HUNTINGTON BEACH, CALIF. — DJM Capital Partners has purchased about 11 acres south of the Huntington Beach Pier along Pacific Coast Highway where it intends to build the retail and hotel portions Pacific City. The land for this new mixed-use development was purchased from Crescent Heights.
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PHOENIX — The Sheraton Crescent and the Crowne Plaza Phoenix Airport hotels have sold to separate all-cash investors. The purchase prices were not disclosed. The 342-room Sheraton Crescent in Phoenix was purchased by New Crescent Investments LLC from FelCor Lodging Trust Inc. The hotel previously operated as a Starwood property but will now function as a Sheraton franchise. The 300-room Crowne Plaza Phoenix Airport was purchased by CHPH, LLC from East Washington Hospitality LLC. The buyer is a partnership that includes Coast Hotels and Resorts. The property will soon be rebranded as a Coast Hotel. Both properties will undergo significant renovations. The hotels were sold by Bill Murney of HREC Investment Advisors' Phoenix office.
HONOLULU — Starwood Hotels & Resorts Worldwide has spent more than $230 million refurbishing four of its Hawaiian properties. The1,636-room Sheraton Waikikiin Honolulu received a $188-million renovation; the 508-room Sheraton Maui Resort & Spaunderwent $6.5 million-worth of renovations; the 394-room Sheraton Kauai Resortrecently completed a $16-million revitalization; and the newly renamedSheraton Kona Resort & Spa at Keauhou Bay(formerly Sheraton Keauhou Bay Resort & Spa) saw $20 million invested in its resort.
SAN JOSE, CALIF. – The 275-unit La Moraga Apartments development in San Jose has received a $52-million construction loan. This new mixed-income multifamily community will be located at the corner of Raleigh Road and Charlotte Drive. It is one of the first apartment developments to arise in the South San Jose area since 2004. The project is scheduled for completion in mid-2014. La Moraga is being developed by St. Anton Partners. The loan was provided by U.S. Bank.
SAN FRANCISCO — The City and County of San Francisco has signed a 10-year lease for 104,000 square feet at 1155 Market Street. The agencies will occupy about 75 percent of the building. The space will be occupied by the treasurer/tax collector, assessor-recorder and public worksagencies, among others. The lease allows for expansion options, as well as the right of first offer for the building’s 10th and 11th floors. The building was previously occupied by the San Francisco Public Utilities Commission. Laurus Corporation created the single-purpose entity 1155 SF Partners LLC to acquire the building in September 2011. It plans to invest about $14 million in renovations. It is striving for LEED-Gold certification. CAC Group handles the building’s leasing efforts.
PHOENIX — The Sheraton Crescent and the Crowne Plaza Phoenix Airport hotels have sold to separate all-cash investors. The purchase prices were not disclosed. The 342-room Sheraton Crescent in Phoenix was purchased by New Crescent Investments LLC from FelCor Lodging Trust Inc. The hotel previously operated as a Starwood property but will now function as a Sheraton franchise. The 300-room Crowne Plaza Phoenix Airport was purchased by CHPH, LLC from East Washington Hospitality LLC. The buyer is a partnership that includes Coast Hotels and Resorts. The property will soon be rebranded as a Coast Hotel. Both properties will undergo significant renovations. The hotels were sold by Bill Murney of HREC Investment Advisors' Phoenix office.
HONOLULU — Starwood Hotels & Resorts Worldwide has spent more than $230 million refurbishing four of its Hawaiian properties. The 1,636-room Sheraton Waikiki in Honolulu received a $188-million renovation; the 508-room Sheraton Maui Resort & Spa underwent $6.5 million-worth of renovations; the 394-room Sheraton Kauai Resort recently completed a $16-million revitalization; and the newly renamed Sheraton Kona Resort & Spa at Keauhou Bay (formerly Sheraton Keauhou Bay Resort & Spa) saw $20 million invested in its resort.
SAN JOSE, CALIF. – The 275-unit La Moraga Apartments development in San Jose has received a $52-million construction loan. This new mixed-income multifamily community will be located at the corner of Raleigh Road and Charlotte Drive. It is one of the first apartment developments to arise in the South San Jose area since 2004. The project is scheduled for completion in mid-2014. La Moraga is being developed by St. Anton Partners. The loan was provided by U.S. Bank.
SAN FRANCISCO — The City and County of San Francisco has signed a 10-year lease for 104,000 square feet at 1155 Market Street. The agencies will occupy about 75 percent of the building. The space will be occupied by the treasurer/tax collector, assessor-recorder and public worksagencies, among others. The lease allows for expansion options, as well as the right of first offer for the building’s 10th and 11th floors. The building was previously occupied by the San Francisco Public Utilities Commission. Laurus Corporation created the single-purpose entity 1155 SF Partners LLC to acquire the building in September 2011. It plans to invest about $14 million in renovations. It is striving for LEED-Gold certification. CAC Group handles the building’s leasing efforts.
LAS VEGAS – Decatur Crossings III, a112,304-square-foot, mixed-use property in Las Vegas, has sold to Ready Mix Opportunity Group LLC for $7 million. The property contains two office/flex buildings that were 40 percent occupied at the time of sale. Ready Mix was represented by Kevin Higgins and Garrett Toft of Voit’s Las Vegas office and Darren Tappen of the firm’s Phoenix office. The seller, Next Gen Fund 5, LLC, represented itself in this transaction.