YUMA, ARIZ. — Orion Investment Real Estate has arranged the sale of a restaurant property, located at 590 E. 16th St. in Yuma. Edwards Corral LLC sold the property to an undisclosed buyer for $4.1 million, or $413 per square foot. Golden Corral Buffet & Grill has occupied the 10,015-square-foot property since mid-2004. Judi Butterworth of Orion represented the seller in the transaction.
TRUCKEE, CALIF. — Kennedy Wilson has completed the sale of The Ritz-Carlton Lake Tahoe, located at 13031 Ritz Carlton Highlands Court in Truckee, to Ashford Inc. (NYSE: AINC) for $120 million. Kennedy Wilson, a global real estate investment company, and its partner acquired the hotel’s 170 guest rooms, 23 condominiums and a 3.4-acre development parcel in 2012 for $74 million. The hotel features a 17,000-square-foot spa and fitness center, more than 15,000 square feet of indoor and outdoor function space, ski-in/ski-out location on Northstar California, a 17,000-square-foot slope-side spa, Slopeside Backyard Bar and BBQ, and a children’s program. The company also completed the sellout of all 23 condominium units at the The Ritz-Carlton Residences in 2016 for a total gross sales price of approximately $50 million. Additionally, in December, Kennedy Wilson sold a portfolio of hotels located across the United Kingdom for $54 million. A cash profit of $73 million to Kennedy Wilson was generated over the lifetimes of the two investments.
ALBUQUEQUE, N.M. — Titan Development has completed the multi-million dollar renovation of Journal Center Courtyard Marriott, located at 5151 Journal Center Blvd. NE in Albuquerque. The renovation project was completed in four phrases over the past 12 months. The project included all 150 guest rooms updated with hardwood flooring; new spa-like pool and gym facilities; event space for 200 attendees classroom-style or 150 attendees banquet-style; and conference rooms with state-of-the-art, wall-mounted, big-screen televisions, wireless internet connectivity, new colors, ceiling lighting and wallpaper. Guest rooms offer private, open-air balconies, free Wi-Fi access, flat-screen televisions and pillow-top mattresses. On-site amenities include a landscaped courtyard, indoor pool, an updated gym and 4,000 square feet of indoor/outdoor venue space. Dwellings Interior Design provided design and décor services for the property.
SEATTLE — HFF has arranged $32.5 million in financing for the acquisition of the Original Rainier Brewery, a mixed-use campus located at 5624-6004 Airport Way South in Seattle’s historic Georgetown neighborhood. Tom Wilson and Zachary Kersten of HFF secured a three-year, floating-rate loan with two one-year extension options with a debt fund for the borrower, ScanlanKemperBard. The borrower plans to make improvements to the property. Originally built in the early 1990s as a brewery for Seattle Brewing and Malting Co., the property eventually housed Rainier Beer and is a designated landmark. The campus encompasses four separate buildings — the Bottling Plant, the Malt House, the Warehouse and the General Office — and two land parcels. The assets feature natural light, exposed brick, original flooring, historical detailing and unique layouts. At the time of financing, the property was 92 percent leased to 55 tenants, including REI, Patagonia, Keen, Elysian Brewing Co., Frans Chocolate and Kyoto Art and Antiques.
AURORA, COLO. — Unique Properties has negotiated the sale of The Forum, an office building located in Aurora. An undisclosed buyer acquired the property for $14.2 million, or $82.04 per square foot. Located at 14001 E. Illiff Ave., the property features 174,622 square feet of office space. At the time of sale, the building was 76 percent occupied. The Lippitt/Shwayder Team of Unique Properties represented the undisclosed seller, while Newmark Knight Frank represented the buyer in the deal.
LAKE ELSINORE, CALIF. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant retail property located at 16810 Lakeshore Drive in Lake Elsinore. A partnership specializing in the ownership of net-lease properties sold the asset to an undisclosed Southern California buyer for $3 million, or $1,957 per square foot. Del Taco occupies the 1,558-square-foot building with 12.5 years remaining on its corporate-guaranteed, 15-year, absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while Chris Itule of Itule Real Estate Group represented the buyer in the all-cash transaction.
SEATTLE AND DENVER — Real estate investment and operating firm Unico Investment Group LLC has sold 11 office assets totaling 1.8 million square feet in Seattle and Denver for $710 million. Broad Street Principal Investments LLC, an affiliate of Goldman Sachs, was the buyer. The portfolio includes 10 creative office assets and one parking garage. The collection of properties is 85 percent leased to more than 190 tenants. Since 2014, Unico has invested $87 million in capital improvements for the properties. Some of the fully repositioned assets include the iconic Smith Tower in Seattle’s Pioneer Square, 1505 Fifth Ave. in Seattle’s central business district (CBD) and the DC Building in Denver’s CBD. The 27-building portfolio also includes new-construction buildings such as the Circa Building, which is located along Denver’s Platte Street. The Class A asset received the Mayor’s Design Award for Sustainability in 2018. Unico will retain a stake in the portfolio and will continue to operate and manage the properties on behalf of the new partnership. “We look forward to working with Goldman Sachs to fully complete the property repositions and new development opportunities still embedded within the portfolio,” says Jonas Sylvester, Unico president. Jason Flynn and Paul Nelson …
LONGMONT, COLO. — HFF has arranged the sale of Harvest Junction, a 367,918-square-foot shopping center in Longmont. The center is located 38 miles north of Denver and is split by Ken Pratt Boulevard, separating the property into north and south sections. Harvest Junction was fully leased at the time of the sale to tenants including Lowe’s, Dick’s Sporting Goods, Ulta Beauty, DSW, Marshalls, Ross Dress for Less and Best Buy. Chad Murray, Aaron Johnson and Barry Brown of HFF represented the seller, RPT Realty, in the transaction. A partnership between Walton Street Capital LLC and Alberta Development Partners acquired the center for an undisclosed amount.
ENCINITAS, CALIF. — Colliers International San Diego Region and JLL have negotiated the purchase of Encinitas Marketplace, a neighborhood retail center in Encinitas. An undisclosed seller sold the property to Encinitas Marketplace LLC for $43 million. Richard Lebert and Matt Zimsky of Colliers, along with Chris Ross of JLL, represented the buyer, while REZA Investment Group represented the seller in the deal. Located at 110-194 N. El Camino Real, Encinitas Marketplace features 124,411 square feet of retail space. Tenants include The Vitamin Shoppe, Five Guys, Firehouse Subs, Chick-fil-A, O’Reilly Auto Parts, Phenix Salon Suites, My Sister’s Closet, Sylvan Learning Center, The Joint Chiropractic, Allstate and Pacific Dental.
KAPOLEI, HAWAII — Alexander & Baldwin (A&B) has purchased two warehouse buildings, located within Kapolei Business Park Phase I, for $40 million in an off-market transaction. Built on adjacent parcels totaling 6.45 acres, the properties feature 32-foot clear heights, dock-high loading, ESFR sprinkler systems and rooftop photovoltaic systems, which will be used by tenants to defray energy costs. The buildings offer a total of 150,000 square feet of Class A industrial space. The acquisition was financed by proceeds of A&B’s sale of its agricultural lands on Maui. Last year, the company completed the $262 million sale of approximately 41,000 acres of agricultural farmland on Maui to Mahi Pono, a farming venture between Pomona Farming and the Public Sector Pension Investment Board. The seller, national moving company Covan, will continue to lease approximately 75 percent of the asset.
