Western

Haagen Co. Acquires 215,000 SF Mall in California, Plans Redevelopment

by Nellie Day March 6, 2018

INDIO, CALIF. — Haagen Co. has acquired the Indio Fashion Mall, a 215,000-square-foot shopping mall in Indio, for an undisclosed price. REO Property Group LLC sold the asset, according to the Desert Sun. Haagen Co. plans to redevelop and expand the property, which was 30 percent leased at the time of sale, into a retail, dining and entertainment destination. The design will include public gathering spaces, areas reserved for community events and landscaping throughout. In addition, Haagen Co. plans to incorporate the adjacent 20 acres of land, owned by the City of Indio, into the new development. Current retailers at the mall will remain open for business while design plans are in progress. Haagen Co. plans to begin the first phase of redevelopment in 2019.

March 6, 2018

Colorado Multifamily Western

Inland Real Estate Acquisitions Buys 322-Unit Apartment Complex in Colorado

by Nellie Day March 6, 2018

THORNTON, COLO. — Inland Real Estate Acquisitions has purchased the 322-unit Ashford East 88 apartments in Thornton for an undisclosed sum. The community is located at 101 E. 88th Ave. A combined $11 million in capital improvements were completed by the two previous owners of Ashford East 88. The seller, Radco Cos., replaced the 1973-built property’s roofs, balconies and siding. Terrance Hunt and Shane Ozment of ARA Newmark represented the seller in this transaction.

March 6, 2018

California Industrial Western

Maple DTLA Purchases 102,859 SF Industrial Portfolio in Los Angeles for $15.5M

by Nellie Day March 6, 2018

LOS ANGELES — Maple DTLA LLC has acquired the Rosenthal Property Portfolio in Los Angeles for $15.5 million The 102,859-square-foot industrial portfolio is situated in the East Los Angeles/Boyle Heights area. Iqbal Hassan of the Quantum Associates represented the buyer. Jon Reno, Robert Thornburgh, Tom Holland and Trevor Gale represented the seller, Rosenthal Property Owners, in this transaction.

March 6, 2018

Colorado Hospitality Western

Best Western Hotel in Colorado Sells for $11.5M

by Nellie Day March 6, 2018

LONGMONT, COLO. — A limited liability company has acquired the 210-room Best Western Plus Plaza Hotel Longmont for $11.5 million. The hotel is located at 1900 Ken Pratt Blvd. It was opened in 1982. The buyer will retain the current operations and staff. The hotel and conference space will undergo a renovation. Gordon Allred, Brandon Kramer and Bob Kaplan of Marcus & Millichap represented the seller, also an LLC.

March 6, 2018

California Office Retail Top Stories Western

Hudson Pacific, Macerich to Redevelop Westside Pavilion Mall in Los Angeles to Office Space for $450M

by Jeff Shaw March 6, 2018

LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) have formed a joint venture to redevelop Westside Pavilion, a 600,000-square-foot shopping mall located in west Los Angeles, into creative office space. The project is expected to cost between $425 and $475 million. At completion, the development will be home to 500,000 square feet of state-of-the-art creative office space, while retaining 100,000 square feet of existing entertainment retail space. The 12-screen Landmark Theatres, Westside Tavern restaurant and other shops primarily located on the ground floor will remain in the reconfigured space, according to reports by the Los Angeles Times. Anchor Macy’s is set to close at the end of this month, and Nordstrom left the property last year to open at Westfield Century City. Project completion is scheduled for summer 2021. Hudson Pacific will hold a 75 percent stake in the property, and will act as managing member, day-to-day operator and developer. Macerich will hold the remaining 25 percent. “Westside Pavilion is a perfect opportunity for us to reposition a marquee asset in a premier location,” says Victor Coleman, chairman and CEO of Hudson Pacific. “The project is poised to capture the strong demand from tenants for creative office …

March 6, 2018

California Industrial Western

Bixby, AXA Plan $400M Industrial Acquisition Pipeline in Western States

by Nellie Day March 5, 2018

NEWPORT BEACH, CALIF. — A joint venture between Bixby Land Co. and institutional partner AXA Investment Managers has planned to acquire approximately $400 million of core industrial properties in the Western United States. Bixby contributed an initial portfolio of seed assets to the venture as the partners seek to expand the relationship through the pursuit of additional acquisition opportunities. Bixby Land Co. currently owns more than 6 million square feet of office and industrial space in the West. The new venture will pursue middle-market properties, preferably one-off assets, between 100,000 square feet and 400,000 square feet in markets from San Diego to Seattle and as far east as Dallas. HFF’s Kevin MacKenzie, Michael Joseph, Doug Bond, Tom Mizo and Ryan Megowan represented Bixby in the joint venture arrangement.

March 5, 2018

Colorado Industrial Loans Western

Etkin Johnson Obtains $75M to Refinance Industrial Portfolio in Denver

by Nellie Day March 5, 2018

DENVER — Etkin Johnson Real Estate Partners has obtained a $75 million refinancing for the Colorado Technology Center (CTC) II Portfolio in Denver. The portfolio contains five properties inside the Colorado Technology Center, including 1900 Cherry St., 1960 Cherry St., 2000 Taylor Ave., 1900 Taylor Ave. and 633 CTC Blvd., totaling 535,787 square feet. A 109,386-square-foot, built-to-suit building at 2035 Taylor Ave. will be added to the loan once construction is completed this fall. HFF arranged the 10-year, fixed-rate loan with MetLife.

March 5, 2018

Colorado Multifamily Western

Greystar Real Estate Partners Buys 336-Unit Apartment Complex in Thornton, Colorado

by Nellie Day March 5, 2018

THORNTON, COLO. — Greystar Real Estate Partners has purchased the 336-unit Waterford Place apartment complex in Thornton for an undisclosed sum. The community is located at 2801 E. 120th Ave. Waterford Place was built in 1998. Greystar’s value-add strategy will focus on renovating all units and common areas of the asset. Unit updates will include the addition of stainless steel appliances, extended plank flooring, quartz countertops, and new lighting and hardware packages. Renovations to the common areas will feature enhancements to the pool, clubhouse, fitness center, BBQ area, dog park and sport/tennis court.

March 5, 2018

Arizona Multifamily Seniors Housing Western

LCS, Westminster Funds Start Construction of 44-Unit CCRC Expansion in Phoenix

by Nellie Day March 5, 2018

PHOENIX — A joint venture between Life Care Services and Westminster Funds has broken ground on Desert Willow Assisted Living, a 44-unit assisted living building on the campus of Sagewood, a continuing care retirement community (CCRC) in Phoenix. Located within Sagewood’s Acacia Health Center, the assisted living expansion will be available to those currently in the community as well as new residents. The building will add to Sagewood’s current 316 units. The two-story building is scheduled to open in fall 2018. Todd & Associates is serving as the architect on the project. Spellman Brady & Co. is providing interior design. The Weitz Company is the general contractor.

March 5, 2018

Nevada Restaurant Retail Western

DC Building Group Completes Taco Bell in Downtown Las Vegas

by Nellie Day March 5, 2018

LAS VEGAS — DC Building Group, a Las Vegas-based general contractor, has completed a new Taco Bell location on East Charleston Boulevard in Las Vegas, marking the first Taco Bell in downtown Las Vegas. Architect Gary Guy Wilson designed the project. The project is the second of this particular design prototype in the Las Vegas area. DC Building Group used rusted metal on the corner sign façade and horizontal silver aluminum on the slat wall for its metal aesthetics. The wall has back-lit LEDs to illuminate purple EIFS creating a branded purple glow at night. Founded in 2001, DC Building Group is a general contracting firm with a focus on the Western U.S.

March 5, 2018

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