SCOTTSDALE, AZ — Strategic Hotels & Resorts has closed a definitive agreement to recapitalize the Fairmont Scottsdale Princess, a AAA Five-Diamond luxury resort. The company has created a new joint venture with an affiliate of Walton Street Capital, L.L.C. , a private equity real estate investment firm. The two are equal partners in the JV, though Strategic Hotels will serve as managing member. It will also continue to act as the property's asset manager. The recapitalization includes an amendment and extension of the existing CMBS first mortgage debt through the end of 2013. There is an option for a second extension through April 2015, upon satisfaction of certain terms and conditions. Included in the amendment is a $7-million principal payment for the CMBS first mortgage, among other terms and conditions. The JV has also acquired and retired the hotel's $40-million mezzanine debt. The Fairmont Scottsdale Princess' total property debt has been reduced from a total of $180 million to $133 million.
Western
EUGENE, OR — The University of Oregon has opened its new 60,000-square-foot, $33.6-million Cheryl Ramberg Ford and Allyn Ford Alumni Center. The four-story center includes the Tykeson Family Hall Interpretive Center, the Suzanne Schoenfeldt Fields Library, the Randy and Susie Pape Hearth Foyer, and the 3,600-square-foot Lee Barlow Giustina Ballroom, along with offices, meeting spaces and public areas. The center was funded through private gifts and state bonds. It is anticipating a LEED-Gold rating.
SAN FRANCISCO — Holliday Fenoglio Fowler has sold The Cannery, a 98,983-square-foot mixed-use building in San Francisco’s Fisherman’s Wharf district, for $20.58 million. The property received more than 25 offers before it was purchased free and clear of debt. The Cannery was originally built in 1907 as a peach cannery. In the past 50 years, however, the property has operated as a multi-level mixed-use center. Samuel Brownell and Nicholas Bicardo, directors at HFF, represented the seller along with HFF senior managing director Michael Leggett.
LOS ANGELES — Upland-based 1st Commercial Realty Group has absorbed the property management division of Los Angeles-based Capital Real Estate Advisors. The merger, which will afford 1st Commercial greater exposure in the LA area and CRA with better geographic and expansion capabilities, was originally announced at ICSC.
LOS ANGELES, PHOENIX — NorthMarq Capital has arranged $19.1 million in mortgages for two shopping centers in California and Arizona. NorthMarq arranged $13.5 million in first-mortgage financing for the 108,809-square-foot Palo Woods Shopping Center in Harbor City, CA. Financing includes a 15-year term and a 15-year amortization schedule. It was arranged by NorthMarq through its correspondent relationship with ING Life Insurance and Annuity Company. In a separate transaction, NorthMarq also arranged $5.6 million in first-mortgage financing for the 28,776-square-foot Charleston Crossing shopping center in Sierra Vista, AZ. The mortgage has a 10-year term and a 25-year amortization schedule. It was arranged by NorthMarq through its correspondent relationship with Symetra Life Insurance Company.
LAS VEGAS — MIG Real Estate has purchased the 116,000-square-foot Desert Inn Office Center business park for an undisclosed sum. This is the fourth Las Vegas purchase the Newport Beach, CA-based firm has made since October 2010. The four multi-tenant office buildings are located at 2725-2795 Desert Inn Road. CBRE's Charles Moore, Christina Roush and Marlene Fujita represented the seller. MIG represented itself.
SAN JOSE, CA — SeaMicro has leased 68,000 square feet of office space at 1237 E. Arques Ave. in Sunnyvale. The firm will be expanding and relocating its corporate headquarters, which were previously located at 3003 Bunker Hill Lane in Santa Clara. CresaPartners' Sushma Malhotra represented SeaMicro. Jones Lang LaSalle represented the property's sub-landlord, Harmonics Inc. AMB is the landlord.
AURORA, CO — Brookwood Financial Partners, LLC, has purchased the Denver Highlands, a 234,423-square-foot office building that was formerly known as Legacy Highlands. The nine-story, Class A property, which was built in 1985 and renovated in 2006, is situated on 5.6 acres in Aurora, CO, a submarket of Denver. It was 87.3 percent leased and occupied at the time of closing. The seller was represented by Frederick Ross, an affiliate of Newmark Frank.
SANTA CLARITA, CA — Ashley Furniture Industries purchased the former 41,850-square-foot Wicke's furniture building in Santa Clarita for $3.7 million. The building is located at 26520 Carl Boyer Drive inside the Centre Pointe Marketplace. Ashely Furniture will anchor the 650,000-square-foot retail center. Aaron Hodgdon of Hodgdon Group Realty represented Ashley Furniture. The seller, C-III Loan Asset Management, was represented by Matthew Sullivan, a managing director with Lee & Associates-Investment Services Group, Christine Deschaine, a principal out of Lee & Associates-LA North/Ventura office and associate Stephanie Skrbin.
DENVER — Stonebridge Companies has completed its $2-million renovation of the Hampton Inn Lakewood. The renovation included new furnishings and amenities for the hotel's 170 guest rooms, as well as a remodeled lobby and new carpets, wall vinyl, windows and exterior paint. Hampton Inn Lakewood is located at 137 Union Blvd. near west Denver.