MORENO VALLEY, CALIF. — Phillips Edison Grocery Center REIT II Inc. has acquired Moreno Marketplace in Moreno Valley for an undisclosed price. Located 52 miles east of downtown Los Angeles, the 77,763-square-foot shopping center is anchored by Stater Bros., a privately held supermarket discount chain that operates 168 stores throughout Southern California. Additional tenants include Subway, Fantastic Sams, Wells Fargo Bank and Jack in the Box. The name of the seller was not released.
CLOVIS AND FRESNO, CALIF. — Newmark Grubb Pearson Commercial has brokered three retail leases in Clovis and Fresno totaling 6,254 square feet. In the first transaction, Royal Vapes leased 1,470 square feet at 140 W. Shaw Ave. in Clovis from J&D Properties. Troy McKenney and Craig Holdener of Newmark Grubb Pearson Commercial brokered the transaction. In the second deal, James McKenney leased 2,160 square feet of retail space at 841 Clovis Ave. in Clovis to Hodges Investment Group. McKenney and Holdener handled the transaction. In the final transaction, Urban Block Fitness inked a deal for 2,624 square feet of retail space at 4025 N. Figarden Drive in Fresno from The Grove Shopping Center. Holdener and McKenney, along with Terri Giovacchini of Cushman & Wakefield, brokered the deal.
LOS ANGELES — Lincoln Property Company has completed its renovation of 800 Wilshire, a 226,797-square-foot office tower in Downtown Los Angeles. The 16-story tower is located at 800 Wilshire Blvd. Lincoln acquired the property with its joint venture partner Angelo, Gordon & Co. in 2013. Since then, the company established a new tenant base, upgraded common areas to cater to creative office users, improved the aesthetics of the building and recruited new retailers on the ground floor. Occupancy rose from 65 percent to 95 percent, according to Lincoln. The tower was originally built in 1972. It was last renovated in 2004. Cross Campus recently signed on at 800 Wilshire, as did 800 Degrees Pizza, which now occupies some of the ground-floor retail space. The JV sold the property to Onni Group last month for about $80 million. Marc Renard of Cushman & Wakefield’s Capital Market Group executed the transaction.
RANCHO CUCAMONGA, CALIF. — Custom Goods has leased 441,970 square feet of industrial space at Prologis Rancho Cucamonga Distribution Center. The center is located at 8369 Milliken Ave. The new lease will allow the third-party logistics firm to double its warehouse and distribution capacity for its clients in the region. It also operates eight other distribution facilities in Southern California. JLL’s Louis Tomaselli and Jordan Quinn represented the company. Travis Durfee and Tyson Chave were in-house representatives for the landlord, Prologis.
HAMILTON, N.J. — RED Capital Partners has arranged a $36.4 million first mortgage construction loan for the development of Homestead of Hamilton, seniors housing community in Hamilton. The borrower was to Homestead Senior Living LLC. The balance of the capital stack was provided by an institutional private equity group and Regional Capital group, which will provide EB-5 Financing, along with the sponsor’s equity. Pike Senior Housing Partners LLC has partnered with Solvere Senior Living, an affiliated company of Solutions Advisors LLC, to develop the community. Homestead at Hamilton will feature 96 independent living units, 75 assisted living units and 24 memory care units.
TREVOSE, PA. — HREC has arranged the sale of Radisson Philadelphia Northeast located at 2400 Old Lincoln Highway in Trevose. Haverford Hotel Partners LP sold the 274-guestroom hotel to TJM Properties for an undisclosed sum. The property is in close proximity to the Sesame Place Theme Park, Parx Casino & Racetrack, Philadelphia Mills Shopping Mall, and The Sportsplex. Ketan Patel and Geoff Davis of HREC’s New York City office represented the seller in the transaction.
CENTRAL ISLIP, N.Y. — Foxgate has opened sales for the second phase of luxury condominiums at Foxgate at Islip, a 184-unit condo community located in Central Islip. The second phase adds 46 two-bedroom residences, which are currently under construction, to the community. Each unit features full-size appliances, including a natural gas range, refrigerator, microwave and washer/dryer, as well as high-efficiency central air conditioning and clean-burning natural-gas, forced-air heating. On-site amenities include a fully equipped gym, multi-purpose lounge, heated outdoor in-ground pool, spacious patios and scenic walking paths. Prices for the two-bedroom condos range from $270,000 to $290,000. The 40-unit first phase sold out in October.
IRVING, TEXAS — Gables Residential has broken ground on a mixed-use development in the Las Colinas area of Irving. Gables Water Street, located off of John W. Carpenter Freeway (SH 114), will consist of 316 apartment homes in three five-story buildings. Gables Water Street will offer efficiencies along with one-, two-and three-bedroom apartment homes averaging 960 square feet. Interior finishes will include stainless steel appliances, granite countertops, under mount sinks, framed mirrors, tile backsplash and wood-style flooring. Community amenities will include two areas with views of Lake Carolyn, two fitness centers, a business and mail center, game room, pool and outdoor kitchen. Retail tenants will include Olivella’s, Twisted Root Burger, Main Street Bistro and Bakery, Planet Sub and The Londoner Pub. The community will be located one mile from the Irving Music Factory, which is under construction. Comerica Bank, Cadence Bank and the city of Irving provided financing for the project, and WDG is the architect for the development. Water Street is located a block from a DART light rail connection to the central business district and Dallas/Fort Worth International Airport. The mixed-use community also offers its own transit station for the elevated rail system that runs around the Las …
NEW YORK CITY — Ariel Property Advisors has brokered the sale of two contiguous multifamily properties, located at 2070 and 2074 Arthur Ave. in the Tremont section of the Bronx. The five-story properties sold for $7.3 million, or $163 per square foot or $136,389 per unit. The properties feature a total of 53 residential units across 42,256 square feet. Victor Sozio, Scot Hirschfield, Jason M. Gold and Marko Agbaba of Ariel Property Advisors represented the seller, King Penguin Opportunity Fund, and procured the buyer, a private investor, in the transaction.
EXTON, PA. — Swope Lees Commercial Real Estate has arranged the acquisition of an office building located at 111 Summit Drive within Whiteland Business Park in Exton. Jacquette Consulting Inc. acquired the property for an undisclosed price. The 6,000-square-foot office building features private offices, restrooms, an open bullpen area, conference room and kitchen. Chuck Swope of Swope Lees Commercial represented the buyer, while Jim Dugan of Newmark Grubb Knight Frank and Eric Stretch of First Liberty Partners represented the seller in the transaction.