GLENDALE, CALIF. — DineEquity Inc., a full-service restaurant group that includes the IHOP and Applebee’s brands, has signed four new multi-unit development agreements in the Middle East, Asia Pacific and Latin America. The agreements are part of the company’s plan to double its number of international locations over the next five years. Since the beginning of 2014, 80 new international restaurants have opened. In addition, during that same time frame, DineEquity nearly tripled the international development pipeline to more than 200 restaurants. DineEquity plans to spread the IHOP to Thailand and India and extend the Applebee’s brand in the Middle East to six locations in Bahrain and Oman by 2023. The company has also planned five new Applebee’s locations in Panama by 2021. Based in Glendale, Calif., DineEquity owns, operates and/or franchises more than 3,700 restaurants in all 50 U.S. states and 17 countries.
MAR VISTA AND BEVERLY HILLS, CALIF. — Newmark Realty Capital has arranged two separate refinancing loans for a Beverly Hills-based developer for two retail properties in Mar Vista and Beverly Hills totaling $21.9 million. George Mitsanas and Doug Tisdale of Newmark secured an $8.6 million loan for a 38,665-square-foot Whole Foods Market in Mar Vista and a $13.3 million loan for a 25,496-square-foot, four-building retail portfolio in Beverly Hills. The 15-year loans, which feature 30-year amortization schedules, were placed with one of Newmark’s correspondent life insurance company lenders.
LAKE ELSINORE, CALIF. — Civic Partners has received approval for the development of Artisan Alley at The Diamond in Lake Elsinore. Situated on 11 acres, the development will feature 95,000 square feet of retail and restaurant space and a 130-room hotel on the corner of Diamond Drive and Malaga Road. Designed by KTGY Architecture + Planning, the property will be built in two phases with the first phase including a 7,000-square-foot restaurant building, 21,500 square feet of brewery space, 11,200 square feet of retail and a 6,700-square-foot pad building for a restaurant or retail space. Artisan Alley will feature a variety of craft breweries, as well as complementary non-traditional food offerings and retailers. Groundbreaking is slated to begin early this year, with completion scheduled for 2018.
LONG BEACH, CALIF. — Seattle-based Nordstrom Inc. plans to relocate its Nordstrom Rack store in Lakewood Center to Long Beach Exchange in Long Beach. The 28,000-square-foot store is scheduled to open in spring 2018. Burnham Ward Properties LLC, an affiliate of Burnham USA Equities Inc., owns the property, which is occupied by Whole Foods 365 and a variety of dining and fitness offerings.
SAN FRANCISCO — Cushman & Wakefield has arranged the sale of a portfolio of Sleepy Hollow Investment Co. office properties for $130 million. The portfolio consists of multi-tenant office buildings located in several markets throughout the San Francisco Bay Area. The portfolio was sold in components to five buyers that included Eagle Canyon Capital, Square I, STG Group, James Lindsey and Long Market Property Partners. Totaling 661,319 square feet, the portfolio spans 10 properties comprising 14 office buildings located on over 32 acres. The assets are located in Pleasant Hill, Walnut Creek, Orinda, San Ramon, Dublin, Santa Rosa and Santa Clara, all in the East Bay, Silicon Valley and North Bay regions. The full list of properties was not disclosed, but two Class A office buildings in the portfolio are The Terraces in Pleasant Hill and Riviera Plaza in Walnut Creek. The portfolio is currently 92 percent occupied by 132 tenants. Eric Fox, Michael Speers and Steve Hermann of Cushman & Wakefield represented the seller. Whiff Collins of Cushman & Wakefield provided local market advisory services. Pleasant Hill-based Sleepy Hollow Investment Co. invests in and manages commercial property throughout the Bay Area. — Kristin Hiller
NEWPORT BEACH, CALIF. — Shopoff Realty Investments has purchased a 44,434-square-foot office building in Newport Beach for $15.4 million. The three-story building is located at 4440 Von Karman Ave. The space was 56 percent occupied by tenants like CommerceWest Bank, DynTek and Johnson Attorneys Group. The asset was purchased through a co-investment structure.
SAN DIEGO — RAF Pacifica Group has purchased a 31,246-square-foot manufacturing and distribution center in the San Diego submarket of San Marcos for $3.7 million. The center is located at 1880 Diamond St. Known as La Costa Meadows, the facility features office space and HVAC production areas, as well as dock- and grade-level loading and 26-foot-clear heights. Isaac Little, Marko Dragovic and Chuck Hardy of Lee & Associates represented both the buyer and the seller, DonMar LLC, in this transaction.
MILL VALLEY, CALIF. — A partnership between ScanlanKemperBard and Angelo, Gordon & Co. has acquired the 103,000-square-foot Belvedere Place office building in the Marin County city of Mill Valley for an undisclosed sum. The Class A office building is located at 1 and 2 Belvedere Place, about 14 miles north of San Francisco. It was built in 2000. The partnership plans to update the building’s exterior and landscaping. It will also add a gym with showers, as well as lockers, bike lockers and bike storage. Belvedere Place was 60 percent leased at the time of sale. Notable tenants linclude UBS and Merrill Lynch Wealth Management. Haden Ongaro, Mac Cranford and Mark Carrington of Newmark Cornish & Carey represented both the buyer and the seller, Bently Holdings, in this transaction. The team is also serving as the property’s leasing agents.
SAN DIEGO — The University of California, San Diego has selected a partnership between contracting firm Hensel Phelps and design firm Mithun to build Phase II of its East Campus graduate student housing project. Phase II, to be named Nuevo West, will consist of two buildings totaling 442,000 square feet. The $142 million development will offer 880 beds, 1,350 parking stalls, outdoor gathering space, a market, café and social amenity space. Eighty of the beds at Nuevo West will be reserved for families and patients undergoing medical treatments at the adjacent UCSD medical center. Phase II will be located adjacent to the first phase of the project, Mesa Nueva, a $208.6 million development consisting of 1,355 beds for graduate and professional students. Phase I of the project is under construction now, with an anticipated opening in 2017. Phase II is slated for completion in 2019 .
SAN DIEGO — Sentre has purchased the 80-room Sommerset Suites Hotel in San Diego for an undisclosed sum. The asset is located at 606 Washington St. in the Hillcrest submarket. The property was originally designed in the late 1980s as a boutique apartment community. The sellers converted the property into a hotel in the mid-90s, leaving most of the apartment amenities intact. This included a heated pool and spa, barbeque area, dining room and business center. Sentre is repositioning the property into the Whiston, an 80-unit boutique apartment community. Sentre received a five-year, fixed-rate loan that was placed with a life insurance company. Financing will be used to purchase the hotel and fund the repositioning. HFF’s Hunter Combs and Scott Hall executed the transaction. Aldon Cole led HFF’s debt placement team.