SANTA CRUZ, CALIF. — Essex Property Trust has purchased Chestnut Town Homes and Apartments, a 96-unit multifamily property located at 525 Laurel St. in Santa Cruz. The 87,640-square-foot property, which also offers four commercial units, sold for $22.05 million or $220,500 per unit. Built in 2002, the community consists of two buildings offering a mix of one- and two-bedroom units. Jamie D’Alessandro and Brian Henry of Marcus & Millichap represented the seller, Wavecrest Development, in the transaction; Marcus & Millichap also represented the buyer.
LAS VEGAS — Cannery Casino Resorts is developing Eastside Cannery Casino & Hotel, which is located at 5255 Boulder Hwy. in Las Vegas. Slated to open August 28th, the $250 million property consists of a 16-story tower of bronze, glass and steel featuring a saw-tooth roofline. The casino offers more than 2,100 slot machines, 26 table games, a 450-seat bingo hall, a live keno lounge, a first-class poker room and a Race and Sports Book. The 300-room property also features 20,000 square feet of ballroom and meeting space, as well as a variety of restaurants and eateries, including CarveSM, Casa Cocina®, Sweet Lucy’s Tableside BuffetSM, The DeliSM, Snaps 24-Hour CaféSM and ONE SIXSM.
SURPRISE, ARIZ. — Scottsdale, Ariz.-based PM Canyon Ridge LLC has completed the disposition of Canyon Ridge, a 192-unit apartment community located in Surprise. Logan, Utah-based Wasatch Acquisitions and Capital Inc. purchased the Class A property for $17.65 million. The community consists of two-story rental buildings offering a mix of one-, two- and three-bedroom units. Community amenities include a resort-style pool and spa, an exercise facility and mountain views. The units feature 9-foot ceilings, washer/dryers, balconies/patios, air conditioning and fully equipped kitchens with refrigerators, microwaves, dishwashers and disposals. Bob Bruno and Mark Forrester of Hendricks & Partners’ Phoenix office represented the seller in the transaction.
SAN DIEGO — McCarthy Building Companies Inc. has topped out the new five-story Acute Care Pavilion for Rady Children’s Hospital-San Diego, which is located at 3020 Children’s Way in the Kearny Mesa area of San Diego. The 279,000-square-foot facility will feature 16 operating rooms with associated support departments, a 28-bed hematology and oncology unit, a 10-bed bone marrow transplant intensive care unit, a 32-bed neonatal intensive care unit and 84 acuity adaptable medical surgery beds. Situated on the southeast end of the Rady Children’s Hospital campus, the new $260 million facility will be connected to the existing facility by a bridge. San Francisco-based Anshen+Allen provided architectural services for the project, which is slated for completion in summer 2010.
MOUNTAIN VIEW, CALIF. — California-based NAI BT Commercial Palo Alto has arranged the sale of the Mountain View Courtyards office complex located at 1200-1390 Villa St. in Mountain View. The 170,763-square-foot office complex, which was 100 percent leased at the time of sale, includes new Class A interiors, volleyball and basketball courts, and a full service fitness center. Metzler Realty Advisors has acquired the facility from Broadreach Capital Partners for more than $62.2 million. David Hiebert of NAI BT Commercial Palo Alto represented the seller in the transaction.
PETALUMA, CALIF. — Stephens & Stephens LLC has acquired two industrial buildings in Petaluma for approximately $18 million or $98 per square foot. Located at 755-775 Southpoint Blvd., the properties total 183,406 square feet. At the time of sale, the properties were approximately 95 percent occupied. Trevor Buck of NAI BT Commercial’s North Bay office represented the buyer in the transaction. The seller was Pine Creek Properties.
ONTARIO, CALIF. — InterContinental Hotels Group (IHG) has opened the 16th Hotel Indigo property and the first property in California with the opening of Hotel Indigo Ontario Rancho Cucamonga. Located at 3333 Shelby St. in Ontario, the 92-room hotel is the first boutique hotel in the city. The hotel features oversized lobby chairs; inviting guestrooms with plush bedding, hardwood floors and spa-inspired showers; a Phitness studio with cardio equipment and free weights; Phi, an on-site casual dining restaurant; a 24-hour business center; two meeting rooms; a complimentary airport shuttle and wireless high-speed Internet access. The hotel is owned by 3333 Shelby LLC and managed by Rim Hospitality, under a license agreement with a company in the InterContinental Hotels Group.
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.