San Diego
Hotel REIT Chatham Lodging Trust has completed the acquisition of the 145-suite Homewood Suites by Hilton-Carlsbad, CA, in suburban San Diego, for approximately $32 million. The acquisition was funded with borrowings under Chatham’s secured revolving credit facility. Chatham has now acquired 13 hotels since its April 21, 2010 IPO. “This is Chatham’s first acquisition in California, a market we know very well and where we have extensive experience,” says Jeffrey Fisher, Chatham’s chief executive officer. “We continue to seek other West Coast properties and have an active acquisition pipeline of premium-branded upscale extended-stay and select-service hotels in areas with high barriers to entry.” Located at 2223 Palomar Airport Rd., the three-story upscale extended-stay Homewood Suites by Hilton hotel opened in 2008, features 145 suites with fully equipped kitchens and complimentary high speed Internet access. The hotel will be managed by Island Hospitality Management, a hotel management company 90%-owned by Fisher.
Inland Empire
AMCAL Multi-Housing Inc., one of California’s leading builders of affordable and workforce housing, has broken ground on Mercado, a 60-unit family affordable apartment development in Perris, CA. A 100% affordable building, Mercado will feature two- and three-bedroom units, and will be offered to families whose household income ranges between 30% and 60% of the Riverside County Median Income.
San Francisco
Ethan Conrad Properties purchased the 94,143-square-foot industrial property at 3625 Cincinnati Ave. in Rocklin from JCM Cincinnati Avenue LLC. Sean Fulp of Cornish & Carey Commercial Newmark Knight Frank’s San Francisco office, together with Craig Brinitzer, Kevin Jasper, Breanna Hegseth, Ryan Forsyth and Sean Mahoney of Cornish & Carey Commercial Newmark Knight Frank’s Sacramento office, represented both parties in the transaction.
Silicon Valley
KTGY Group Inc. recently revealed construction of a new student housing community at Santa Clara University in the Silicon Valley, CA. The developer is the Sobrato Organization of Cupertino, a family-owned, privately held real estate investment organization focused on residential and office developments. Upon completion in fall 2011, the new eco-friendly residential community, designed by KTGY, will provide 400 beds for the University’s junior and senior students. “This new development represents a partnership between Santa Clara University and The Sobrato Organization to ease the demand for on campus student housing,” says the Sobrato Organization’s Rich Truempler, director, development. “For over 50 years, the Sobrato Family has played a dynamic role in the emergence and growth of the Silicon Valley. We are very pleased to help Santa Clara University meet the needs of its growing student population and its sustainability and climate neutrality goals.” The new student housing is located at 1260 Campbell Ave. on 5.18 acres of land in both the cities of Santa Clara and San Jose. The urban infill site is directly adjacent to SCU’s Stephen Schott Stadium and within easy walking distance to University classes and events as well as rail transit.
Los Angeles
Watson Land Co. has leased a 103,185-square-foot warehousing and distribution facility within the Watson Industrial Center to Coby Electronics. The consumer electronics manufacturer has signed a three-year lease valued at approximately $2 million. The property is located at 989 E. 233rd St. in Carson, CA within the master planned Watson Industrial Center. The Center is located within the heart of the South Bay market, in close proximity to major Los Angeles freeways, the Ports of Los Angeles and Long Beach and multiple airports.
Portland, OR
Fast Fabricators Inc. leased 27,000 square feet of industrial space at 4927 NW Front Ave., from B.D.C. Properties. Mark Hush of Grubb & Ellis represented the lessor and Tyler Sheils of Grubb & Ellis represented the lessee.
Colorado Springs, CO
The Boston office of Holliday Fenoglio Fowler LP has secured $36 million in first mortgage financing for Mackenzie Place Union and Mackenzie Place Oakridge, two senior living communities totaling 316 units in Colorado Springs and Fort Collins, CO. Working on behalf of the Fidelity Real Estate Group, a unit of Pyramis Global Advisors, and HJ Sims Investments, LLC, an affiliate of Herbert J. Sims & Co. Inc., HFF senior managing director Dana Brome and senior real estate analyst Carlos Febres-Mazzei placed the five-year, fixed-rate loan with an account advised by the US real estate business of UBS Global Asset Management. The proceeds from this loan, together with $24 million of subordinated financing provided by an institutional investment fund managed by the Fidelity Real Estate Group, will be used by the existing borrower, HJ Sims, to complete a discounted payoff of the properties’ construction loan. “We are very pleased to now have a flexible capital structure that provides sufficient time for the projects to achieve stabilization. The UBS debt secured by HFF was a key component of this complicated financing,” says James Scribner, vice president of Herbert J. Sims & Co. Inc.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
