SAN DIEGO — Colliers International San Diego Region has arranged the sale of Hillside Village Plaza, a retail property located at 1900-1955 El Cajon Blvd. in San Diego. McEwen-Otay LLC and MP McEwen I LLC sold the property to Hillside Shopping Center LLC for $5.3 million. The 18,864-square-foot property is occupied by 7-Eleven, Sally Beauty Supply, Subway, Domino’s, H&R Block, WingStop and Check Into Cash. Built in 1985, the property is subject to a long-term ground lease. Mark McEwen of Colliers represented the sellers in the deal. The buyers did not have outside representation. Reef Real Estate Services will continue to serve as property manager for the shopping center.
NEW YORK CITY — Allianz Real Estate has acquired a 44 percent stake — an investment of approximately $420 million — in 10 Hudson Yards, located on Manhattan’s west side. The tower is the first building completed in Related Cos. and Oxford Properties Group’s mixed-use Hudson Yards development. A limited partnership that includes Allianz, Related Cos., Oxford and institutional investors advised by J.P. Morgan Asset Management now own the property. 10 Hudson Yards is 94 percent leased to a variety of tenants, including Coach, L’Oreal USA, SAP and Boston Consulting Group. The planned mixed-use development will feature more than 17 million square feet of commercial and residential space, with more than 100 shops, a collection of restaurants, approximately 4,000 residences, cultural space, 14 acres of public open space and a 750-seat public school. Paul Meyer of Mayer Brown provided legal counsel to Allianz on the transaction.
KING OF PRUSSIA, PA. — CBRE has arranged the sale of a net-leased property located at 715 W. Dekalb Pike in King of Prussia. A locally-based 1031 exchange investor acquired the property from Pike 705 LLC for $11.1 million, or $1,850 per square foot. Built in 2015, the 6,000-square-foot property is occupied by Verizon. Matthew Gorman and Michael Shover of CBRE represented the seller and buyer in the deal.
AUBURN, MASS. — Fantini & Gorga has arranged $9.3 million in financing for a Casey Storage Solutions-branded self-storage facility located on State Route 20 in Auburn. Casey Investment Real Estate LLC was the borrower. Situated on 6.4 acres, the 12-building asset features 104,449 square feet of rentable space with 739 units in a mix of climate-controlled and standard units. Casimir Groblewski and Chris Miller of Fantini & Gorga arranged the financing for the borrower.
MILWAUKEE — Stan Johnson Co. has brokered the $9.3 million sale of a 67,866-square-foot retail building in Milwaukee. Lark Creek purchased the property, which is fully occupied by grocer Pick ‘n Save. Outlook Development sold the property located at 2355 N. 35th St. Camille Renshaw and Scott Scurich of Stan Johnson Co. represented the seller in the transaction.
IRVINE and SILICON VALLEY, CALIF. — Commercial real estate valuations increased by 1.1 percent in July, marking the strongest monthly increase this year and a 5.2 gain over last year, according to the latest Ten-X Nowcast. Ten-X, an online real estate transaction marketplace, uses Google Trends data, its own proprietary transaction data and investor surveys to forecast commercial real estate pricing trends. “The recent string of monthly increases confirms that overall pricing of commercial real estate remains on the upswing following the weakness seen earlier this year,” says Ten-X chief economist Peter Muoio. “That said, we are noticing distinct differences across the five major property sectors, with each telling its own story.” The office, apartment and retail sectors all saw monthly increases in July. The office sector posted the strongest gain for the second consecutive month, rising 4.8 percent from June and 7.6 percent above its level from one year ago. This was the best year-over-year gain for any of the commercial sectors since January. The multifamily sector, which has posted steady gains this year, increased 1.1 percent in July from the previous month and is 6.8 percent above last year’s level. “The apartment sector is unencumbered by technology-driven shifts …
ALAMEDA, CALIF. — Catellus has completed the sale of a REIT that owns Alameda Landing, a grocery-anchored shopping center located at 2600-2700 Fifth St. in Alameda. AFL-CIO Building Investment purchased the REIT free and clear of existing debt for an undisclosed price. Situated on 80 acres, the 165,777-square-foot property is 86 percent leased to tenants including Safeway, Michaels, Orange Theory Fitness, Chipotle, AAA Insurance and Bank of America. Nicholas Bicardo of HFF represented the seller in the deal.
UPLAND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.9 million sale of a multi-tenant retail pad located in the Inland Empire community of Upland. The 9,167-square-foot building is located within a neighborhood shopping center anchored by Smart & Final Extra! The five-tenant property was fully occupied at the time of sale by tenants including The UPS Store, The Spot Café, Mountain View Dental and We Talk Pets. Bill Asher and Pat Kent of Hanley Investment Group represented the seller, CME Mountain Avenue LLC, in the transaction. Jin Hwang of EJ Realty & Investment represented the buyer, an undisclosed local investment partnership.
BROOMFIELD, COLO. — Old Chicago Pizza & Taproom’s franchise partners are reinvesting an average of $150,000 into refreshing 37 existing franchised restaurants. This effort will include renovations to the interior and exterior, as well as to the dining room and beer equipment. Upgrades to beer equipment and systems include a new tap tower, glass mug coolers, stainless glass storage cabinet and stein racks. The restaurants will also now display its beer menu on a mounted, 60-inch LCD screen. As part of the refresh, the service team will also undergo extensive beer training. Additional interior renovations include front-of-the-house upgrades to its wall signage and décor, fresh paint, new tabletops and bases, backless barstools and a community table that seats up to 20. Old Chicago’s exteriors will display an updated logo as well as a new exterior monument. To complement the new design elements, the company is now working with Open Table and using its software for all reservation systems. Founded in 1976, Old Chicago operates in 24 states with more than 100 restaurants nationwide. The restaurant chain recently launched its new restaurant prototype — a 5,000-square-foot build with an additional 1,000 to 1,200 square feet of outdoor patio space, a new kitchen and upgraded …
RENO, NEV. — Home furnishings retailer West Elm will open a new store in Reno on August 11, 2016. Occupying 11,000 square feet on the main floor of the former U.S. Post Office building at 50 S. Virginia St., West Elm Reno joins The Basement marketplace, an underground multi-use venue that celebrates hand-crafted food and retail. As part of West Elm’s LOCAL program, products from eight Reno-based makers and designers will be featured with the store’s fall assortment of modern furnishings and décor. West Elm Reno is housed within Reno’s former main post office, built in 1934 and located at the heart of the city’s civic center. Today, the landmark has been restored and stands as a relic of Art Deco style in downtown Reno. Guided by historical preservation, West Elm has incorporated the building’s original architecture and ornate details in the store’s design. Preserved period elements such as the original post office boxes were used to display the West Elm sign behind the register, while motifs from the building’s exterior door pediments were recreated from raw wood and metal materials for the front cash wrap. Headquartered in Brooklyn, N.Y., West Elm operates 89 retail stores in the United States, …