HONOLULU– The 399-room Courtyard by Marriott Waikiki Beach in Honolulu has sold to RLJ Lodging Trust for $75.3 million. The company acquired the long-term leasehold interest in this property through cash it had available on its balance sheet.
Western
ASPEN, COLO. — The St. Regis Aspen Resort, a 179-room, five-star Aspen resort, has received $75 million in financing. This resort is the only internationally branded luxury hotel in Aspen. It is located at 315 East Dean Street. The St. Regis recently underwent a $46-million renovation. The floating-rate loan was secured by Mathew Comfort, Mike Huth and Jeff Davis of Jones Lang LaSalle’s Hotels & Hospitality Group and provided by an overseas bank. The hotel is managed by Starwood Hotels & Resorts, though OptAsia Capital is the asset manager and owner’s representative.
TEMPE, ARIZ. – A 118,355-square-foot office property in Tempe has sold to ViaWest Group for $3 million. It is located at 8375 River Parkway in ASU Research Park. The property is fully occupied by NXP Semiconductors and Wells Fargo. ViaWest plans to renovate the building once current leases expire. The seller, Blue Vista Capital Partners, was represented by Mark Detmer and Bo Mills of Jones Lang LaSalle and Don Rodie of Cushman & Wakefield.
POWAY, CALIF. – Jinx has leased 32,500 square feet at Poway Tech Center. The building is located at 13465 Gregg Street in Poway. The Internet-based clothing and accessories company will occupy the building around September. The transaction was executed by Brian Mulvaney and Matthew Bean of Voit Real Estate Services’ San Diego office.
Apartment development is ramping up across the U.S., creating significant concerns for multifamily operators in 2013 and 2014. Nevertheless, there is pent-up apartment demand. Slow but steady job creation is allowing college graduates to move out of their parents’ homes or to shed the extra roommates who assisted with living expenses. Additionally, construction averaged fewer than 70,000 rentals in the past three years, compared to 130,000 units annually prior to that span. Yet more than 100,000 apartment are expected to come on line nationwide this year alone. While many of the Northern California apartment markets are typically high barrier-to-entry metros for developers, supply concerns are mounting in some areas. Fortunately for apartment operators in the region, a majority of this construction is occurring in the largest metro areas. Elevated populations and job creation in these metros will bolster demand and ease supply-side vacancy pressure. Although construction activity will elevate for the foreseeable future, the biggest Northern California inventory additions will occur in 2014. About 10,000 units will come on line in the region next year. Deliveries will be greatest in San Jose and San Francisco between 2013 and 2014 as 7,000 units and 6,700 units are delivered, respectively. The surge …
PHOENIX – The 432-unit Arcadia Cove Apartments in Phoenix has sold to Bascom Arizona Ventures for an undisclosed sum. The community is located at 2252 N. 44th Street. The 25-building complex was built in 1996. Bascom plans to recapitalize the property and execute interior and exterior renovations.
PUYALLUP, WASH. – The 251-unit One Canyon Place in Puyallup has received $18 million in financing. The community is located at 11619 Canyon Road East just east of Tacoma. It is 97 percent occupied. The 35-year, fixed-rate loan features a 3.2 percent interest rate and a 72 percent loan-to-value ratio. The non-recourse financing was arranged by Louis Weisman of Berkadia Commercial Mortgage LLC’s Seattle office on behalf of Delta II LLC. It was arranged through the firm’s FHA/HUD 223(f) program.
HAYWARD, CALIF. – The 20-unit Manon Garden Apartments in Hayward has sold to an unnamed buyer for $2.6 million. The community is located at 27435 Manon Ave. The seller, a limited liability company, was represented by David Weglarz of Marcus & Millichap’s Oakland office.
EL SEGUNDO, CALIF. – A 198,532-square-foot office building in El Segundo has sold to Menlo Equities for an undisclosed sum. The building is located at 101 North Sepulveda. It is 89 percent leased to Federal Express and International Rectifier. The seller, a global investment manager, was represented by HFF’s Michael Ross, Paul Brindley, Richard Plummer and Andrew Harper.
PHOENIX – The 432-unit Arcadia Cove Apartments in Phoenix has sold to Bascom Arizona Ventures for an undisclosed sum. The community is located at 2252 N. 44th Street. The 25-building complex was built in 1996. Bascom plans to recapitalize the property and execute interior and exterior renovations.