SAN DIEGO — Joshua Volen and Andrew John Slade of Marcus & Millichap represented the seller, HPC Properties, in the disposition of Bekaert Specialty Films I, an industrial warehouse building in San Diego. An undisclosed buyer acquired the 48,203-square-foot property, which is located at 4520 Viewridge Ave., for $10.55 million. Bekaert currently occupies the property under a triple-net lease. The company uses the facility to headquarter its Specialty Film Manufacturing division.
Western
OAKLAND, CALIF. — 700 Independence Road LLC has purchased a 132,000-square-foot industrial building, which is located at 700 Independence Road in Oakland. The warehouse distribution facility is situated on a 5-acre land parcel. Casey Ricksen and Greig Lagomarsino of Colliers International represented both parties in the transaction. The seller and the acquisition price were not disclosed.
VALENCIA, CALIF. — Noble Investment Group has acquired Hyatt Regency Valencia, which is located within master-planned Valencia Town Center at 24500 Town Center Dr. in Valencia. The 244-room hotel also houses the Santa Clarita Conference Center, which features 16,000 square feet of meeting and event space including three outdoor garden areas overlooking the Valencia Country Club. The guestrooms feature upscale amenities and finishes, including the new Grand Hyatt bed, i-Home systems, high-speed Internet access and views of the surrounding Santa Susana and San Gabriel Mountains. Additionally, the hotel offers an outdoor heated swimming pool, a whirlpool and a sundeck area. Noble will operate the hotel under a long-term license agreement with Hyatt Hotels Corp.
PHOENIX — Tanger Factory Outlet Centers Inc. has unveiled plans to develop an upscale outlet shopping center in the western suburb of Phoenix. Located at the South West quadrant of the 101 Loop and Camelback Road, the 330,000-square-foot center will be situated in one of the fastest growing sections of the Phoenix market and in close proximity to some of the highest household incomes in the metropolitan area. Tanger has entered into a purchase and sale agreement with HWWCC Development LLC for the center’s more than 30-acre site. The center will feature 80 upscale, brand-name and designer outlet stores. Designed as an open-air shopping center, the project will feature landscaped courtyards, unique architectural details and a park-like setting. Groundbreaking is slated for 2009, with completion scheduled for 2010.
GLENDALE, CALIF. — Los Angeles-based Rexford Industrial has purchased a freestanding industrial building in Glendale for $6.2 million. Located at 700 Allen Ave., the 57,117-square-foot property offers 3,840 square feet of office space. The property is currently occupied by Grant Industries on a 21-year lease, with approximately 1 year remaining. The tenant has the option to renew its lease for an 18-month extension. Peter Castleton of Voit Commercial Brokerage’s Anaheim, Calif., metro office represented the buyer and the seller, the Peterson Family Trust, in the transaction.
MOUNTAIN VIEW AND CAMPBELL, CALIF. — Craig Chiappone and Mike Colhoun of Arroyo & Coates represented the Larkspur Woods LLC and San Marino II LP in the disposition of a two-property, 60-unit multifamily portfolio for $11.9 million. A private individual acquired the two properties, Carmel Court Apartments in Campbell and Larkspur Woods Apartments in Mountain View, as part of a 1031 exchange. Ryan Wagner, also of Arroyo & Coates, represented the buyer in the transactions.
COLORADO SPRINGS, COLO. — NBS Real Estate Capital has closed a $5 million preferred-equity investment in the entity purchasing the Sagebrook Apartments, a 314-unit multifamily complex in Colorado Springs. Located within the Briargate master-planned community, the property was constructed in 2001. Along with a senior mortgage from Freddie Mac and equity from a fund sponsored by the Griffis Group of Denver, the preferred equity will be used for the acquisition and renovation of the property. NBS Real Estate Capital, on behalf of Morrison Street series of funds, invests in direct value-added equity transactions and secondary financings including mezzanine debt, bridge loans and preferred equity.
MISSION HILLS, CALIF. — McCarthy Building Companies Inc. has started construction on an $80 million, five-story inpatient tower at Providence Holy Cross Medical Center in Mission Hills. The 131,500-square-foot tower will include a women’s services department with labor/delivery/recovery/post partum rooms (LDRP) rooms, two C-section operating rooms and a neonatal intensive care unit; 70 general medical surgical beds; an intensive care unit; a chapel; and dining facilities. Additionally, the tower will feature 22,300 square feet of shell space to accommodate 35 more beds. Designed by HMC Architects, the project is seeking LEED certification by including storm water retention and filtration systems; recycled and regional materials; diversion of 75 percent of construction waste from landfills; use of low VOC emitting materials for paints, adhesives, carpets and composite wood products; improved energy efficiency; and the encouragement of alternative transportation methods. Under the $113 million contract, McCarthy will also remodel the cardiology department and five operating rooms. Completion of the project is slated for early 2011.
PHOENIX — Strategic Hotels & Resorts Inc. has completed the disposition of Hyatt Regency Phoenix, a 696-key hotel located in downtown Phoenix. Los Angeles-based DiNapoli Capital Partners acquired the property for $96 million. The hotel features oversized guestrooms, 48,000 square feet of meeting space, three food and beverage outlets, and a six-story grand atrium. The buyer plans to renovate and reposition the hotel. Jones Lang LaSalle Hotels represented the seller in the transaction.
OAKLAND, CALIF. — Baltimore-based Alex. Brown Realty Inc. (ABR) has partnered with Oakland-based Horizon Management Group to purchase Fiesta Garden Apartments, an apartment complex located in Oakland. The 54-unit community includes 11 two- and three-story buildings clustered around an interior courtyard. The joint venture plans to complete the interior and exterior renovation plan that was initiated by the previous owner. ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $2.3 million to the venture. Nathan Prouty of NorthMarq Capital arranged the debt and equity capital for the transaction.