BELLEVUE, WASH. — Red Lion Hotels Corp. has closed on a $14 million loan for its 181-room hotel in Bellevue. Terms of the 5-year loan include a variable spread over LIBOR based on certain financial ratios. The current pricing is 1.75 percent over LIBOR. The company used a portion of the loan to pay off an existing approximately $8.2 million loan. The remainder will be used for general corporate purposes.
Western
MURRIETA, CALIF. — Regency Centers Corp. is breaking ground for the development of Murrieta Marketplace in Murrieta. Located at Clinton Keith Road and Winchester Road, the project will feature approximately 469,776 square feet of brand-name retailers, banks and restaurants, including a 137,940-square-foot Target and a 124,076-square-foot Lowe’s Home Improvement Warehouse. Regency Centers acquired the property in July 2007.
COMPTON, CALIF. — Principals of FallTech, doing business as 1306 S. Alameda Street LLC, have acquired a 51,675-square-foot warehouse/distribution facility in Compton for $6.89 million. The facility, which is located at 1306 S. Alameda St., features 10 dock-high loading positions, two ground-level doors, a 146-foot truck court, 24-foot minimum warehouse clear height and 69 on-site parking spaces. FallTech plans to relocate to the facility in December following building improvements, which includes the addition of 4,300 square feet of office space. Matt Stringfellow and Courtney Bell of The Klabin Company’s Torrance, Calif., office represented the buyers; James Min and Lary Carlton of Colliers Internationals’ Torrance office represented the seller, Bixby Village Golf LLC, in the transaction.
IDAHO, MONTANA AND WASHINGTON — Black Equities has acquired 10 Columbia Paint Stores located throughout Idaho, Montana and Washington for a combined value of more than $6.4 million. The properties have a combined square footage of more than 51,900 square feet. Three stores are located in Idaho, three in Montana and four in Washington. Randy Sheinbein of NAI Capital’s West Los Angeles office represented the buyer; Earl Engle and Scott Person of Spokane, Wash.-based NAI Black represented the seller, Lyndale Properties, in the transaction.
LA HABRA, CALIF. — Voit Commercial Brokerage has completed the disposition of a 31,102-square-foot multi-tenant office complex, which is located at 1901 Lambert Rd. in La Habra. The property, which offers access to Imperial Highway, sold for $4.8 million. Mike Hefner of Voit Commercial Brokerage represented the seller, Albany Synergistics, in the transaction. Jason Jamison of GM Properties represented the undisclosed buyer.
DENVER — RockBridge Partners, an affiliate of RockBridge Capital, and K Partners Hospitality Group LP has opened a Hilton Garden Inn within Denver Tech Center in southeast Denver. The 180-room hotel, which was acquired in May 2007, underwent an extensive $5.3 million renovation and transitioned from a Wyndham hotel into a Hilton property. The property features more than 4,000 square feet of meeting space and 18 guest room suites.
LOS ANGELES — Lion Real Estate Group has purchased a multifamily building, which is located at 724 S. Berendo in Los Angeles’ Koreatown area. In the off-market transaction, the 18-unit property sold for $3.1 million or $172,000 per unit. Lion plans to renovate the building’s exterior and vacant units immediately. Form + Function Design Group is assisting with the renovation. Beverly Hills Property Management and Lion Real Estate Group are responsible for all leasing, management and renovations of the property.
MONTECITO, CALIF. — The Montecito Planning Commission, in a 4-1 vote, has approved Caruso Affiliated’s plan to develop a luxury hotel on the 16-acre site of the shuttered Miramar Hotel in Montecito. The 192-room hotel will feature three restaurants, a spa, a beach club, ballroom facilities and a beachfront boardwalk along Miramar Beach. Caruso plans to begin construction early next year with completion slated for spring 2011.
RANCHO CUCAMONGA, CALIF. — John Ewart of Grubb & Ellis’ Ontario, Calif., office represented the Small Business Administration in the disposition of an 11,000-square-foot medical office building in Rancho Cucamonga. Dr. Jacob Haiavy, a local plastic surgeon, acquired the property, which is located at 8680 Monroe Ct., for $3.1 million. Elli Cohen of MoneyMasters Inc. represented the buyer in the transaction.
CORONA, CALIF. — Reza Ghaffari of Marcus & Millichap has brokered the sale of Circle City Villas in Corona. The property, which was recently converted into condominiums, offers 900-square-foot two-bedroom/two-bath units featuring new kitchen cabinets, new appliances, new tile entryways, washer/dryer hookups, central heating/air conditioning and individual water heaters. The property sold for $3.5 million or $144 per square foot. The seller and the buyer were not disclosed.