REBusinessOnline

Majestic Realty Breaks Ground on Multifamily Component of 110-Acre Mixed-Use Development in Inland Empire

REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Summit Apartments, the multifamily component of its 110-acre mixed-use development in Redlands. The property represents the company's first multifamily project. Located on the northwest quadrant of the Foothill and San Bernardino freeways, the apartment complex will comprise 17 three-story buildings offering a total of 281 garden-style, walk-up apartments. The apartments are available in a mix of one-, two- and three-bedroom …

Red Mountain Group Acquires 560,000 SF Regional Power Center in Indio, California

INDIO, CALIF. — Red Mountain Group has purchased Indio Towne Center, a regional power center located at 42100 Jackson St. in Indio, for an undisclosed price. WinCo Foods, The Home Depot, 24 Hour Fitness, Party City, Petco, CVS/pharmacy, Taco Bell, KFC, Panda Express, Jack in the Box, McDonalds, Subway and Starbucks Coffee are tenants at the 560,000-square-foot center. The property also features a recently vacated 46,827-square-foot Toys R Us storefront and an undeveloped anchor building …

Irvine Co. Completes $200M Redevelopment of Irvine Spectrum Center

IRVINE, CALIF. — Irvine Co. has completed a $200 million reinvestment at Irvine Spectrum Center, a shopping, dining and lifestyle property located at 670 Spectrum Center Drive in Irvine. The capital improvements program included new store openings, extensive outdoor renovations and enhanced restaurant and entertainment options at the 1.2 million-square-foot shopping center. The following 15 tenants are slated to open Aug. 18, 2018: Apple Irvine Spectrum Center Hello Kitty …

VanTrust Real Estate Delivers 117,000 SF Office Development in Chandler, Arizona

CHANDLER, ARIZ. — VanTrust Real Estate has completed the development of Chandler Corporate Center, a Class A office building located at 350 N. McClintock Drive in Chandler. Layton Construction Co. served as general contractor and Butler Design Group served as architect for the 117,000-square-foot building. Situated on 11 acres, the property features a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes and integrated LED light fixtures. VanTrust plans to …

IREA Negotiates $6.8M Sale of Apartment Building in North Hollywood

LOS ANGELES — IREA has arranged the sale of an apartment building located at 5543 Case Ave. in Los Angeles' North Hollywood district. A private individual sold the property to an undisclosed buyer for $6.8 million, or $381,000 per unit. The property features 18 apartments within walking distance to the North Hollywood Metro Red Line Station. On-site amenities include two outdoor resident lounges and a secured and gated dog-walk area. Within the last 12 months, the property underwent …

Origin Investments, SEEC Enterprises to Develop 150-Unit Brick Stone Apartments in Denver

DENVER — Chicago-based Origin Development has partnered with Boulder-based SEEC Enterprises to develop Brick Stone Apartments on 56th Street, a garden-style multifamily development in a burgeoning corridor of Denver. Situated on 5.5 acres, the $35 million Brick Stone Apartments will comprise seven three-story buildings, a clubhouse and a pool house. The 150-unit community will feature 42 one-bedroom/one-bath units, averaging 735 square feet; 78 two-bedroom/two-bath units, averaging 1,035 …

Lewis Retail Centers Opens First Portion of 430,000 SF Renaissance Marketplace in Rialto

RIALTO, CALIF. — Lewis Retail Centers, part of the Lewis Group of Companies, has opened the first portion of Renaissance Marketplace, a 430,000-square-foot shopping, dining and entertainment center located off the 210 Freeway in Rialto. Anchored by a 13-screen Cinemark Theatres, a 38,000-square-foot 24 Hour Fitness and a 43,000-square-foot Burlington, the center features modern architecture, tenanting and marketing specifically for today's millennials. Additional signed tenants include The …

CBRE Arranges $7.8M Sale of Three-Building Retail Center in Yorba Linda

YORBA LINDA, CALIF. — CBRE has brokered the sale of The Shops at Yorba Linda, a three-building center located at 4846-4854 Valley View Ave. in Yorba Linda. Solana Beach-based Midtown National Group sold the property to Los Angeles-based San Jose Central Travel for $7.8 million. At the time of sale, the property was fully occupied by a mix of quick-serve restaurants, service tenants, unique retailers and a Dunkin Donuts drive-thru. Sam Alison, Mike Philbin, Amar Goli and Patrick Larimore …

Pinnacle Real Estate Negotiates $2.8M Sale of Multifamily Property Near Denver

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property located at 6050-6054 W. 38th Ave. in Wheat Ridge, a western suburb of Denver. A local buyer acquired the asset for $2.8 million, or $149.55 per square foot. The asset includes a 19-unit multifamily building and 27 garages/storage units. Josh Newell of Pinnacle Real Estate represented the buyer and undisclosed seller in the

Taylor Street Real Estate Brokers $2.7M Sale of Estilo Apartments in Phoenix

PHOENIX — Taylor Street Real Estate Advisors has arranged the sale of Estilo Apartments, a multifamily community in Central Phoenix. A local private capital investment partner sold the property to an undisclosed buyer for $2.7 million, or $178,333 per unit. Brian Tranetzki and Eric Thomas of Taylor Street Real Estate Advisors represented the seller, while CBRE represented the buyer in the transaction. Located at 3025 N. 38th St., Estilo Apartments features 15 renovated apartments with …