SALINAS, CALIF. — Pacific Castle has acquired Prune Tree Shopping Center in Salinas from JG Management for $20 million. Located at 17601 Vierra Canyon Road, the 131,000-square-foot property is occupied by Safeway, CVS/pharmacy, McDonald’s, Taco Bell, Starbucks Coffee and AutoZone. Pacific Castle financed the acquisition through a 1031 exchange with existing capital partners. Bryan Ley of HFF represented the undisclosed seller in transaction.
SEATTLE — Kevin Johnson, president and chief operating officer of Starbucks Corp. and a seven-year member of the Starbucks board of directors, will assume the role and responsibilities of president and chief executive officer, effective April 3, 2017. Also effective April 3, 2017, Howard Schultz, chairman and CEO, will be appointed executive chairman and will shift his focus to innovation, design and development of Starbucks Reserve Roasteries around the world, expansion of the Starbucks Reserve retail store format and the company’s social impact initiatives. In this new role Schultz will continue to serve as chairman of the board. As president and chief operating officer since March 2015, Johnson has led the company’s global operating businesses across all geographies as well as the core support functions of Starbucks supply chain, marketing, human resources, technology, and mobile and digital platforms. Johnson has been a Starbucks board member since 2009, and will continue to serve as a member of the Starbucks board of directors. Johnson’s career spans 33 years in the technology industry, which included a 16-year career at Microsoft and a 5-year tour as CEO of Juniper Networks. Founed in 1971, Starbucks Coffee Co. has more than 25,000 stores around the globe.
LOS ANGELES — Meridian Capital Group, on behalf of Decron Properties, has arranged a $10 million loan for Playa Lincoln, a shopping center located at 8701 Lincoln Blvd. in Los Angeles. The grocery-anchored center features 73,000 square feet of retail space. Additionally, Meridian secured an $88 million loan for Playa Del Oro II, a multifamily property located at 7280 W. Manchester Ave. in Los Angeles. The asset features 260 apartment units and 5,000 square feet of retail space. The 10-year loans, provided by a life insurance company, feature five years of interest-only payments. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the financing for the borrower.
NEW YORK CITY — Sentinel Real Estate Corp. has completed the disposition of a five-building multifamily property, known as the Fort Riverside portfolio, in Manhattan. A group of real estate investors led by Joshua Sternhell and David Katz acquired the portfolio sold for $101.5 million, or $300 per square foot. The 341,148-square-foot portfolio features 289 apartments along Fort Washington Avenue and Riverside Drive at 66-72, 80 and 86 Fort Washington Ave. and 838 and 884 Riverside Drive. Additionally, the assets include a combined 199,000 square feet of air rights. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the buyers, while Robert Shapiro, Bob Knakal and Jonathan Hageman of Cushman & Wakefield represented the seller in the deal.
BRIDGEWATER, N.J. — Regency Centers Corp. will develop Chimney Rock, a ground-up retail property in Bridgewater. The $70 million development will feature 218,000 square feet of retail space, anchored by Somerset County’s first Whole Foods Market. Additional retailers will include Nordstrom Rack, Saks Off 5th, Ulta and The Container Store. Construction is underway, with completion slated for summer 2018.
NEW YORK CITY — A10 Capital has provided a $27 million bridge loan for the refinancing of a retail and multifamily property located in Manhattan’s SoHo district. The five-story, 14,500-square-foot property features ground-floor retail space, which is leased to a brand name national clothing line, and four loft-style 2,500-square-foot apartments on the upper floors. The two-year, floating rate bridge loan refinanced the undisclosed borrower’s existing $23.5 million loan and provided an additional $2 million in proceeds to the borrower at closing. Cary Pollack and Judah Neuman of Meridian Capital Group arranged the financing for the borrower.
NEW YORK CITY — Hilton Hotels & Resorts has opened Hilton Brooklyn New York, a 196-key hotel located at 140 Schermerhorn St. in Brooklyn’s Boerum Hill neighborhood. Designed by Stonehill & Taylor, the 19-story hotel features 2,300 square feet of function space, accommodating up to 140 attendees for meetings and social events, a 24-hour fitness center, a business center, grab-and-go pantry and concierge services. The hotel is owned by Flank and managed by Urgo Hotels & Resorts.
NEW YORK CITY — Nike Inc. has signed a 15-year lease for retail space at 650 Fifth Ave. in New York City’s Plaza District from landlord SL Green Realty Corp. and partner Jeff Sutton. The retailer will occupy 69,214 square feet, covering seven floors, which is the entire retail component of the 36-story office building. According to the New York Post, the transaction is valued at more than $700 million across the lease’s 15-year term.
WASHINGTON, D.C. — A joint venture between Roadside Development and North America Sekisui House LLC (NASH) has purchased the famous Fannie Mae headquarters campus located at 3900 Wisconsin Ave. in Washington, D.C. The acquisition includes the 228,000-square-foot office building and 10 acres of land. The venture paid a little less than $90 million for the site, according to the Washington Business Journal. Roadside Development is a private adaptive reuse developer, and NASH is the American arm of Sekisui House Ltd., Japan’s largest homebuilder. The companies plan to reposition the campus once Fannie Mae moves its headquarters to its new office tower at 1100 15th St. N.W. in Washington, D.C., which is still under construction.
RALEIGH, N.C. — East West Partners plans to develop Crabtree Terrace, a proposed mixed-use development located at 4509 Creedmoor Road in Raleigh. The developer has tapped CBRE | Raleigh to lease both the office and retail components of the project. Situated adjacent to Crabtree Valley Mall and a future hotel and conference center, Crabtree Terrace will be a six-story building with 38,000 square feet of ground-floor retail space, 140,000 square feet of Class A office space, a six-story parking deck and surface parking. Charlie Coyne and Reagan Crabtree of CBRE | Raleigh’s retail services group will be handling the retail leasing efforts for the project, and Brian Carr and John Brewer of CBRE | Raleigh’s investor leasing group will be handling the office leasing efforts. East West plans to deliver Crabtree Terrace in the fourth quarter of 2018.
