COLORADO, SPRINGS, COLO., MARINA DEL REY, CALIF. – Target has purchased two cookware companies, one based in Colorado Springs and the other in Marina Del Rey, for undisclosed sums. Chefs Catalog is a direct-to-consumer specialty retailer of cookware, bake ware, cutlery, kitchen tools and cooking utensils. It maintains an online and retail outlet out of Colorado Springs. Cooking.com is based in Marina Del Rey and offers more than 60,000 cookware and kitchenware products, as well as recipe and menu collections. The two businesses will be combined to create a new, wholly owned subsidiary of Target. They will continue to operate under their current names.
Western
LOS ANGELES – A $23.5-million acquisition loan has been issued to Stanford 1050 LLC for a 173,000-square-foot industrial building in Downtown Los Angeles. The building is located at 1050 Stanford Ave. The garment/manufacturing facility will be 60 percent owner-occupied, with the new owner utilizing the facility for warehouse and showroom space. The 20-year SBA 504 loan was provided by BFC SBA Lending.
GLENDALE, COLO. — 341-unit Solana Cherry Creek development in Glendale has received joint venture equity through an institutional investor. The funds will finance the Class A community's construction. It is scheduled for completion in 2016. Pat Burger, Josh Simon, Jordan Robbins and Husayn Hasan of HFF arranged the financing on behalf of MKS Residential LLC.
ORANGE, CALIF. — A new seven-story patient care tower has debuted at CHOC Children's Hospital in Orange. The 425,524-square-foot tower will open to the public later this month. It is located on the south side of the existing CHOC Children's hospital site. FKP Architects designed the new addition. McCarthy Building Cos. constructed the patient care tower.
HOLLYWOOD, CALIF. — A 4,896-square-foot office building in Hollywood that is home to Sunset Edit has sold to a principal of the private editing firm for $2.2 million. It is located at 849 Seward Ave. Sunset Edit provides post-production services to film, TV and music videos. The building was previously occupied by FilmCore. Michael B. Rubin of NAI Capital’s Westlake Village office represented both the buyer and the seller in this transaction.
SANTA ANA, CALIF. – The 121-room Santa Ana Hampton Inn & Suites has sold to Trigild, Blu Hotel Investors and Pacifica Real Estate Group (PREG) for an undisclosed sum. The hotel is located at 2720 Hotel Terrace Drive in Santa Ana. It is situated on 1.45 acres near South Coast Plaza and John Wayne International Airport. The hotel will undergo an extensive renovation and will continue operating under the current Hampton franchise agreement.
IRVINE, CALIF. — SARES•REGIS Grouphas created SARES•REGIS Multifamily Fund. The fund has more than $100 million in equity commitments that can be leveraged to acquire more than $300 million in Western-based value-add properties. The fund is co-sponsored with Penn Square Real Estate Group.
TACOMA, WASH. — Allenmore Medical Center’s Building B, an 86,942-square-foot, mid-rise medical office building in Central Tacoma, has sold to Berschauer Group NW, LLC for $10.4 million. It resides on the Multicare Health System’sAllenmore hospital campus. The seven-story building is located at 1901 South Union Ave. The seller, Unico Medical Properties, LLC, was represented by Lori Hill,Stuart WilliamsandAnn Chamberlin of Jones Lang LaSalle’s Seattle office, Joe Euphratof JLL’s Capital Markets-Healthcare practice and Bill Frame of Kidder Mathews.
SANTA ANA, CALIF. – The 121-room Santa Ana Hampton Inn & Suites has sold to Trigild, Blu Hotel Investors and Pacifica Real Estate Group (PREG) for an undisclosed sum. The hotel is located at 2720 Hotel Terrace Drive in Santa Ana. It is situated on 1.45 acres near South Coast Plaza and John Wayne International Airport. The hotel will undergo an extensive renovation and will continue operating under the current Hampton franchise agreement.
IRVINE, CALIF. — SARES•REGIS Grouphas created SARES•REGIS Multifamily Fund. The fund has more than $100 million in equity commitments that can be leveraged to acquire more than $300 million in Western-based value-add properties. The fund is co-sponsored with Penn Square Real Estate Group.