Property Type

Salem Partners, Mandarin Oriental to Open 36-Story Luxury Hotel, Multifamily Tower in Honolulu

by Kristin Harlow February 7, 2017

HONOLULU — Salem Partners has partnered with Mandarin Oriental Hotel Group to build Mana’olana Place, a hotel and multifamily property currently under development in Honolulu. The development is slated to open in early 2020. The 36-story, 743,000-square-foot tower will be located in the Ala Moana District at the intersection of Kaipolani Boulevard and Atkinson Drive. Mana`olana Place is the first approved project in the city’s new Ala Moana transit hub. The Mandarin Oriental, Honolulu hotel will consist of 125 guestrooms and suites. The tower’s upper floors will consist of 107 private homes. The property will feature a rooftop restaurant and bar with landscaped outdoor terraces and gardens. The hotel will also feature a spa with eight treatment rooms, a fitness center and an 80-foot outdoor swimming pool. Colorado-based [au]workshop is the design architect on the project, while Architects Hawaii Ltd. will serve as the executive architect. The design team also includes Dianna Wong Architects + Interior Design and Hart Howerton Landscape Architects. Salem Partners is a Los Angeles-based investment bank and wealth management firm. Mandarin Oriental operates 29 hotels and eight residences in 19 countries and territories. —Kristin Hiller

February 7, 2017

California Industrial Market Reports Western Western Market Reports

Downtown LA’s Industrial Supply Gives Way to Other Uses

by Camren Skelton February 7, 2017

When you visit Los Angeles, the sight of the cranes looming in the sky in all directions shows a city undergoing significant revitalization and redevelopment. Not so long ago, the Downtown area of Los Angeles went “dark.” This occurred after the hustle and bustle of the normal workday was done and the streets were mostly empty, businesses closed. Fortunately, Los Angeles has seen significant construction and redevelopment over the past few years. According to the Downtown Center Business Improvement District (DCBID), the population of Downtown Los Angeles was 18,000 people in 1999. Today, the population is estimated at 63,208, with a daytime population of 500,000. The residential inventory consists of 36,964 units with 11,868 under construction and 19,054 proposed for a total of 48,832 units as of the third quarter of 2016. There are 8,163 hotel rooms with 2,765 more under construction and 3,636 proposed for a total of 14,564. Retail has 2 million square feet under construction and an additional 1.5 million square feet proposed. Major industrial activity includes the announcement of Warner Music Group relocating from Burbank to the Arts District where it will occupy 257,000 square feet at the former Ford Factory, which was constructed in 1912. …

February 7, 2017

Idaho Loans Multifamily Seniors Housing Western

Walker & Dunlop Negotiates $29.8M Refinancing for CCRC in Boise

by Nellie Day February 6, 2017

BOISE, IDAHO — Walker & Dunlop Inc. (NYSE: WD) has structured a $29.8 million refinancing for Garden Plaza of Valley View and Valley View Skilled Nursing Facility, which work together as a 300-unit continuing care retirement community in Boise. The financing required two different lenders to fund two separate loans for one property with one existing mortgage. Fannie Mae financed the independent living and assisted living portion, and the HUD placed the debt for the skilled nursing facility. In addition, an equity recapitalization component was included in the Fannie Mae debt. Michael Vaughn and Kevin Giusti, led Walker & Dunlop’s origination team and worked with BrightSpace Senior Living, the Tennessee-based borrower, to place the debt. Walker & Dunlop structured a $9 million loan with a 35-year, fully amortizing term for Valley View Skilled Nursing Facility. The CCRC’s skilled nursing component was built in 1986 and consists of 24 private and 40 semi-private units. The loan executed with Fannie Mae for Garden Plaza of Valley View was $20.8 million with a 10-year term, followed by a 30-year amortization schedule. This portion of the CCRC, containing 142 independent living and 51 assisted living units, was built adjacent to the existing skilled nursing …

February 6, 2017

Idaho Retail Western

Albertsons Adds 174 Stores Since Safeway Merger

by Nellie Day February 6, 2017

BOISE, IDAHO — Two years after the Albertsons-Safeway merger that created the second-largest supermarket company in the U.S., Albertsons Cos. has built or acquired 174 locations. Since the merger, 23 new stores have been built and 151 stores were acquired. The Boise-based company has also upped its sustainability efforts. During the first quarter, the company committed to sourcing and selling only cage-free eggs for its store operations by 2025, based on available supply. The company recently announced a new Responsible Seafood Policy, which expanded the previous program beyond fresh and frozen seafood to include shelf-stable tuna (canned and vacuum-sealed), as well as sushi sold from its delis. The company plans that by 2022, 100 percent of the top 20 wild and farmed seafood products sold at stores will meet the Responsible Seafood Policy. Albertsons Companies operates stores, manufacturing plants and distribution centers across 35 states and the District of Columbia under 19 brands including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs.

February 6, 2017

California Retail Western

Cushman & Wakefield Arranges $14.2M Sale of Best Plaza in Metro San Diego

by Nellie Day February 6, 2017

OCEANSIDE, CALIF. — Cushman & Wakefield has arranged the $14.2 million sale of Best Plaza, a 65,211-square-foot shopping center in Oceanside, located 38 miles outside San Diego. The center was 35 percent occupied at the time of sale by tenants including CVS/pharmacy, Chase Bank and Papa John’s Pizza. Pacifica Cos. acquired the property from 1702 Oceanside Associates LTD through an online auction. Dixie Walker and Charley Simpson of Cushman & Wakefield and Ron Pepper of Retail Insite represented the seller in the transaction.

February 6, 2017

Retail Utah Western

Dillard’s to Open at Layton Hills Mall in Salt Lake City

by Nellie Day February 6, 2017

SALT LAKE CITY — CBL & Associates Properties Inc. has announced that Dillard’s will open a new store in the former Macy’s location at Layton Hills Mall in Salt Lake City. Construction on the 160,000-square-foot store is set to begin in April, with an anticipated opening for fall 2017.

February 6, 2017

California Retail Western

New Era Opens First Retail Store in Los Angeles

by Nellie Day February 6, 2017

LOS ANGELES — New Era has opened the doors to its permanent retail space — The New Era D-Lab — inside STAPLES Center in Los Angeles. Inside the new 3,160-square-foot store is a ‘New Era by You’ customization area. Customers can design their own New Era cap by choosing from hundreds of team logos, colors and fabrics. The single-level store also features: • The Blocking Machine: Used to stretch a cap to fit a person’s head more comfortably, to reshape a cap to its original form and to clean a cap. • The Heat Seal Machine: Used to adhere a patch to the side of a cap. The New Era D-Lab is part of a multi-year agreement, brokered by AEG Global Partnerships in 2016, which named New Era as a founding partner and the exclusive headwear supplier of L.A. LIVE, the LA Kings, Microsoft Theater and The Novo by Microsoft. The store is located in the front of STAPLES Center on the corner of Chick Hearn Court and Figueroa, looking onto Microsoft Square.

February 6, 2017

Michigan Midwest Office

Microsoft to Move Technology Center to Downtown Detroit

by Kristin Harlow February 6, 2017

DETROIT — Microsoft Corp. has unveiled plans to move its Michigan Microsoft Technology Center (MTC) from Southfield to downtown Detroit in early 2018. The company will occupy more than 40,000 square feet in Bedrock’s One Campus Martius building. There are more than 40 MTCs worldwide, which bring together resources to help clients explore their products. Bedrock is the real estate arm of Dan Gilbert’s business portfolio, specializing in acquiring, leasing, financing, developing and managing commercial and residential space. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to downtown Detroit.

February 6, 2017

Illinois Industrial Midwest

Opus to Construct 111,345 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow February 6, 2017

ROMEOVILLE, ILL. — The Opus Group has unveiled plans to construct a 111,345-square-foot, speculative industrial building in Romeoville. 101 Paragon will be the second and final phase of the company’s project at Paragon Business Park. Two other speculative industrial developments were constructed in 2016. 101 Paragon will feature 30-foot clear heights, 12 loading docks and 16 trailer parking positions. Completion is slated for August 2017. Opus Development Co. LLC is the developer, Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect and structural engineer. Jason West and Sean Henrick of Cushman & Wakefield will market the property for lease.

February 6, 2017

Hospitality Midwest Ohio

Hilton Home2 Suites Opens in Cleveland

by Kristin Harlow February 6, 2017

CLEVELAND — Home2 Suites by Hilton Cleveland Beachwood has opened in Cleveland. The hotel features 91 suites with fully equipped kitchens. Amenities include a laundry and fitness area, indoor and outdoor pools and a grill area. The hotel is located at 3589 Park East Drive. Beachwood Hotels LLC is the owner and Atlantic Hospitality and Management is the manager.

February 6, 2017

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