & 9740 Scranton Road. The twin three-story buildings were developed in 1990. The seller was Cruzan-Monroe AEW Scranton LLC, a joint venture between Cruzan | Monroe and AEW Capital Management. It was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego.
CHANDLER, ARIZ. — The Fountains at Ocotillo, a multi-tenant retail pad in Chandler, has sold to Deerwood Partners Arizona, LLC for $2 million. It is located on the northwest corner of Alma School Road and Ocotillo Road in the Ocotillo Lakes subdivision. The property is currently occupied by Anytime Fitness and D vine Bistro and Wine bar. The property was built in 2007 by Spike Lawrence and Jeff Geyser of Lawrence & Geyser Development. The sale was executed by Andrew Harrison of ORION Investment Real Estate.
SCOTTSDALE, ARIZ. — Mercado at Scottsdale Ranch, a 118,730-square-foot community center, has sold to Whitestone REIT for $21.3 million. The Class A center is located at the intersection of East Via Linda & Mountain View Road in Scottsdale. Notable tenants include AJ’s Fine Foods and Walgreens. The acquisition includes an $11.1-million debt assumption, as well as a $10.2-million equity requirement that is funded by Whitestone’s unsecured revolving credit facility. With this latest acquisition, Whitestone now owns 16 community centers and future development land parcels in the Greater Phoenix area for a total of 1.4 million square feet.
GLENDALE, CALIF. – The 272-room Embassy Suites Hotel in Glendale has received a $50-million refinance. The hotel is located at 800 N. Central Ave. The five-year, non-recourse loan will be used to refinance a bridge loan and provide substantial cash out. It has a fixed interest rate in the low 4 percent range and a 30-year amortization schedule. The loan was arranged by Mitch Paskover of Continental Funding Group.