SEATTLE — Madison Marquette is set to begin the redevelopment of Pacific Place, a 339,000-square-foot retail center located in downtown Seattle. Barney’s New York and Tiffany & Co. anchor the four-story center, which is also home to AMC Theatres, Barnes & Noble, Kate Spade New York, lululemon athletica and Victoria’s Secret. The multi-million dollar renovation — which architectural firm Gensler designed — will include remodeling the center’s common areas and the..
LONG BEACH, CALIF. — Urban Commons has unveiled plans for a $250 million mixed-use development surrounding the Queen Mary, a retired cruise ship docked in Long Beach, Calif. The 700,000-square-foot project — designed by Gensler and titled Queen Mary Island — will include a main lobby plaza; 2,400-foot boardwalk alongside marinas, eclectic retail shops, cafes and bars; 200-room hotel; and outdoor amphitheater. Urban Commons assumed the master lease of the ship in April of last..
RENO, NEV. — Griffin-American Healthcare REIT IV has purchased a 191,000-square-foot medical office building in Reno for an undisclosed sum. The Class A building is situated on the campus of St. Mary's Regional Medical Center. The six-story building is fully leased to seven tenants. Approximately 80 percent of the building is leased to Prime Healthcare Services – Reno LLC, the operator of St. Mary's Regional Medical Center. The property is the primary outpatient location for the..
EL SEGUNDO, CALIF. — NSB Associates has commenced construction on Ascend, an 80,000-square-foot creative office building in El Segundo. The property is situated at the Utah Avenue Campus. Legendary architect Frank Gehry will design Ascend. It will include customizable, creative workplaces with 24-foot clear-height ceilings, large glass panel walls, skylights and 16,000 square feet of private outdoor patio space for collaboration. The building sits on a podium over a covered parking..
MENIFEE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $9 million sale of a single-tenant, 17,185-square-foot, Rite Aid-occupied property located in Menifee. Kevin Fryman of Hanley represented the seller, Parkcrest Construction Inc. Ron Duong of Marcus & Millichap represented the buyer, an undisclosed private investor. Rite Aid has nearly 20 years remaining on its initial lease term, with increases every 10 years.
Stockdale Capital, Jasper Ridge Invest $142.5M to Recapitalize Galleria Corporate Center in Scottsdale
SCOTTSDALE, ARIZ. — A joint venture between Stockdale Capital Partners and Jasper Ridge Partners has invested $142.5 million to recapitalize the 537,110-square-foot Galleria Corporate Center in Scottsdale. The center is located at 4343 N. Scottsdale Road. The building’s lobby and common areas will undergo a multi-million dollar renovation. The Galleria was originally built as a retail mall in the 1990s. It was converted to office use in 2000. Major tenants currently include Yelp, SAP..
MORGAN HILL, CALIF. — Steadfast Senior Living has unveiled plans for an unnamed, 67-unit assisted living and memory care community in the San Jose suburb of Morgan Hill. The two story, 62,000-square-foot development will consist of studio, one- and two-bedroom units ranging from 400 square feet to 1000 square feet. Steadfast plans to break ground on the project this summer for a scheduled opening sometime in 2018. Steadfast currently owns two other assisted living and memory care..
ONTARIO, CALIF. — Sares Regis Group has signed four new leases for distribution buildings within the Meredith International Centre in Ontario. The leases contain a total of 972,000 square feet. The project is situated on 150 acres near Ontario International Airport. All of the lease agreements range from five to 10 years. Five out of the seven buildings at the project are now fully leased. The two remaining buildings contain 575,000 square feet and 398,000 square feet. New leases were..
BOISE, IDAHO — Tropical Smoothie Cafe has signed a franchise agreement to open four restaurants in Idaho, with the first cafe slated to open in Boise this June. The new restaurants will mark the brand's entry into the state. KMP TSC LLC will own and operate the locations. KMP TSC will target additional markets throughout the state for further development and is currently scouting sites in Eagle, Nampa, Caldwell, Twin Falls, Pocatello, Idaho Falls, Coeur d'Alene and..
DENVER — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has partnered with Pamela Pyms and Hayden Behnke, both seniors housing real estate brokers in Denver. Since 2011, Pyms and Behnke have worked as a team structuring seniors housing sale transactions in the Mountain States. The pair also assists developers in sourcing equity and debt and arrange partnerships among institutional investors and national operators. The new additions represent wider market..