NEW YORK CITY — The innovative and lifestyle products retailer Brookstone Inc. has retained New York-based RCS Real Estate Advisors to operate as its outsourced real estate department. RCS will work with Brookstone to manage its entire retail real estate portfolio and help the company develop growth strategies for its holiday pop-up stores and outlet locations. RCS will be responsible for all lease negotiations, site selection and implementation of Brookstone’s growth plans.
PORTLAND, ORE. — Resource Real Estate Opportunity REIT II has purchased the 357-unit Breckenridge Apartment Homes in Portland for an undisclosed sum. The community is located at 8150 S.W. Barnes Road. It was built in 1985. The REIT plans to implement a value-add strategy to improve the property’s exterior, common areas and unit interiors.
PHOENIX — Realscape Asset Holdings has purchased a 51,809-square-foot office building in Phoenix for $11.7 million. The Class A building is located at 5055 E. Washington St. It was fully occupied at the time of sale. Eric Wichterman, Mike Coover, Bob Buckley, Steve Lindley, Tracy Cartledge and Adam Tolson of Cushman & Wakefield represented both the buyer and the seller, Irgens Development Partners, in this transaction.
HANFORD, CALIF. — Fresno, Calif.-based developer 198/43 LLC has broken ground for a 150,000-square-foot Costco as part of the first phase of Hanford Marketplace in Hanford. Located on Lacy Boulevard, the Costco is slated to open in early November. The remainder of Hanford Marketplace’s first phase, including one to two freestanding pads and one to two multi-tenant pads, is scheduled for completion in mid-2017. The timing of the additional phases for the 450,000-square-foot, master-planned development will depend on initial lease up.
ORLANDO, FLA. — DiamondRock Hospitality Co. has sold the Orlando Airport Marriott Lakeside for approximately $67 million. The 485-room hotel is located at 7499 Augusta National Drive, roughly three miles from Orlando International Airport. The hotel features 29,700 square feet of event space, an indoor pool, outdoor pool, internet TV in every room offering Netflix and Hulu, the Crimson Tavern restaurant and a 24-hour fitness center. In 2015, the hotel generated revenue per available room (RevPAR) of $92, the lowest RevPAR in DiamondRock’s portfolio. DiamondRock Hospitality is a REIT that owns 28 upscale hotels spanning approximately 10,400 rooms.
LAFAYETTE, LA. — Capital One Bank has provided a $47.7 million loan for Ambassador Town Center, a 430,000-square-foot, open-air retail center in Lafayette. The property is located on more than 60 acres at the southeast corner of Ambassador Caffery Parkway and Kaliste Saloom Road. Ambassador Town Center is currently 98 percent leased to Costco Wholesale, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes and PetSmart. The borrowers, Stirling Properties LLC and CBL & Associates Properties Inc., used the seven-year, fixed-rate loan to retire an existing construction loan.
SHEPHERDSTOWN, W.VA. — EdR has begun construction on a new $22 million, 298-bed residence hall at Shepherd University in Shepherdstown. The five-story project will feature a mix of single- and double-suite style units. Amenities will include a food service and dining area, classroom, student lounges and Wi-Fi. The Shepherd University Foundation Supporting Organization hired EdR to develop the third-party project and will own the asset upon completion in summer 2017. Raymond James Financial Inc. assisted in financing the development, and Shepherd University will manage the property upon completion.
DUNCAN, S.C. — Colliers International has arranged a 202,000-square-foot lease renewal at Hillside Industrial Park in Duncan. The tenant, Global Automotive Partners, has renewed its space at 15 Tyger River Drive with the landlord, Exeter Property Group. Hillside is situated within the SC-290 industrial submarket, which has a high concentration of Tier 1 automotive suppliers near BMW’s plant. Global Automotive Partners provides consulting, manufacturing, logistics and administration services to clients in the automotive industry. Givens Stewart, Garrett Scott and Brockton Hall of Colliers International represented Global Automotive in the lease deal.
TUCSON, ARIZ. — El Pollo Loco, a chicken restaurant chain based in California, has signed a franchise development deal with new partner PLM Restaurants L.C., which will open six new restaurants by August 2019 in the Tucson area. In addition, PLM Restaurants has also completed the acquisition of two existing El Pollo Loco restaurants in the Tucson market. Franchise partners David Harper and Stephan Ralston own PLM. Harper is also president and owner of Meridian Restaurants, which owns and operates 82 Burger King restaurants. El Pollo Loco has more than 435 company-owned and franchised restaurants in Arizona, California, Nevada, Texas and Utah.
SAN DIEGO — San Diego Gas & Electric has given a Grand Energy Champion Award to Petco for the company’s San Diego headquarters. The 300,000-square-foot, pet-friendly facility was a former semi-conductor plant that expanded and relocated Petco’s support center from multiple buildings to one. More than 75 skylights and nearly 3,000 solar panels on the roof produce an 86 percent energy offset and allow the building’s lighting systems to run at only half capacity. Throughout the construction process, approximately 85 percent of all demolition materials were recycled. The building’s café uses highly efficient appliances to cook and prepare food for Petco’s partners. Outside, rain and runoff water flows through landscape elements around the building and parking lot that filter water through soil sediments. In return, water evaporates, instead of draining and polluting the ocean. The building’s energy efficiency is further accented by drought-tolerant landscaping and electric car charging stations for employee use.