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THE HILTON HOTEL AT LAX IN
LOS ANGELES RECEIVES $60M
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LOS ANGELES -- The 1,234-room Hilton Los Angeles Airport has received $60 million in permanent financing. The hotel is located on West Century Boulevard, adjacent to the Los Angeles International Airport (LAX). Financing was arranged by CBRE's Capital Markets group. Jonathan Rice of Atlanta's CBRE Debt & Equity Finance Group represented the owner.
"The ownership group of Hilton LAX maintains a long-term strategy of implementing significant improvements and upgrades," Rice says. "Such improvements will allow the hotel to continue as a market leader for many years into the future."
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CENTERSIDE I IN MISSION VALLEY SELLS FOR $52M
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MISSION VALLEY, CALIF. -- Centerside I, a 202,913-square-foot office building in the San Diego submarket of Mission Valley, has sold to the Irvine Co. for $52 million, according to CoStar Group. The building is located at 311 Camino Del Rio North. It was built in 1982 and is reportedly 96 percent leased. The Irvine Co. also owns Centerside II, the building's twin tower. Jones Lang LaSalle represented the seller, Teachers Insurance & Annuity Association of America, in the transaction. Irvine Co. was self-represented.
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LAURUS BUYS HILTON SALT LAKE CITY AT SLC AIRPORT
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SALT LAKE CITY -- Laurus Corp. has purchased the 288-room Hilton Salt Lake City at Salt Lake City International Airport for an undisclosed sum. The company formed SLC Hotel Partners LLC to act as an investment vehicle while acquiring the asset. It plans to renovate and the rebrand the property under the Doubletree by Hilton franchise. The hotel was originally built in 1985 and renovated in 2007.
"Commercial activity has strengthened in recent years as a result of the city's attractive incentive programs for new and existing companies, yielding an unemployment rate of 5.6 percent, 30 percent below the national average," says Andres Szita, chairman of Laurus Corp.
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NORTHGATE NORTH SHOPPING CENTER RECEIVES $27.5M LOAN
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SEATTLE -- Northgate North, a 303,255-square-foot Seattle shopping center, has received a $27.5 million in refinancing. The center is located at 302 Northeast Northgate Way. Northgate is currently 99 percent leased. The tenant mix includes Best Buy, Ross Dress for Less, Petco and Sports Authority. Kevin Mackenzie and Tom Wilson of HFF arranged the 15-year, fixed-rate loan for Retail Properties of America through ING Investment Management.
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CENTRE MEDICAL PLAZA IN CHULA VISTA SELLS FOR $24.6M
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CHULA VISTA, CALIF. -- Centre Medical Plaza, a 74,894-square-foot medical office park in the San Diego submarket of Chula Vista, has sold to an unnamed buyer for $24.6 million. Centre Medial Office Plaza LLC was the seller. It is located at 3910 University Ave. The center was built in two phases in 1995 and 2001. It contains a four-story medical office building and three single-story medical office buildings. James V. Pieri Sr. of MountainWest Real Estate, in partnership with Pasha Darvishian, Dennis Weisberg, Peter Deltondo and Alex Mobin of Marcus & Millichap, represented both parties in the transaction.
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CORTONA AT DANA PARK IN MESA SELLS FOR $17.4M
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MESA, ARIZ. -- The 222-unit Cortona at Dana Park in Mesa has sold to Virtu Investments for $17.4 million. The community is located at 1440 S. Val Vista Drive. It was built in 1986 and is 95 percent occupied. CBRE executed the property's sale and financing. Brad Peters and Mike Bryant of CBRE Capital Markets Debt & Equity Finance Group in Dallas and Rocco Mandala, Brad Miner and Brett Behnke in Phoenix, arranged financing for the transaction. Tyler Anderson, Sean Cunningham and Asher Gunter, also of CBRE Phoenix, represented the seller in the transaction.
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ULI San Diego/Tijuana Young Leaders July 2012 Happy Hour
July 26, 2012
Whiskey Girl
San Diego, CA
Click here for more info or to register
Wall Street & CRE: Insights into Today's Trends
Sponsored by CREW-LA
September 12, 2012
Luxe Hotel
Los Angeles
Click here for more info or to register
Capital Markets Event
Sponsored by ACRE
September 26, 2012
Ayres Hotel & Suites
Ontario, CA
Click here for more info or to register
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