CALABASAS, CA-HREC Investment Advisors has represented an undisclosed seller in the sale of the 122-guestroom Country Inn & Suites for an unrevealed price. The sale was negotiated by Michael Blahosky, SVP in HREC's Los Angeles office, and Bill Murney, SVP in the firm’s Phoenix office. Blahosky says the hotel will undergo an extensive renovation to better fit the upscale Calabasas market.

SAN DIEGO- Donahue Schriber Realty has purchased Bonita Centre, a 98,854-square-foot shopping center located at 4340-4450 Bonita Rd. The sale price was not disclosed. Situated on 8.89 acres at the intersection of Otay Lakes Rd. and Bonita Rd., the center is anchored by Vons with a complimentary mix of pad and shop tenants including Rite Aid, McDonalds, Bank of America, Subway, H&R Block and Baskin Robbins. Reg Kobzi and Joel Wilson of CBRE San Diego along with Phillip Voorhees, Patrick Toomey, Molly Bonwell and Todd Goodman of CBRE Newport Beach represented the seller, Bonita Centre LLC. Donahue Schriber Realty represented itself.

TEMECULA, CA-Faris Lee Investments has completed three sales transactions for seller Temecula Place LLC totaling nearly $15 million for outparcels to a regional mall here. The first property, a 15,490-square-foot asset located at 40620 Winchester Rd., was sold for $7.89 million to 1031 exchange buyer Trail Horse LLC. The transaction closed at 95% of the asking price and at a cap rate of 7.5%. The second property, a 9,420-square-foot property located at 40788 Winchester Rd., was sold for $3.68 million to the same buyer. The sale closed at list price and at a 7% cap rate. The third property, a 6,750-square-foot property located at 40688 Winchester Rd., sold for $3,364,000 to Temecula Sprint LLC from China. The all-cash buyer closed at a 7.5% cap rate and paid a very high $503 per square foot. The fully occupied properties were built in 2000, are all triple-net leased exclusively to national tenants and have at least 10 years remaining on their leases. They are all adjacent to the 1.14-million-square-foot regional mall, Promenade Temecula, which includes Macy’s, JC Penney, Edwards Theaters, Sears and Old Navy, among others. The properties front the mall and have Citibank and Hallmark as anchors.

LINCOLN, CA- Panattoni Development Co. has sold Lincoln Gateway, a 74,586 square-foot, mixed-use retail/office property located at 100-170 Gateway Dr., for an undisclosed price to Sacramento-based Vanir Group of Cos. Voit Real Estate Services’ Sacramento office represented the buyer in the transaction, while the seller was represented by Gary Gallelli and Mickey Turpen, also of Voit’s Sacramento office. The newly constructed, eight-building center is made up of 32,757 square feet of retail space and 41,829 square feet of office space. Current retail tenants include Auto Zone, Massage Envy, and Little Caesars. During escrow, the Voit team also completed an 18,000-square-foot lease within the property on behalf of a local gym. Cole Sweatt, an AVP in Voit’s Sacramento office, represented the gym in the lease transaction. Vanir Group plans to lease the retail space, while marketing the office space to owner-users for lease or sale.

SAN FRANCISCO-329 Brannan St. a 35,700-square-foot development site located in the South of Market area near AT&T Park here, has been sold to Los Angeles-based developer Kilroy Realty LP. A spokesperson for KRC tells GlobeSt.com that the purchase price was $18.5 million and that the firm expects to complete entitlements for the development site by year-end 2013 and complete the building in 2015. The company estimates the total cost of the project, including land, will be approximately $80 million. The buyer has plans to develop the high-profile property into a class-A, five-story office building targeting creative users. Kyle Kovac, a managing director of the Newmark Knight Frank Cornish & Carey Commercial Capital Group, along with Daniel Cressman and Michael Taquino, represented an undisclosed seller in the transaction.

LAS VEGAS-CIP Real Estate, in a joint venture with a real estate investment fund managed by Blue Vista Capital Partners, has purchased a two-building, 153,000-square-foot industrial property immediately south of McCarran International Airport here from the original developer, the Engelstad family, for $4 million. The firm plans to invest more than $200,000 in capital improvements to upgrade the property. This transaction represents the fourth venture between CIP and Blue Vista. Brian Riffel of Colliers represented the Engelstad family in the transaction and will continue as leasing broker for CIP, while CIP represented itself. Riffel says that “at $0.29 per square foot, the property has the lowest rates of any distribution space in the airport area.”

DEVELOPMENT

CHINO, CA-Watson Land Co. is planning to develop 49-acres here for industrial use. Development will start in the second quarter of 2013, with completion expected later in the year. This transaction is Watson’s third major land acquisition here, which now totals almost 200 acres and will total 4 million square feet of industrial space upon completion. Located on the southeast corner of Kimball and Mountain Avenues, the 2,134,440 square feet of land will be developed into three buildings for industrial use. The building sizes will be 530,000, 400,000 and 100,000 square feet and make up the next phase of Watson Commerce Center Chino, the first phase of which is 1.4 million square feet and composed of four LEED-certified buildings. Watson acquired the 49 acres of property from four different owners over the course of a one year period.

SALT LAKE CITY-DoubleTree by Hilton has opened the 241-room DoubleTree Suites by Hilton Salt Lake City, an upscale, full-service, all-suites hotel located downtown, 15 minutes from the Salt Lake City International Airport. The hotel is owned by Zions Suites, a limited partnership, and operated by Suite Thinking, Inc., under a franchise license agreement with a subsidiary of Hilton Worldwide.

Formerly an Embassy Suites, the hotel features 6,000 square feet of flexible meeting space for conventions, business meetings, banquets, elegant weddings and social events, including the largest ballroom at 3,666 sq. ft., which can accommodate up to 440 guests.

LONG BEACH, CA-McCarthy Building Companies Inc. has begun construction of the new $31-million MemorialCare Todd Cancer Institute Pavilion at Long Beach Memorial Hospital. Located in an existing building on the hospital campus here, the new pavilion is scheduled to open early in the summer of 2013.

FINANCING

DENVER-HFF has secured a $44.5-million financing for Lugano Cherry Creek, a 328-unit, class-A multi-housing community here. HFF worked on behalf of the owner, a fund managed by GenCap Partners, Inc., to secure the two-year, adjustable-rate loan through GE Capital Real Estate.

The HFF team representing the borrower was led by senior managing director John Brownlee and managing director Andy Scott along with senior managing director Eric Tupler and directors Josh Simon and Brock Cannon of the firm’s Denver office.

BEVERLY HILLS, CA-Lucent Capital has arranged two senior bridge loans for undisclosed borrowers for office properties located here and in Fresno, CA. One was a $10-million loan for the repositioning of a five-story, 45,000-square-foot, class-B, distressed building at 400 South Beverly Dr. that is 34% occupied and provides the buyer a value-add opportunity to reposition an asset acquired from a special servicer at a price significantly below replacement cost. The balance sheet portfolio loan provided 75% loan-to-cost leverage, a term of up to seven years with three years of interest-only debt service, and was priced at an interest rate of Libor + 2.15% with no floor. The second transaction was a $5.5-million loan for the acquisition of Guarantee Financial Center, a 15-acre, approximately 151,000-square-foot campus located in Fresno. The building, which was completed in stages throughout the 1970s, is currently 45% leased and presented a unique opportunity to acquire an underperforming yet prominent property in a historically stable market. The non-recourse portfolio loan provided 75% loan-to-cost leverage and was priced at an interest rate of 6.75% with an initial term of five years, interest-only debt service and included proceeds to reposition and upgrade the asset.

ONTARIO, CA-Beech Street Capital LLC has closed a $6.5-million Fannie Mae conventional loan to refinance Charlmont Village Townhomes, a 55-unit condo mapped property here. Kristen Croxton and Greg Reed, SVPs in Beech Street’s Newport Beach, CA, office, originated the transaction. The loan was closed within 45 days of application. By leveraging its close relationship with Fannie Mae, Beech Street was able to waive the 1% prepayment penalty on the borrower’s existing loan. In addition, Beech Street helped the borrower significantly increase cash-flow through the combination of a very low fixed rate and five years of interest-only. The property is currently more than 98% occupied, due in part to its central location within the Inland Empire. The fixed-rate loan has a 10-year term, five years interest-only, and a 30-year amortization period.

LEASES

LOS ANGELES-Charles Dunn Co. has completed an $11-million lease with OneLegacy, a non-profit organ and tissue recovery organization downtown. This lease marks a total of $30 million in leasing activity with non-profit organizations over the past two years within Figueroa Courtyard, a five-building, 270,000-square-foot low-rise office park at 221 South Figueroa St. OneLegacy expanded its space within the property by more than 10,000 square feet and signed a 10-year lease; it will move into its additional space in December of this year. The tenant also renewed 40,140 square feet of its existing space for an additional six years. Chris Runyen of Charles Dunn represented the tenant, as well as the landlord, US Bank. According to Runyen, Figueroa Courtyard is 80% occupied. Other tenants in the property include Minnesota Public Radio, UCLA Extension, Associated Press and California Community Foundation.

LOS ANGELES-Newmark Grubb Knight Frank has secured a 34,546-square-foot lease for RBZ LLP, one of the largest public accounting firms in Southern California, at 11766 Wilshire Blvd. here. The firm will move from its longtime office at the Landmark 1 building, 11755 Wilshire Blvd., to expanded space at the Landmark II building. NGKF managing principal Michael P. Arnold and managing director Ron Burkhardt, along with Steve Kolsky of NGKF and Russell Hughes (now with Hughes Realty Advisors) represented the tenant. The Landmark II is owned by major West Los Angeles landlord Douglas Emmett Inc., which had in-house representation for the transaction.

CENTURY CITY, CA-Stutman, Treister & Glatt has renewed a 120-month lease for more than 25,000 square feet on the 12th floor of at 1901 Avenue of the Stars, a class-A office building. The 20-story, 492,129-square-foot building affords views from the ocean to downtown to Hollywood and of the LA Country Club. Bob Safai, Brad Feld and Steven Salas of Madison Partners represented the tenant in the transaction. The landlord, Douglas Emmett, was represented by Rob Zaas.

SANTA MONICA, CA-IMAX Corp., one of the world's leading entertainment technology companies, will remain at the Lantana Entertainment and Media Campus after signing a lease renewal for the entire 65,000 square-foot Lantana IMAX Building. Jim Jacobsen and Scott Rigsby, principals of Industry Partners, represented owner the Lionstone Group in the transaction. The Energy Star-labeled three-story building, which is 95% occupied, is located at 2900 Exposition, has served as the West Coast headquarters for IMAX since 2000 when the company consolidated its local operations in Santa Monica. The building is one of four distinct structures on the 12-acre, 460,000 square-foot creative office campus near Olympic Blvd. and Centinela Ave. Lantana. Other entertainment and media tenants include Dick Clark Productions, Todd-AO, Berman Braun, Beachbody, Revolution Studios and Adconian Media Group.

EXECUTIVE MOVES

LOS ANGELES-Studley has promoted three professionals in its West Los Angeles office, all members of the firm’s national corporate services group. Alex Blue and Corey Davidson have been promoted to senior managing director from corporate managing director. Liron Nelik has been promoted to corporate managing director from managing director. Blue, who joined the firm in 2005, delivers strategic and financial consulting services, and specializes in transaction structuring, negotiation strategy and financial analysis for a wide range of corporate clients. Davidson, a principal with Studley’s corporate services group, has been with the firm since 2001, and is responsible for developing and delivering strategic consulting and brokerage services that bridge corporate finance and commercial real estate for companies with facilities in multiple markets. Nelik began his career with Studley in 2000. As a member of the corporate services group, he provides strategic support and transaction management services on behalf of the group’s national corporate clients.