RIVERSIDE, CALIF. — Pinnacle Hotels USA has acquired Marriott Riverside, a 292-room hotel located in downtown Riverside, for $19.3 million or $66,000 per room. The 12-story hotel offers 14,000 square feet of meeting space, a restaurant, a lounge, a gift shop, an outdoor swimming pool and whirlpool, a fitness room and a business center. CB Richard Ellis Hotels represented the buyer; Pete Dannemiller of Hodges Ward Elliott represented the seller, Sunstone Hotels, in the transaction.
Western
NORTH LAS VEGAS, NEV. — RBS Investments has purchased a 14,600-square-foot industrial building, which is located at 3825 Losee Rd. in North Las Vegas. JD Las Vegas sold the property for $2.37 million. Xavier Wasiak of Grubb & Ellis represented the buyer; Dan Doherty, Patti Dillon and Ben Campbell of Colliers International – Las Vegas represented the seller in the transaction.
SAN DIEGO — Taylor Trust 8-9-95 has purchased a 2,800-square-foot retail property in downtown San Diego. Located at 635 5th Ave., the property sold for $2.4 million. Rick Wu of Voit Real Estate Services represented the buyer and the seller, Chirco Trust, in the transaction.
PHOENIX — Meridian Capital Group has arranged $7.5 million in permanent financing for an 188,000-square-foot, single-tenant industrial warehouse and manufacturing facility in Phoenix. Located at 7822 S. 46th St., the property is occupied by a company engaged in the aerospace industry. Alex Katz of Meridian Capital Group negotiated the fully non-recourse, 5.76 percent fixed-interest rate 5-year loan. The financer was American United Life Insurance Co.
SEATTLE — An undisclosed buyer has acquired Fa Niente Apartments, a 14-unit apartment property located at 1121 Broadway East in Seattle. Built in 1909, the property sold for $1.46 million. The property offers 12 one-bedroom units and two studio units. Blake Rodgers and Daniel Swanson of Marcus & Millichap’s Seattle office brokered the transaction on behalf of the undisclosed seller.
KENT, WASH. — Wells Fargo & Co. has provided a $25 million Fannie Mae loan for the acquisition of Waterford at the Lakes in Kent. The 344-unit apartment community features a recreation room, two playgrounds, a racquetball court, two resort-style swimming pools, a fitness center, a heated spa, a tennis court, hiking/biking trails and a daycare center. The borrower, a Delaware Statutory Trust (DST), used proceeds of the DST execution to acquire and rehabilitate the property. Griffin Capital Corp. was the DST sponsor. Laurie Morfin and Patrick McAllister of Wells Fargo co-originated the transaction.
ONTARIO, CALIF. — Hager Pacific Properties has leased a 108,703-square-foot office/industrial property, which is located at 2400 E. Francis St. in Ontario, to Kim Lighting, a division of South Carolina-based Hubbell Lighting Inc. The 5-year lease renewal was valued at $2.8 million. Kim Lighting plans to use the facility to manufacture high-performance, architecturally relevant, outdoor lighting solutions for commercial, industrial, residential and institutional clients.
TEHACHAPI, CALIF. — Alex Kozakov and Patrick Wade of Marcus & Millichap represented the undisclosed seller in the disposition of a 3,115-square-foot, single-tenant retail property in Tehachapi. Located at 550 Tucker Rd., the property sold to an undisclosed buyer for $1.05 million. The asset is currently occupied by Jiffy Lube Service Center #2760, which offers two auto bays.
MORENO VALLEY, CALIF. — The city of Moreno Valley has selected San Diego-based Gafcon Inc. as construction manager and San Diego-based Roesling Nakamura Terada Architects (RNT Architects) for the expansion of Moreno Valley’s public safety building. Located at 22850 Calle San Juan De Los Lagos, the existing 47,000-square-foot facility will be expanded to 120,800 square feet over the next several years. The conceptual design of the project is set for completion in March. Final design and incremental construction will begin when funding is established.
ONTARIO, CALIF. — A California-based investment group has completed the disposition of a 1,600-square-foot Starbucks Coffee drive-thru location in Ontario. An undisclosed buyer purchased the property, which is located within the Village at Ontario retail center, for $1.2 million or $750 per square foot. James Antoyan of Marcus & Millichap represented the seller; Kyle Irvine and Don Emas, also of Marcus & Millichap, represented the buyer in the transaction.