LOS ANGELES — Next Century Associates, a joint venture with an entity in the D. E. Shaw group, has acquired Century Plaza Hotel for $366.5 million or approximately $505,000 per room, from Sunstone Hotel Investors. Located at 2025 Avenue of the Stars in Los Angeles, the renowned 19-story hotel features 726 guestrooms and 85,000 square feet of meeting space, including the Los Angeles Ballroom. Sunstone purchased the hotel in 2005 and implemented a $36 million improvement program. Hyatt will continue to operate the property, which features extensive gardens, four outdoor swimming pools with private cabanas, a 20-room spa and several restaurants.
MORENO VALLEY, CALIF. — Stoneridge Centre Partners has completed the first phase of Stoneridge Towne Center, a 518,000-square-foot retail center in Moreno Valley. Located at the gateway of master-planned Stoneridge Ranch, the center has a variety of national tenants, including SuperTarget, Best Buy, Kohl’s, Office Max, Jamba Juice, Starbucks Coffee and See’s Candies. Stoneridge Centre Partners plans to add 86,326 square feet of retail space to the 55-acre center, which will bring the GLA to approximately 600,000 square feet.
LAS VEGAS — EJM Development Co. has developed Building 21 in its 110-acre master-planned Arrowhead Commerce Center in Las Vegas. Located at 3755 E. Post Rd., the 148,000-square-foot, cross-docked industrial property offers high image office/warehouse space divisible to 15,681-square-foot units, and features a state-of-the-art ESFR fire-suppression system. Additionally, the facility features a 30-foot clear height, 61-foot deep concrete truck aprons, 9-foot by 10-foot dock-high loading doors and 12-foot by 14-foot grade-level loading doors. LM Construction served as general contractor and RGA Architects provided architectural services for the project. Spencer Pinter of Colliers International is leasing the property.
POMONA, CALIF. — McCarthy Building Companies Inc. has completed construction on a $31.2 million parking structure and public safety building at California State Polytechnic University (Cal Poly) in Pomona. The 735,000-square-foot project consists of a six-level, 2,300-car parking structure and a two-story building. The building will house the university’s police and parking transportation service departments. The project was designed by the Los Angeles office of Harley Ellis Devereaux.
EL SEGUNDO, CALIF. — The Wiseburn School District, one of Los Angeles’ few remaining small school districts, has acquired an industrial building, which is located in El Segundo Industrial Park in El Segundo. Located at 2330 Utah Ave., the school district plans to convert the property into its new headquarters. First Industrial Investments Inc. sold the 28,182-square-foot property for $6.55 million. The district’s current headquarters at 13530 Aviation Blvd. will be razed and turned into playing fields for Dana school and the surrounding community. William Goodglick of The Goodglick Company represented the buyer; The Fischer Company represented the seller in the transaction.
GLENDALE, CALIF. — Burbank, Calif.-based Glendale Square Holdings LLC has purchased Glendale Square, a 46,196-square-foot shopping center located at 1010 N. Glendale Ave. in Glendale. Glendale Square LLC, also known as Placentia, Calif.-based FKC Properties Inc., sold the grocery-anchored property for $19.5 million or $422 per square foot. Built in 1994, the center was 93 percent occupied at closing with a variety of tenants, including Ralphs, AIM Mail Center, Allstate Insurance, Baskin-Robins, Curves for Women, Sylvan Learning and Subway. Alan Krueger and Richard Longobardo of Marcus & Millichap’s Ontario, Calif., office represented the buyer; Edward Hanley and Eric Wohl of Hanley Investment Group Real Estate Advisors, along with Michael Hefner of Voit Commercial Brokerage, represented the seller in the transaction.
DENVER — InterContinental Hotels Group is developing its fifth property in the Denver market. Located at 6951 Tower Rd., the six-floor, 103,597-square-foot property will feature 150 suites, a 350-square-foot meeting room, an indoor pool, barbeque grills, a library, a courtyard with a gazebo and fire pit, complimentary wireless Internet access, a 24-hour business center, a fitness center, a lounge with seating and a large-screen television, and a Bridgemart 24-hour convenience store. The franchised property is owned by Today’s V Inc. and managed by Providence Hospitality Partners, under a license agreement with the InterContinental Hotels Group. The $17 million Staybridge Suites property is slated to open this summer.
DENVER — Red Lion Hotels Corp. has acquired the Renaissance Hotel Denver Southeast for $25.3 million. Located along Interstate 225, the hotel has been re-named the Red Lion Hotel Denver Southeast. The hotel features 25,000 square feet of meeting space, a two-story parking garage, a swimming pool, a business center, a 120-seat restaurant and a 50-seat lounge. Red Lion plans to invest $8 million on renovations for the property.
BEAVERTON, ORE. — James Esterkin and Robin Esterkin have acquired Charwin Court in Beaverton. Wilsonville, Ore.-based Richard A. Gerstl sold the property for $1.15 million. Located at 13970 SW Allen Blvd., Charwin Court features 12 apartment units. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
SAN DIEGO — Sunroad Enterprises has completed the development of Sunroad Centrum 1, a 275,000-square-foot office tower in San Diego’s Kearny Mesa area. Located on Spectrum Center Boulevard, the tower is part of Sunroad Enterprises’ master-planned Sunroad Centrum community, which will include 1 million square feet of office space, more than 1,000 residential units and a 2-acre park. Designed by BPA Architecture Planning Interiors, the building features a metal, glass and stone exterior capped by a swooping rooftop architectural element. The developer also worked with San Diego LEED consultant Drew George & Partners to achieve a core and shell LEED rating for the building. The building also features subterranean parking with an ample 4/1000 parking ratio, an exercise gym with shower facilities, and outstanding signage and visibility. Mark Wayne, Eric Vann and Steve Wolf of Cushman & Wakefield are leasing the project.