LOS ANGELES — SRS Real Estate Partners has hired Mike Rielly as senior vice president and managing principal in the Dallas-based company’s new Los Angeles office, which is scheduled to open in early 2019. In this role, Rielly will also lead the newly formed SRS Signature Group nationally. The group is a one-of-a-kind service offering that will cater to aspirational and high-end brands targeting coast-to-coast growth in high-street, Class A mall, lifestyle, premium outlet and design/arts district environments. Rielly has nearly 20 years of experience in commercial real estate and an extensive background incubating and serving best-in-class brands in various categories. Additionally, he has expertise in assisting international retailers with U.S. transitions or expansions, as well as early retail template formation for domestic and global brands.
MARINA, CALIF. — Shea Properties has completed the sale of the retail component of The Dunes of Monterey Bay, located on 19.3 acres at 101-145 General Stilwell Drive in Marina. A Southern California-based private investor purchased the property for $45 million. Built in 2007, the power center consists of 233,892 square feet of retail space along the Pacific Coast Highway. At the time sale of the property was 100 percent leased to national and regional tenants, including Best Buy, Old Navy, Kohl’s, Bed Bath & Beyond, Michaels, Party City and REI. Kirk Brummer, Megan Wood, James Tyrrell, Jimmy Slusher, Philip Voorhees and Preston Fetrow of CBRE’s National Retail Partners-West represented the seller in the deal.
REDWOOD CITY, CALIF. — Menlo Park, Calif.-based Acclaim Cos. has received $65.7 million in non-recourse construction financing for the 855 Main Street, a speculative office project development in downtown Redwood City. The company received entitlement approvals for the project in June and will develop the building with a team that includes W.L. Butler and DES Architects. The neoclassical-designed building will feature 100,000 square feet of office and retail space within a short walking distance of downtown amenities, multifamily buildings and public transit opportunities. Ramsey Daya, Chris Moritz and Travis Bailey of Newmark Knight Frank secured the financing for the borrower.
BURBANK, CALIF. — SRS Real Estate Partners has signed leases with seven tenants to bring 130,000 square feet of new retail space to Burbank Town Center, located at 201 E. Magnolia Blvd. in Burbank. With the new tenants, the 1.2 million-square-foot property is 94 percent occupied. The asset recently underwent a $60 million upgrade, including a new ground-floor food court and upper-level dining terrace. New tenants are: H&M (26,500 sf) Round 1 Bowling and Entertainment (45,000 sf) Bob’s Furniture (32,000 sf) A 7,200-square-foot contemporary Asian bar and grill concept Carter’s (4,600 sf) An international virtual reality concept (4,500 sf) Panini Kabob Grill (3,000 sf) Terrison Quinn and Casey Mahoney of SRS Real Estate Partners represented the landlord in the transactions.
TUSCON, ARIZ. — Tucson-based Holualoa Cos. has acquired Gateway at Tucson, a student housing property located at 2800 W. Broadway Blvd. in Tucson. Bethesda, Md.-based CW Capital Asset Management sold the property, which was marketed via RealINSIGHT Marketplace, for $12.9 million. Gateway at Tucson features 188 units, totaling 552 beds, in a mix of one-, two, three- and four-bedroom layouts, averaging 1,074 square feet. Each unit is rented fully furnished, including a full appliance package, and each bedroom features a private bathroom. Built in 2015, the property is comprised of 10 two-story residential buildings and two single-story common area buildings. Community amenities include a swimming pool and spa, basketball court, fitness center, business center, study rooms, tanning beds and shuttle service to University of Arizona and Pima Community College. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal.
ENGLEWOOD, COLO. — NAI Shames Makovsky has arranged the sale of an office building in Englewood, a suburb seven miles south of Denver. Choice Screening Inc. acquired the property from Concord LLC for $2.2 million. Located at 8668 Concord Center Drive, the property features 13,225 square feet of office space. Trent Rice of NAI Shames handled the transaction.
LAKEWOOD, COLO. — Newmark Knight Frank Multifamily has negotiated the sale of West Line Flats, a newly delivered Class A multifamily asset in Lakewood. 6500 W. 13th Denver LLC sold the property to an undisclosed buyer for $40.2 million. Located at 6500 13th Ave., the property offers 155 apartments featuring sliding barn doors, granite countertops, Energy Star appliances, wood-style flooring, walk-in closets, stacked full-size washers and dryers, and private balconies or patios. Community amenities include a rooftop deck with hot tub and fire pit, a 24-hour fitness center with a yoga and barre studio, detached garages, a ski and bike tune-up shop, and a dog park. West Line Flats was jointly developed by Oak Brook, Ill.-based Inland National Development Co. and Colorado-based Momentum Development.
PHOENIX — Cushman & Wakefield has arranged the sale of Zen Senior Living, a 99-unit seniors housing community in Phoenix’s Paradise Valley neighborhood. Investment Concepts Inc., a California-based investor, acquired the property from FPA5 Paradise Village, an entity of San Francisco-based FPA Multifamily. The price was $12 million. The two-story, garden-style community was built in 1985 but recently underwent a $1.6 million renovation project. Floor plans average 846 square feet. Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.
FORT COLLINS, COLO. — FourPoint Student Housing Investments has arranged the sale of Stadium Apartments, a 389-bed student housing community located near Colorado State University in Fort Collins. The property offers fully furnished units with shared amenities including outdoor hot tubs, a fitness center, clubhouse and rooftop lounge. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint represented the seller, CSU Student Housing, in the transaction. A joint venture between an affiliate of Heitman and Timberline Real Estate Ventures acquired the property for an undisclosed price.
NOVATO, CALIF. — Marcus & Millichap has negotiated the purchase of Diablo Plaza, a retail property located in Novato. A limited liability company acquired the asset for $5.6 million. Ethan Pintard of Marcus & Millichap represented the buyer in the deal. The seller was not disclosed. Located at 975 Diablo Ave., the 10,948-square-foot property was fully leased at the time of sale. Tenants include Panda Express, Orangetheory Fitness and Domino’s. The 38,202-square-foot lot also includes 46 parking spaces.