Western

IHG OPENS NEW CANDLEWOOD SUITES’ PROTOTYPE

by admin August 7, 2008

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.

August 7, 2008

THE SOMERSET GROUP ACQUIRES 170,000-SQUARE-FOOT OFFICE BUILDING

by admin August 7, 2008

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.

August 7, 2008

Office Western

$2 MILLION OFFICE/RETAIL BUILDING COMPLETE

by admin August 7, 2008

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.

August 7, 2008

Healthcare Western

NIGRO CONSTRUCTION BEGINS $2.8 MILLION SURGERY CENTER

by admin August 7, 2008

LAS VEGAS — Nigro Construction Inc., serving as design/build contractor, has started a tenant improvement project for the Center of Interventional Pain Therapies of Las Vegas, which is located at 5950 S. Durango Dr. in Las Vegas. Situated within the Crest Ridge Business Park, the 12,308-square-foot building was originally built by Nigro Construction in 2005/2006. Once the improvements are complete, the $2.8 million surgery center will feature two operating rooms with six recovery beds, seven exam rooms and a physical therapy room. Other project partners include KGA Architecture as architect, JBA Consulting Engineers as mechanical, plumbing and electrical engineer, and Barker Drottar Associates LLC as the structural engineer.

August 7, 2008

Retail Western

PROWASH CONSULTING ACQUIRES 4-PROPERTY PORTFOLIO

by admin August 6, 2008

HAYWARD AND SAN LORENZO, CALIF. — ProWash Consulting has acquired Hutch’s Car Wash and Quick Lube, a 4-property car wash and quick lube retail chain located in Northern California, for $15.75 million. The portfolio consists of Hutch’s Car Wash at 1367 A St. in Hayward; Hutch’s Quick Lube at 1360 B St. in Hayward; Hutch’s Self-Serve Car Wash at 494 Rousseau St. in Hayward and Hutch’s Car Wash at 17945 Hesperian Blvd. in San Lorenzo. The transaction consists of fee-simple real estate for two of the car washes and the quick lube, as well as a leasehold interest in the third car wash. Paul Dadgar represented both the seller and buyer in the off-market transaction.

August 6, 2008

Office Western

COLLIERS INTERNATIONAL BROKERS $120 MILLION LEASE

by admin August 6, 2008

EL SEGUNDO, CALIF. — Barker Pacific Group and Prudential Real Estate Investors have leased Continental Tower to an undisclosed aerospace-related company for approximately $120 million. Located at 101 Continental Blvd. in El Segundo, the 16-story tower offers 333,000 square feet of office space. Eric Lastition, Geoff Ludwig and Greg Walsh of Colliers International’s South Bay office represented the landlord in the transaction; CB Richard Ellis represented the lessee.

August 6, 2008

Seniors Housing Western

SANTA FE VILLAS SENIOR APARTMENTS SELL FOR $6.5 MILLION

by admin August 6, 2008

SAN DIEGO — VK Smith Realty LP has acquired Santa Fe Villas, a senior-housing apartment complex in San Diego, from El Presidio Corporation Inc. for $6.5 million. Located at 3912 Albatross St., the 37-unit property offers a mix of 34 one-bedroom/one-bath units and three two-bedroom/two-bath units. Built in 1989, the property features 11 garages, secured underground parking, a community room with kitchen and a player piano. Eric Comer and Jim Neil of CB Richard Ellis represented the seller; Stephen Scola of The Scola Company represented the buyer in the transaction.

August 6, 2008

Multifamily Western

17-UNIT MULTIFAMILY COMPLEX SELLS

by admin August 6, 2008

LOS ANGELES — Los Angeles-based 1746 N. Kingsley LLC has purchased 1746 North Kingsley Avenue, an apartment community in Los Angeles. Located at 1746 N. Kingsley Dr., the community offers 17 units. Los Angeles-based 1746-1750 ½ North Kingsley Drive LLC sold the property for $2.74 million. Dean Zander of Hendricks & Partners’ Los Angeles office represented the buyer in the transaction.

August 6, 2008

Western

PROPERTY SELLS FOR $1.15 MILLION

by admin August 6, 2008

TUCSON, ARIZ. — Herrera Enterprises LLC, dba Tucson International Academy, has acquired a 7,891-square-foot property in Tucson. Located at 2700 W. Broadway, the property sold for $1.15 million. Jean-Claude Malterre of Homeland Realty represented the buyer; Rob Glaser and Paul Hooker of PICOR Commercial Real Estate Services represented the seller, Pompano Realty LLC, in the transaction.

August 6, 2008

Multifamily Western

MERUELO MADDUX PROPERTIES CLOSES $84M CONSTRUCTION LOAN

by admin August 5, 2008

LOS ANGELES — Meruelo Maddux Properties Inc. has received an $84 million loan for the construction of a 35-story, high-rise multifamily project, which is located at 717 W. Ninth St. in Los Angeles. The loan will be used to fund the remaining development needs of the project, fund an interest payment reserve and fund a real estate tax and insurance reserve. Located at the intersection of Flower and Ninth streets in downtown Los Angeles, the project will feature 214 luxury apartment homes with resort-style amenities, including a lap pool and whirlpool spa, a fitness facility, a living room/library and an outdoor social area with barbeque grills and fire pits. Additionally, the project is seeking LEED Silver certification. The financing was provided by an affiliate of Canyon Capital Realty Advisors LLC.

August 5, 2008

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