HUTCHINSON, KAN. — Marcus & Millichap has brokered the $6.5 million sale of an 87,119-square-foot retail property in Hutchinson, about 50 miles northwest of Wichita. The building at 1500 E. 11th St. is home to Hobby Lobby and Bomgaars. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
FARMINGTON HILLS, MICH. — Kids Empire has signed a 21,430-square-foot retail lease to backfill the former Office Max space at West River Shopping Center in Farmington Hills. The property is situated at the corner of Grand River Avenue and 9 Mile Road. Additional tenants include Target, The Riviera Cinema, Edge Fitness and Five Below. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the landlord, Shango Properties. Kids Empire, which offers indoor playgrounds, climbing walls, games and birthday parties, operates more than 40 locations across the U.S.
FENTON AND HOWELL, MICH. — A three-property car wash portfolio in Michigan has traded hands for an undisclosed price. The portfolio includes a Lake Effect Auto Wash in Fenton, a Lake Effect Auto Wash in Howell and a Classic Auto Wash in Howell. Garrett Monroe of Calder Capital provided merger and acquisition services on behalf of the seller, Fenton-based The Mechigian Auto Washes. Troy-based Ace Auto Wash was the buyer.
MARINA DEL REY, CALIF. — Equity Residential has delivered the first batch of newly renovated residences at the 597-unit Pearl Apartments in Marina del Rey. The 87 upgraded residences feature new kitchens with energy-efficient, stainless-steel appliances, quartz countertops, subway tile backsplashes and wood plank hard surface flooring throughout. Additional upgrades include energy-efficient LED lighting, new bath fixtures and sinks, water-efficient commodes and tubs with rain showers. The plumbing infrastructure was also completely replaced in these units. Equity Residential acquired the ground lease for the community in 2012 and took control of its management in 2018. With the first phase now complete, the newly renovated apartments will be available for occupancy. The renovation totaled $45 million.
SPARKS, NEV. — LDK Ventures has announced plans to develop Pioneer Logistics Center in Sparks. The company purchased the 85-acre property from Lennar in November 2022. The project will be situated in an infill area of the Pioneer Meadows master-plan community. It will feature 1.3 million square feet of industrial warehouse facilities at full build-out. Construction is scheduled to begin in 2024.
FRESNO, CALIF. — A family office has acquired the townhome-style apartment community of Birch Commons in Fresno for $14.7 million. The community is located at 1850 E. Birch Ave. It features a mix of one- to three-bedroom units. The sale marked the first time the asset traded hands. The original developer owned the property since it was built in 2006. Robin Kane, Brendan Kane and Gordon Larkin of The Mogharebi Group’s Fresno office represented the seller, a Central Valley builder, in the transaction. Dustin Ilic and Nick Sheehan of the Visintainer Group represented the buyer.
NEWPORT BEACH, CALIF. — Pacific Life has completed the total interior renovation of its corporate headquarters in Newport Beach. Dubbed by employees as “Workplace Transformation 2.0,” the space spans multiple floors and “embraces the blended workplace of the future.” The new space was outfitted with engagement zones, breakout rooms, and varied collaboration areas that offer employees different workspaces and meeting options. Individuals needing privacy have adjustable work areas with stations that adapt to personal preference and allow for natural light when desired. As employees move through the office, they have the option of storing personal belongings in day lockers and are kept informed about current events via LED monitor panels located outside every elevator. Hendy designed the space. The firm partnered with Howe Bonney & Associates, Howard Building Corp. (HBC), tk1sc, Tangram, Steelcase, Allsteel, Corporate Business Interiors (CBI) and Bentley Mills on the project.
BRENTWOOD, CALIF. — Christina Real Estate Investors has purchased a fully occupied multifamily complex in the Los Angeles neighborhood of Brentwood. Christina acquired the 10-unit asset for $6.1 million. Units average 1,200 square feet. The community is located at 12324 Montana Ave., directly across the street from the Brentwood Country Club golf course. The residences feature balconies, patios, wood-burning fireplaces, and hardwood floors.
ROCKLIN, CALIF. — LRE & Cos. has unveiled plans for University Square, a 10-acre mixed-use development located at the intersection of Sunset Boulevard and University Avenue in Rocklin, a northeast suburb of Sacramento. The project is scheduled for completion by year-end 2025. University Square is slated to feature more than 20,000 square feet of retail space; 5,000 square feet of space for fast-food restaurants with drive-thrus; a 123-room Hilton Garden Inn hotel; a 10,000-square-foot daycare center; a 3,700-square-foot convenience store; and a car wash. The site is adjacent to Estia Rocklin, a build-to-rent townhome community with 181 units. Across the street from University Square is William Jessup University, a private Christian university with more than 3,000 students. The project is just east of the 8,497-acre Sunset Area development. The Sunset Area plan is centered around a new California State University, Sacramento and Sierra College campus. “This part of Rocklin is seeing tremendous growth,” says Victor Chiang, vice president of development at LRE. “By prioritizing smart growth and responsible development practices, we can create something special that will stand the test of time.” Rocklin is home to Quarry Park, the city’s downtown community gathering space, offering rock climbing, paddle boats, and …
LOS ANGELES — Whitney Livingston had a question for those in attendance at the annual Entertainment Experience Evolution conference in Los Angeles: Which user — food halls or restaurants — are more beneficial to driving traffic at retail properties? By show of hands, most attendees said food halls. Livingston, president of Centennial REC, was moderating the event’s “Fireside Chat: What’s Better for Traffic, Food Hall or Restaurants?” panel at the JW Marriott LA Live. Each of the categories was embodied in the form of a panelist. Representing food halls was Michael Morris, CEO of the aptly named Food Hall Co., with Rich Renninger, SVP and chief development officer of Darden Restaurants, weighing in from the perspective of more traditional, full-service restaurants. Despite what the name of the panel might suggest and Livingston’s opening poll, the dialogue that emerged between Renninger and Morris did not take on the shape of a debate so much as a conversation that illustrated that, for all their distinctions, there are many commonalities between the two types of food-and-beverage users. Ultimately, the panelists revealed that though food halls and full-service restaurants may take different paths, there is one shared recipe for success: creating a robust customer …