LAKEWOOD, COLO. — RCG Ventures has acquired Westland Town Center, a 326,607-square-foot retail center in Lakewood, located eight miles southwest of Denver. The sales price and seller were not disclosed. Scott Tarbet of RCG Ventures represented the company internally in the transaction. Lowe’s Home Improvement, Dollar Tree and Sears anchor the property. Sears was not included in the transaction.
SAINT GEORGE, UTAH — Newmark Knight Frank (NKF) has arranged the $33.2 million sale of Red Rock Commons, a 134,152-square-foot retail center in Saint George, a city in southwest Utah. Pete Bethea, Rob Ippolito and Glenn Rudy of NKF represented the seller, ShopCore Properties, an affiliate of The Blackstone Group. Pacific Castle acquired the asset. Constructed in 2011 and 2012, Red Rock Commons includes four multi-tenant buildings and two freestanding pad sites. At the time of sale, the center was fully leased to tenants including Dick’s Sporting Goods, Old Navy, PetSmart, Ulta Beauty and The Gap.
GLENDALE, ARIZ. — Multifamily developer P.B. Bell is returning to the seniors housing industry with the development of Inspira Arrowhead, a 165-unit community in the Phoenix suburb of Glendale. The property will be located within the 75-acre Aspera mixed-use development. It will feature 123 units split between independent living and assisted living, as well as 42 memory care units. Inspira Arrowhead will complement the 286-unit Velaire at Aspera, P.B. Bell’s luxury multifamily community also located within Aspera. P.B. Bell is partnering on the project with Cadence Senior Living, a Scottsdale-based seniors housing development and management company. Floor plans range in size from a 367-square-foot studio in the memory care area to a 1,076-square-foot, two-bedroom residence in the independent living area. Inspira at Arrowhead is slated for completion in January 2019 with reservations scheduled to begin in mid-2018.
LOS ANGELES, SAN DIEGO AND BAKERSFIELD, CALIF. — Hanley Investment Group Real Estate Advisors has completed the sales of three 7-Eleven properties in separate transactions with a combined valued of $9.1 million. In Los Angeles, a private investor acquired a two-tenant retail property for $4.4 million. Built in 1977, the 4,722-square-foot property is occupied by 7-Eleven and Launderland Laundry. Jeremy McChesney of Hanley Investment represented the seller, a private investor from Los Angeles, while Michael Irvine of Bulldog Realtors represented the buyer in the 1031 exchange. In the second transaction, a Los Angeles-based family trust purchased a single-tenant 7-Eleven located in San Diego. A private investor from Los Angeles sold the 2,403-square-foot property, which was built in 1970, for $1.9 million. Allen Park of Packo Investments represented the buyer in the deal. In the third deal, McChesney represented the seller, a private investor, in the disposition of a single-tenant 7-Eleven store and gas station located in Bakersfield. A private investor from Clovis acquired the 3,000-square-foot property for $2.8 million. Sharhan Mheni of Marcus & Millichap represented the buyer in the transaction.
PALMDALE, CALIF. — Faris Lee Investments has arranged the sale of two single-tenant, freestanding retail buildings in Palmdale for a combined total of $7.4 million. The newly developed properties are located within the Destination O-Eight power center, anchored by Walmart, Hobby Lobby, Kohl’s and Sam’s Club. The first asset, occupied by Planet Fitness, sold for $4.9 million, and the second building, occupied by Dollar Tree, sold for $2.5 million. Jeff Conover and Chris DePierro of Faris Lee Investments arranged the transaction on behalf of the seller, HFC/PRP Palmdale LLC. A private investor from New York, represented by Aegis Real Estate, acquired the 18,000-square-foot Planet Fitness property. A Los Angeles-based family trust, represented by Cushman & Wakefield, acquired the 12,028-square-foot Dollar Tree property.
KIRKLAND, WASH. — Capital Pacific has arranged the $9.1 million sale of Totem Lake Center, a 7,600-square-foot shopping center in Kirkland, 11 miles northeast of Seattle. Capital Pacific arranged the transaction on behalf of the seller, Madison Development Group, and the buyer, a private family trust. Completed this year, Totem Lake Center is fully leased to MultiCare and Mattress Firm.
FREMONT, CALIF. — Eden Housing has broken ground on Mission Court Senior Apartments, an affordable seniors housing community in the San Jose suburb of Fremont. KTGY Architecture + Planning designed the property for the nonprofit developer, which is building the community along with the City of Fremont. The 90 units are reserved for those over 62 years of age making between 30 percent and 50 percent of the area median income. The three-story building will be located in the Warm Springs area of Fremont on a 2.25-acre site near transportation, shopping and services. Mission Court Senior Apartments is part of Mission Falls, a master-planned development that includes five villages on a 23.5-acre parcel. When complete, the property will include 500 residential units and a 15,000-square-foot senior community center. Mission Court Senior Apartments is scheduled for completion in November 2018.
MEDFORD, ORE. — Harry & David will operate approximately 20 pop-up stores nationwide this holiday season, in addition to its 46 year-round retail locations. The pop-up stores will open in key market areas across the United States. Harry & David holiday pop-up stores have already begun to open and are expected to close shortly after the holiday season. The specific locations were not disclosed. Headquartered in Southern Oregon, Harry & David owns and operates 20 different orchards spread over 100 square miles, featuring fresh yearly crops of handpicked fruit. The brand also currently operates 46 year-round retail locations across the United States. Harry & David is part of the 1-800-FLOWERS.COM Inc. family of brands.
MONROVIA, CALIF. — Trader Joe’s, a Monrovia-based chain of neighborhood grocery stores, opened the last of its new locations for 2017. On Oct. 12, stores opened in Allston, Mass.; Kalamazoo, Mich.; and North Brunswick, N.J. Fourteen new locations opened this year, bringing the total number of Trader Joe’s stores to 474. Other new locations include: San Francisco; West Hollywood, Calif.; San Diego; Hoboken, N.J.; Las Vegas; Brooklyn, N.Y.; Somerville, Mass.; Los Angeles; Washington, D.C.; Coralville, Iowa; San Juan Capistrano, Calif.; and Jacksonville, Fla. For the past 10 years, Trader Joe’s has opened an average of 23 stores annually. Plans for 2018 locations are already underway. The first Trader Joe’s store opened in 1967 in the Los Angeles area. Since then, Trader Joe’s has expanded to more than 470 stores in 41 states.
LOS ANGELES — Northwood Investors has purchased 800 Corporate Pointe, a 245,786-square-foot office building in the Los Angeles submarket of Culver City, for $148 million. The Class A building is situated off Slauson Avenue and Bristol Parkway near State Route 90. The four-story building was developed in 2007. It was 98 percent occupied at the time of sale. The LEED Gold-certified asset houses six tenants within the financial services, media, technology and engineering industries. The acquisition includes an adjacent six-level parking structure. Nearby retail amenities include Westfield Culver City Mall, Runway at Playa Vista and downtown Culver City. “800 Corporate Pointe is one of the two newest and one of the best office buildings in this evolving Culver Pointe park,” says Kevin Shannon, president of NKF’s Capital Markets. “Culver City is drafting off the momentum from Playa Vista and is attracting similar-profile tenants seeking cool environments. The property enjoys a strong tenant roster with attractive returns augmented by its ownership of the parking structure for the adjacent building.” Shannon, along with Ken White, Rob Hannan, Michael Moll and Laura Stumm, represented the seller, Vornado Realty Trust, in this transaction. Northwood, a New York-based real estate investment and management firm, represented …
