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/888015
C A L I F O R N I A & H A WA I I www.REBusinessOnline.com Western Real Estate Business • October 2017 • 13 R.D. OLSON COMMENCES CONSTRUCTION ON HOTEL TRIO IN HEALDSBURG HEALDSBURG, CALIF. — R.D. Olson Construction has commenced con- struction on the 122-room Hotel Trio in the Sonoma wine country submar- ket of Healdsburg. The hotel will be located at 110 Dry Creek Road. The property includes 13 one-bedrooms and 109 studios. It is within walking distance of the downtown area and a host of local wineries. Hotel Trio will also offer on-site bicycle rentals to pro- vide convenient access to the hundreds of wineries within a 30-mile radius. Amenities will include a bar, meeting room, outdoor pool, BBQ area, lounge, fully equipped fitness center and mul- tiple outdoor patios with fireplaces. The hotel will connect the Dry Creek, Russian River and Alexander wine val- leys, which is how its "Trio" moniker came about. Additional partners on the project include Axis/GFA Architecture + Design, ZFA Structural Engineers, CSW/Stuber-Stroeh Engineering Group, Tuan and Robinson Engineer- ing and CU Investors. NOB HILL TOWERS IN LOS ANGELES TRADES FOR $12.6 MILLION LOS ANGELES — The 53-unit Nob Hill Towers in the Los Angeles sub- market of Westlake has sold to Uni- verse Holdings for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. It features studio to three-bedroom units. The new owner plans to move forward with $917,000 in property improvements. These will include modernizing interiors with new floor- ing, appliance packages, counters and cabinets, in addition to updating ex- terior treatments with dramatic light- ing, new paint, enhanced common ar- eas and new landscape. The company also plans to convert dormant space in the basement level to a business cen- ter and fitness area. HANLEY INVESTMENT ARRANGES $11.6 MILLION SALE OF TARGET SHADOW-ANCHORED CENTER LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Ad- visors has arranged the $11.6 mil- lion sale of Oak Grove Crossing, a 22,577-square-foot shopping center located in Lake Elsinore. The Target shadow-anchored property is home to tenants including McDonald's, Star- bucks Coffee, GameStop, GNC, H&R; Block, Pacific Dental, Papa John's Piz- za, Subway, Supercuts, Verizon and Yogurtland. Kevin Fryman of Hanley Investment Group represented the seller, a Murrieta -based private in- vestment partnership. Jeff Lefko and Bill Asher, also of Hanley, represented the buyer, an Orange -based family trust. INSIGHT REALTY CO. BUYS PARK PLAZA IN SACRAMENTO SACRAMENTO, CALIF. — Insight Realty Company has purchased Park Plaza, a 73,000-square-foot office building in downtown Sacramento for an undisclosed amount. The Class A building is located at 1303 J Street. The firm partnered with local devel- oper and investor, Patrick Molloy and his firm Gavden Investments to ac- quire the asset. NORDSTROM LAUNCHES NEW NORDSTROM LOCAL RETAIL CONCEPT IN LA LOS ANGELES — Leading fashion specialty retailer Nordstrom, Inc. has launched Nordstrom Local, the company's latest retail concept and neighborhood hub where customers can shop and access Nordstrom ser- vices in a convenient, central location. This brand new Nordstrom experi- ence launched in West Hollywood. on Oct. 3, 2017, the same day as the company's Westside Pavilion store re- location to Century City. Nordstrom Local will have a 3,000-square-foot footprint, much smaller than an aver- age 140,000-square-foot Nordstrom store. This service-focused concept store has no dedicated inventory; rather, customers who want to shop will have access to personal stylists who can transfer merchandise in for customers, as well as a suite of conve- nient services like Buy Online, Pick-Up In-Store (available same-day), Altera- tions & Tailoring, Trunk Club services, manicure appointments and more. 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