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.
Western
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.
MESA, ARIZ. – The Ford Motor Credit Building in Mesa has sold to Larch Street Capital Management Corporation for $3.7 million. The 57,193-square-foot, multi-tenant flex/back office building is located at 1355 S. Clearview Ave. It was 78.5 percent occupied at the time of sale. The space is occupied by Ford Motor Company, which operates a Ford Motor Credit’s National Recovery Center and call center, and by Talent Team, which operates a Clearview Cultural Center inside the building. The transaction was executed by Bob Buckley, Steve Lindley, Tracy Cartledge, Mike Haenel and Andy Markham of Cassidy Turley.
MOUNTAIN VIEW, CALIF. – A 59-building office/R&D portfolio that spans throughout Silicon Valley has received a $300-million loan. The portfolio contains three business parks and 38 stand-alone office buildings for a total of 2.4 million square feet. The properties are located in Mountain View, Sunnyvale, Santa Clara, San Jose and Milpitas. The portfolio is more than 80 percent leased to tenants like Apple, SanDisk, the McGraw-Hill Company, Intel and Netflix. The properties have been institutionally maintained and most are well positioned to serve as corporate headquarters.The 4 percent, floating-rate loan was arranged by HFF’s Eric Tupler, Bruce Ganong, Chris Gandy, Leon McBroom and Ed Brown who worked on behalf of a joint venture between two global investment managers. The loan was placed with Blackstone Mortgage Trust. Proceeds were used to refinance existing debt.
PHOENIX – The Corporate Campus at Norterra, a 232,600-square-foot office campus in Phoenix, has sold to Griffin Capital Essential Asset REIT for $54.5 million. The two-building, Class A campus is located at 25500 and 25600 Norterra Parkway. It is part of a 573-acre master-planned campus that is adjacent to the USAA Phoenix Campus. The buildings are fully leased to a Fortune 500, global health services company that holds a triple-net lease through July 2023. The seller, an affiliate of USAA Real Estate Company, was represented by Chris Toci, Chad Littell, Tim Whittemore of Cushman & Wakefield’s Phoenix office, as well as by Mike Beall of Cassidy Turley in Phoenix. Toci also procured the buyer.
DENVER — Winter Park Winery is opening its second location in Colorado. The newest iteration will be called Mile High Winery. It will be located at 2811 Walnut Street in the city’s Ballpark District. The grand opening is scheduled for early July. It will include a full-production winery and tasting room. Winter Park Winery was founded by John and Cassidi Brickner, whose initial operation opened in Fraser in 2004. Bob Bramble of Newmark Grubb Knight Frank Retail represented the duo in this lease transaction.
MORENO VALLEY, CALIF. – DDI Distributions Inc. has leased the 225,450-square-foot March Inland Port, a distribution facility in Moreno Valley. The Class A distribution facility is located at 16875 Heacock Street. It is attached to the March Air Reserve Base runway. DDI has agreed to lease the facility for more than five years. The agreement is valued at $3.7 million. DDI was represented by Kent Stalwick of CBRE’s Ontario office. The landlord, CT Realty Investors, was represented by Milo Lipson, Kyle Kehner, Tim Pimentel and Ryan Velasquez of Cushman & Wakefield’s Ontario office.
MOUNTAIN VIEW, CALIF. – A 59-building office/R&D portfolio that spans throughout Silicon Valley has received a $300-million loan. The portfolio contains three business parks and 38 stand-alone office buildings for a total of 2.4 million square feet. The properties are located in Mountain View, Sunnyvale, Santa Clara, San Jose and Milpitas. The portfolio is more than 80 percent leased to tenants like Apple, SanDisk, the McGraw-Hill Company, Intel and Netflix. The properties have been institutionally maintained and most are well positioned to serve as corporate headquarters. The 4 percent, floating-rate loan was arranged by HFF’s Eric Tupler, Bruce Ganong, Chris Gandy, Leon McBroom and Ed Brown who worked on behalf of a joint venture between two global investment managers. The loan was placed with Blackstone Mortgage Trust. Proceeds were used to refinance existing debt.
PHOENIX – The Corporate Campus at Norterra, a 232,600-square-foot office campus in Phoenix, has sold to Griffin Capital Essential Asset REIT for $54.5 million. The two-building, Class A campus is located at 25500 and 25600 Norterra Parkway. It is part of a 573-acre master-planned campus that is adjacent to the USAA Phoenix Campus. The buildings are fully leased to a Fortune 500, global health services company that holds a triple-net lease through July 2023. The seller, an affiliate of USAA Real Estate Company, was represented by Chris Toci, Chad Littell, Tim Whittemore of Cushman & Wakefield’s Phoenix office, as well as by Mike Beall of Cassidy Turley in Phoenix. Toci also procured the buyer.
DENVER — Winter Park Winery is opening its second location in Colorado. The newest iteration will be called Mile High Winery. It will be located at 2811 Walnut Street in the city’s Ballpark District. The grand opening is scheduled for early July. It will include a full-production winery and tasting room. Winter Park Winery was founded by John and Cassidi Brickner, whose initial operation opened in Fraser in 2004. Bob Bramble of Newmark Grubb Knight Frank Retail represented the duo in this lease transaction.