Development

Westar Plans 175,000 SF Esencia Commons Retail Center in Rancho Mission Viejo, California

by Jeff Shaw April 3, 2023

RANCHO MISSION VIEJO, CALIF. — Westar Associates has released plans for Esencia Commons, a 175,000-square-foot retail center in Rancho Mission Viejo. Upon completion, the property will feature a supermarket, fitness center, gas station and other retail and restaurant spaces. Groundbreaking for the project — which will be located within a 50-acre mixed-use development that includes an apartment community, business park, self-storage facilities and planned medical offices — is scheduled for the fourth quarter of this year. Westar will manage the property and has begun leasing efforts for the center.

April 3, 2023

California Development Nevada Restaurant Retail Western

Simon, José Andrés Plan Three Restaurants in Las Vegas, Palo Alto

by Jeff Shaw April 3, 2023

PALO ALTO, CALIF. AND LAS VEGAS — Simon Property Group and José Andrés Group (JAG) have announced plans to collaborate and bring restaurants to three properties located in Las Vegas and Palo Alto. The partnership will introduce new dining concepts to Stanford Shopping Center in Palo Alto and The Shops at Crystals in Las Vegas. The collaboration will also bring Turkish, Greek and Lebanese restaurant Zaytinya to The Forum Shops at Caesars Palace in Las Vegas.

April 3, 2023

California Development Multifamily Seniors Housing Western

Watermark Opens Leasing Center at Seniors Housing Community in Laguna Niguel, California

by Jeff Shaw April 3, 2023

LAGUNA NIGUEL, CALIF. — Tucson-based Watermark Retirement Communities and Alliance Residential Company have opened the leasing office at Watermark Laguna Niguel. The assisted living and memory care community is scheduled to open this summer.

April 3, 2023

Development Georgia Multifamily North Carolina Southeast

Carter to Build Two Apartment Communities in Atlanta, Charlotte

by John Nelson March 31, 2023

ATLANTA AND CHARLOTTE, N.C. — Carter has plans to develop two apartment communities in Atlanta and Charlotte under its Story brand. Patterson Real Estate Advisory Group arranged construction financing through Truist for Story Mt. Zion on Atlanta’s south side and South State Bank for Story University North on Charlotte’s north side. The projects represent the sixth and seventh Story communities that Carter is developing in the Southeast. Summit Contracting Group is developing both properties, which will feature one-, two- and three-bedroom layouts and comprise 300 to 330 apartments. The construction timelines for the communities were not disclosed.

March 31, 2023

Development Florida Industrial Southeast

Merritt Acquires 16 Acres to Expand Imeson Landing Business Park in Jacksonville

by John Nelson March 31, 2023

JACKSONVILLE, FLA. — Merritt Properties has acquired 16 acres for the expansion of the company’s Imeson Landing Business Park in Jacksonville. Three additional flex/light buildings comprising 114,500 square feet will be built at the site, with construction scheduled to begin in 2024. Upon completion, the development, which is located at the corner of Imeson Park Boulevard and Zoo Parkway, will total 380,700 square feet across eight buildings. Merritt was self-represented by Bobby Lanigan and Pat Franklin, and Luke Pope of JLL represented the land seller in the transaction. Preleasing is currently underway. Nine tenants have signed leases ranging in size from 3,000 to 29,000 square feet at the development thus far.

March 31, 2023

Development Georgia Hospitality Southeast

Extended Stay America Opens 84-Room Hotel in Metro Atlanta

by John Nelson March 31, 2023

MCDONOUGH, GA. — Extended Stay America has opened an Extended Stay Suites hotel in McDonough, roughly 30 miles southeast of Atlanta. Developed by TGC Group, the property totals 84 rooms. Amenities include complimentary WiFi, free breakfast, cable, a fitness room, onsite guest laundry and a lobby. TGC Hospitality Management is the hotel’s property manager.

March 31, 2023

California Development Office Western

Silverstein Completes $60M in Renovations to U.S. Bank Tower in Downtown Los Angeles

by Jeff Shaw March 31, 2023

LOS ANGELES — Silverstein Properties has completed its $60 million capital improvement program at U.S. Bank Tower in downtown Los Angeles. The two-year renovation was designed to meet the evolving needs of traditional and creative office tenants. Silverstein acquired the tower in September 2020 and began the capital improvements in May 2021. Informed by hospitality design, upgrades across 35,000 square feet of common spaces include a redesigned main entrance and lobby; new contactless elevators and elevator lobbies; a new day-to-night juice and cocktail bar; a grab-and-go market; and seating and collaboration areas. By November 2020, five new leases were signed at the tower, including Walter P. Moore, a global management consulting firm, Lincoln International, Rothschild & Co. and Morgan & Morgan.

March 31, 2023

California Development Multifamily Western

MBK, Haseko Begin Construction of 315-Unit Zia Apartments in Anaheim, California

by Jeff Shaw March 31, 2023

ANAHEIM, CALIF. — A joint venture between MBK Rental Living and Haseko Corp. has started construction of the 315-unit Zia multifamily community in Anaheim. Located at 1600 W. Lincoln Ave., the development will feature luxury interior finishes and sustainable elements, including quartz countertops, stainless-steel appliances, distinctive wood-style plank flooring and large-scale precision windows. Zia will offer studio to three-bedroom floorplans ranging from 600 to 1,900 square feet. The grand opening is scheduled for mid-2024.

March 31, 2023

Arizona Build-to-Rent Development Multifamily Western

UrbanStreet Group Buys 17-Acre Parcel in Goodyear, Arizona for Build-to-Rent Development

by Jeff Shaw March 31, 2023

GOODYEAR, ARIZ. — UrbanStreet Group has purchased a nearly 17-acre land parcel at the Douglas at Goodyear Airport Commons in Goodyear for $14.5 million. The parcel comes with fully approved plans for a 307-unit build-to-rent (BTR) townhome community. ABI Multifamily’s Patrick Burch and John Klocek represented the seller, Blueprint Capital, in this transaction.

March 31, 2023

California Development Leasing Activity Restaurant Retail Western

ALMQUIST Signs 21 Tenants to River Street Marketplace in San Juan Capistrano, California

by Jeff Shaw March 31, 2023

SAN JUAN CAPISTRANO, CALIF. — ALMQUIST has signed 21 tenants to River Street Marketplace, a 60,000-square-foot retail development currently underway in San Juan Capistrano. Concepts that will join the lineup include Bred’s Hot Chicken, Capistrano Brewing, Common Thread, Fermentation Farm, Finca by David Pratt, Free People, Gueros Cevicheria, Hudson’s Cookies, Kozan Teahouse & Boba, La Vaquera, McConnell’s Ice Cream, The Meat Cellar Market and Steakhouse, Mendocino Farms, Nana’s Fish Chippery, Nom, SALT., Seager, Shootz Hawaiian, Toes on the Nose, Ubuntu Café and Wildfire Mercantile.

March 31, 2023

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