SANTA ROSA, CALIF. — The 138-room Courtyard by Marriott in Santa Rosa has sold to an affiliate of Pacifica Companies for an undisclosed sum. Santa Rosa is situated northwest of Napa and Sonoma. The hotel is located one block from the intersection of Highway 101 and Highway 12. It recently underwent an extensive renovation. The hotel will be managed by Pacifica Host Hotels. The seller, LNR Partners, was represented by Mike Armstrong of HREC Investment Advisors.
Western
CALABASAS, CALIF. — The Summit at Calabasas, a 71,770-square-foot retail center in the Los Angeles submarket of Calabasas, has received a $21.3-million loan. The center is located adjacent to the 101 Freeway. It is currently 95 percent leased to Maddy's Market, as well as a variety of restaurants and soft goods retailers. The new three-year, floating-rate loan contains two year-long extension options. The funds were arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine office.
SEAL BEACH, CALIF. — Bixby Office Park, a 297,241-square-foot complex in Seal Beach, has sold to Parallel Capital Partners for $85 million. The acquiring entity was PCPI BIXBY, LP. The three-building park is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway. It is currently 98 percent leased. Notable tenants include Baker Corp., SAIC, Olson Urban Housing, Seagate Offices and Clean Energy Fuels Corp. Parallel Capital Partners represented themselves in this transaction, while the seller, a large national insurance company, was represented by Adam Edwards and K.C. Scheipe of Eastdil Secured.
LOS ANGELES – The Student Success and RetentionCenter has broken ground at East Los Angeles College. The $55-million, 136,000-square-foot complex will contain classrooms, offices, languages labs and common spaces. It will also consolidate nine departments on the college campus. The center is aiming for LEED-Gold certification. It is scheduled for completion in 2014. The new project is being designed by HGA Architects and Engineers.
SANTA ROSA, CALIF. — The 138-room Courtyard by Marriott in Santa Rosa has sold to an affiliate of Pacifica Companies for an undisclosed sum. Santa Rosa is situated northwest of Napa and Sonoma. The hotel is located one block from the intersection of Highway 101 and Highway 12. It recently underwent an extensive renovation. The hotel will be managed by Pacifica Host Hotels. The seller, LNR Partners, was represented by Mike Armstrong of HREC Investment Advisors.
CALABASAS, CALIF. — The Summit at Calabasas, a 71,770-square-foot retail center in the Los Angeles submarket of Calabasas, has received a $21.3-million loan. The center is located adjacent to the 101 Freeway. It is currently 95 percent leased to Maddy's Market, as well as a variety of restaurants and soft goods retailers. The new three-year, floating-rate loan contains two year-long extension options. The funds were arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine office.
SEATTLE, LOS ANGELES — Pacific Urban Residential has received $43.7 million in first-mortgage debt for the acquisition of two apartment communities in Seattle and Los Angeles. The communities include the 200-unit Totem Lake Apartments in the Seattle suburb of Kirkland and the 120-unit Waterstone at Cheviot Hills in West Los Angeles. The loans are separately collateralized. Both loans feature a three-year term. Totem Lake received $22.4 million in debt financing, while Waterstone at Cheviot Hills received $21.3 million. Both loans were arranged by Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital Corporation. Financing was originated by Brandon Bachner of Mesa West Capital.
RENTON, WASH. – A 70,100-square-foot, Class A office building in the Seattle submarket of Renton has sold to Griffin Capital Net Lease REIT for $12 million. The building is fully leased to Boeing Capital Corporation. The property is adjacent to other Boeing facilities, including the Longacres Campus, Boeing Airfield and its 737 Assembly Plant. The building has served as Boeing’s global headquarters since 1997.
SUNNYVALE, CALIF. – A 107,000-square-foot, Class A office building has broken ground at the Sunnyvale Business Park. This will be the 10th building at the park, which is located at Mathilda and Evelyn avenues in Sunnyvale. The spec building is striving for LEED-Gold certification. It is being developed by Principal Real Estate Investors. Legacy Partners, the park’s property manager, is also providing development services. Dave Sandlin, Susan Gregory, and Kevin Moul with Colliers serve as the listing agents. The building is being designed by Ware Malcomb and built by Lusardi Construction.
AUSTIN, TEXAS — Schlotzsky's has signed an agreement to open 170 new locations, its largest franchise initiative in more than 40 years. The company will open its stores throughout California, including Los Angeles, Riverside, Ventura and San Bernardino counties. Each location offers its signature deli sandwiches and salads, as well as Carvel ice cream and Cinnabon. The Austin-based company has more than 350 locations worldwide and plans to have around 700 locations by 2016.