Western

Gemdale USA, Lincoln Property Co. Sell 56,179 SF Office Building in Downtown San Francisco

by Amy Works October 30, 2018

SAN FRANCISCO — Gemdale USA Corp. and Lincoln Property Co. have completed the sale of 500 Pine, an office building in downtown San Francisco. Heitman acquired the property on behalf of an affiliate for an undisclosed price. Michael Leggett, Gerry Rohm, Ben Bullock, David Dokko and Thomas Foley of HFF represented the seller and procured the buyer. Completed in 2017, the 56,179-square-foot building is LEED-Gold certified and features open floor plans, floor-to-ceiling window lines, a rooftop balcony and on-site parking with a bike room and showers. CVS/pharmacy and Blend fully lease the five-story building.

October 30, 2018

Development Multifamily Oregon Seniors Housing Western

Wolff Co. Breaks Ground on 143-Unit Seniors Housing Community in Hillsboro, Oregon

by Amy Works October 30, 2018

HILLSBORO, ORE. — The Wolff Co. has broken ground for Revel Amberglen, an independent living seniors housing community within Hillsboro’s mixed-use Amberglen Business Park. Slated to open in 2020, the five-story property will feature 143 studio, one- and two-bedroom residences, a full-service salon and spa, an indoor saltwater pool, a fitness studio and multiple restaurants. The new property joins Wolff Co.’s portfolio of 19 seniors housing communities currently open or under construction.

October 30, 2018

California Features Retail Western Western Feature Archive

Revival is Afoot at the Nation’s Regional Malls

by John Nelson October 30, 2018

The malls of yesteryear are not dead, but many are in need of a revival if they want to thrive tomorrow and beyond, believes Leslie Lundin, co-founder and managing partner at LBG Real Estate Cos. Lundin, who held the “Transforming Challenges into Opportunities” workshop on Monday at ICSC’s Western Dealmaking Conference at the Los Angeles Convention Center, asserts that many mall properties are situated in prime traffic corridors — meaning the traffic is there but it’s up to the owner to take advantage of these numbers. She points to the Shops at Hilltop, a 1.2-million-square-foot shopping center in the San Francisco East Bay submarket of Richmond, as one example. LBG acquired the asset, which is currently undergoing a rebranding and re-tenanting just off Interstate 80 in a dense traffic corridor that sits 20 miles northeast of San Francisco, in July 2017. It is set to become an Asian-themed shopping and entertainment destination that includes a movie theater, live theater, grocery store, food hall, and more than 100,000 square feet of restaurants along with various entertainment-related tenants. The Shops at Hilltop will also include off-price, valued-based tenants such as H&M, Forever 21 and Saks Off Fifth. Rich Walter, executive vice president …

October 30, 2018

California Development Mixed-Use Top Stories Western

Manchester Financial Transforming Downtown San Diego with $1.5B Mixed-Use Project

by John Nelson October 30, 2018

SAN DIEGO — Manchester Financial Group has launched Manchester Pacific Gateway, a $1.5 billion redevelopment of the Navy Broadway Complex in downtown San Diego. Situated along the waterfront near San Diego’s central business district (CBD), the new 3 million-square-foot mixed-use complex will include a new 17-story, Class A office building that will house the U.S. Navy headquarters. “The Navy is excited to break ground on a new administrative building. The Navy and San Diego have had a strong, mutually beneficial relationship for over 100 years and this project is another important chapter in that history,” says Rear Admiral Yancy Lindsey, commander of the Southwest region of the Navy. Manchester Pacific Gateway will span eight city blocks and will serve as the gateway to the San Diego CBD and downtown tourism corridor. According to the developer, the project is the largest private waterfront development on the West Coast. The 13.5-acre development will feature the following elements: ➢ Block 1 of Manchester Pacific Gateway will include a nearly two-acre plaza; a 29-story, 467,000-square-foot office tower; 68,000 square feet of retail space; and a 198,000-square-foot luxury boutique hotel with 235 rooms. ➢ Block 2 will feature a 29-story, 1 million-square-foot convention center hotel …

October 30, 2018

Acquisitions California Office Western

Shorenstein Purchases 565,000 SF Sorrento Towers in San Diego

by Amy Works October 29, 2018

SAN DIEGO — Shorenstein Properties has acquired Sorrento Towers North & South, two Class A office project in San Diego. Rick Reeder and Brad Tecca of Cushman & Wakefield advised Shorenstein in the transaction. The name of the seller and acquisition price were not released. The 565,000-square-foot asset serves as the gateway to Sorrento Mesa, San Diego’s technology hub. First developed in 1989 and renovated in 2014, the North buildings consist of two seven-story structures totaling approximately 286,000 square feet at 5355 and 5375 Mira Sorrento Place. Built in 2001, the South buildings consists of two six-story structures totaling 278,000 square feet at 9276 and 9330 Scranton Road. The towers feature high-image glass exteriors, modern building lobbies and common areas, outdoor lounge areas, modern fitness centers, state-of-the-art conference facilities and structured parking. The properties are also located adjacent to the Sorrento Court and Sorrento Plaza retail centers.

October 29, 2018

Acquisitions Arizona Retail Western

DRA Advisors, Pine Tree Acquire 232,577 SF Shopping Center Near Phoenix for $44.7M

by Amy Works October 29, 2018

GOODYEAR, ARIZ. — A joint venture between DRA Advisors and Pine Tree has purchased Palm Valley Pavilions West, a shopping center located at 1478 N. Litchfield Road in Goodyear, a suburb 20 miles west of Phoenix. Retail Value Inc. sold the property for $44.7 million. Built in 1994 and situated on 28 acres, the 232,577-square-foot property was 98.5 percent leased at the time of sale. Tenants include Ross Dress for Less, Best Buy, Total Wine & More and ULTA Beauty. Pete Bethea, CJ Osbrink, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal.

October 29, 2018

California Loans Retail Western

HFF Secures $17.1M Refinancing for Grocery-Anchored Center in Southern California

by Amy Works October 29, 2018

GLENDORA, CALIF. — HFF has secured $17.1 million in post-acquisition financing for Grand and Alosta, a 70,881-square-foot, newly redeveloped shopping center located in the Southern California community of Glendora. Anchored by Sprouts Farmers Market and Marshalls, the fully leased property is also home to Orangetheory Fitness, Mattress Firm, Oke Poke, Sherwin-Williams, The Coffee Bean, US Nail and Spa, Burgerim and Creamistry. Paul Brindley, Marc Schillinger and Ryan Ash of HFF worked on behalf of an institutional borrower to secure the seven-year, fixed-rate, interest-only, non-recourse loan through a national life insurance company.

October 29, 2018

Acquisitions Hawaii Office Retail Western

Cushman & Wakefield Chaney Brooks Brokers Sale of 56,250 SF Commercial Property in Honolulu

by Amy Works October 29, 2018

HONOLULU — Honolulu-based Cushman & Wakefield Chaney Brooks has arranged the sale of 1659 and 1673 Kapiolani Boulevard in Honolulu. Evershine acquired the two-parcel asset from a multi-seller group, including Seiju Co. Ltd., Maruito USA and TYA LLC, for an undisclosed price. Combined, the properties feature 56,250 square feet of commercial space. The assets are situated in the Kapiolani-Ala Moana corridor, which is transforming into a transit-oriented live, work and play district near the under-construction Ala Moana rail station. Steve Sombrero of Cushman & Wakefield Chaney Brooks represented the sellers in the transaction.

October 29, 2018

Development Industrial Nevada Western

Alston Construction Breaks Ground on 204,000 SF Speculative Warehouse in North Las Vegas

by Amy Works October 29, 2018

NORTH LAS VEGAS, NEV. — Alston Construction, serving as general contractor, has broken ground on a warehouse property at Centennial Corporate Park, an industrial park in North Las Vegas. Speedway 10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, owns the property. Situated on 10 acres, the 204,000-square-foot, cross-dock industrial warehouse will feature 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. The speculative development is valued at $14 million. Panattoni Development is developing Centennial Corporate Park, which is slated for completion in second-quarter 2019.

October 29, 2018

California Industrial Leasing Activity Western

Amazon Leases 1.1 MSF Industrial Building at NorCal Logistics Center in Stockton, California

by Amy Works October 26, 2018

STOCKTON, CALIF. — Amazon has signed a lease with CT Realty to occupy a newly constructed, 1.1 million-square-foot industrial building at NorCal Logistics Center in Stockton. Located at 4532 Newcastle Road, the fulfillment center offers proximity to Burlington Northern Santa Fe, Union Pacific intermodal facilities, SR-99 and interstates 5, 205 and 580. Terms of the lease were not disclosed. The transaction marks the completion of CT’s approximately 1.7 million-square-foot first phase of the 345-acre NorCal Logistics Center, following the sale of two completed buildings, totaling 575,127 square feet, to Prologis in June. CT Is underway on the second phase of the development: five buildings, totaling 2.7 million square feet, built as a mix of speculative and build-to-suit projects.

October 26, 2018

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