TUCSON, ARIZ. — CB Richard Ellis (CBRE) has negotiated the $17.15 million fractured-condominium sale of 238 units at Sonterra at Williams Center, a Class A, gated community located at 5400 E. Williams Blvd. in Tucson’s business district. Built in 1995 as a rental community, the multifamily property was converted to for-sale condos in 2005. Sonterra at Williams Center includes a resort-style swimming pool with a water feature and spa; state-of-the-art fitness and business centers; and a clubhouse. CBRE’s Tyler Anderson, Sean Cunningham and Mike Sandahl represented the seller, Sonterra Property LLC, an Arizona company formed by a New York City-based fund, in the transaction; the Tucson-based buyer, Holualoa Cos., plans to maintain the 238 condos as rental units.
Western
WEST YELLOWSTONE, MONT. — Delaware North Cos. has purchased the 66-room Yellowstone Park Hotel and 103-room Gray Wolf Inn & Suites in West Yellowstone, Mont. Terms of the deals were not disclosed. The acquisitions bring the company’s total to three lodging properties in the Yellowstone National Park area and six overall in North America.
LAKEWOOD, COLO. — Behringer Harvard has acquired 7166 at Belmar, a 308-unit, mid-rise apartment community located at 7166 W. Custer Ave. in Lakewood. Constructed in 2008, the two-building multifamily development offers one-, two- and three-bedroom units and includes a clubhouse with state-of-the-art fitness center, a resort-style swimming pool and spa, a business center, and a cyber café with complimentary coffee. 7166 at Belmar is situated seven miles west of downtown Denver in the Belmar district that Continuum Partners developed to serve as the new downtown area for Lakewood. The purchase was made through a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund.
HOLLYWOOD, CALIF. — Grubb & Ellis has represented Sebren 3 Investments LLC in its $5.9 million sale of a three-property, 62-unit multifamily portfolio in Hollywood. Built in 1925, 1937 and 1927, respectively, La Fleur Apartments, Chateau Elaine and La Paz Apartments are all located on De Longpre Avenue in the Sunset and Vine area of Tinseltown. Grubb & Ellis’ Dana Brody-Thaw and Martin McDermott represented the seller in the transaction, which included a loan assumption, and Mojgan Sabetfard of Brentwood West represented the private-investor buyer.
PALO ALTO, CALIF. — Newmark Realty Capital has arranged HATCO Associates’ more than $11.3 million acquisition of a two-story, 17,363-square-foot office building located at 420/430 Cowper Street in Palo Alto. The property is currently 100 percent occupied by Wells Fargo. Newmark’s Eric Von Berg represented HATCO in the off-market transaction with the seller, an affiliate of the Matteson Cos.
LAS VEGAS — CB Richard Ellis has negotiated the $10.575 million sale of a three-property, 475-unit multifamily portfolio in Las Vegas. Paradise Square, Bella Estates and Regency Heights are located at 4801 Harrison Drive, 5101 E. Twain Ave. and 3650 E. Lake Mead Blvd., respectively. CBRE’s Spencer Ballif and Jeff Swinger represented Leeward Strategic Properties in its disposition of the portfolio to Strategic Realty Capital.
STOREY COUNTY, NEV. — Panattoni Construction has completed a $3.7 million build-to-suit manufacturing project for Chart Industries in the Reno Tahoe Industrial Center in Storey County. Construction on the 40,000-square-foot property, which is located approximately 7 miles east of the Reno-Sparks area along Interstate 80, began in June 2009.
NEWPORT BEACH, CALIF. — Grubb & Ellis has negotiated a 60,000-square-foot office lease renewal with LA Fitness at 2600 Michelson in Newport Beach. The space at Maguire Properties’ 310,000-square-foot Class A building, which was placed into receivership in November 2009, serves as LA Fitness’ corporate headquarters. Grubb & Ellis’ Oliver Fleener and Tim Joyce represented the landlord in the transaction, and Orion Partners represented LA Fitness.
The Las Vegas retail market has taken a significant hit during the economic downturn, but amid the doom-and-gloom the city continues to attract retailers and visitors that eventually will help restore stability to the region. Much of the declines are being driven by the general economy and, subsequently, joblessness throughout greater Las Vegas. According to the U.S. Bureau of Labor Statistics, the metropolitan area reported an unemployment rate of 13.8 percent in January 2010, compared with 10.3 percent in January 2009. With nearly 136,000 people out of work in metro Las Vegas, it has been difficult for the market to achieve consumer spending levels that could help turn the market around. Recent retail statistics show worsening conditions for metro Las Vegas. According to a December 2009 survey conducted by Applied Analysis, the Las Vegas retail market had a vacancy rate of 10 percent, which is up from 7.5 percent in December 2008 and more than double the market's historical 10-year vacancy rate of 4.5 percent for anchored retail centers. Meanwhile, average retail property rents reportedly declined to $1.84 per square foot, down from $2.13 just 1 year prior. New development virtually stalled for retail properties in the market during 2009. …
HANA, HAWAII — Amstar has acquired the 70-room Hotel Hana-Maui resort, located on the eastern coast of Maui in Hawaii, from Ohana Hotel Co. Terms of the deal were not disclosed. More than 50 years old, the “Preferred Boutique” hotel includes a luxury spa and two award-winning restaurants. Green Tea LLC, an Amstar subsidiary, will manage the property, which is located on 69 acres at the end of Maui's famous Hana Highway.