Property Type

SALT Development Completes Two Phases at $100M 4th West Apartments in SLC

by Nellie Day June 8, 2017

SALT LAKE CITY — SALT Development has completed the first two phases of 4th West Apartments in downtown Salt Lake City. The 493-unit community is located at 255 N. 400 W. The two completed phases feature 373 units, common areas and a majority of the community’s amenities, including a sky lounge, health club, business center, bike shop and dog park. Phase III will contain 120 units that should be delivered in the third quarter of 2017. The project is estimated to cost about $100 million. Architecture Belgique designed the property.

June 8, 2017

California Healthcare Western

Easterly Government Properties Buys VA Ambulatory Care Center in Loma Linda

by Nellie Day June 8, 2017

LOMA LINDA, CALIF. — Easterly Government Properties has purchased the 327,614-square-foot Department of Veterans Affairs (VA) Ambulatory Care Center in Loma Linda. The center is located at 26001 Redlands Blvd. The price was not disclosed. The property serves as the U.S. Department of Veterans Affairs’ flagship outpatient facility. It is fully leased to the VA for 20 years. The center is situated on 37 acres in an enclave that features the Jerry L. Pettis Memorial VA Medical Center and Loma Linda University. The collective VA Loma Linda Healthcare System currently serves more than 72,000 area veterans. JLL’s Brian Saal, Bill Prutting, Lucy Fletcher, Mike Yavinsky, Joe Brennan, Marc Rampulla, Ryan Smith and Tom Bohlinger executed the transaction.

June 8, 2017

California Office Western

New York Life Real Estate Investors Buys 351,301 SF Office Building in Burbank

by Nellie Day June 8, 2017

BURBANK, CALIF. — New York Life Real Estate Investors has purchased a 351,301-square-foot office building known as 2300 Empire in Burbank for an undisclosed sum. The Class A building is situated in Burbank’s Media North submarket. It has an adjacent 1,334-stall parking garage. The building’s lobby will be upgraded, and some collaborative outdoor seating areas will be created in the next 12 months, according to the buyer. The office building is within walking distance of a 750,000-square-foot shopping center that features tenants like Target, Lowe’s, Nordstrom Rack and numerous dining options. Lincoln Property Co. will manage the property, while JLL will handle leasing.

June 8, 2017

Nevada Office Western

McKenzie Properties Breaks Ground on Spec Office Building in Reno

by Nellie Day June 8, 2017

RENO, NEV. — McKenzie Properties has broken ground on a 40,000-square-foot speculative office building within the Mountainview Corporate Center in Reno. The Class A building is located at 5520 Kietzke Lane. The four-story structure will feature customized floor plans, with balconies on two of the floors. This will be the first spec office project the company has undertaken since 2008.

June 8, 2017

California Retail Western

Dick’s Sporting Goods to Open New Store in Torrance

by Nellie Day June 8, 2017

TORRANCE, CALIF. — Dick’s Sporting Goods will open five new stores this month, including an outpost at the Del Amo Fashion Center in Torrance. That store celebrated its grand opening between June 2 and 4. With the grand opening of these new stores, Dick’s will have 702 Dick’s locations in the country. Founded in 1948 and headquartered in Pittsburgh, Dick’s also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as Dick’s Team Sports HQ, a youth sports digital platform.

June 8, 2017

Loans New York Northeast Office

Boston Properties Completes Refinancing of 767 Fifth Avenue in New York City

by Amy Works June 8, 2017

NEW YORK CITY — Boston Properties’ consolidated joint venture entity, in which it has 60 percent interest and which owns 767 Fifth Avenue in New York City, has completed the refinancing of approximately $1.6 billion in indebtedness that had been secured by direct and indirect interests in 767 Fifth Avenue. The new mortgage financing has a principal amount of $2.3 billion, has a fixed interest rate and matures in 2027. The loan requires interest-only payments during the 10-year term, with the entire principal amount due at maturity.

June 8, 2017

Massachusetts Northeast Retail

New England Development is Repositioning Galleria Shopping Center in Cambridge

by Amy Works June 8, 2017

CAMBRIDGE, MASS. — New England Development is repositioning the Galleria shopping center in East Cambridge as CambridgeSide through a $30 million renovation and rebranding project, which is slated for completion in October. Situated on the original site of New England’s Lechmere department store, the shopping center will be the centerpiece of a 1.2 million-square-foot urban mixed-use development. Tenants at the rebranded retail property will include J.Crew, Club Monaco, A|X Armani Exchange, Abercrombie & Fitch, Banana Republic, Macy’s, H&M, Express, Forever 21, Sephora, The Cheesecake Factory and World of Beer.

June 8, 2017

Loans Northeast Pennsylvania Retail

Talonvest Capital Secures $24.1M Construction Loan for Metro Self Storage

by Amy Works June 8, 2017

CHADDS FORD, PA. — Talonvest Capital has arranged $24.1 million in construction financing for Metro Self Storage. The borrower plans to develop one self-storage facility in Chadds Ford and two in Naperville and Addison, Illinois. In total, the new developments will feature more than 236,000 rentable square feet. A Midwestern-based bank financed the Pennsylvania development, while an East Coast-based bank funded the two suburban Chicago properties. Kim Leslie, Tom Sherlock and Jim Davies of Talonvest negotiated and structured the loans for the borrower.

June 8, 2017

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Colliers Arranges $4.1M Loan for Mixed-Use Property in Philadelphia

by Amy Works June 8, 2017

PHILADELPHIA — Colliers International has arranged a $4.1 million in refinancing for a mixed-use property located at 2231 Bryn Mawr Ave. in Philadelphia. The building features 12 apartments and 13,000 square feet of commercial space. The loan features a five-year fixed rate with a five-year reset. Kris Wood, John Banas, Chad Levitt, Tim Hoyt, Martin Duval and Jordan Canino of Colliers International secured the financing for the undisclosed borrower.

June 8, 2017

Maine Northeast Restaurant Retail

Cardente Real Estate Brokers 2,500 SF Restaurant Lease in Old Orchard Beach, Maine

by Amy Works June 8, 2017

OLD ORCHARD BEACH, MAINE — Cardente Real Estate has arranged the lease of restaurant space at 15 E. Grand Ave. in Old Orchard Beach. Robert Kelly and Lori Gramlich leased the 2,500-square-foot space from HPH Holdings LLC. Mark Sandler of Cardente Real Estate represented the landlord, while Karen Rich, also of Cardente Real Estate, represented the tenants in the transaction.

June 8, 2017

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