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HospitalityWestern

$17 MILLION STAYBRIDGE SUITES HOTEL TO OPEN

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DENVER — InterContinental Hotels Group is developing its fifth property in the Denver market. Located at 6951 Tower Rd., the six-floor, 103,597-square-foot property will feature 150 suites, a 350-square-foot meeting room, an indoor pool, barbeque grills, a library, a courtyard with a gazebo and fire pit, complimentary wireless Internet access, a 24-hour business center, a fitness center, a lounge with seating and a large-screen television, and a Bridgemart 24-hour convenience store. The franchised property is owned by Today’s V Inc. and managed by Providence Hospitality Partners, under a license agreement with the InterContinental Hotels Group. The $17 million Staybridge Suites property is slated to open this summer.

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HospitalityWestern

RED LION HOTELS ACQUIRES 478-ROOM HOTEL FOR $25.3 MILLION

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DENVER — Red Lion Hotels Corp. has acquired the Renaissance Hotel Denver Southeast for $25.3 million. Located along Interstate 225, the hotel has been re-named the Red Lion Hotel Denver Southeast. The hotel features 25,000 square feet of meeting space, a two-story parking garage, a swimming pool, a business center, a 120-seat restaurant and a 50-seat lounge. Red Lion plans to invest $8 million on renovations for the property.

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OfficeWestern

275,000-SQUARE-FOOT OFFICE TOWER COMPLETE

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SAN DIEGO — Sunroad Enterprises has completed the development of Sunroad Centrum 1, a 275,000-square-foot office tower in San Diego’s Kearny Mesa area. Located on Spectrum Center Boulevard, the tower is part of Sunroad Enterprises’ master-planned Sunroad Centrum community, which will include 1 million square feet of office space, more than 1,000 residential units and a 2-acre park. Designed by BPA Architecture Planning Interiors, the building features a metal, glass and stone exterior capped by a swooping rooftop architectural element. The developer also worked with San Diego LEED consultant Drew George & Partners to achieve a core and shell LEED rating for the building. The building also features subterranean parking with an ample 4/1000 parking ratio, an exercise gym with shower facilities, and outstanding signage and visibility. Mark Wayne, Eric Vann and Steve Wolf of Cushman & Wakefield are leasing the project.

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IndustrialWestern

REXFORD INDUSTRIAL ACQUIRES 57,9000-SQUARE-FOOT INDUSTRIAL BUILDING

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GLENDALE, CALIF. — Rexford Industrial LLC has acquired a 57,900-square-foot industrial building, which is located at 700 Allen Ave. in Glendale. Valued at $6.15 million, the transaction comprises the property situated on 1.35 acres and a 36-car parking lot. Grant Products, a manufacturer of steering wheels and automotive accessories, has occupied the entire building since the mid-1970s. Peter Castleton of Voit Commercial Brokerage represented Rexford and the seller, Peterson Family Trust, in the transaction.

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RetailWestern

CBRE BROKERS THREE SHOPPING CENTER SALES

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WOODLAND AND TULARE, CALIF. — John DuBois, Jon Gianulias and Mark Denholm of CB Richard Ellis have completed three separate shopping center transactions in California. The team represented the seller of Gibson Shopping Center in Woodland. Built in 2004, the 88,201-square-foot center is anchored by Bel Air supermarket. Dean Copans of Marcus & Millichap represented the undisclosed seller. The acquisition price was not disclosed. Additionally, the team represented a joint venture lead by Kimco in the disposition of The Shops at Bakersfield and Heritage Place in Tulare. A local investor purchased The Shops at Bakersfield. Built in 1977, the two-building, value-add 14,000-square-foot property sold for an undisclosed price. Anchored by a SaveMart, Rite Aid and Dollar Tree, the 120,000-square-foot Heritage Place was constructed in 1985. Cyrus Neek represented the undisclosed buyer. The acquisition price was not disclosed.

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OfficeWestern

OFFICE BUILDING SELLS FOR $1.12 MILLION

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POWAY, CALIF. — Craig Alan Jones and Janet Lee Jones have purchased the remaining 50 percent share of a 12,445-square-foot office building in Poway. Located at 12120 Tech Center Dr., the property sold for $1.2 million. Built in 1998, the two-story building is 100 percent leased to Dependable Plumbing and Century Publishing. Anthony Dedomenico and Pamela Dedomenico sold the property. Paul Lafrenz, Shauna Fick and Bill Dolan of CB Richard Ellis brokered the transaction.

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IndustrialWestern

PROLOGIS TO DEVELOP 1.2 MILLION-SQUARE-FOOT INDUSTRIAL PARK

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DENVER — Denver-based ProLogis is developing Stapleton Business Center North, a master-planned industrial park located at the intersection of 56th Avenue and Havana Street in Denver. The first phase of development will include a 345,000-square-foot distribution facility, which is scheduled to begin construction later this year. At full build-out the park will comprise five buildings totaling approximately 1.2 million square feet of distribution space. Additionally, the project will be built according to United States Green Building Council guidelines for LEED Certification.

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IndustrialWestern

106,000-SQUARE-FOOT INVESTMENT PROPERTY SELLS FOR $16.85 MILLION

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LITTLETON, COLO. — Mountain View LLC has purchased a 106,000-square-foot industrial building, which is located at 6415-6455 Business Center Dr. in Littleton, as part of a 1031 exchange. The single-tenant net leased property sold for $16.85 million or approximately $159 per square foot. The current tenant, Verizon Communications Inc., recently negotiated a lease extension that included extensive tenant improvements on the 13-year old building. Alec Rhodes and R.C. Myles of Fuller Real Estate represented the seller, Baylor and Solution Properties, in the transaction.

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HospitalityWestern

BASIN STREET HOSPITALITY BREAKS GROUND FOR 102-ROOM HOTEL

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SUISUN CITY, CALIF. — Basin Street Hospitality, a division of Petaluma, Calif.-based Basin Street Properties, has broken ground for the construction of a Hampton Inn & Suites hotel in Suisun City. Located at Harbor Center Drive, the hotel will feature 102 rooms, an outdoor pool and spa, meeting rooms, complimentary hot breakfast, complimentary high-speed Internet access, flat-screen televisions, and the Hampton 100 percent satisfaction guarantee. Completion is slated for summer 2009.

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