California

SAN FRANCISCO — Simon Property Group has opened the 185,000-square-foot expansion of San Francisco Premium Outlets, an upscale outlet mall in San Francisco featuring retailers such as Burberry, Coach, Kate Spade New York, MaxMara, Michael Kors and Prada. With the expansion, San Francisco Premium Outlets is now the largest outlet center in California. The expansion adds 30 new stores to the development, including CH Carolina Herrera, Catimini, ECCO, Rag & Bone New York, Scotch & Soda, Ted Baker London, Tory Burch, UGG Australia and Vince. An additional 20 stores will open in the next few weeks, according to Simon. Simon’s redevelopment and expansion projects, including the addition of new anchors, were underway at 28 properties in the U.S. as of June 30. Simon’s share of the costs of all development and redevelopment projects under construction at quarter-end was approximately $2.3 billion.

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DANVILLE, CALIF. —Eight stores are set to open at a mixed-use redevelopment of the historic Danville Hotel in downtown Danville, a project by joint developers Castle Cos. and Nearon Enterprises. Retail tenants will receive space in late August through September. New openings will include a 1,200-square-foot Papyrus; a 2,000-square-foot Heavenly Couture; a 1,100-square-foot Sole Desire Shoes; a 1,000-square-foot Look + See Luxury Optical; a 400-square-foot BoBen Designs jeweler; a 3,700-square-foot Danville Brewing Co.; a 2,800-square-foot Pizza Antica; and a 1,600-square-foot Basque Boulangerie Café. Adria Giacomelli and Gary Riele of Newmark Cornish & Carey led the leasing efforts.

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LOS ANGELES — JLL has named Tony Morales as brokerage lead in the Los Angeles region. This area contains about 80 brokers across six offices. Morales’ expanded role will allow him to set the strategic direction for the Los Angeles-area brokerage business and oversee these offices. Morales, a 25-year commercial real estate veteran, will also continue in his role as JLL Los Angeles’ managing director, where he specializes in office properties. Prior to JLL, Morales worked with several high-profile companies, including Yahoo!, DIRECTV, Boston Consulting Group, Electronic Arts, William Morris Endeavor and Morrison & Foerster.

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HAYWARD, CALIF. — DTZ has arranged the $32.5 million sale of Jackson Square, a 114,220-square-foot retail center located in Hayward in the San Francisco Bay area. ROIC California LLC, a subsidiary of Retail Opportunity Investments Corp., acquired the center. Dan Wald, Eric Kathrein and Justin Sharp of DTZ represented the seller, Terramar Retail Centers LLC, in the transaction. Safeway, CVS/pharmacy and 24 Hour Fitness anchor the center, with a tenant roster including Starbucks Coffee, Chase Bank, Round Table Pizza and Patelco Credit Union.

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CARLSBAD, CALIF. — Linwood Ventures’ La Costa Towne Center, a 123,000-square-foot shopping center located in Carlsbad, is undergoing a $15 million renovation and will be renamed The Beacon La Costa. Beginning in fall, changes will include a complete renovation of the anchor building, façade enhancements and upgrades to the project’s parking and common areas including new parklets and outdoor dining terraces. Equinox will occupy the 31,000-square-foot anchor space once occupied by Vons grocery store.

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SAN DIEGO — U.S. Property Trust has acquired Sycamore Terrace, a 10,578-square-foot shopping center in the San Diego submarket of Vista, for an undisclosed sum. The center is located at 320 Sycamore Ave. It is anchored by Target. Other notable tenants at Sycamore Terrace include Panda Express, Sprint, Pacific Dental and the U.S. Army, among others. CBRE brokered the sale.

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NATIONAL CITY, CALIF. — Marcus & Millichap has arranged the $14.87 million sale of National City Plaza, an 84,230-square-foot, grocery-anchored center located in National City just south of San Diego. Matt LoPiccolo of Marcus & Millichap represented the seller and procured the buyer in the transaction. Tenants include Diego Valley Public Charter, Dollar Tree and Wrigley’s Supermarket.

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RIVERSIDE, CALIF. — Faris Lee Investments has arranged the $13 million sale of Tyler Village, a 91,498-square-foot neighborhood retail center located in Riverside. Donald MacLellan and Chris Tramontano of Faris Lee represented the seller, a private investor from Northern California, as well as the buyer, a private investment partnership from Southern California, in the transaction. The center was 78 percent occupied at the time of sale.

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POMONA, CALIF. — Administrators at Cal Poly Pomona announced this week that it will use 13 acres of campus horse pasture to build on-campus student housing for 800 to 1,000 students. The site chosen, located on the southeast corner of Kellogg Drive and Eucalyptus Lane, was one of 10 sites originally considered for the project. Financing for the project will come by issuing bonds, which will be paid back by student fees. Details such as the cost, as well as the selection of the architecture and construction company, have not yet been announced. According to a local report, approximately 400 students are on a waiting list seeking housing for the upcoming school year that starts Sept. 24. The past two semesters 700 students seeking campus housing were rejected. A new dining hall will accompany the new residence halls. Work on the housing is expected to begin in 2017.

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WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare real estate investment trust based in Westlake Village, has completed the previously announced acquisition of a 10-property portfolio for $142 million. The properties provide 891 units of independent living, assisted living and memory care services. Nine of the properties are located in Wisconsin and one is located in Illinois. Specific names and locations were not disclosed. LTC entered into a triple-net master lease agreement with an affiliate of Senior Lifestyle Corporation, which will operate the communities. Blueprint Healthcare Real Estate, led by Ben Firestone, brokered the deal on behalf of the undisclosed seller. The purchase was funded by the LTC’s revolving credit facility. LTC’s stock closed at $43.90 on Wednesday, Aug. 19, up from $40.03 a year prior.

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