Western

Public-Private Partnership Breaks Ground on $36M Alameda Point Senior Apartments in Bay Area

by Amy Works July 15, 2019

ALAMEDA, CALIF. — The City of Alameda, Eden Housing and Alameda Point Partners have broken ground on Alameda Point Senior Apartments, a 60-unit affordable seniors housing community in Alameda, just south of Oakland. Development costs are estimated at $36 million. The community will be located at Alameda Point’s Site A, a $1 billion mixed-use, transit-oriented waterfront development on the site of the former Naval Air Station Alameda, which closed over 20 years ago. Alameda Point Senior Apartments includes 48 one-bedroom and 12 two-bedroom apartments that will be available to seniors with annual incomes from 20 to 60 percent of the Alameda County Area Median Income. Thirty units will serve seniors experiencing homelessness, of which 28 will serve veterans exiting homelessness. “Alameda has stepped up to provide homes for those without housing, most importantly for homeless veterans who have served our county,” said City of Alameda Mayor Marilyn Ezzy Ashcraft. “I can’t think of a better place to do that than at the former Naval Air Station.” Supportive services will be delivered to residents through a collaboration between Operation Dignity, Eden Housing and the VA. This development is being built using green building techniques and materials and incorporates a number of …

July 15, 2019

Hilton-Garden-Inn-San-Diego-Mission-Valley-Stadium-CA

Acquisitions California Hospitality Loans Western

Meridian Capital Group Secures $23.1M in Acquisition Financing for Hilton Garden Inn San Diego

by Amy Works July 15, 2019

SAN DIEGO — Meridian Capital Group has arranged $23.1 million in financing for the acquisition of Hilton Garden Inn San Diego Mission Valley Stadium in San Diego. The name of the borrower was not released. Seth Grossman, Steven Adler and Jackie Tran of Meridian Capital Group secured the 10-year CMBS loan, which features a fixed rate and 24 months of interest-only payments followed by a 30-year amortization schedule. Located at 3805 Murphy Canyon Road, the four-story hotel features 178 guestrooms, including 17 upgraded suites. The property was converted from a Holiday Inn into a Hilton Garden Inn with a $10 million renovation, completed in July 2016. Renovations included upgrades to the guest rooms, guest bathrooms, lobby, front desk, 5,000 square feet of meeting space and on-site restaurant and bar. Additionally, the hotel offers a heated outdoor pool and spa, fitness center, business center and guest laundry.

July 15, 2019

Acquisitions Multifamily New Mexico Western

Marcus & Millichap Brokers Sale of 240-Unit Multifamily Property in New Mexico

by Amy Works July 15, 2019

HOBBS, N.M. — Marcus & Millichap has arranged the sale of Homestead, a multifamily property located in Hobbs. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not released. Built in 2016 and situated in 10.6 acres, Homestead features 240 apartments with high-end interior finishes. John McGregor, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller and procured the buyer in the deal. Matt Reeves of Marcus & Millichap is the broker of record in New Mexico.

July 15, 2019

Acquisitions Nevada Retail Western

Newmark Knight Frank Negotiates $6.4M Sale of Cornet Plaza Retail Center in Las Vegas

by Amy Works July 15, 2019

LAS VEGAS — Newmark Knight Frank has arranged the sale of Cornet Plaza in Las Vegas. Cornet Plaza LLC sold the asset to C&C Elliot Street LP for $6.4 million. Located at 771 E. Horizon Drive, the shopping center features 26,888 square feet of space. Tenants include Capriotti’s, Papa John’s and Hammers Grill & Bar. Michael Zobrist and Nelson Tressler of Newmark Knight Frank represented the seller in the deal.

July 15, 2019

California Development Hospitality Top Stories Western

Pebblebrook, Margaritaville to Open 462-Room Resort in San Diego

by Taylor Williams July 15, 2019

SAN DIEGO — A partnership between Pebblebrook Hotel Trust (NYSE: PEB) and Margaritaville Holdings will open a 462-room beachfront hotel and resort in San Diego. The Margartitaville Island Resort San Diego will be located on the 44-acre Vacation Island in the city’s Mission Bay area. The site is the current home of Paradise Point Resort & Spa, which will be renovated and converted to the Margaritaville hotel. Project costs are estimated at $35 million. The hotel will feature a mile of beachfront with views overlooking the marina and bay, as well Margaritaville food and beverage concepts. Other amenities will include five pools, tennis courts, a spa, fitness center and 80,000 square feet of meeting space. “Our island resort offers a unique San Diego beach experience in a secluded, yet centrally situated location to nearby downtown San Diego, SeaWorld, Balboa Park, Seaport Village and other top attractions,” says Jon Bortz, president and CEO of Pebblebrook. “The Margaritaville lifestyle brand is synonymous with fun and escapism and we expect a dramatic improvement in financial performance of Paradise Point upon reflagging.” Maryland-based Pebblebrook acquired Paradise Point Resort & Spa in 2018. The new Margaritaville hotel, which will be the brand’s first on the West …

July 15, 2019

California Market Reports Office Western Western Market Reports

Los Angeles’ Office Craving Shows No Sign of Satiation

by Taylor Williams July 13, 2019

The Los Angeles office market ended the first quarter with the average asking rent steady over the prior quarter. However, at $3.20 per square foot, the average asking rent remains the highest level on record, up 4.2 percent over the first quarter of 2018 and 15 percent above the prior peak reached in 2008. While the vacancy rate this quarter increased 30 basis points over the prior quarter, it is down 10 basis points from Q1 2018 at 10.6 percent. This is about where it was pre-recession in 2004. This rise in vacancy was the result of several large move-outs, including about 200,000 square feet in the South Bay and 50,000 square feet in the Central office markets. Leasing volume fell to 5.8 million square feet, down 19.6 percent from the prior quarter and 7.9 percent from Q1 2018. The rate of job growth is having some impact on the office market. Los Angeles County remains near full employment with the unemployment rate at 4.6 percent, one of the lowest rates on record. The Los Angeles County Economic Development Corporation (LAEDC) notes the county added 59,000 jobs in 2018. The latest LAEDC jobs forecast points to a strong and steady …

July 13, 2019

Acquisitions California Office Western

Parallel Capital Partners Buys Sky Park Office Plaza in San Diego for $50.6M

by Amy Works July 12, 2019

SAN DIEGO — San Diego-based Parallel Capital Partners has acquired Sky Park Office Plaza, a Class A office complex located at 9275 and 9325 Sky Park Court in San Diego’s Kearny Mesa submarket. Blackstone/Equity Office Properties sold the two-building asset for $50.6 million. Built in 1986, the 203,258-square-foot property features a three- and four-story, glass-and-concrete office complex with steel frame construction and large flexible floor plates. Amenities include an on-site café and full-service gym. At the time of sale, the property was 96 percent leased to a variety of tenants, including Union Bank, Qualcomm, Liberty Mutual Insurance, The Travelers Indemnity Co. and Molina Healthcare. Nick Psyllos and Michael Leggett of HFF represented the seller, while Parallel was self-represented in the transaction.

July 12, 2019

Acquisitions California Multifamily Western

Newmark Knight Frank Brokers $36.2M Sale of The Luxe Multifamily Asset in Sacramento

by Amy Works July 12, 2019

SACRAMENTO, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of The Luxe, a gated apartment community in Sacramento. ColRich acquired the asset for $36.2 million from Southern California-based Latitude Real Estate Investor. The off-market transaction included two loan assumptions and was a 1031 exchange for ColRich. Totaling 164,840 square feet, The Luxe features 220 apartments, a business center, clubhouse, courtyard, fitness center, swimming pool and spa. Located at 2501 Hurley Way in Sacramento, the property comprises two separate parcels: 2501 Hurley Way and 2510 Wittkop Way. Zachary LeBeouf and Anthony Pappageorge of NKF represented the buyer in the deal.

July 12, 2019

Acquisitions Arizona Multifamily Western

Redwood Capital Group Acquires Carter Apartments in Scottsdale, Arizona

by Amy Works July 12, 2019

SCOTTSDALE, ARIZ. — Redwood Capital Group has purchased Carter, a Class A apartment property located in Scottsdale. The acquisition price and name of the seller were not released. Completed in 2018, Carter consists of a five-story building with three elevators featuring 365 apartments. Units include “condominium-quality finishes” including nine-, 10- and 11-foot ceiling heights, granite or quartz countertops, kitchen islands, stainless steel appliances, single-basin undermount sinks, custom wood cabinetry, oversized windows, wood-like flooring, extra-large balconies or patios and full-size washers/dryers. On-site amenities include a resort-style pool area with a dining terrace, cabanas and an oversized hot tub; an outdoor fireplace area with overhead lighting and dining areas; resident clubhouse featuring two-story ceiling heights, kitchen area, billiard rooms and coffee bar; and state-of-the-art fitness center with separate spin and yoga studios. Additionally, the property features a Luxer One concierge package locker system; six-story painted parking garage with reserved parking and bike storage; business lounge with private conference rooms and outdoor seating; a pet park and grooming area; and an electronic access system to apartment units.

July 12, 2019

Acquisitions Arizona Office Western

Transwestern Purchases Camelback Esplanade III Office Tower in Phoenix

by Amy Works July 12, 2019

PHOENIX — Transwestern, in a joint venture with an institutional partner, has acquired Camelback Esplanade III, a Class A office tower in Phoenix. The price was not disclosed. Developed by Opus in 1997, the 10-story Camelback Esplanade III features 218,387 square feet of office space. At the time of sale, the property was 50 percent leased to a mix of nationally recognized tenants. The LEED Gold-certified and Energy Star-rated office tower is located within The Esplanade, a mixed-use development. Jim Fijan and Jack Fijan of Transwestern represented the buyer and sourced the institutional partner. Additionally, Jim Achen and Bill Zurek of Transwestern will provide office leasing services and oversee property management.

July 12, 2019

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