CHICAGO — Children’s Learning Place has leased 8,000 square feet in the base of Luxe on Chicago, a 59-unit apartment building developed by Fifield Cos. The property is located at 1850 W. Chicago Ave. Chris Irwin and Katie Whelan of Jameson Commercial LLC represented the developer in the transaction. Noah O’Neill represented the tenant, Children’s Learning Place. The early learning academy operates four other locations in Chicago.
LOS ANGELES — The Los Angeles County Metropolitan Transportation Authority has announced plans to construct a second, 2.6-mile extension of the city’s Purple Line subway through Beverly Hills and Century City. The contract value of the recently announced extension, titled Westside Purple Line Extension Section 2, is anticipated to be approximately $1.4 billion. The project will include two new underground stations at the intersections of Wilshire Boulevard and Rodeo Drive, and Constellation Boulevard and Avenue of the Stars, a hub of office buildings frequented by an estimated 358,000 workers, according to reports by the Los Angeles Daily News. Construction is currently underway on Section 1 of the Purple Line extension, which will add stations at the intersections of Wilshire Boulevard and La Brea Avenue, and Fairfax Avenue and La Cienega Boulevard. At completion, the Purple Line is expected to extend nine miles west of the current terminus at Wilshire Boulevard and Western Avenue, adding a total of seven new stations. The total development is expected to cost $6.3 billion. A full map of the development can be found here. A contract for the second phase of the development will be awarded by the end of the month. Civil and building construction …
People are aware of the Inland Empire’s rapidly growing market and the fulfillment center trend that’s sweeping Southern California. Amazon, Walmart and many others continue to be pioneers in logistics and door-to-door fulfillment, but the side of the market people are missing is the smaller, more locally sourced user, the groups that service these large international companies. It’s a common theme that when the big guys grow into space there’s normally a contingent of smaller users behind them ready to take down the small- to mid-sized product. This trend has never been more true than it has over the past 12 months. As million-square-foot buildings continue to be leased out by these massive conglomerates, the smaller product has been flying off the shelves. There was a concern in early 2016 that this size range was going to be overbuilt, but due to 8.5 million square feet worth of gross absorption through the first three quarters in the 100,000- to 300,000-square-foot size range, that idea has become a misconception. We’re now sitting with a deficiency of product driving lease rates and sales numbers higher than ever. Lease rates in this size range have jumped about 8 percent over the past year …
SAN MARCOS, CALIF. — Lee & Associates has arranged the $73.4 million sale of Campus Marketplace, a 144,148-square-foot shopping center located roughly 35 miles outside San Diego in San Marcos. Tenants at the center include Ralph’s Grocery, CVS/pharmacy, Starbucks Coffee, Subway, Bank of America, UPS Store and Unleashed by Petco. Jan Fincham and Patrick Dempsey of Lee & Associates brokered the deal on behalf of the buyer, IVT San Marcos Campus LLC, and the sellers, Campus CMH LLC, 36 CMH and Campus BRB LLC. IVT San Marcos Campus LLC is an entity controlled by InvenTrust.
CORVALLIS, ORE. — EdR has acquired The Retreat at Corvallis, a 1,016-bed community located near the Oregon State University campus in Corvallis. Built in 2015, the property offers a mix of one-, two-, three-, four- and five-bedroom units in both traditional apartment configurations and cottages. Community amenities include a clubhouse, resort-style pool, cardio room, weight room, yoga studio, bike storage, complimentary coffee bar, indoor golf simulator, game room, computer lab, tanning and green space. The community is 95 percent occupied for the current school year.
LAGUNA HILLS, CALIF. — Cushman & Wakefield has arranged the sale of The Wellington, a 233-unit independent living and assisted living community in the Los Angeles suburb of Laguna Hills. The luxury community is located next to a master-planned, age-restricted community with over 14,000 residents. The buyer, which was not disclosed, has brought in San Diego-based Senior Resources Group to manage the property. David Rothschild, Mary Christian and Allen McMurty of Cushman & Wakefield’s National Senior Housing Investment Advisory represented the undisclosed seller in the transaction.
PHOENIX — Manna Distribution Services has leased 37,000 square feet of industrial space at Phoenix Star Commerce Park in Phoenix. The space is located at 2110 S. 7th Ave. The national delivery company’s Phoenix location will join other U.S. outposts, including Portland, Ore., Los Angeles, Chicago, New Orleans and St. Louis, Mo. Keri Davies and Jon Rosenberg of Levrose Commercial Real Estate and Paramount represented the tenant, while Lee & Associates represented the landlord.
GLENDALE, CALIF. — DineEquity Inc., a full-service restaurant group that includes the IHOP and Applebee’s brands, has signed four new multi-unit development agreements in the Middle East, Asia Pacific and Latin America. The agreements are part of the company’s plan to double its number of international locations over the next five years. Since the beginning of 2014, 80 new international restaurants have opened. In addition, during that same time frame, DineEquity nearly tripled the international development pipeline to more than 200 restaurants. DineEquity plans to spread the IHOP to Thailand and India and extend the Applebee’s brand in the Middle East to six locations in Bahrain and Oman by 2023. The company has also planned five new Applebee’s locations in Panama by 2021. Based in Glendale, Calif., DineEquity owns, operates and/or franchises more than 3,700 restaurants in all 50 U.S. states and 17 countries.
WATERTOWN, MASS. — The Watertown Planning Board unanimously approved the development of Arsenal Yards, a mixed-use project at the former Arsenal Mall in Watertown. Developers Boylston Properties and The Wilder Cos. plan to add a mixed-use project featuring 350,000 square feet of retail and entertainment space and 500 residences to the existing 100,000 square feet of office space. Construction is slated to begin in six to eight months. The project will feature chef-driven restaurants, a specialty grocery, a wine superstore, a cinema, market-rate and affordable apartments, and a combination of boutiques and national retailers.
KING OF PRUSSIA, PA. — Gladstone Commercial has acquired an office building, located at 935 First Ave. in King of Prussia, in a sale-leaseback transaction for $25.5 million. Radial Inc. sold the property and will continue to lease the four-story, 103,334-square-foot facility, which serves as the company’s headquarters, for 15 years. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller in the deal.