IRVINE, CALIF. – A 210-room Courtyard by Marriott Irvine Spectrum has broken ground in Irvine. The 131,667-square-foot hotel will contain a lap pool, spa area, 1,500-square-foot fitness center, lounge area and bar, guest laundry, 8,500 square feet of meeting space and a convenience market. The $50-million project will be built by R.D. Olson Development and designed by WATG. It is scheduled for completion in July 2014. R.D. Olson will retain ownership of the hotel, while Marriott International will provide management services.
Western
SAN JOSE, CALIF. – A joint venture between Trammell Crow Company (TCC) and Principal Real Estate Investors has purchased a 57-acre land site in north San Jose near Cisco campus for an undisclosed sum. The JV is currently weighing its option with the land, which may include speculative industrial development, land parcel sales and build-to-suits. The JV was represented by CBRE’s Rob Shannon. The seller was Cisco Systems.
BEVERLY HILLS, CALIF. — An 18,205-square-foot retail and office building in Beverly Hills that is fully leased to Giorgio Armani was sold to Jenel Management for an undisclosed sum. The building is located at 9533 Brighton Way between Rodeo and Camden driveswithin the city’s Golden Triangle district. The seller, GLL Real Estate Partners, was represented by Michael Zietsman and Patrick Inglis of Jones Lang LaSalle.
DENVER — Guaranty Bank Building, a mid-rise office tower in Denver’s Central Business District, has received $62 million in first-mortgage and mezzanine financing. The 220,287-square-foot building is located at 1331 17th Street. In addition to serving as the headquarters to Guaranty Bank, the building is also home to businesses in the legal and energy sectors. Financing was arranged by Gordon Mickelson and Brock Yaffe of NorthMarq Capital’s Denver regional office.
PHOENIX – Metro Phoenix will soon to be home to two new apartment communities. Developer Investment Property Associates has received more than $74.8 million in development financing to build the 402-unit Liv Ahwatukee and the 240-unit Liv North Scottsdale. Liv Ahwatukee is located in the Ahwatukee Foothills area of Phoenix, while Liv North Scottsdale is part of an urban-infill, mixed-use development near Scottsdale Quarter & Kierland Commons in North Scottsdale. Liv North Scottsdale received $34.5 million in financing and has already begun construction. Liv Ahwatukee received $40.2 million and is scheduled to break ground in the second quarter of 2013. Financing was arranged by Mark Strauss, Robert Lindner and John Carrick of Cohen Financial.
MOUNTAIN VIEW, CALIF. – A 55,956-square-foot office building in downtown Mountain View has sold to Menlo Equities for $40 million. The Class A building is located at 303 Bryant Street. It is fully leased to Speck Products. The unnamed seller was represented by HFF’s Michael Leggett, Gerry Rohm and Dave Karol in this transaction.
BEVERLY HILLS, CALIF. — An 18,205-square-foot retail and office building in Beverly Hills that is fully leased to Giorgio Armani was sold to Jenel Management for an undisclosed sum. The building is located at 9533 Brighton Way between Rodeo and Camden driveswithin the city’s Golden Triangle district. The seller, GLL Real Estate Partners, was represented by Michael Zietsman and Patrick Inglis of Jones Lang LaSalle.
PHOENIX – Metro Phoenix will soon to be home to two new apartment communities. Developer Investment Property Associates has received more than $74.8 million in development financing to build the 402-unit Liv Ahwatukee and the 240-unit Liv North Scottsdale. Liv Ahwatukee is located in the Ahwatukee Foothills area of Phoenix, while Liv North Scottsdale is part of an urban-infill, mixed-use development near Scottsdale Quarter & Kierland Commons in North Scottsdale. Liv North Scottsdale received $34.5 million in financing and has already begun construction. Liv Ahwatukee received $40.2 million and is scheduled to break ground in the second quarter of 2013. Financing was arranged by Mark Strauss, Robert Lindner and John Carrick of Cohen Financial.
DENVER — Guaranty Bank Building, a mid-rise office tower in Denver’s Central Business District, has received $62 million in first-mortgage and mezzanine financing. The 220,287-square-foot building is located at 1331 17th Street. In addition to serving as the headquarters to Guaranty Bank, the building is also home to businesses in the legal and energy sectors. Financing was arranged by Gordon Mickelson and Brock Yaffe of NorthMarq Capital’s Denver regional office.
MOUNTAIN VIEW, CALIF. – A 55,956-square-foot office building in downtown Mountain View has sold to Menlo Equities for $40 million. The Class A building is located at 303 Bryant Street. It is fully leased to Speck Products. The unnamed seller was represented by HFF’s Michael Leggett, Gerry Rohm and Dave Karol in this transaction.