GLENDALE, CALIF. – The 272-room Embassy Suites Hotel in Glendale has received a $50-million refinance. The hotel is located at 800 N. Central Ave. The five-year, non-recourse loan will be used to refinance a bridge loan and provide substantial cash out. It has a fixed interest rate in the low 4 percent range and a 30-year amortization schedule. The loan was arranged by Mitch Paskover of Continental Funding Group.
Western
SAN DIEGO — CentreWest Plaza, a 116,825-square-foot, Class A office park in the San Diego submarket of Sorrento Mesa, has sold to Cornerstone Real Estate Advisers, LLC for $29.2 million. The plaza is located at 9710 & 9740 Scranton Road. The twin three-story buildings were developed in 1990. The seller was Cruzan-Monroe AEW Scranton LLC, a joint venture between Cruzan | Monroe and AEW Capital Management. It was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego.
CHANDLER, ARIZ. — The Fountains at Ocotillo, a multi-tenant retail pad in Chandler, has sold to Deerwood Partners Arizona, LLC for $2 million. It is located on the northwest corner of Alma School Road and Ocotillo Road in the Ocotillo Lakes subdivision. The property is currently occupied by Anytime Fitness and D vine Bistro and Wine bar. The property was built in 2007 by Spike Lawrence and Jeff Geyser of Lawrence & Geyser Development. The sale was executed by Andrew Harrison of ORION Investment Real Estate.
SCOTTSDALE, ARIZ. — Mercado at Scottsdale Ranch, a 118,730-square-foot community center, has sold to Whitestone REIT for $21.3 million. The Class A center is located at the intersection of East Via Linda & Mountain View Road in Scottsdale. Notable tenants include AJ’s Fine Foods and Walgreens. The acquisition includes an $11.1-million debt assumption, as well as a $10.2-million equity requirement that is funded by Whitestone’s unsecured revolving credit facility. With this latest acquisition, Whitestone now owns 16 community centers and future development land parcels in the Greater Phoenix area for a total of 1.4 million square feet.
GLENDALE, CALIF. – The 272-room Embassy Suites Hotel in Glendale has received a $50-million refinance. The hotel is located at 800 N. Central Ave. The five-year, non-recourse loan will be used to refinance a bridge loan and provide substantial cash out. It has a fixed interest rate in the low 4 percent range and a 30-year amortization schedule. The loan was arranged by Mitch Paskover of Continental Funding Group.
SAN DIEGO — CentreWest Plaza, a 116,825-square-foot, Class A office park in the San Diego submarket of Sorrento Mesa, has sold to Cornerstone Real Estate Advisers, LLC for $29.2 million. The plaza is located at 9710 & 9740 Scranton Road. The twin three-story buildings were developed in 1990. The seller was Cruzan-Monroe AEW Scranton LLC, a joint venture between Cruzan | Monroe and AEW Capital Management. It was represented by Rick Reeder and Brad Tecca of Cassidy Turley San Diego.
CHANDLER, ARIZ. — The Fountains at Ocotillo, a multi-tenant retail pad in Chandler, has sold to Deerwood Partners Arizona, LLC for $2 million. It is located on the northwest corner of Alma School Road and Ocotillo Road in the Ocotillo Lakes subdivision. The property is currently occupied by Anytime Fitness and D vine Bistro and Wine bar. The property was built in 2007 by Spike Lawrence and Jeff Geyser of Lawrence & Geyser Development. The sale was executed by Andrew Harrison of ORION Investment Real Estate.
COLORADO SPRINGS, COLO. – The 500-room Crowne Plaza Hotel in Colorado Springs has sold to 513 Hotels, LTD for an undisclosed sum. The hotel is located at 2886 S. Circle Drivejust south of downtown. It was built in 1974 and expanded in 1985. In addition to serving as a family and business-friendly hotel, the Crowne Plaza accommodates a variety of activities for the many military, government and related businesses nearby. This includes Fort Carson, Peterson Air Force Base, Schriever Air Force Base, Cheyenne Mountain Air Station and the US Air Force Academy. David Buddemeyer of Driftwood Hospitality Management acted as the hotel’s receiver. The sale was executed by Rockwood Real Estate Advisors.
SAN FRANCISCO — The 150-room Vantaggio Suites Cosmo in San Francisco has sold to RLJ Lodging Trust for $29.5 million. The hotel is located at 761 Post Street near Union Square. It was built in 1930 and is listed on the National Register of Historic Places. The property primarily accommodated short-term stays, though it is currently unoccupied. RLJ plans to close the hotel while it carries out a $13-million, multi-phase conversion that will rebrand it as a Courtyard by Marriott. The conversion should be complete by the end of 2014. RLJ purchased the hotel with cash available on its balance sheet.
GILBERT, ARIZ. – The 196-unit Painted Trails Apartment Homes in Gilbert has sold to RK Properties for $25.7 million. The Class A community is located at 4255 E. Pecos Road within the master-planned community of Power Ranch. RK Properties was represented in-house by Robert Alexander. The seller, Wasatch Premier Communities, was represented by Alon Shnitzer and Eddie Chang of Orion Multifamily Group, which is part of Orion Investment Real Estate.