Western

Square Mile Capital Originates $30M Loan for California Market Center in Los Angeles

by Nellie Day June 27, 2016

LOS ANGELES — Square Mile Capital Management has originated a $30 million mezzanine loan for California Market Center in downtown Los Angeles. The borrower, an affiliate of Jamison Services, used the proceeds to refinance the existing debt on the property, provide capital to complete renovations of the ground-floor common areas and retail space, and fund leasing costs for recently signed and future tenants. The 1.8 million-square-foot mixed-use property features retail, office and showroom space. The property is currently 55 percent leased to a combination of fashion and showroom, creative office and retail tenants. The property features three interconnected 13-story buildings and includes a bank branch and 2,200 parking spaces in two garages.

June 27, 2016

California Mixed-Use Western

Public/Private Partnership Breaks Ground on Mixed-Use Development in Fremont

by Nellie Day June 27, 2016

FREMONT, CALIF. — A public/private partnership between the City of Fremont, TMG Partners, SARES-REGIS Group and Summerhill Homes has broken ground on Locale @ State Street in downtown Freemont. Designed by KTGY Architecture + Planning, the transit-oriented residential and retail development will feature 157 for-sale residential units and 21,000 square feet of ground-floor, street-front retail and restaurant space along Capitol Avenue. Situated within walking distance of the Fremont BART station, the development will offer 81 flats and rowhomes and 76 on-grade attached rowhomes. On-site amenities include outdoor spaces with barbecues, landscaping, seating areas, a fitness studio and bike share program.

June 27, 2016

Colorado Office Western

LLC Buys LSI Logic Building in Fort Collins for $5.6M, Plans Conversion to Office Space

by Nellie Day June 27, 2016

FORT COLLINS, COLO. — 2001 Danfield LLC has purchased the LSI Logic building, a 158,000-square-foot office building in Fort Collins, for $5.6 million. The building is located at 2001 Danfield Court. It previously served as a computer chip manufacturing facility for LSI Logic. The LLC plans to convert the space into a multi-tenant office building. CBRE’s Peter Kast and Ham Southworth represented the seller, LSI Corp., in this transaction.

June 27, 2016

Multifamily Oregon Western

REIT Acquires Breckenridge Apartment Homes in Portland

by Nellie Day June 24, 2016

PORTLAND, ORE. — Resource Real Estate Opportunity REIT II has purchased the 357-unit Breckenridge Apartment Homes in Portland for an undisclosed sum. The community is located at 8150 S.W. Barnes Road. It was built in 1985. The REIT plans to implement a value-add strategy to improve the property’s exterior, common areas and unit interiors.

June 24, 2016

Arizona Office Western

Realscape Asset Holdings Buys Office Building in Phoenix for $11.7M

by Nellie Day June 24, 2016

PHOENIX — Realscape Asset Holdings has purchased a 51,809-square-foot office building in Phoenix for $11.7 million. The Class A building is located at 5055 E. Washington St. It was fully occupied at the time of sale. Eric Wichterman, Mike Coover, Bob Buckley, Steve Lindley, Tracy Cartledge and Adam Tolson of Cushman & Wakefield represented both the buyer and the seller, Irgens Development Partners, in this transaction.

June 24, 2016

California Retail Western

Costco to Join Multi-Phased Hanford Marketplace in Hanford

by Nellie Day June 24, 2016

HANFORD, CALIF. — Fresno, Calif.-based developer 198/43 LLC has broken ground for a 150,000-square-foot Costco as part of the first phase of Hanford Marketplace in Hanford. Located on Lacy Boulevard, the Costco is slated to open in early November. The remainder of Hanford Marketplace’s first phase, including one to two freestanding pads and one to two multi-tenant pads, is scheduled for completion in mid-2017. The timing of the additional phases for the 450,000-square-foot, master-planned development will depend on initial lease up.

June 24, 2016

Arizona Restaurant Retail Western

El Pollo Loco Expanding in Tucson

by Nellie Day June 24, 2016

TUCSON, ARIZ. — El Pollo Loco, a chicken restaurant chain based in California, has signed a franchise development deal with new partner PLM Restaurants L.C., which will open six new restaurants by August 2019 in the Tucson area. In addition, PLM Restaurants has also completed the acquisition of two existing El Pollo Loco restaurants in the Tucson market. Franchise partners David Harper and Stephan Ralston own PLM. Harper is also president and owner of Meridian Restaurants, which owns and operates 82 Burger King restaurants. El Pollo Loco has more than 435 company-owned and franchised restaurants in Arizona, California, Nevada, Texas and Utah.

June 24, 2016

California Retail Western

San Diego Gas & Electric Gives Energy Efficiency Award for Petco’s San Diego HQ

by Nellie Day June 24, 2016

SAN DIEGO — San Diego Gas & Electric has given a Grand Energy Champion Award to Petco for the company’s San Diego headquarters. The 300,000-square-foot, pet-friendly facility was a former semi-conductor plant that expanded and relocated Petco’s support center from multiple buildings to one. More than 75 skylights and nearly 3,000 solar panels on the roof produce an 86 percent energy offset and allow the building’s lighting systems to run at only half capacity. Throughout the construction process, approximately 85 percent of all demolition materials were recycled. The building’s café uses highly efficient appliances to cook and prepare food for Petco’s partners. Outside, rain and runoff water flows through landscape elements around the building and parking lot that filter water through soil sediments. In return, water evaporates, instead of draining and polluting the ocean. The building’s energy efficiency is further accented by drought-tolerant landscaping and electric car charging stations for employee use.

June 24, 2016

California Multifamily Western

Gelt Buys Monterra Ridge Apartments in Santa Clarita for $45.5M

by Nellie Day June 23, 2016

SANTA CLARITA, CALIF. — Gelt has purchased the 232-unit Monterra Ridge apartment complex in Santa Clarita for $45.5 million. The community is located at 28085 Whites Canyon Road. Gelt plans to renovate the majority of the unit interiors as they become available. The units will receive vinyl plank flooring, new cabinets, stainless steel appliances, and new countertop surfaces in the kitchen and bathrooms. The leasing office and fitness center will also undergo an extensive remodel. The seller was FPA Multifamily.

June 23, 2016

Colorado Industrial Western

Industrial Building in Colorado Springs Sells for $28.8M

by Nellie Day June 23, 2016

COLORADO SPRINGS, COLO. — Monmouth Real Estate Investment Corp. has purchased a 225,362-square-foot industrial building in Colorado Springs for $28.8 million. The community is located at 125 N. Troy Hill Road. The space is net leased to FedEx Ground Packaging System for 10 years. The building is situated on 27.4 acres, directly across from the Colorado Springs Airport.

June 23, 2016

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