June 3, 2014 | ISSUE 370

Western Real Estate Business E-Newsletter
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LBG Real Estate Sells 115,720 SF
Las Vegas Shopping Center for $30.4M
Southwest Marketplace, located at the intersection of Rainbow Boulevard and Windmill Lane, is anchored by Smith's Food and Drug, a wholly owned subsidiary of The Kroger Co.
LAS VEGAS -- LBG Real Estate Cos. LLC, in partnership with Blue Vista Capital Management LLC, has sold the Southwest Marketplace retail property in Las Vegas for $30.4 million. Philips Edison acquired the property. Developed in 2007, the 115,720-square-foot shopping center is located at the intersection of Rainbow Boulevard and Windmill Lane. Smith's Food and Drug, a wholly owned subsidiary of The Kroger Co., anchors the facility. The site also includes Smith's Gas, as well as two pad sites for future development. LBG acquired the asset in July 2011, at which time the space was approximately 50 percent leased.

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Cohen Financial Arranges $29.8M

Refi Loan for Palo Alto Office Property

A9.com, a subsidiary of Amazon.com, fully occupies the building, which is located at 130 Lytton Ave. 

PALO ALTO, CALIF. -- Cohen Financial has arranged a $29.8 million loan for the refinancing of a 50,000-square-foot office building in Palo Alto. Located at 130 Lytton Ave., in proximity to Palo Alto Caltrain station, the four-story structure is fully leased to Amazon.com subsidiary A9.com. Paul Schroeder of Cohen Financial originated the fixed-rate, seven-year loan through Sun Life of Canada. According to the Silicon Valley Business Journal, Rockwood Capital purchased the asset in November 2013.


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Buchanan Buys Workscapes
Office Campus in Newport Beach
The 82,660-square-foot Workscapes office campus houses tenants including the Newport Beach Chamber of Commerce, Life Generations Health Care and P11 Creative Inc.

NEWPORT BEACH, CALIF. -- Buchanan Street Partners has acquired WorkScapes, an 82,660-square-foot creative office campus in Newport Beach, for $14.5 million. The six-building campus is located at 20321-20371 Irvine Ave. Notable tenants include the Newport Beach Chamber of Commerce, Life Generations Health Care and P11 Creative Inc. The seller, Hackman Capital Partners, was in the process of converting the campus into a creative office space at the time of sale. Buchanan plans to complete the repositioning. CBRE's Gary Stache, Pat Scruggs and Anthony DeLorenzo represented Hackman in the transaction. Simon Dillon, Justin Hill and Jason Katz, also of CBRE, will also handle leasing at the campus. 


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New 315-Room DoubleTree by Hilton Newark-Fremont Opens in East Bay

The new 315-room DoubleTree by Hilton Newark-Fremont is located at 39900 Balentine Drive, in proximity to I-880.

NEWARK, CALIF. -- Hilton Worldwide and DoubleTree by Hilton have opened the 315-room DoubleTree by Hilton Newark-Fremont in the East Bay. The hotel is located at 39900 Balentine Drive, situated off Interstate 880 in the East Bay/Silicon Valley area between Oakland and San Jose. The property is owned by SM Broadway Corporation and managed by Hotel Managers Group.


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Meta Housing Breaks Ground on $16.4M Seniors Housing Property in Long Beach

Meta Housing Corp. is underway on Long Beach & 21st Apartments, a new 41-unit affordable seniors housing property in Long Beach. Local dignitaries were on-hand for the ground-breaking ceremony. 

LONG BEACH, CALIF. -- Meta Housing Corp. has broken ground on Long Beach & 21st Apartments, a $16.4 million, 41-unit affordable seniors housing property in Long Beach. To be located at 2114 Long Beach Blvd., the complex will offer one- and two-bedrooms residences for adults ages 55 and older. Amenities will include a community activity room, community kitchen, library and rooftop deck. Meta Housing is partnering with PATH Ventures in the development of the project. PSL Architects has designed the facility to achieve LEED Silver certification. Bank of America provided construction financing and equity for the project. Completion is slated for the summer of 2015.


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Portman Holdings Acquires Central Platte Valley Development Site for $10.8M

 

DENVER -- A 1.1-acre site at the corner of 18th and Wewatta in the Central Platte Valley area near Denver has sold to Portman Holdings for $10.8 million. The site is across the street from the newly renovated Union Station, which will open this July. Portman is partnering with Hensel Phelps Development Group to develop 200,000 square feet of office space on the parcel, which will also include retail and hotel components. 


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Argent Retail Advisors Arranges
42,000 SF Retail Lease in Covina
Stater Bros. Supermarket will occupy space within Grand Covina Plaza that was previously occupied by Albertsons. The property also houses Dollar Tree, KFC, 7-Eleven and H&R Block. 

COVINA, CALIF. -- Argent Retail Advisors has arranged a 42,000-square-foot retail lease at Grand Covina Plaza in the Los Angeles suburb of Covina for Stater Bros. Supermarket. Constructed in 1956 and remodeled in 1992, the 112,000-square-foot Grand Covina Plaza houses tenants including Dollar Tree, KFC, 7-Eleven, H&R Block and RadioShack. Stater Bros. Supermarket will occupy space previously leased by Albertsons and is set to move in during the fourth quarter. Terry Bortnick of Argent Retail Advisors represented the property owner, locally based Grand Covina Plaza LLC, in the 15-year lease agreement.


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Catalina Bar & Grill Renews Lease

at Hollywood Office Building 

Catalina Bar & Grill occupies 9,000 square feet on the ground floor of a 73,000-square-foot office building located at 6725 Sunset Blvd.

HOLLYWOOD, CALIF. -- Catalina Bar & Grill has signed a 15-year lease renewal for its 9,000-square-foot space in Hollywood. The lease renewal is valued at $5.5 million. The space is located at 6725 Sunset Blvd., situated on the ground floor of a 73,000-square-foot creative office building that houses several music industry tenants, including Native Instruments and A.M. Only. Bruce Stratton of Entertainment Real Estate Services represented the tenant in the negotiations. John Tronson and Christopher Bonbright of Avison Young represented the landlord, Crown Sunset Associates LLC.


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PKF Hospitality Research Forecasts Record Performance for United States Hotels

Mark Woodworth, President of PKF Hospitality Research


 

ATLANTA -- The U.S. lodging industry is expected to achieve an occupancy level of 63.6 percent in 2014, topping the pre-recession peak of 63.1 percent reported by STR Inc. in 2006. That's the latest forecast from Atlanta-based PKF Hospitality Research. 

 

Given this favorable balance between supply and demand, Mark Woodworth, president of PKF Hospitality Research, predicts that hotel owners and operators will begin to see a real (inflation-adjusted) recovery in average daily rate (ADR) and net operating income (NOI).

 

"The domestic hotel industry is operating at peak performance. We can stop using the term 'recovery,'" emphasizes Woodworth. "The U.S. lodging industry is at a place in the business cycle where a confluence of market and operational factors will lead to impressive performance on both the top and bottom line. In 2014 and 2015, our firm is forecasting several all-time highs for some of the most important metrics in the hotel business."

 

Click here to read the rest of Matt Valley's article.

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InterFace Healthcare Real Estate Carolinas

Sponsored by InterFace Conference Group

June 11, 2014

Hilton Charlotte Center City

Charlotte, NC

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InterFace Carolinas

Sponsored by InterFace Conference Group

June 11, 2014

Hilton Charlotte Center City

Charlotte, NC

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Expanding Retailers In The Inland Empire

Sponsored by ACRE Socal Inland Empire

June 10, 2014

Ontario Convention Center

Ontario, CA

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Nellie Day, Editor
Western Real Estate Business 
France Media Inc.
Main Office: 404-832-8262


nday@francemediainc.com
www.rebusinessonline.com



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