WESTMINSTER, COLO. — HFF has arranged the $4.3 million sale of Brookhill Towne Center, a 99,142-square-foot retail center in Westminster, located 11 miles north of Denver. Jules Sherwood of HFF represented the seller and procured the buyer, Experimental Holdings Inc. Constructed in 1989, Brookhill Towne Center was 81.5 percent leased at the time of sale to Fruehauf’s, Guiry’s and Dollar Tree.
LOS ANGELES — Bob’s Discount Furniture plans to open six new stores in the Los Angeles market simultaneously on Feb. 15, 2018. New locations will open in Baldwin Park, Huntington Beach, Midtown, Long Beach, West Hills and Valencia. These six stores will be the first on the West Coast for the furniture retailer. Bob’s currently has 89 stores in 15 states across the East Coast, Mid-Atlantic and Midwest regions, after adding more than a dozen new stores in the past year. In addition to the six new stores in Los Angeles, the furniture retailer has three others set to open on the same day in Pennsylvania and Virginia. The nine store openings will bring the company to 98 stores nationwide.
France Media, Inc. is conducting a brief online survey to gauge market conditions, and we welcome your participation. This survey should only take a few minutes to complete. Questions range from property sectors that your firm is most bullish on heading into 2018 to trends in deal volume to the outlook for interest rates. The results will be collated and published in the January 2018 issue of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information. To participate in our broker/agent survey, click here. For developers/owners/managers, click here. For lenders and financial intermediaries, click here. (Note: Please remember to click on “done” to properly submit the survey.) Sincerely, Matt Valley Editorial Director, Real Estate Regionals France Media, Inc.
DENVER — Clearview Realty Finance has funded a $74 million structured bridge and construction loan for the expansion of a historic hotel and resort in the heart of Colorado’s Rocky Mountains. The exact location was not disclosed. The initial tranche of the proceeds was released to refinance the existing senior loan collateralized by the main hotel, lodge, residences and condominium inventory. A secondary portion of funding will be allocated to finance the construction of a new event space, concert venue, full-service luxury spa and wellness center. This loan features a LIBOR-plus-430-basis-points floating rate and a three-year, interest-only term with pre-negotiated options to extend. It is fully pre-payable without penalty after 24 months. Clearview Realty acted as exclusive advisor to a private individual investor to negotiate this transaction through a long-standing relationship with a domestic debt fund.
LITTLETON, COLO. — A venture sponsored by Bell Partners has acquired the 250-unit Escape at Ken Caryl apartment community in Littleton for $64 million. The community is located at 12044 W. Ken Caryl Circle within the Ken Carl Ranch Master Association. The master-planned development features 3,800 acres of private open space, more than 25 miles of trails and The Ranch House, which includes tennis courts, outdoor 25-meter swimming pool, soccer fields, disc golf course, sand volleyball court and equestrian center. The asset is also situated near the Denver Technological Center business corridor. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, TA Realty, in this transaction.
DUARTE, CALIF. — Newmark Knight Frank (NKF) has arranged the $38.1 million sale of Buena Vista Marketplace, a 92,346-square-foot retail center in Duarte, 21 miles northeast of Los Angeles. Pete Bethea, Rob Ippolito and Glenn Rudy represented the seller, Weingarten Realty, in the transaction. The buyer, Gerrity Group, represented itself. Smart & Final anchors Buena Vista Marketplace, which was 98.5 percent leased at the time of sale to tenants including Dollar Tree, Wells Fargo, AT&T, UPS, Subway, Flame Broiler and Jamba Juice.
MORENO VALLEY, CALIF. — Faris Lee Investments has arranged the $3.5 million sale of a 6,440-square-foot retail building in Moreno Valley. The property was triple-net-leased to TitleMax and Coast Dental at the time of sale. Patrick Toomey and Matt Brooks of Faris Lee Investments represented the seller, TC Enterprise LLC, in the transaction. Realty ONE Group represented the buyer, Perrishemlock LLC. The property was renovated in 2015 and is located within a larger center that is home to CVS/pharmacy and Dollar Tree.
LAS VEGAS — Pollo Campero has opened its newest restaurant in Las Vegas, marking the second Las Vegas location and 75th location nationwide. The new restaurant is the second Pollo Campero for GSK 3 Investments, which is owned by franchisees Maria Enamorado and her sons, Gurpaul and Gurdev Kular. In April, GSK 3 Investments opened Nevada’s first Pollo Campero restaurant in North Las Vegas. The latest restaurant opening is part of Pollo Campero’s strategic development plan focused on strengthening its footprint in existing markets and opening new restaurants in key cities in the United States through corporately owned and franchised units. As part of its franchising agreement, GSK 3 Investments will open a third Las Vegas Pollo Campero restaurant in the near future. Pollo Campero is a chicken restaurant brand founded in 1971 in Guatemala.
BAKERSFIELD, CALIF. — World Oil Corp. and Trammell Crow Co. have unveiled plans for Bakersfield Commons, a pedestrian-orientated, master-planned mixed-use community located in Bakersfield. The 260-acre project will feature office, retail, residential, recreational and industrial space. Construction is slated to begin in 2018, with the first development pads delivered in late 2018. The fully approved entitlements for the commons include 400,000 square feet of office, 300,000 square feet of retail, 280,000 square feet of light industrial, more than 1,000 residential units and a 200-bed hospital. Slated for delivery in 2019, Phase I will feature 220,000 square feet of retail, 120,000 square feet of Class A office space, 325 resort-style residential units, a 130-key national branded hotel and 2.2 miles of walking paths.
MONROVIA, CALIF. — Warner Pacific Properties is repositioning Monrovia Landing, a retail center within Shamrock Center located at 729 E. Huntington Drive in Monrovia. After acquiring the 100,000-square-foot property in 2016, the company began a re-tenanting and repositioning program for the center. At the time of acquisition, the center consisted of a vacant Albertsons grocery store and a 6,700-square-foot O’Reilly Auto Parts. Originally built in 1973 as a Super K-Mart, Lucky Grocery Stores acquired the property in 1997. It was later sold to Albertsons. A combination T.J. Maxx and HomeGoods store (slated to open Oct. 22), ALDI (opening Dec. 7) and ULTA Beauty (scheduled to open second quarter of 2018) will anchor the redeveloped property. Several smaller shops and retailers, including My Pet Garden, will also occupy the center. Warner Pacific Properties specializes in the acquisition and repositioning of commercial buildings and developing vacant ground.
