WEST HOLLYWOOD, CALIF. — The Sunset, a 177,949-square-foot, mixed-use development in West Hollywood, has received $78 million in financing that was used to refinance existing debt. It is located along Hollywood’s Sunset Strip near Sunset Plaza. The Sunset, which includes a 71,119-square-foot office tower and a 106,830-square-foot retail and office plaza, is 95 percent leased. Notable tenants include 19 Entertainment, Talpa Media Group, Apple, Equinox Fitness and H&M. The loan was secured by HFF’s Todd Sugimoto, Andrew Harper, Richard Plummer, Michael Ross and Michael Leggett on behalf of the sponsor, Broadreach Capital Partners. The three-year, floating-rate loan was provided by AIG Asset Management Group.
Western
SACRAMENTO, CALIF. – A joint venture between Westcore Properties and a fund managed by DRA Advisors LLC has purchased an 11.1-million-square-foot industrial portfolio for $600 million. The 110-building portfolio is composed of 8 million square feet in Sacramento, along with nearly 3 million square feet throughout the Midwest. According to Jones Lang LaSalle, this was California’s largest industrial acquisition in 2012. It was also the second largest industrial acquisition in the U.S. over the same period. Mark Demetre, Bill Niethammer, Matt Lofrano and Mike Zimmermanof the firm’s Sacramento office represented both the buyer and the seller, JB Properties, in this transaction.
LAS VEGAS – CityCenter has sold 427 units at Veer Towers in Las Vegas to LVT Owner, LLC for $119 million. Before the sale, 438 of Veer’s 670 total units had been held as developer inventory. Now, only 11 penthouses remain, which CityCenter intends to sell. CityCenter is a joint venture between MGM Resorts International and a subsidiary of Dubai World.
SAN FRANCISCO – A partnership between DivcoWest and affiliates of TPG Real Estate has purchased the majority of assets within Mission West Properties’ Silicon Valley portfolio. The purchase price was not disclosed. The 73-building portfolio contains 6.4 million square feet. Eastdil Secured, Morgan Stanley and Bank of America Merrill Lynch served as the partnership’s financial advisors, while Gibson, Dunn & Crutcher and Skadden, Arps, Slate, Meagher & Flom acted as legal advisors.
WEST HOLLYWOOD, CALIF. — The Sunset, a 177,949-square-foot, mixed-use development in West Hollywood, has received $78 million in financing that was used to refinance existing debt. It is located along Hollywood’s Sunset Strip near Sunset Plaza. The Sunset, which includes a 71,119-square-foot office tower and a 106,830-square-foot retail and office plaza, is 95 percent leased. Notable tenants include 19 Entertainment, Talpa Media Group, Apple, Equinox Fitness and H&M. The loan was secured by HFF’s Todd Sugimoto, Andrew Harper, Richard Plummer, Michael Ross and Michael Leggett on behalf of the sponsor, Broadreach Capital Partners. The three-year, floating-rate loan was provided by AIG Asset Management Group.
LOS ANGELES — A 128-unit apartment complex located at 930 S. Bonnie Brae in Los Angeles has sold to 930 S. Bonnie Brae, LLC for $10.8 million. The buyer represented itself in this transaction, while the seller, Melrose Camerford Partners, LLC, was represented by Hamid Soroudi of Charles Dunn Company.
PHOENIX — Vista Del Monte, a 175-unit apartment complex in North Central Phoenix, has sold to Bean Rio Salado Equity, LLC for $6.3 million. The community is located at 7750 N. 12th Street. The units were assembled from a broken condominium project. They were sold by Robert Guina of 3646 AZ, LLC as apartments through 21 separate transactions. The sale was executed by Todd Braun of Lee & Associates Arizona and the Braun Apartment Group.
GOLDEN, COLO. — The Village at Golden Shopping Center has received a $4.4-million refinance. The center is located at 17700-17748 S. Golden Road in Golden. Notable tenants include Dollar Tree, Goodwill and TJ Maxx. Financing was arranged for the Denver-based borrowers by John M. Stewart and Ilan Reissner of NorthMarq’s Denver office.
PORTLAND, ORE. – An 84,000-square-foot industrial warehouse in Portland has received $2.8 million in first-mortgage refinancing. The single-tenant building is located at 7320 NE 55th Ave. It is occupied by Sapa Profiles. The loan boasts a 10-year term and a 20-year amortization schedule. Financing was arranged by Stuart Oswald of NorthMarq’s Seattle office on behalf of Skyport Properties, LLC. The funds were arranged through the firm’s relationship with a correspondent life company lender.
LAKEWOOD, COLO. — Fox Point Commons, a 55,024-square-foot office and retail complex, has sold to Kensington, LLC for $2.5 million. It is located at 13655-13701 West Jewell Ave. Kensington, which purchased Fox Point as a 1031 Exchange property, was represented by Matt Ritter of Pinnacle Real Estate Advisors. The unnamed seller was represented by TJ Smith of Colliers International.