PASADENA, CALIF. — JLL has arranged $36.8 million in construction financing for a 194-room AC Hotel by Marriott development in Pasadena. The six-story hotel will be situated in the Playhouse District. It will feature a rooftop lounge, Peloton fitness room, event space and AC Lounge. JLL’s Marc Schillinger and Matt Stewart represented the developer, Welcome Group Inc., to secure the three-year loan with two one-year extension options.
GLENDALE, ARIZ. — An affiliate of Cohen Asset Management has purchased Phase I of Falcon Park 303 in Glendale for $81.7 million. The 599,486-square-foot, Class A industrial building was built on a speculative basis in 2022 and is fully leased. It is part of a larger industrial campus totaling 925,504 square feet. The property is located at 15132 West Camelback Road. Will Strong, Kirk Kuller, Micki Strain and Molly Hunt with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented the seller, USCD.
BROOMFIELD, COLO. — LaPour Partners has received governmental approval to build Arista 36, a 359,800-square-foot, Class A industrial park in Broomfield. The company plans to break ground in September for delivery in early 2025. The three-building project is situated on a nearly 30-acre site in the northwest section of the city. It will feature 48 electric vehicle charging stations; two tenant community gathering spaces with shade elements and plenty of seating; walking and bike trail tie-ins; and enclosed bike racks for bike-to-work capability. Stream Realty Partners’ Tyler Reed, Peter Beugg, Dominic DiOrio and Buzz Miller will handle leasing at the property.
SAN DIEGO — DivcoWest has purchased a 72,506-square-foot, Class A life sciences building in the San Diego submarket of Torrey Pines. The fully leased building is located at 11119 N. Torrey Pines Road. This represents the first Torrey Pines acquisition by a private real estate investor since 2000. It is one of only three research properties in the market not owned by a public REIT, nonprofit or owner/user. The seller is an affiliate of Alexandria Real Estate Equities. Eastdil Secured marketed the property to a limited group of qualified buyers.
— By Priscilla Nee, Executive Vice President, CBRE — The Los Angeles apartment market started showing signs of cooling as supply has risen to meet demand. Rents decreased marginally year over year as last year’s apartment demand decreased following pent-up pandemic demand. In response to decreased prices, renter demand for space has seen an increase in the first few months of 2023. Across the market, vacancy is sitting just below 4.5 percent as of first-quarter 2023, which is up from all-time lows of around 3.7 percent one year prior. Concessions for new renters are present. They have been steady and increasing since the third quarter of 2022 as landlords work to attract great renters to new and existing projects. Additional new supply is outpacing present demand, despite early upticks in demand for the year. That, paired with a strong development pipeline and an additional 27,000 units under construction, may continue to drive vacancy rates up should demand not increase in kind. This could lead to potential reductions in lease rates if a property sits vacant on the market long enough. Most current development and construction is centered in Downtown LA, Koreatown and South LA. Markets like Inglewood are setting themselves …
BELLEVUE, WASH. — InterContinental Hotels & Resorts is set to open its first hotel in the Pacific Northwest in October. The InterContinental Bellevue at The Avenue will feature two towers housing 365 luxury condominiums, a 208-room InterContinental Hotel, 85,000 square feet of high-end retail space and celebrity chef-led dining. It is located on the corner of NE 8th Street and Bellevue Way. Fortress Development owns InterContinental Hotels & Resorts.
LONG BEACH, CALIF. — Hendy has completed design work on the Mercedes-Benz Classic Center in Long Beach. The facility features 41,500 square feet of workspace, 20,000 square feet of vehicle storage, auto restoration and maintenance areas, a showroom, processing bay and retail area. The hangar-sized building was formerly an aircraft production site for aeronautic firm McDonnell Douglas, which merged with Boeing, a leading supplier of passenger aircraft. This is the world’s second Mercedes-Benz Classic Center.
WHEAT RIDGE, COLO. — Marcus & Millichap has arranged the sale of the 100-room Best Interstate Inn Wheat Ridge in Wheat Ridge. A private investor acquired the hotel for $5.5 million. The asset is located at 4735 Kipling St. The acquisition provides the buyer with a multifamily conversion opportunity. Christy McDougall of Marcus & Millichap represented both the buyer and seller, a limited liability company.
REDLANDS, CALIF. — GID has purchased a multi-tenant industrial warehouse in Redlands. The 95,500-square-foot, Class A building includes 12 docks with three drive-ins and 30-foot clear heights. It is fully leased to two tenants. This is GID’s second industrial acquisition in Southern California. The company recently acquired a three-building industrial park in the East San Gabriel Valley.
DENVER — MTM Transit has leased an industrial outdoor storage (IOS) property in Denver. It is located at 280 West 62nd Ave. The 22,689-square-foot space features outdoor storage that could suitably accommodate a 100-passenger van fleet. It is situated near strong population bases and offers access to Denver’s major freeways. Mike Viehmann represented MTM in the lease transaction.
