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/873170
C A L I F O R N I A & H A WA I I 14 • September 2017 • Western Real Estate Business www.REBusinessOnline.com KAPOLEI HOTEL PARTNERS TO BUILD RESIDENCE INN BY MARRIOTT IN HAWAII KAPOLEI, HAWAII — Kapolei Hotel Partners II has purchased 3.9 acres of land on Fort Barrette Road in Kapo- lei for an undisclosed sum. The LLC plans to build a 183-room Residence Inn by Marriott on the site, which is situated within the 40-acre Leihano mixed-use development. The four-story extended stay hotel will feature full kitchens, free break- fast and family friendly amenities. Construction will commence later this year, with an estimated cost of more than $60 million. The Leihano development is a mas- ter-planned, mixed-use commercial and residential community. INFINIPOWER HOSPITALITY GROUP RECEIVES $19 MILLION TO DEVELOP SAN JOSE HOTEL SAN JOSE, CALIF. — InfiniPower Hospitality Group has received $19 million to develop a 261-room hotel project in San Jose. The hotel project will include a 147-room Residence Inn and a 114-room Fairfield Inn & Suites by Marriott. The 166,340-square-foot, four-story building will include an outdoor pool and patio area with a fire pit, enhanced fitness center, bar, complimentary breakfast area, guest laundry facilities and a 24/7 sundry shop, as well as 1,200 square feet of meeting space and a business center. The project is locat- ed in America Center, a 30-acre mixed use development located along the South Bay Freeway (Highway 237) in northern San Jose. The loan was pro- vided by Canyon Partners Real Estate. KENNEDY WILSON CLOSES THREE RETAIL LEASES AT SOUTH PARK BY WINDSOR LOS ANGELES — Kennedy Wilson has closed three 10-year leases with major national retailers at South Park by Windsor, a mixed-use property located at 201 W. Olympic Blvd. in Downtown Los Angeles. The leases bring the property's retail space to 100 percent occupancy. The new retailers, Chipotle, Loit and Aveda Lifestyle Salon & Spa, will occupy more than 12,500 square feet at the development. Chipotle and Loit have already opened and Aveda is slated to open this fall. Lee Shapiro and Justin Weiss of Ken- nedy Wilson negotiated the leases. HANLEY INVESTMENT NEGOTIATES $1.4 MILLION SALE OF RESTAURANT BUILDING IN STOCKTON STOCKTON, CALIF. — Hanley Invest- ment Group Real Estate Advisors has facilitated the sale of a single-tenant absolute net-leased restaurant prop- erty located at 627 N. Wilson Way in Stockton. Santa Monica, Calif.-based TB Stockton sold the 1,644-square-foot property to M&M; Trust of Sacramen- to for $1.4 million, or $882 per square foot. Taco Bell occupies the property and has a 48-year operating history at the location. Pat Kent and Corey Olson of Han- ley Investment represented the seller, while Stephen Harper of Veritas In- vestment Realty Investors represent- ed the buyer in the transaction. PROGRESSIVE ARRANGES $4.9 MILLION SALE OF 27,112 SF MULTI-TENANT CENTER IN SAN JACINTO SAN JACINTO, CALIF. — Progressive Real Estate Partners has brokered the sale of Dollar General Town Center, located at 700-728 San Jacinto Ave. in San Jacinto. A private family trust acquired the 27,112-square-foot property from a private investor for $4.9 million. An- chored by Dollar General, the prop- erty was 100 percent occupied at the time of sale. Greg Bedell of Progressive Real Es- tate Partners represented the seller, while Rob Sauser of PMZ Commercial represented the buyer in the deal. Thanks to our retail partners including: Active 2017 California Projects Visit us at ICSC Western Conference | Exhibit Hall Booth 2537 www.evgre.com Arizona | California | Colorado | Utah SAN DIMAS EASTVALE MARKETPLACE PERRIS MARKETPLACE REDLANDS PACKING HOUSE DISTRICT Costco Anchored Center Smart & Final Extra! Anchored Center Walmart Anchored Center Sprouts/PetSmart Anchored Center Northern California | Rogg Collins - rcollins@evgre.com Southern California | Chris Bergren - cbergren@evgre.com The four-story, extended stay Residence Inn by Marriott will feature full kitchens, free breakfast and family friendly amenities. It is being built on 3.9 acres on Fort Barrette Road in Kapolei, Hawaii.