Western

Sprint Expands in Northern California with 43 Planned New Retail Stores

by Nellie Day August 1, 2017

SAN FRANCISCO — Sprint continues to expand its presence and investment in Northern California with plans to add 43 new retail locations throughout the area by the end of 2017. Currently, Sprint operates more than 170 branded retail locations throughout the Northern California region. Of the 43 new store locations, Sprint has already opened 13 new stores in Antioch, Bakersfield, Castro Valley, Delano, Freedom, Fresno, Gilroy, Hayward, Manteca, Napa, Pittsburg and Reno (two stores) — with the remaining 30 stores in various stages of leasing and design. Sprint is adding more network capacity in cities across the Northern California region, including rural locations. Sprint has used this spectrum to optimize and enhance coverage at the LinkedIn headquarters in Sunnyvale, the Four Seasons hotel in Palo Alto, and will soon complete upgrades at the Newpark Mall in Newark and the Southland Mall in Hayward.

August 1, 2017

Arizona Mixed-Use Multifamily Office Retail Top Stories Western

Harbert Management Corp. Acquires Ownership Stake in 628,000 SF Mixed-Use Development in Phoenix

by Katie Sloan August 1, 2017

PHOENIX — Harbert Management Corp. has acquired an ownership stake in High Street, a 628,000-square-foot mixed-use development located in Phoenix. Although the sales price was not disclosed, the buyer received a $93.5 million acquisition loan to fund the transaction. The property occupies 24.9 acres at 5100-5450 E. High St. along Loop 101 in northeast Phoenix, and features 88 multifamily units; 174,705 square feet of retail, dining and entertainment; and 330,369 square feet of office space. Tenants at the 83.7 percent leased center include Sprouts, Kona Grill, La Bocca, Pinspiration, Mellow Mushroom, Blue Martini, Ocean Prime and Modern Margarita. City North Associates LLC, a joint venture between ScanlanKemperBard Cos. and a private investment fund managed by Wayzata Investment Partners LLC, previously owned the property. Harbert Management has replaced Wayzata Investment Partners, now owning the property in partnership with ScanlanKemperBard. Ryan Gallagher, CJ Osbrink, Ryan Fitzpatrick and Clark Cashion of HFF worked on behalf of the original joint venture owner to procure the buyer in the transaction. Jeremy Womack and Tom Wilson of HFF worked on behalf of the new ownership to secure the acquisition loan through TPG RE Finance Trust. ScanlanKemperBard Cos. is a real estate merchant banking firm that acquires, develops …

August 1, 2017

Hawaii Market Reports Retail Western Western Market Reports

Hawaii: Ground-Up Shopping Centers on Rise Despite High Construction Costs

by Camren Skelton August 1, 2017

Construction costs in Hawaii are beginning to plateau after seeing year-over-year increases for the past several years. The market has seen gray shell retail building costs of about $275 per square foot; and to vanilla shell, another $80 per square foot to $100. Restaurants range from $300 per square foot to $350 to take them from gray to finished shell without fixtures. Remarkably, even with escalating construction costs, retail leasing and development are both extremely active. This, combined with retail vacancy of about 3 percent and record rents, has spurred a wave of new projects. Some of the new retail projects currently under construction are: Kilauea Lighthouse Village, Kilauea Town, Kauai — The center is a 47,000-square-foot development anchored by a 10,000-square-foot Market at Kilauea. Construction on Kilauea Lighthouse Village has begun and is expected to be complete in late 2017. It is owned by Hunt Development and leased by Colliers International. Kahala Bowl Shopping Center, Honolulu – Anchored by McDonald’s, the 10,000-square-foot center is owned by Kamehameha Schools and leased by JLL. Kealanani Shopping Center, Kapolei — This 20,000-square-foot center, anchored by Panda Express, is an outparcel of the Walmart in Kapolei. It is owned by Panda RG Inc. …

August 1, 2017

California Features Mixed-Use Top Stories Western Western Feature Archive

Better Together: The Opportunity in Mixed-Use Retail Condos

by John Nelson August 1, 2017

A wave of high-density mixed-use development has swept across the country within the past decade. A number of forces have contributed to this activity, including demographic trends, shifts in housing demand, environmental concerns, as well as governmental forces and municipalities seeking to create sustainable, pedestrian-oriented communities that incorporate a mix of uses. As a result, developers are building ground-up mixed-use projects or converting older hotels or apartment and office buildings into residential developments featuring apartments or condominiums. The street-level retail portion of the development is, in most cases, also converted into a condominium. This process has created a specialized real estate product known as the retail condominium or commercial condominium. The retail condominium has now emerged as a popular, alternative real estate investment platform. Retail condominiums were traditionally in major metropolitan cities like New York or Chicago, but are now debuting in suburban markets throughout the country. Pasadena, long thought of as a suburban neighbor to downtown Los Angeles, now boasts mixed-use developments like the Pasadena Collection and 482 Arroyo. These projects offer a mix of residential, office and retail condominiums. The Harbor Lofts development in downtown Anaheim, Calif., also includes residential loft condominiums above ground-floor retail condominiums. The sale …

August 1, 2017

California Retail Western

LBG Real Estate, Aviva Investors Acquire 1.1 MSF Regional Mall in Richmond, California

by Nellie Day July 31, 2017

RICHMOND, CALIF. — LBG Real Estate Cos. and Aviva Investors have purchased Hilltop Mall, a 1.1 million-square-foot regional mall located at 2200 Hilltop Mall Road in Richmond, for an undisclosed price. Originally developed in 1976 and renovated in 2007, a variety of tenants occupy the property, including Macy’s, Walmart, Sears and a 24-Hour Fitness. Glenn Wegener and Linda Simpson of NAI Global represented the undisclosed seller, while the buyer was self-represented in the transaction.

July 31, 2017

California Loans Multifamily Seniors Housing Western

Capital One Provides $77.7M Refinancing for Nine-Property Pacifica Seniors Housing Portfolio

by Nellie Day July 31, 2017

SAN DIEGO — Capital One has provided a $77.7 million loan to refinance a portfolio of nine seniors housing facilities in Arizona, California, Florida, Oregon and Utah. The mortgage consists of $67.7 million in initial funding and an earn-out as specific conditions are met. The borrower is Pacifica Cos., a San Diego-based real estate developer, owner, investor and investment management with properties in office, industrial, retail, net-leased single-tenant, multifamily, residential, seniors housing and hospitality, as well as land for development. Its seniors housing division is named Pacifica Senior Living. The specific names of the properties were not disclosed. Specializing in assisted living and memory care, Pacifica Senior Living manages dozens of communities in Arizona, California, Florida, Georgia, Idaho, Nevada, New Mexico, North Carolina, Oregon, Rhode Island, Texas, Utah and Virginia.

July 31, 2017

California Loans Multifamily Western

Bellwether Enterprise Closes $75M Refinancing for Vistara Apartments in Ontario

by Nellie Day July 31, 2017

ONTARIO, CALIF. — Bellwether Enterprise has closed two loans totaling $75 million that will be used to refinance the 298-unit Vistara Apartments in Ontario. The community is located at 3410 E. 4th St. Vistara was delivered this past September. Amenities include a clubhouse and leasing office, a 24-hour fitness and yoga center, a resort pool area with spa, three outdoor entertainment areas with televisions and barbeques, 575 parking spots, and a dog wash and grooming area. Bellwether Enterprise arranged a $59 million permanent loan for a 20-year term with interest-only payments for two years, followed by a 38-year amortization schedule and a fixed interest rate. The $16 million mezzanine loan was arranged for a five-year term with interest-only payments and a fixed interest rate.

July 31, 2017

New Mexico Restaurant Retail Western

Burger 21 to Open First Restaurant in New Mexico

by Nellie Day July 31, 2017

ALBUQUERQUE, N.M. — Burger 21 will expand into New Mexico with the addition of an Albuquerque location set to open this October. The growing brand now has 22 open locations and 15 in development across 11 states. The new location is in the Winrock Town Center at 2100 Louisiana Blvd. in Albuquerque. The restaurant is 2,500 square feet with an additional 800 square feet of outdoor patio space. Chris Zalesiak owns the property. With 22 locations now open in Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina and Virginia, and approximately 15 in development in 11 states, Burger 21 is a fast-casual franchise concept founded in 2010.

July 31, 2017

Multifamily Nevada Student Housing Western

Peak Campus to Operate Rebel Place Student Housing in Las Vegas

by Nellie Day July 31, 2017

LAS VEGAS — Atlanta-based Peak Campus has been awarded management of Rebel Place in Las Vegas, along with three other student housing communities in Texas and North Carolina. Waypoint Campus Housing, an affiliate of Waypoint Residential, purchased the 2,062-bed portfolio. Each community is located minutes from campus, and offers shared amenities including clubhouses with gaming stations, resort-style pools, business centers and computer labs, study rooms, sports courts, and outdoor social and grilling areas.

July 31, 2017

California Retail Western

CBRE Brokers $7M Sale of 26,504 SF Shopping Center in Gardena

by Nellie Day July 28, 2017

GARDENA, CALIF. — CBRE has arranged the sale of Gardena Crenshaw Plaza, a retail center located at 14730-14842 Crenshaw Blvd. in Gardena. Crenshaw Retail Holding acquired the property from Diamond Rock Partners for $7 million. Dan Riley and Austin Wolitarsky of CBRE represented the seller, while the buyer was self-represented with Mark Rafeh and John Proia of Promark Investments being the primary principals. At the time of sale, the 26,504-square-foot property was 100 percent occupied. AutoZone is the anchor tenant.

July 28, 2017

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