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COACHELLA, CALIF. — The City of Coachella has approved plans for the $1 billon La Entrada development, a 2,200-acre, master-planned community in Riverside County, which will be completed in multiple phases during the next 20 years. The La Entrada community will feature approximately 7,800 new homes within three villages, 1.5 million square feet of retail and commercial space, four new schools and nearly 900 acres of parks, playgrounds, multipurpose trails and open space. Las Vegas-based New West Development is developing the community, which is owned by PSAV LCC. “La Entrada will become the new gateway into the City of Coachella and the region bringing new businesses, services and entertainment to the Valley during the next 20 years,” says Ken Ryan, a principal at KTGY Group Inc. Irvine, Calif.-based KTGY was responsible for the master planning and design guidelines of the community. The full-service architectural and planning firm represented the project in community outreach meetings and city council government relations meetings. New sports fields and a possible regional soccer events facility, which would accommodate sporting and regional events and music festivals, are also key elements of the plans, says Ryan. One of the three villages planned for La Entrada is Gateway …

TEXAS AND NORTH CAROLINA — A subsidiary of CubeSmart (NYSE: CUBE), along with a joint venture partner, has acquired a 36-property self storage portfolio in Texas and North Carolina for $326.2 million. NGKF Capital Markets represented the two sellers, Private Mini Storage and a joint venture between Clarion Partners and Private Mini Storage. The portfolio totals more than 3 million square feet and includes 28 properties in Houston, seven properties in Austin, Texas, and one property in Charlotte, N.C. “This truly was one of the most unique portfolio opportunities in the self storage space I’ve ever seen,” says Aaron Swerdlin, executive managing director of NGKF Capital Markets. “The geographic concentration in Austin and Houston, two of the best economies in the country, really accentuated the value of the high-quality self storage portfolio that Clarion and Private Mini had developed and assembled.” To break down the transaction, Private Mini Storage individually sold six properties, all in Texas, for approximately $68.3 million. The joint venture between Clarion Partners and Private Mini Storage sold 30 properties — 29 in Texas and one in North Carolina — for approximately $257.9 million. A Clarion Partners press release reported that the 30 properties sold by the …

RICHMOND, VA. AND SALISBURY, MD. — Rouse Properties Inc. (NYSE: RSE), a REIT based in New York City that specializes in enclosed regional malls, has acquired Chesterfield Towne Center in Richmond, Va. and The Centre at Salisbury in Salisbury, Md. for an aggregate purchase price of $292.5 million. The two properties total nearly 2 million square feet of retail space. The Macerich Company (NYSE: MAC), based in Santa Monica, Calif., sold the malls. “Chesterfield Towne Center and The Centre at Salisbury are key additions to our portfolio of dominant, middle-market regional malls,” says Andrew Silberfein, president and CEO of Rouse. “These malls both serve expansive trade areas with limited enclosed mall competition, supporting strong inline and anchor sales volumes.” The 1 million-square-foot Chesterfield Towne Center is located in the Chesterfield County retail corridor, a submarket with average household income of $101,000 in a five-mile radius. Opened in 1975 and most recently renovated in 2008, the mall serves a trade area of more than 550,000 people. The property was 88.1 percent leased at the time of the sale and anchored by Macy’s, Sears, JC Penney and Garden Ridge. The tenant lineup also features other prominent retailers such as Victoria’s Secret, LOFT, …

SAN FRANCISCO — Pebblebrook Hotel Trust (NYSE: PEB), a publicly traded REIT that invests in upscale hotels in gateway cities, has acquired the Radisson Hotel Fisherman’s Wharf and Retail for $132 million. The 355-room hotel, which includes approximately 44,000 square feet of street-level retail space, is located in the heart of Fisherman’s Wharf in San Francisco. Davidson Hotels & Resorts will manage the property. “We’re very pleased with our acquisition of the Radisson Hotel Fisherman’s Wharf and Retail, located in one of San Francisco’s strongest submarkets,” says Jon Bortz, chairman and CEO of Pebblebrook Hotel Trust. “This hotel benefits from an excellent location in the heart of Fisherman's Wharf, which is reflected in the hotel's consistently high occupancy levels and strong cash flows. The property’s diversity of income streams, including the revenue from 44,000 square feet of premier ground-level retail space, coupled with a significant repositioning opportunity, makes the Radisson Hotel Fisherman’s Wharf and Retail another terrific addition to our expanding portfolio.” The Radisson Hotel Fisherman’s Wharf and Retail occupies an entire block and is bordered by Jefferson, Mason, Beach and Powell streets, across the street from Pier 39. The hotel is situated on San Francisco Bay and offers views …

EAST ST. LOUIS, ILL. — Gaming and Leisure Properties Inc. (Nasdaq: GLPI) has entered into an agreement to purchase the real estate assets associated with the Casino Queen in East St. Louis for $140 million. The casino and adjacent land, which sit on approximately 78 acres, include a 157-room hotel, 38,000-square-foot casino, fine-dining steakhouse, a sports bar/entertainment venue and an RV park. In addition, GLPI will provide Casino Queen with a $43 million loan, which will completely refinance all of the property’s outstanding long-term debt obligations. The initial lease term is 15 years, with an option to renew for four successive five-year terms. “This is our first acquisition as a standalone company and is representative of the robust opportunities that exist in the gaming asset markets that our company is targeting,” says Peter Carlino, chairman and CEO of Wyomissing, Pa.-based GLPI. “Gaming and Leisure Properties seeks to become a consolidator of choice and a leading provider of unique financing solutions for highly levered regional gaming operators,” adds Carlino. “The Casino Queen adds a newly constructed asset with strong market share to our portfolio and further diversifies our operating partners, while strengthening our cash flow.” Under the terms of the agreement, …

TULSA, OKLA. — Stan Johnson Co. has closed the $52.6 million sale-leaseback of 10 retail locations leased to BluePearl Veterinary Partners, a 24-hour emergency pet care provider, to Lexington Realty Trust (NYSE: LXP). All of the properties, which span more than 139,000 square feet of emergence care space and administrative offices, are under a long-term lease. Five of the assets are in Florida, while the other properties in the portfolio are located in Georgia, Texas, Michigan and Illinois. ”This transaction is significant due to the low benchmark cap rate achieved for a small-cap company, the unique nature of the veterinary use and the complexity of the master-lease structure,” says Joshua Pardue of Stan Johnson’s New York Office, he represented both parties in the transaction. According to Pardue, Tulsa, Okla.-based Stan Johnson structured the transaction in a way that helped capitalize the veterinary organization. He calls the structure a win-win that facilitated the investment objectives of Lexington. Tampa, Fla.-based BluePearl Veterinary Partners LLC is a privately owned company, which offers specialty and emergency veterinary medicine. BluePearl is wholly owned by its employees and veterinary professionals and operates 33 locations in 13 states. According to Stan Johnson, the veterinary business is a …

SAN FRANCISCO — KBS Real Estate Investment Trust III, a public non-traded REIT, has purchased 201 Spear Street, a 246,563-square-foot Class-A waterfront office tower in San Francisco’s South Financial District, for $121 million plus closing costs. According to the San Francisco Business Times, 201 Spear Street traded for $495 per square foot. The 18-story, 201 Spear Street building has been institutionally owned and operated since its construction and was 82 percent occupied at the time of purchase. Tenants include Verizon Business Solutions, CoreLogic and Moovweb. “San Francisco’s South Financial District is considered one of the nation’s top-performing office markets, and KBS REIT III is pleased to have a presence here,” says Brent Carroll, senior vice president and asset manager for Newport Beach, Calif.-based KBS. “201 Spear Street is near much of what downtown San Francisco has to offer, making it a great addition to this REIT’s nationwide portfolio.” The property is two blocks from the site of the new Transbay Terminal transportation and housing project, Market Street, the recently revitalized Embarcadero promenade and the Ferry Building, according to Rodney Richerson, KBS western regional president. “This spot is quickly becoming the location of choice for premier technology companies and others.” KBS …

NEW YORK CITY — The Westfield Group has taken full control of the World Trade Center retail project by buying the remaining 50 percent interest in the joint venture with the Port Authority of New York and New Jersey for $800 million. The acquisition represents approximately 365,000 square feet at the World Trade Center Transportation Hub. Plans for the purchased space include bi-level retail offerings in the new WTC West Concourse pedestrian corridor. The sale also included an additional 90,000 square feet of retail when Tower 2 is developed in the future. This transaction comes about one-and-a-half years after the initial 50/50 joint venture between Westfield and the Port Authority, for which both parties committed approximately $612.5 million. That brings Westfield’s total investment in the project, which is set to open in 2015, to more than $1.4 billion. “We have greatly valued our long-standing relationship with the Port Authority and will continue to work in close collaboration for the successful realization of the overall project,” says Peter Lowy, co-CEO at Westfield. “Now, we look forward to 2015 and celebrating the distinctive character and vibrancy of this great city, while introducing Westfield World Trade Center — an iconic, spectacular and world-class …

MINNEAPOLIS — The Minnesota Sports Facilities Authority (MSFA) and the Minnesota Vikings have broken ground on the new $975 million multi-purpose stadium that will replace the Hubert H. Humphrey Metrodome in downtown Minneapolis. The 1.7 million square-foot facility is scheduled for completion in July 2016. Mortenson Construction and project associate Thor Construction are building the 65,000-seat stadium. According to the MSFA, the new stadium is the largest construction project in the history of Minnesota. “We set out to design a stadium that can accommodate all kinds of events, from high school and collegiate football, soccer and baseball, professional football, to community events, conventions and concerts,” says Michele Kelm-Helgen, chair of the MSFA. “After a lot of hard work, we succeeded. I'd like to thank all of our partners, the Vikings organization, HKS and Mortenson Construction for getting us all here today.” In May 2012, the Minnesota Legislature and the Minneapolis City Council approved funding for the new $975 million multi-purpose stadium to replace the Metrodome. The MSFA owns and operates the Metrodome and will also own and operate the new stadium. HKS Sport & Entertainment Group designed the new stadium to have the largest transparent roof in the nation and …

ARLINGTON, VA. — ASB Real Estate Investments has acquired Sedona and Slate, two multifamily buildings totaling 474 units in Arlington, for $222 million. The JBG Cos. sold the properties, which are located at 1510 and 1530 Clarendon Blvd. in the Rosslyn submarket of the city. The 15-story Sedona includes 271 units and features 1,580 square feet of ground-level retail. The 203-unit Slate is a 12-story high-rise that contains 8,500 square feet of retail. On-site amenities include a 24-hour concierge, bicycle room, business center, fitness center and rooftop deck with pool, along with an urban park that offers grilling stations. The JBG Cos. delivered Sedona during the second quarter of 2013 and completed construction on Slate during the third quarter. The newly constructed apartment properties are expected to receive Arlington County’s first residential LEED Gold certification for “New Construction & Major Renovations.” Paul Collins, Bill Collins and Christopher Doerr of Cassidy Turley represented The JBG Cos. in the transaction. The JBG Cos., based in Chevy Chase, Md., is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in metro Washington, …