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 www.REBusinessOnline.com Western Real Estate Business • May 2017 • 9 BELLWETHER ENTERPRISE EXPANDS WEST COAST PLATFORM LOS ANGELES — Bellwether Enter- prise Real Estate Capital has hired 22 new employees for its newly expand- ed West Coast platform. The employ- ees will join the newly formed Los An- geles and San Diego offices, as well as the already existent Irvine office. Bellwether's West Coast expansion is expected to add more than $1 bil- lion in annual loan volume, bringing the total anticipated loan volume to $6 billion in 2017. The expansion in- cludes nine additional producers, four servicing staff and nine support staff. Bellwether Enterprise also has a Northern California office located in San Francisco. LEE & ASSOCIATES ARRANGES $1.4 MILLION SALE OF RESTAURANT PROPERTY POWAY, CALIF. — Lee & Associates has arranged the $1.4 million sale of a restaurant building located at 12717- 12721 Poway Road in Poway. Victor Aquilina and Mario Martinez of Lee & Associates — North San Diego Coun- ty represented the buyer, Pho Ca Dao, in the transaction. Mickey Roberts of Re/Max Associates represented the seller, Mogavero Giuseppa 1990 Fam- ily TruStreet. The acquisition of the 4,800-square- foot freestanding building is part of an expansion effort into Poway for Pho Ca Dao, which operates a chain of Pho Vietnamese restaurants. Pho Ca Dao plans to renovate the current restaurant building to suit its needs. RED ROBIN APARTMENTS IN SACRAMENTO SELLS FOR $3.9 MILLION SACRAMENTO, CALIF. — The 60-unit Red Robin Apartments in Sacramento has sold to a limited liability company for $3.9 million. The community is lo- cated at 2080 Red Robin Lane. It fea- tures four studios, 26 one-bedrooms, 26 two-bedrooms and four two-bed- room townhomes. Steve Nelson and Dusty Haeling, of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction. PACIFICA HOST HOTELS SELLS BEST WESTERN PLUS OTAY VALLEY SAN DIEGO — Pacifica Host Hotels has sold its 118-room Best Western Plus Otay Valley in the San Diego sub- market of Chula Vista to a California- based hotel ownership group. The price was not disclosed. The hotel will retain the Best Western franchise. The new owner plans to invest significant capital to renovate the hotel. Both par- ties were represented by Leigh-Anne Ashton, Bruce Holmes and Harry Hashim of HotelBrokerOne. The transaction involved a 1031 exchange. SQUARE MILE CAPITAL PROVIDES $145 MILLION CONSTRUCTION LOAN FOR MENLO PARK OFFICE DEVELOPMENT MENLO PARK, CALIF. — Square Mile Capital Management LLC has pro- vided a $145 million construction loan for the development of the first phase of Menlo Gateway, a 16-acre, master- planned project in the Menlo Park area of Silicon Valley. Located on Independence Drive near the Marsh Road exit of U.S. Route 101, the development will con- sist of about 705,000 square feet of office space across three eight-story buildings. The 16-acre parcel, located roughly two miles from Facebook's headquarters, was previously zoned for industrial use. The Marriott Autograph Collection Hotel, a 250-room hotel currently un- der construction, will also reside on the land. The 11-story hotel offers a pool with cabanas and poolside bar, a spa, a lobby restaurant and coffee market, as well as 20,000 square feet of indoor and outdoor meeting space. Delivery is slated for late 2017. The Bohannon Development Co., which is based in Northern California, is serving as the project developer. San Francisco-based Heller Manus Archi- tects designed the project. John Kerslake and Briana Smith of Northmarq Capital, a Minneapolis- based mortgage banking firm, ar- ranged the financing for this transac- tion.