SAN DIEGO — OliverMcMillanand Capri Capital Partners have broken ground on The Lofts at 688 13thStreet, a 208-unit apartment development in San Diego. The community is located in the East Village district near Downtown San Diego. The project is maintaining a two-year construction schedule, with VCC serving as the general contractor and Pappageorge HaymesPartnersandAVRP Studiosacting as the designers.
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TUCSON, ARIZ. – The 87-room Comfort Suites in Tucson has sold to Variant Commercial Real Estate for an undisclosed sum. The flagged hotel is located at 515 West Auto Mall Drive. It was built in 1998 and contains 40,427 square feet. Variant is currently negotiating to acquire five more hotels in Arizona.
MOUNTAIN VIEW, CALIF. – A 63,271-square-foot office property in Mountain View has received a $15-million senior mortgage loan. Broadreach Capital Partners used the funds to refinance the property’s previous loan. The loan was provided by Ares Commercial Real Estate Corporation.
SAN DIEGO — OliverMcMillan and Capri Capital Partners have broken ground on The Lofts at 688 13th Street, a 208-unit apartment development in San Diego. The community is located in the East Village district near Downtown San Diego. The project is maintaining a two-year construction schedule, with VCC serving as the general contractor and Pappageorge Haymes Partners and AVRP Studios acting as the designers.
TUCSON, ARIZ. – The 87-room Comfort Suites in Tucson has sold to Variant Commercial Real Estate for an undisclosed sum. The flagged hotel is located at 515 West Auto Mall Drive. It was built in 1998 and contains 40,427 square feet. Variant is currently negotiating to acquire five more hotels in Arizona.
MOUNTAIN VIEW, CALIF. – A 63,271-square-foot office property in Mountain View has received a $15-million senior mortgage loan. Broadreach Capital Partners used the funds to refinance the property’s previous loan. The loan was provided by Ares Commercial Real Estate Corporation.
In 2012, Hawaii’s major economic indicators continued on a positive trajectory. The tourism sector, on which Hawaii’s economy is centered, showed growth in both visitor arrivals and visitor expenditures in every month of the year. According to the Hawaii Tourism Authority, total visitor expenditures for 2012 were a record high of $14.3 billion, an 18.7 percent increase over 2011, while the total visitor arrivals of 7.99 million exceeded the previous record of 7.63 million in 2006. Wage and salary jobs, personal income, and state general fund tax revenues all also increased in comparison to 2011. According to the latest reports from the Bureau of Labor Statistics (BLS), job growth accelerated during 2012 in Honolulu, with similar improvements taking place statewide. The construction sector, along with hospitality and leisure employment, both increased at a higher rate than any other sectors with increases of 5 percent and 3.7 percent, respectively. Improvement to the hospitality and leisure sector is notable due to the fact that leisure and hospitality jobs represent the third largest employment block in the state and its largest metro area. With respect to construction, this sector plays an important role in driving consumer confidence. This, in turn, gave retailers the …
LOS ANGELES – The 103,500-square-foot Life Sciences building at Loyola Marymount University has broken ground in Los Angeles. The $110-million building will serve as a teaching, research and laboratory facility for the Seaver College of Science and Engineering’s biology, chemistry and natural science departments. It will maintain a two-year construction schedule. C.W. Driver will act as the general contractor, while CO Architects will serve as the designer. The building is aiming for LEED-Silver certification.
SCOTTSDALE, ARIZ. – The 416-unit Crown Court Apartments in Scottsdale has sold to PrivatePortfolio Group LLC for $68.2 million. The community is located at 7900 E. Princess Drive. It was 95 percent leased at the time of sale. The unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.
SANTA CLARA, CALIF. — Park Square, a 465,000-square-foot office/R&D business park in Santa Clara, has sold to the Irvine Company for an undisclosed sum. It is situated adjacent to Highway 101 near Lawrence Expressway. The center is 60 percent leased. The seller, a joint venture between two global investment managers, was represented by HFF’s Michael Leggett, Steven Golubchik and John Simerlein.