Western

Marriott Sells Sheraton Phoenix Downtown to Blackstone Group for $268M

by Amy Works January 13, 2020

PHOENIX — A subsidiary of Marriott International has completed the disposition of Sheraton Phoenix Downtown, located at 340 N. Third St. in Phoenix. An affiliate of The Blackstone Group acquired the asset for $268 million. The hotel features 1,003 guest rooms, nearly 77,000 square feet of meeting space, a fitness center and lap pool. Marriott acquired the hotel in 2018 and began a major renovation to create a showcase hotel for the new Sheraton brand vision. The project is slated for completion in the first half of this year. Marriot will continue to operate the hotel under a long-term management agreement with the buyer.

January 13, 2020

Development Multifamily Student Housing Washington Western

Peak Campus, Blue Vista Buy Student Housing Development Site Near the University of Washington

by Amy Works January 13, 2020

SEATTLE — Peak Campus Development and investment partner Blue Vista Capital Management have acquired a development site located near the University of Washington in Seattle, with plans to construct a student housing community. The new project — titled Theory U District — is set to offer 500 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a rooftop deck, multiple study rooms, a landscaped courtyard for outdoor activities, a fitness room, package lockers and parking. University Christian Church (UCC), which previously owned the property, moved out last summer. According to a press release issued by UCC last year, proceeds from the sale will go into a foundation established by remaining UCC members. UCC already demolished the existing buildings, and vertical construction for Theory U District will commence later this year with a projected opening in fall 2022.

January 13, 2020

Acquisitions California Multifamily Western

Sares Regis Group Divests of 83-Unit Aperture Apartments in San Bruno, California

by Amy Works January 13, 2020

SAN BRUNO, CALIF. — Sares Regis Group of Northern California (SRGNC) has completed the sale of Aperture, a multifamily property in downtown San Bruno, for an undisclosed price. The name of the buyer was not released. SRGNC developed the 83-unit property, which opened last year, in partnership with The Resmark Cos. Located at 400 San Mateo Ave., Aperture features a fitness studio, clubroom, outdoor barbecues and gathering areas, keyless entry, a bike room and electric vehicle charging stations. The property was the first residential project to delivered after San Bruno adopted the San Bruno Transit Corridors Specific Plan in 2013 to revitalize the area near the city’s Caltrain station. The development team includes KTGY as architect, RJA as civil engineer, Nishkian Menniger as structural engineer and Johnston Moyer as general contractor. The Jones-Saglimbeni Group of Institutional Property Advisors handled the transaction.

January 13, 2020

Acquisitions Arizona Retail Western

Sun Valley Plaza Holdings Acquires Retail Center Near Phoenix for $6.4 Million

by Amy Works January 13, 2020

MESA, ARIZ. — Sun Valley Plaza Holdings Inc. has acquired Sun Valley Plaza, a 94,094-square-foot retail center in Mesa, for $6.4 million. The center was 96 percent leased at the time of sale to tenants including Denim Diamonds, Main Street Antique Mall and Carbajal’s Mexican Restaurant. The seller, Michael A. Pollack Real Estate Investments, purchased the property in 2004 for $3.1 million when the center was 16 percent leased. Sun Valley Plaza is located at 7336 E. Main St., 30 miles east of downtown Phoenix.

January 13, 2020

Arizona Industrial Market Reports Western Western Market Reports

Phoenix’s Strategic Growth Positions Industrial for Success in 2020

by Taylor Williams January 11, 2020

Phoenix’s industrial inventory is undergoing a period of growth due to the delivery of 2.2 million square feet of new product in the third quarter of 2019 and more than 4.7 million year to date (as of late November). In fact, the market has seen the highest amount of total industrial development year to date since 2007. While these deliveries have increased the industrial vacancy rate slightly, the overall vacancy rate for the area remains low at less than 7 percent. Absorption has been strong and is expected to remain so for the near future. Rental rates also continue to rise, though they are still at a considerable discount to many other West Coast markets. A high amount of development activity is still occurring, particularly in the southern portion of Phoenix. Much of this development is speculative rather than build-to-suit, which indicates developers are confident in the demand for industrial space in this market. Major factors for our growth have been significant job creation and in-migration of both residents and businesses, which have led to growth in industrial and construction jobs in the region. In fact, Greater Phoenix remains one of the top five metros for job creation in the …

January 11, 2020

California Development Mixed-Use Top Stories Western

Hines, USAA, Philena Break Ground on 807,000 SF West Edge Mixed-Use Project in Los Angeles

by Alex Patton January 10, 2020

LOS ANGELES — A partnership between Hines Interests Limited Partnership, USAA Real Estate and Philena Properties has broken ground on West Edge, an 807,000-square-foot mixed-use project in West Los Angeles. Upon full build-out, the development will feature 200,000 square feet of office space, 90,000 square feet of retail space, 600 multifamily units and a half-acre open-air plaza. The project is scheduled for completion in 2022. West Edge’s eight floors of office space will be designed specifically for media and technology users. The office portion will feature 11-foot floor-to-ceiling windows and outdoor terraces on five of the floors. A 36,000-square-foot grocery store will anchor the retail space, with other tenants including a 16,000-square-foot fitness center, 18,000 square feet for multiple restaurants and bars, and 20,000 square feet for other retail. The 600 luxury apartments will feature a private fitness center, resort-style pool, yoga area, library, private test kitchen, rooftop sports bar, movie screening area and a lounge. Situated in the West Los Angeles neighborhood, the site will offer immediate access to the Bundy Station metro station, which connects to the Downtown, Culver City and Santa Monica districts. The Martin Family has owned the site for more than 40 years, and the …

January 10, 2020

Acquisitions Colorado Multifamily Student Housing Western

Griffis/Blessing Purchases Lion Village Student Housing in Colorado Springs for $34M

by Amy Works January 10, 2020

COLORADO SPRINGS, COLO. — Griffis/Blessing has acquired Lion Village, a student housing complex in Colorado Springs, from a local developer for $34 million. Colorado Springs-based Griffis/Blessing has served as property manager for the asset since its opening in 2015. With its third construction phase completed last year, Lion Village features 141 units totaling 508 student housing beds in a mix of two-, three- and four-bedroom layouts averaging 1,021 square feet. Each apartment comes fully furnished, including housewares and a washer and dryer, and with utilities, including internet and cable. Additionally, each bedroom has its own private bathroom and closet. Community amenities include a heated swimming pool, business center, fitness center and 24-hour maintenance. Nick Steele, John Laratta, Tyler King, Nate Moyer of Berkadia’s Denver brokered the transaction.

January 10, 2020

Acquisitions Hospitality Oregon Western

JLL Arranges Sale of 161-Room Crowne Plaza Hotel in Lake Oswego, Oregon

by Amy Works January 10, 2020

LAKE OSWEGO, ORE. — JLL has brokered the sale of Crowne Plaza Portland-Lake Oswego, a full-service hotel located at 14811 Kruse Oaks Drive in Lake Oswego. BHG Hotels, an owner, developer and operator in the Pacific Northwest, purchased the asset for an undisclosed price. Situated 10 miles south of Portland, the six-story hotel features 161 guest rooms, 5,670 square feet of meeting and event space, Oswego Atrium Restaurant & Bar, a 24-hour business center, 24-hour fitness center, indoor/outdoor pool and IHG Wellness Center with for-purchase snacks and refreshments. Opened in 1989, the hotel underwent a comprehensive renovation in 2018. Melvin Chu of JLL Hotels & Hospitality team represented the undisclosed seller in the deal. Casey Davidson and Aaron Lapping of JLL Capital Markets debt placement team arranged a floating-rate loan with First Interstate Bank for the buyer.

January 10, 2020

Affordable Housing California Development Multifamily Western

AMCAL Starts Construction of 61-Unit Affordable Housing Community for Veterans in Pomona, California

by Amy Works January 10, 2020

POMONA, CALIF. — AMCAL Multi-Housing has started construction of Veterans Park Apartments, an affordable apartment community for veterans. Located at 444 W. Commercial St. in Pomona, Veterans Park Apartments will feature 61 units ranging in size from 600 square feet to 1,000 square feet. The project will offer 25 one-bedroom/one-bath apartments, 15 two-bedroom/two-bath units and 20 three-bedroom/two-bath apartments. Additionally, one apartment will be reserved as an unrestricted manager’s unit. Designed by WHA, the architectural design will draw from the surrounding mission architecture and nearby historic Pomona train depot. On-site amenities will include a 1,725-square-foot children’s center offering tutoring, mentoring, homework help, art, educational games, after-school programs and recreational activities for residents. The project will also offer on-site social services for residents, including programs on transitioning to civilian life and how to navigate the Veterans Affairs system, delivered in the community’s 1,052-square-foot Veterans Center. Rancho Cucamonga, Calif.-based Hope Through Housing Foundation will serve as the on-site coordinator. The development was awarded $1.8 million in annual federal tax credits by the California Tax Credit Allocation Committee. Rents will range from $545 a month for a one-bedroom unit to $1,519 for a three-bedroom apartment, offering affordable housing options to households earning between 30 …

January 10, 2020

Acquisitions Arizona Lee & Associates Office Western

Pinnacle Healthcare Buys Creative Office Building in Tempe for $8.4M

by Amy Works January 10, 2020

TEMPE, ARIZ. — Oregon-based Pinnacle Healthcare has purchased 1860 West University, a creative office building located in Tempe. iT1 Source sold the asset for $8.4 million, or $314 per square foot. The seller, an IT solutions company, will continue to occupy the property through a long-term lease. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix, along with Colton Trauter and Bill Blake of Lee & Associates in Phoenix represented the seller in the deal. Renovated in 2018, the single-story, 26,750-square-foot building features open/collaborative floor plans, superior-quality interior finishes, a rooftop solar power system, excellent ingress/egress and a parking ratio of 4.3 spaces per 1,000 square feet.

January 10, 2020

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