Interwest Capital Picks Up Hilton

LAKE OSWEGO, OR—Interwest Capital Corp. has acquired the Hilton Garden Inn Hotel in Lake Oswego, OR, and has hired Evolution Hospitality as the property manager. The name of the seller and the price were not disclosed. Built in 2000, the property is one of three hotels in the immediate market, and features 179 guestrooms and 1,200 square feet of meeting space. The property was last renovated in 2005, and the investor plans to invest an additional $3 million on property improvements.

SALES

LOS ANGELES—Rexford Industrial has acquired 601-605 S. Milliken Ave. in Ontario for $13 million or $101 per square foot. The three-building industrial property has 128,322 square feet and is 7.32 acres. The property is currently 96% leased. The company purchased the asset with cash and funds from its line of credit.

VICTORVILLE, CA—An unnamed private investor has purchased the Shops at Bear Valley retail center from Invest West Financial Corp. for $9.8 million at a closing cap rate of 5.63%. The 32,000-square-foot property is 95% leased to a tenant mix that includes McDonald's, Fitness 19, Schools First Credit Union, KinderCare. Shaun Riley, senior managing director with Faris Lee Investments, represented the buyer and the seller in the transaction.

PORTLAND, OR—Watumull Properties Corp. has purchased 3901 SE Naef Road in Milwaukie, OR, a 205,000-square-foot manufacturing facility, for $7.5 million from Blount International. Kidder Mathews brokers, Steven Klein, Peter Stalick, and Jeff Kiersey represented the buyer in the transaction, and will handle the leasing of the facility. The buyer is seeking additional opportunities in the market.

IMPERIAL BEACH, CA—Walz Properties has acquired the Imperial Village Portfolio, a three contiguous apartment communities totaling 87 units in Imperial Beach, for $14.5 million from Charles F. Kreutzkamp Revocable Trust. Located at 1401 13^th St., 1441 13th St. and 1340 Hemlock Ave. in Imperial Beach, the properties have a historical occupancy of 98%. Christopher Zorbas, senior vice president investments in Marcus & Millichap's San Diego office represented the buyer and the seller.

SAN DIEGO, CA—Penn LLC has acquired the Valley Breeze Apartment Community in San Diego, CA, for $28.3 million from McClurken Machinery Thomas Murray Trust, and the Ian Gill & Charles Miller Trust. Located at 1304-1394 Oro Vista Road, the property has 128 units in 11 two-story buildings. Jim Neil, Eric Comer and Merrick Matricardi of the CBRE Multifamily team represented the buyer, while Tim Miller of IHA Partnership represented the seller.

LEASES

PASADENA, CA—Bank of the West has expanded its lease at 595 E. Colorado Ave. in Downtown Pasadena, signing a 10-year, 5,000-square-foot lease for the ground floor. The space is currently under construction and Bank of the West will take occupancy in the first quarter of 2016.

FINANCING

IRVINE, CA— CIP Real Estate has secured a $24.1 million acquisition loan for the purchase of the College Business Park, a 17-building multi-tenant business park on 24.4 acres. An insurance company funded the fixed rate five-year loan with three years of interest only loan, while Talonvest Capital secured the funds on behalf of the borrower. The interest rate was 4.1%.

EMPLOYMENT

LOS ANGELES—CBRE's Assessment & Consulting Services firm has promoted Jason Lind to SVP. Lind joined the firm IVI Assessment Services in September 2012, which was subsequently bought by CBRE in 2014. In that time, he has leveraged his 15 years of experience to grow the company's premier client base.

LOS ANGELES—The Carlton Group has hired Russell Beer to run its L.A. office. In his seasoned career, Beer has closed more than $16 billion of worldwide real estate private equity and structured finance transactions.

SAN DIEGO, CA—Christopher Cooper has joined Avison Young as a principal and managing director in the firm's San Diego office. Cooper is a sciences and biotech tenant representation specialist and will focus on the firm's expanding life sciences tenant representation practice. He has 13 years of experience in the field.

DEVELOPMENT

BOULDER, CO—CIM Group has completed construction of 9Seventy, an apartment community in Boulder, CO. The 138-unit complex has four five-story buildings and is adjacent to the University of Colorado at Boulder. The onsite amenities include outdoor pool with resort-style seating, gas grills, an indoor fitness center, a multi-purpose community room, modern clubhouse with a billiards table, bike repair station as well as 174 subterranean parking spaces.