PARK CITY, UTAH AND SAN DIEGO — Rockford Hotels LLC has purchased The Hampton Inn & Suites and the Holiday Inn Express in Park City. Both properties are slated for upgrades and modernizations. The transaction price was not disclosed. Additionally, the company recently acquired Best Western Yacht Harbor Inn in San Diego for an undisclosed price. Rockford Hotels also completed a multi-million dollar renovation and repositioning of the property, which is located in close proximity to the airport and bayside businesses. George Brown of Westland Village, Calif.-based Brown Hotel Group Inc. represented Rockford in all three transactions. The sellers were not disclosed in either transaction.
LONG BEACH, CALIF. — San Francisco-based Newcastle Partners Inc. has partnered with RREEF Alternative Investments to acquire a 54.5-acre land parcel in Long Beach for the first two phases of development at Douglas Park, a 261-acre master-planned mixed-use project. Plans for the entire project comprise 4 million square feet of commercial space, including office, retail, industrial and hospitality, as well as 9.9 acres of parks. Valued at $350 million at final build out, the first two phases will encompass approximately 1 million square feet of commercial space. The first phase consists of a 165,000-square-foot office portion offering nine buildings ranging in size from 7,200 to 40,000 square feet, and a 245,000-square-foot industrial component consisting of 12 one-story buildings ranging in size from 6,140 to 32,258 square feet. The second phase will include an up to 500,000-square-foot office portion with 20 buildings ranging in size from 12,000 to 120,000 square feet, and a 200-room hotel property with 24,000 square feet of retail space. Completion for the first phase is slated for May 2009; construction on the second phase started in July 2008.
PATTERSON, CALIF. — McShane Corp. and MetLife Real Estate Investments are nearing completion of the co-developers first speculative distribution facility, which is being built within KeyStone West Business Park in Patterson. Upon completion, the master-planned, 122-acre industrial distribution center will include three buildings totaling 2.1 million square feet. The project has been specifically designed to serve the urban core of the San Francisco region. The first building, which is scheduled to be shell complete in October, will measure 529,970 square feet in size. Kevin Dal Porto of CB Richard Ellis is the listing agent for the property.
OGDEN, UTAH — Ogden Utah Holding Co. LLC has purchased Three Tenant Shopping Center, a 60,220-square-foot retail center in Ogden. Robertson Family Trust sold the property for $2.8 million. Barry Higgins and Danny Bahng of Marcus & Millichap represented the seller; the buyer was self-represented in the transaction.
SAN FRANCISCO — San Francisco-based BRM Bakersfield LLC has acquired a 24,660-square-foot office complex in San Francisco. Located at 410-440 Pacific Ave., the four-building complex sold for $13.5 million or a record $547 per square foot. At the time of acquisition, the property was 100 percent occupied. The seller was San Francisco-based Group I Inc. Dan Cressman, Mike Taquino and Ben Allott of Grubb & Ellis’ San Francisco office represented both parties in the transaction.
SAN MARCOS, CALIF. — Newport National Corp., acting as developer, has broken ground on the Nordahl Medical Centre, a 55,450-square-foot, Class A healthcare facility, which is the first medical condominium project to be built in the San Marcos/Escondido area. The three-story building, which can accommodate suites ranging in size from 1,000 to 55,450 square feet, is situated less than 1 mile from the future Palomar Medical Center West hospital. The facility is slated for completion in April 2009. Featuring panoramic views of the area, the building will feature resort-quality bathrooms with floor-to-ceiling enclosed stalls on all three floors. TSA Contracting Inc. was awarded construction of the project, which was designed by McArdle Associates Architects. Mark Avilla, Matty Sundberg and Keith Olmo of Grubb & Ellis|BRE Commercial are the marketing and sales team for the healthcare development.
CLEARFIELD, UTAH — NSC Properties, a local real estate investment and development company, has purchased a 316,582-square-foot industrial facility for $11.4 million. Located in Clearfield, the property is leased to Superior Air Handling and The Shaw Group. SAHCO, an entity associated with Superior Air Handling, sold the property. Brandon Wood and Bryce Blanchard of NAI Utah Commercial Real Estate brokered the transaction.
SHERIDAN, WYO. — InterContinental Hotels Group (IHG) has debuted the new Candlewood Suites prototype design with the opening of Candlewood Suites Sheridan in Sheridan. The 75-room hotel features a new building shape, a new exterior color scheme and an increased outdoor residential feeling with a centrally located Gazebo Grill and additional backyard landscaping. The guestrooms feature studio or one-bedroom suite floor plans with a full kitchen, overstuffed recliner, large workspace with desk chair and overhead lighting, and the Comforts of Home™ Bedding Collection. Located at 1709 Sugarland Dr., the property is owned and managed by Sugarland Enterprises, under a license agreement with a company in IHG.
LOS ANGELES — The Somerset Group has acquired 5055 Wilshire Boulevard in Los Angeles for $45.1 million. The nine-story, Class A office property is located in the Miracle Mile district of the city. The 168,532-square-foot building is 97 percent leased to multiple tenants, including Verizon Business, Nationwide Mutual, The Hollywood Reporter, Billboard Magazine and Nielson. Fred Cordova, Nathan Pellow and Andrew Rosengarten of Colliers International represented the buyer; The Palmer Team represented the seller, USAA Real Estate Company, in the transaction. Wells Fargo Real Estate Group provided debt financing for the transaction.
HENDERSON, NEV. — The Las Vegas office of United Construction, serving as general contractor, has completed the construction of the Pecos Building, a $2 million office/retail project in Henderson. Located at 178 N. Pecos Rd., the 24,732-square-foot property consists of two components. The 10,981-square-foot first floor offers retail tenant space speculatively built out into three units to allow for move-in ready space. The second floor offers 12,971 square feet of office space, which is designed for single or multiple tenants. Mertz Properties is the developer of the project; Dekker/Perrich/Sabatini served as architect of record. Chris Meade of MDL Group has been retained to market and lease the property.