SPANISH FORK, UTAH — Englewood Construction has been tapped to work on three food-related projects in the Western U.S. The firm recently completed a 7,794-square-foot Olive Garden Italian Restaurant in Spanish Fork. It is one of more than 800 Olive Gardens in 49 states for Orlando, Fla.-based Darden Restaurants Inc., a national client of Englewood Construction. Tustin, Calif.-based CRHO Architects was the project architect. The national general contractor has also started interior remodeling projects for two test kitchens and training facilities for US Foods in California and Arizona. Englewood additionally commenced construction on two food-service projects in La Mirada, Calif., and Phoenix. Rosemont, Ill.-based US Foods Inc., a food company and distributor to restaurants, healthcare, hospitality, government and educational facilities, hired Englewood Construction to remodel two of its Western test kitchen and training facilities. Scheduled to be complete early next year, the interior remodels will accommodate the latest kitchen and training equipment. Hartland, Wis.-based ESI Design Services is the project architect for both locations. Englewood will build a classroom-style arrangement around a condensed version of the standard cook line, with a ventilation hood over open flames, a fryer, skillet and griddle. Englewood will remodel each of US Foods locations’ existing 6,775-square-foot …
VISTA, CALIF. — Retail Insite has inked deals with two tenants at Vista Terrace Marketplace, a retail redevelopment project in Vista, 40 miles north of San Diego. Brian Pyke and Don Moser of Retail Insite signed a 15-year lease with Sprouts Farmers Market, which will anchor the development, and a 20-year lease with Dunkin’ Donuts. Black Lion Investment Group, the project developer, acquired the existing 48,000-square-foot retail center and an adjacent 2.5-acre parcel of land in 2016 with plans to reposition the property. The redevelopment will reface inline and end-cap shop space, create restaurant-ready suites with patios and build the Sprouts anchor building on the 2.5-acre land parcel. The first phase of Vista Terrace Marketplace is slated for completion in early 2018, and Sprouts is expected to open in the fourth quarter of 2018.
FRESNO, CALIF. — JRK Property Holdings has purchased a 614-unit apartment portfolio in Fresno for $98.7 million. The portfolio includes the 218-unit Crown Point and the 200-unit Cascades. Both properties are situated within the Dominion neighborhood. Each property features a mix of one- and two-bedroom floor plans with wood-burning fireplaces, and units come with either garages or covered parking. Mark Leary and Nate Oleson of ARA Newmark represented the seller, Demmon Partners, in this transaction.
FORT COLLINS, COLO. — Grandbridge Real Estate Capital has provided $44 million in first-mortgage financing for the 310-unit Crowne at Timberline apartments in Fort Collins. The Class A community is located at 2001 Rosen Drive. Crowne at Timberline offers a view of the Rockies Mountains Front Range. Amenities include a media room, exercise room, business center, swimming pool, waterscape area, and outdoor lounge area with fire pit and TVs. The 10-year, permanent, fixed-rate loan features a 30-year amortization schedule with an initial period of interest-only payments. Proceeds from the loan will be used to pay off the construction loan. The property opened in late 2016. William Silsbee originated the transaction for an undisclosed repeat customer.
HILLSBORO, ORE. — National Financial Realty (NFR) has sold the 211,863-square-foot Wells Fargo Bank office building in Hillsboro for $39.7 million. The building is located at 18700 N.W. Walker Road. The buyer was not named. The transaction represents the final sale and investment exit of a 3.6 million-square-foot portfolio that contained 41 office and retail buildings in nine states. NFR originally purchased the Hillsboro property in 2010. In March 2013, the firm acquired a 40-building, 3.3 million-square-foot portfolio with 90 percent of the buildings leased to Wells Fargo. NFR and its capital partners invested several million dollars in capital improvements throughout the portfolio.
NEWPORT BEACH, CALIF. — C.W. Driver has broken ground on Newport Harbor Medical Plaza, a 26,500-square-foot medical facility in Newport Beach. The Class A facility will be located at 330 Old Newport Blvd. It is situated near Hoag Memorial Presbyterian Hospital Newport Beach. The facility is scheduled for completion in fall 2018. Office spaces will range from 2,000 square feet to 16,500 square feet. The property will offer second-floor patio deck amenities, two levels of below-grade parking and gurney-accessible elevators. Shaoulian Properties is developing Newport Harbor Medical Plaza, which Bundy-Finkel Architects is designing.
TEMPE, ARIZ. — Hilton has opened the new dual-branded Hilton Garden Inn Phoenix-Tempe ASU Research Park and Home2 Suites by Hilton Phoenix-Tempe ASU Research Park in Tempe. These hotels will add 228 new rooms to the Arizona State University area. Developer RB-WW Tempe LLC owns the properties, which Widewaters Tempe Hotel Management Company LLC manages. The hotels are situated across the street from the 320-acre ASU Research Park, which serves as the headquarters for GoDaddy and Shutterfly, among others. The hotel has two distinct lobbies and will share access to an outdoor pool, fire pit and barbeque grill area, and fitness center.
PHOENIX — A joint venture between Morgan and Mesirow Financial has purchased a permit-ready infill site in the Camelback area of central Phoenix for an undisclosed sum. The JV plans to build the 474-unit Pearl Biltmore apartment complex on the site. The community is located at 4640 N. 24th St. Construction on the five-story project will begin in the first quarter of 2018. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and retail and dining destinations, including Biltmore Fashion Park. The Pearl Biltmore is scheduled to open in the third quarter of 2019. CBRE’s Bert Kempfert arrange the sale. CCBG Architects is designing the community.
CORONA, CALIF. — ShopOne Centers REIT Inc. has purchased McKinley Crossroads, a three-building retail center located at 275 Teller St. in Corona, for an undisclosed price. Situated on 13.9 acres, the 202,134-square-foot retail center was built in 1989 and renovated in 2000. Simple Fresh Market and 24-Hour Fitness anchor the property. The acquisition marks ShopOne’s entry into the California market.
NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Andrew’s Plaza, a mixed-use building located at 11305 Magnolia Blvd. in North Hollywood. Yasam Legacy LLC acquired the property from a limited liability company for $9.8 million. At the time of sale, the 21,973-square-foot property was 96.9 percent occupied by a mix of retail and office tenants. Martin Agnew and Ryan Rothstein-Serling of Marcus & Millichap represented the seller and buyer in the deal.