The San Diego retail market had another positive quarter, which built on the strength of the local economy. Strong job growth and low unemployment led to positive net absorption and a spike in sales activities. The unemployment rate decreased across the board. San Diego posted a 4.9 percent rate, a post-recession low for overall unemployment. This is the first time San Diego unemployment has been sub-5 percent since the beginning of 2008. Local San Diego retail employment has been steadily increasing by 2.4 percent over the past five years, according to CBRE Econometric Advisors. Annual growth for the next five years, however, is expected to be relatively flat. Despite the lack of space, there have been a few construction deliveries. Most of the current retail construction in San Diego is from mixed-use development and property renovations. Westfield plans to spend $500 million to expand its center at UTC. It will also spend $300 million in Carlsbad where it plans intends to transform an indoor mall into an open-air center. Regional malls are leading the trend, and smaller centers like Flower Hill Promenade and Del Mar Heights Town Center are keeping up with them. One of the most significant signings this …
CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.
PHOENIX — Grandbrige Real Estate Capital’s seniors housing and healthcare finance team has arranged a $10.5 million refinancing for Avista North Mountain, an assisted living, memory care and independent living community in Phoenix. The community comprises 134 units. BB&T Real Estate Funding provided the capital.
PLEASANT HILL, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has arranged $9 million in non-recourse financing for the refinance of Regency Plaza in Pleasant Hill. The center features 36,597 square feet of retail space. CBRE arranged the 10-year, fixed-rate financing at a 74 percent loan-to-value on behalf of the client, a private high-net-worth real estate investor. A foreign bank provided the capital. Michael Walker of CBRE secured the financing for the borrower.
CERRITOS, CALIF. — A private exchange buyer has acquired Carmenita Corporate Plaza, a 68,779-square-foot office building in Cerritos, for an undisclosed sum. The plaza is located at 13340 183rd St. It is fully leased to Infinity Property & Casualty Corporation. CBRE’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an affiliate of Cohen Asset Management.
MESA AND GILBERT, ARIZ. — Two new Pure Barre locations are set to open in the Phoenix area. Leases include a 1,935-square-foot space in Village Square at Dana Park in Mesa, and a 1,658-square-foot space in Spectrum Town Center in Gilbert. Alan Houston of SRS Real Estate represented the tenant, Pure Barre, in both transactions.
DALLAS — CBRE Strategic Partners U.S. Value 7 has acquired Galleria Towers, a 1.4 million-square-foot, three-building office complex in Dallas. Galleria Towers is located at 13355, 13455 and 13155 Noel Road, adjacent to the Galleria Mall. The property offers freeway access at the intersection of the North Dallas Tollway and LBJ Freeway. CBRE Global Investors plans to invest in the property by adding conference facilities, a fitness center and tenant amenities. Gary Carr, John Alvarado, Eric Mackey and Robert Hill with CBRE’s Dallas office investment group represented the seller.
SPRING, TEXAS — HighStreet Net Lease Group, a Texas-based company specializing in the disposition and acquisition of net leased investment properties, represented a Houston-based retail owner/developer in the sale of Louetta Creek Plaza, a multi-tenant retail center located at 4660 Louetta in Spring. Matt Moake of HighStreet represented the seller. Glenn Clements of MFT Interests represented the buyer, a local investment group. The 27,000-square-foot property was originally developed in 2005 and is located near the intersection of Louetta and Kuykendahl.
AUSTIN, TEXAS — GroundFloor Development and Prescott Group have announced plans for Saint Elmo, a mixed-use project set to open in Austin in the first quarter of 2018. Designed by Andersson-Wise Architects and located on South Congress near Ben White Boulevard, Saint Elmo will include 225,000 square feet of office space and a 40,000-square-foot indoor-outdoor marketplace. GroundFloor Development and Prescott Group are the master developers of the $120 million project. In November of last year, the Austin city council approved the rezoning request for the project. Construction is slated to begin in mid-2016. Andersson-Wise Architects is the lead architect of the project, KBGE’s Chad Kimbell is the civil engineer, David Hocker of Hocker Design is the landscape designer, Juice Consulting’s Heather Wagner Reed will oversee public relations and marketing, and Helms Workshop is the strategic brand design studio.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Sheahan Self Storage, a 32,621-square-foot self-storage, office warehouse and retail property located in Austin. Justin Miller and Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Knobler and Miller secured the buyer, a limited liability company, as well. Sheahan Self Storage is located at 11712 N. Lamar Blvd. in Austin.