Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/818922
C A L I F O R N I A 18 • May 2017 • Western Real Estate Business www.REBusinessOnline.com HUDSON PACIFIC PROPERTIES SELLS SANTA MONICA OFFICE BUILDING FOR $35 MILLION SANTA MONICA, CALIF. — Hud- son Pacific Properties has sold a 50,687-square-foot office building in Santa Monica for $35 million. The ac- quisition included the redeveloped property and related development land. The firm used the net proceeds from the sale toward its pending ac- quisition of Hollywood Center Stu- dios, which is expected to close in May. MARRIOTT SELLS 759-ROOM HAWAIIAN RESORT FOR $317 MILLION LAHAINA, HAWAII — Marriott Inter- national Inc. has sold the Westin Maui Resort and Spa to a joint venture be- tween Trinity Investments LLC and Oaktree Capital Management LP for about $317 million. The 759-room oceanfront resort is situated on 12 acres along Ka'anapali Beach in Lahaina, a town on the is- land of Maui's western coast. Guest- rooms are split between two 12-story buildings: the 553-room Ocean Tower, which recently underwent a multimil- lion-dollar renovation, and the 206- room Beach Tower. As part of the agreement, the buyers have committed to providing capital improvements to the Beach Tower, as well as to the resort's public areas and restaurants. Resort amenities include an 87,000-square-foot aquatic play- ground, 67,400 square feet of meeting space, a 15,000-square-foot spa and a 2,000-square-foot fitness center. All rooms and suites have flat-screen tele- visions and private balconies. THE BASCOM GROUP BUYS VILLAS AT TUSTIN APARTMENTS IN SANTA ANA FOR $94 MILLION SANTA ANA, CALIF. — The Bascom Group has purchased the 406-unit Villas at Tustin Apartments in Santa Ana for $94 million. The community is located at 2414 N. Tustin Ave. It was built in 1972. The property has access to the 55, 22, 91 and 5 freeways. No- table employers in the area include Xerox, T-Mobile and CoreLogic. The transaction was executed by HFF's Sean Deasy and Ryan Fitzpatrick. The firm also arranged a $66.5 million loan with California Bank & TruStreet JIMMY BUFFETT'S MARGARITAVILLE RESTAURANT OPENS FIRST CALIFORNIA LOCATION UNIVERSAL CITY, CALIF. — On March 30, 2017, Universal CityWalk toasted the official arrival of Jimmy Buffett's Margaritaville restaurant. It also marks the first-ever Margarita- ville restaurant to open in California. The more than 20-year-old Univer- sal CityWalk, located in Hollywood, Calif., recently invested in an exten- sive revitalization. Enhancements currently underway include new res- taurants, shopping experiences and visually aesthetic design features to its multi-million dollar Universal Cinema renovation. This significant undertaking coincides with Univer- sal Studios Hollywood's recent epic transformation in which 75 percent of the world-class theme park was com- pletely reimagined. GRAHAM STREET REALTY BUYS HOOKSTON SQUARE OFFICE CAMPUS SAN FRANCISCO — Graham Street Realty has acquired the Hookston Square office campus in the East Bay community of Pleasant Hill for $30.4 million. The two-building, 207,555-square-foot campus is located at 3478 and 3480 Buskirk Ave. Hookston Square is situated east of Interstate 680 and close to State Route 24, which provides access to Down- town San Francisco. The campus is currently 87 percent leased to tenants like John Muir Health, Pacific Busi- ness Center, Accelrys, Maze & Associ- ates and the Source Group. HFF's David Dokko and Garrett Calbert represented both the buyer and seller, True North Management Group, in this transaction. The firm also secured a three-year, floating-rate acquisition loan through a commer- cial bank for the buyer. If you're a broker that has what it takes to be the best and you're not an SIOR, let's talk. www.SIOR.com 3164 . . . Out of some 2,000,000 real estate licenses in the U.S., and even more abroad, an elite few have earned the highest designation in the industry: The Society of Industrial and Office Realtors. SIOR Reserved for today's most experienced brokers Hire an SIOR today and access the most trusted resource in commercial real estate