LOVELAND, COLO. — John Q. Hammons and Springfield, Mo.-based John Q. Hammons Hotels & Resorts is developing Embassy Suites® – Loveland Hotel, Spa & Conference Center in Loveland. Located at 4705 Clydesdale Pkwy., the eight-story hotel will feature 263 suites and 80,000 square feet of meeting space. Each guest suite features a private bedroom, a living room, two LCD televisions, a refrigerator, a wet bar, a microwave oven, a coffee maker, two telephones with data ports, high-speed Internet access, a work desk and an in-room safe box. The hotel will offer room service, same-day dry cleaning, daily cooked-to-order breakfast and a daily two-hour manager reception. Other amenities include a fitness center, an indoor pool, a sundeck and therapeutic spa treatments at the full-service Spa Botanica, John Q. Hammons’ signature spa. The hotel will be owned by John Q. Hammons and managed by John Q. Hammons Hotels & Resorts. Completion is slated for March 2009.
BEVERLY HILLS, CALIF. — Commercial Defeasance LLC has facilitated a $29.3 million defeasance transaction for an undisclosed Beverly Hills-based company. The transaction will allow the company to refinance a 99,904-square-foot, high-rise office building with Washington Mutual Bank. Parklane Investments and George Smith Partners represented the borrowers in the transaction.
SIMI VALLEY, CALIF. — Spar Investment Co. has purchased an industrial property, which is located at 2255 and 2267 Agate Ct. in Simi Valley. The 34,875-square-foot property sold for $5.3 million. At the time of acquisition, the property was 100 percent occupied. Grant Harris and John Ochoa of Lee & Associates’ Ventura, Calif., office represented the buyer; Bram White and Stuart Scott of Dom Commercial Real Estate Services represented the seller, Turbo Properties LLC, in the transaction.
HILLSBORO, ORE. — Beaverton, Ore.-based SKL Properties LLC has acquired Regis Arms, a 20-unit multifamily property in Hillsboro. Located at 2050 NE Barberry Dr., the property sold for $1.3 million. The seller was Seattle-based P&R Management LLC. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office brokered the transaction on behalf of the seller.
IRVINE, CALIF. — Irvine-based Hopkins Real Estate Group (HREG) is developing three retail centers in Southern California. KKE Architects Inc. has provided architectural services for all three projects. A joint venture between HREG and Arnel Capital Partners LLC has developed Imperial Promenade, a 215,000-square-foot retail center located at Imperial Highway and Idaho Street in La Habra. Target, Circuit City, Corner Bakery, Chipolte, Pinkberry, Cake House and Z Pizza tenant the center. Anaheim, Calif.-based Adorn Construction Inc. served as general contractor. In Palmdale, HREG and San Francisco-based Rockwood Capital are developing 47th Street Pavilion, a 500,000-square-foot shopping center located at the corner of 47th Street East and Avenue R. Slated for completion in November, the center will be tenanted by SuperTarget, The Home Depot, Ross Dress For Less, PetSmart and Staples. Additionally, HREG has developed Talega Village Center, which is located at the corner of Avenida Vista Hermosa and Avenida Talega in the master-planned Talega community in San Clemente. The 103,000-square-foot retail center is occupied by Ralphs Fresh Fare, Eric Hanan, V’s Barbershop, Peet’s Coffee, Little Gym, Wells Fargo, First Class Pizza, Juice It Up!, Verizon and Sundried Tomato.
LA MESA, CALIF. — Ledcor Construction Inc. has completed a five-story, 66,000-square-foot medical office building in La Mesa. Located on the Grossmont Hospital Campus, the $9.6 million project features two machineroomless elevators, five built-out lobbies, a trash enclosure and a solar crosswalk. Additionally, the property features a seven-level parking structure, which is currently under construction by Ledcor. Pacific Medical Buildings owns the property. HDR provided architectural services for the project.
PALMDALE, CALIF. — Redlands, Calif.-based Palmdale 2006 Co. has completed the disposition of an 11,646-square-foot retail property, which is located at 40008 10th St. West in Palmdale. An undisclosed Glendale, Calif.-based private investor acquired the property for $6.26 million. Current tenants of the property include Taco Del Mar, Submarina, Wingstop restaurant and Taste of Persia. Jeff Conover of Faris Lee Investments represented the seller; Steve Crockett of Lee & Associates represented the buyer in the transaction.
CARLSBAD, CALIF. — Danielson DSS LLC is developing building seven for ViaSat Inc. The 40,000-square-foot office and lab facility is located within Bressi Ranch Corporate at 2530 Campbell Pl. in Carlsbad. Smith Consulting Architects is providing full architectural services for the project, which is seeking LEED Commercial Interiors certification. Ledcor Construction is serving as general contractor. Completion is slated for March 2009.
OAKLAND AND CONCORD, CALIF. — Kevin Turner and Nolan Jones of Marcus & Millichap’s Oakland office represented both undisclosed parties in the sale and acquisition of a 39-unit multifamily community. Located at 2833 High St. in Oakland, the 31,720-square-foot property sold for $2.9 million. The community features a full-length patio, gated parking and on-site laundry facilities. In a separate transaction, Jason Snyder and Marc Guillion, also of Marcus & Millichap’s Oakland office, represented the undisclosed buyer in the acquisition of Woodstone Apartments, a 20-unit multifamily community in Concord. The 18,778-square-foot property sold for $2.3 million. The community offers a swimming pool, on-site laundry facilities, 20 carports and 10 additional open parking spaces. The property is located at 4819 Clayton Road. The seller was not disclosed.
What area is your expertise? Our team’s expertise is the industrial real estate market primarily in Western Washington along the Interstate 5 corridor. We also work nationally for clients who are expanding into other areas either for site/space acquisitions or investment opportunities. What trends do you see presently in industrial development in your area? Currently there is no speculative development occurring in our area. Sites of interest would be infill sites in mature markets and rail-served sites. Risk is being priced back into the market with a significant pricing spread being evident between Class A and Class B properties — something we did not see during the high point of this past real state cycle. What type of industrial product is doing well in your area? Business parks accommodating the smaller to medium size users are doing relatively well. In addition, properties located near or in Seattle are doing well. The Kent Valley, due to its close proximity to Seattle and being composed or primarily business parks, is experiencing a decline in vacancy rates. In addition, rail served sites are a desirable commodity. Who are the active industrial developers in your area? Active national developers include: Panattoni, First Industrial, Opus, …