SAN RAFAEL, CALIF., AND BURLINGTON, WASH. — Macerich has completed the disposition of two retail centers in California and Washington. Merlone Geier Partners acquired the properties — Northgate Mall in San Rafael and Cascade Mall in Burlington — for $170 million. The transaction resulted in net proceeds to Macerich of approximately $100 million after the repayment of a floating-rate note on Northgate Mall.
WEST HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sale of a mixed-use development site located at 431 N. La Cienega Blvd. in West Hollywood. A group of local and national developers acquired the 32,574-square-foot site for $21.2 million. At the time of sale, the property was occupied by Royal Car Wash and other local retailers. The property also features multifamily units. Brandon Michaels and Lonnie McDermott of Marcus & Millichap represented the undisclosed seller and procured the buyer in the transaction.
LOS ANGELES — CBRE has arranged the sale of Silver Lake Collection, a 10,497-square-foot retail property located at 3701-3713 W. Sunset Blvd. and 1601 Griffith Park Blvd. in the Silver Lake section of Los Angeles. 9 Mile Investments sold the property to a subsidiary of Strategic Realty Trust Inc. for $13.3 million. At the time of sale, the property was fully occupied by three restaurant and beverage tenants. Philip Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Matt Burson, Jimmy Slusher and John Read of CBRE represented the seller and buyer in the deal.
VISTA, CALIF. — Lee & Associates has arranged the lease of 5,700 square feet of retail space at 3186 Vista Way in Vista. 5.11 Tactical, a supplier of tactical apparel and gear, will occupy the space, which was formerly occupied by Hooters. The lease is valued at $1.4 million. Randall Dalby, Rusty Williams and Chris Roth of Lee & Associates – North San Diego County represented the landlord, 3186 Vista Way LP, while James Arthur of CBC Advisors represented the tenant in the deal.
SAN DIEGO — Avid Center has purchased a 92,463-square-foot office building in San Diego for $30.1 million. The building is located at 9797 Aero Drive. The space recently underwent a $5 million repositioning. It is currently leased to Berkley Insurance and Vital Decisions. John Jarvis of Hughes Marino represented Avid, while Derek Hulse of Cushman & Wakefield represented the seller, Bixby Land Co.
SAN FRANCISCO — A partnership between Blatteis & Schnur and Morgan Stanley Real Estate Investing has acquired the 250,000-square-foot Macy’s Men’s Store located on Union Square in San Francisco for $250 million. The joint venture will redevelop the eight-story property, located at 120 Stockton St., into a mixed-use, retail-driven center. Anticipated uses for the development include flagship retail, art galleries, artisanal food, upscale restaurants and creative office space. A rooftop amenity is also being considered for the project, scheduled to open in 2021. Macy’s Men’s Store will remain as a tenant while the design, renovation and leasing of the new development progresses. Eastdil Secured acted as advisor to Macy’s Inc. in the transaction.
LONG BEACH, CALIF. — ValueRock Realty Partners has purchased a 76,939-square-foot office building in Long Beach for $24 million. The coastal infill property, known as Congressional Place, is located at 6700 E. Pacific Coast Highway. Congressional Place is fully leased to Morgan Stanley, Wells Fargo and others. It was built in 1983. The seller was Colton Cos. The acquisition is part of a 1031 exchange for ValueRock.
FOSTER CITY, CALIF. — Atria Senior Living has opened Atria at Foster Square, a 155-unit independent living, assisted living and memory care community in Foster City, located between San Francisco and San Jose. The six-story building totals 190,000 square feet. Atria is seeking LEED Silver certification for the community. The property is part of a larger multi-building development that includes additional housing and retail space aimed at seniors. Architecture firm Perkins Eastman designed the property, which San Francisco-based Webcor Builders constructed. Based in Louisville, Ky., Atria Senior Living is the eighth largest operator of seniors housing properties in the United States, according to 2016 numbers by the American Seniors Housing Association. The company totals 196 communities in 27 states and seven Canadian provinces, serving more than 21,000 residents.
LOS ANGELES — A joint venture between Canyon Catalyst Fund and Pacshore Partners has sold its 212,700-square-foot West Los Angeles office portfolio for an undisclosed sum. The portfolio contains three properties, including 22619 Pacific Coast Highway in Malibu, and 12901 W. Jefferson Blvd. and 5340 Alla Road, which are both located in Playa Vista. The JV acquired the three properties between July 2013 and March 2015. The sale is the partnership’s first disposition of investments within the Canyon Catalyst Fund, which Canyon Partners Real Estate manages on behalf of CalPERS.
SAN FRANCISCO — Build Group Inc., a general contracting firm in the San Francisco Bay Area, has purchased the assets of San Jose Construction Co. Inc. and assumed responsibility for completing current and future San Jose Construction projects. Build Group has also integrated all of the acquired company’s employees into its organization. Under terms of the agreement, Build Group will operate Build SJC, a new division of Build Group Inc., in the existing San Jose Construction corporate office located in Santa Clara, Calif. Over more than 60 years, San Jose Construction has built a diversified portfolio of projects including hospitality and retail commercial centers throughout the Bay Area, as well as Sacramento and Monterey counties. Build Group Inc. was founded in 2007. With annual contracts approaching $1 billion, the San Francisco-based general contractor specializes in commercial office space, hospitality, public works, residential and mixed-use projects.