RANCHO SAN DIEGO, CALIF. — Alpha Brothers has purchased a single-tenant retail property located at 3777 Willow Glen Drive in Rancho San Diego. Rancho San Diego 111 Partners sold the property for $4.8 million. BevMo occupies the 6,200-square-foot property. Don Mose of Retail insite and Marcus & Millichap represented the seller, while Sereno Group represented the buyer in the transaction.
POMONA, CALIF. — Capital Realty Solutions has arranged the sale of a restaurant property located at 2098 S. Garey Ave. in Pomona. 6814 Lankershim Associates sold the property to an undisclosed private investor for $3.5 million. Jack in the Box occupies the 2,612-square-foot property on a 15-year triple-net lease term, which includes four five-year extension options for the tenant. Ash Joshi of Capital Realty Solutions represented the seller in the deal.
LONG BEACH, CALIF. — Burnham-Ward Properties, together with Burnham USA and Rockwell Capital, has signed three new fitness concepts at Long Beach Exchange, a retail and dining destination center in Long Beach. GritCycle, Ra Yoga and Orangetheory Fitness are joining the 266,000-square-foot property. Slated to open in spring 2018 and situated on 26 acres, the center will feature stores, shops, restaurants and two acres of communal open space. GritCycle will open a 3,000-square-foot indoor cycling studio; Ra Yoga will feature 3,400 square feet of yoga space; and Orangetheory Fitness will feature 3,200 square feet of boutique fitness space.
WASHINGTON, D.C. — Co-developers Madison Marquette and PN Hoffman will open The Wharf on Oct. 12 in Washington, D.C. Phase I of the $2.3 billion project will deliver two office buildings, two apartment towers, two luxury condominium buildings and three hotels, as well as restaurants and retail space. The Wharf is a mixed-use waterfront community that stretches across 24 acres of land and more than 50 acres of water. The development features 3.5 million square feet of new residential, office, hotel, retail, marina and public uses including waterfront parks, promenades, piers and docks. Madison Marquette and PN Hoffman broke ground on the project in March 2014. Phase II construction will begin in the coming months, with delivery scheduled for 2021. Four entertainment piers extend into the Potomac River, one of which will be used as an ice rink in the winter. The Transit Pier will accommodate water taxis. Anthem, a 6,000-seat concert hall, will open with a launch concert by the Foo Fighters. David Rockwell designed the interiors of the venue. Washington, D.C.-based Madison Marquette is a private real estate investment manager, developer, operator and service provider. PN Hoffman is a real estate developer also based in D.C. — Kristin …
Long-time El Paso residents frequently hear people talking about the good things happening in our city. To be sure, El Paso is an enigma and a contradiction — a big small town with its own identity. Cultural, economic, social and ethnic differences are comfortably accommodated in a “mi casa es tu casa” openness. Contrary to our “wild west” reputation, El Paso ranks as one of America’s safest cities by size. The closest major city to El Paso is Ciudad Juarez, a city of 1.5 million people just across the Rio Grande River in the Mexican state of Chihuahua. The economies of the two cities are inextricably linked and create a major trade area on the southern U.S. border with Mexico. Roughly 30 percent of El Paso’s retail sales come from Mexican shoppers who also access educational institutions, medical services and professional services on the U.S. side. American and multinational manufacturers employ more than 200,000 people in Juarez and rely on El Paso’s transportation and trade infrastructure. The expansion of both trade and interdiction at the border has generated thousands of new federal agency jobs paying wages above the city’s median incomes. Apartment development and ownership in El Paso are dominated …
TUCSON, ARIZ. — Bascom Arizona Ventures has purchased an 812-unit multifamily portfolio in Southern Arizona for $70.2 million. The acquisition includes the 252-unit Port Royale in Sierra Vista, as well as the 288-unit Summit Vista and the 272-unit Crescent Ridge in Tucson. Summit Vista and Crescent Ridge are situated in the North Tucson submarket near Northwest Medical Center, Foothills Mall and Arizona Pavilions shopping center. Port Royale is situated near Fort Huachuca, Cochise College and the University of Arizona South Campus. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, a private investor, in this transaction.
LONGMONT, COLO. — NewMark Merrill Mountain States has secured $62 million in refinancing and completed construction on Village at the Peaks, a 442,000-square-foot shopping center in Longmont. Village at the Peaks is over 90 percent leased to nearly 40 tenants including Whole Foods Market, Sam’s Club, Regal Cinemas, Gold’s Gym, Party City, Tuesday Morning, Bad Daddy’s Burger Bar, Ozo Coffee Co. and Fuzzy’s Taco Shop. The five-year development process involved a public/private partnership with the City of Longmont, and represents over $100 million in investment. Bank of the Ozarks provided original construction financing for the project. Joe Monteleone of Triad Capital Advisors arranged the refinancing on behalf of NewMark Merrill through Allianz Real Estate of America. Sandy Sigal, Sandra Kist and Allen Ginsborg of NewMarket Merrill oversaw the refinancing.
SAN MATEO, CALIF. — Bridge Investment Group has received a $54.5 million loan to acquire an office property in San Mateo. The loan includes a future funding component for planned capital improvements and leasing costs. The new owner plans to modernize the property. The loan was funded under KeyBank’s non-recourse bridge lending program. The program offers high-leverage, non-recourse loans for cash flowing properties.
PHOENIX — A joint venture between Confluent Development and DPC Cos. has announced plans to develop a 225,000-square-foot spec industrial development in Phoenix. The project will be situated in the Sky Harbor International Airport submarket. The JV acquired a former grocery warehouse building, which will be torn down ahead of construction. This is Confluent Development’s first ground-up development in the market.
GLENWOOD SPRINGS, COLO. — A joint venture between Stoneleigh Cos. and Realty Capital Management has acquired 3.8 acres of land to build The Lofts at Red Mountain Apartments, an 85-unit apartment community with ground-floor retail in Glenwood Springs. The land is situated at south of Wulfsohn Road, adjacent to the Glenwood Meadows Market Street and Shopping Center. The Lofts at Red Mountain has an on-site RFTA bus stop, situated next to the Glenwood Springs Community and Recreation Center. It is also adjacent to the Glenwood Springs trail system. The developers have already broken ground on Phase I, with completion scheduled for early 2019. RVC Construction is building the project, which KCB Architecture designed. SunGate Capital Funding 7 LLC, Stoneleigh Cos. LLC and Realty Capital Partners provided equity financing.
