BURBANK, CALIF. — Marcus & Millichap has brokered the sale of a vacant retail property located at 200 N. San Fernando Blvd. in Burbank. Marketblock LLC acquired the property from an individual/personal trust for $6 million. Brandon Michaels and Jonathan Braier of Marcus & Millichap represented the seller, while Michaels also secured and represented the buyer in the deal. The buyer plans to renovate and reposition the asset.
CULVER CITY, CALIF. — PSRS has closed $6 million in refinancing for Robertson Plaza, a multi-tenant strip retail property located in Culver City. Mike Davis of PSRS arranged the non-recourse, 10-year loan, which features a 30-year amortization schedule, with a life insurance company. The borrower was a private real estate investor. Eighteen tenants occupy the property, which was built in 1984. Over the last 10 years, the property has maintained more than 95 percent occupancy.
SANTA ANA, CALIF. — MCA Realty has completed the disposition of the Brookhollow Freeway Showroom Center with the sale of the property’s fourth building. WTW Properties LLC purchased the building, located at 154 E. Warner Ave., for $3.3 million. Wine Exchange currently occupies the 13,072-square-foot building. Joe Winkelmann, Nick Velasquez and Michael Hartel of Colliers International represented the seller, while Ryan Swanson and Chris Conway of Lee & Associates represented the buyer in the transaction.
MURRIETA, CALIF. — Coldwell Banker Commercial has arranged a 10-year lease for 9,506 square feet of retail space at Murrieta Crossings, located at 39745 Avenida Acacias, Suites A and B, in Murrieta. Metroflex Gym triple-net leased the space from M.C. Retail. Cyndi Light of Coldwell Banker represented the landlord, while Jay Brun and Steve Castellanos, also of Coldwell Banker, represented the tenant in the deal.
AURORA, COLO. — Inland Real Estate Group has purchased the 480-unit Conifer Creek Apartments in Aurora for $95 million. The community is located on two parcels at 2205 S. Racine Way and 12775 E. Pacific Drive. Conifer Creek contains 53 buildings with one- and two-bedroom units. Each unit includes a wood-burning fireplace, energy-efficient appliances, nine-foot vaulted ceilings, a full-size washer and dryer and an oversized balcony or patio. The property also features community amenities, including a newly constructed clubhouse with WiFi, two outdoor resort-style swimming pools, two spas, a fitness center, a bicycle/jogging path, barbecue grills, a business center and pet-friendly amenities. The apartment complex is 96 percent occupied. Matt Tice and Brett Smith of Inland Real Estate Acquisitions executed the transaction.
PHOENIX — BH Equities has acquired the 432-unit Arcadia Cove Apartments in Phoenix for $71.5 million. The community is located at 2252 N. 44th St. Arcadia Cove was built in 1996. It recently underwent a renovation that includes exterior upgrades to the pool and spas. Barbecue pits, outdoor television monitors and Wi-Fi connections were also installed. Upgrades also occurred in the fitness room, Internet café and clubhouse, which now includes iPad stations. Cindy and Brad Cooke of Colliers International represented the seller, Bascom Arizona Ventures (Bascom Group), in this transaction.
SAN FRANCISCO — The Gymboree Corporation, following an evaluation of its retail footprint, plans to close approximately 350 stores, mainly across the Gymboree and Crazy 8 brands. The San Francisco-based company hopes to focus its resources on locations with the greatest potential and improve profitability. The company has partnered with Great American Group and Tiger Group to help manage the closing sales in its Gymboree, Gymboree Outlet and Crazy 8 stores. The closing sales at affected stores are scheduled to begin on July 18, 2017. Kirkland & Ellis LLP is serving as the company’s legal counsel, AlixPartners LLP is serving as its financial advisor and Lazard is serving as its investment bank. As of April 29, 2017, the company operated 1,281 retail stores: 582 Gymboree stores, 172 Gymboree Outlet stores, 149 Janie and Jack shops and 378 Crazy 8 stores.
WESTMINSTER, COLO. — A joint venture between Conor Commercial Real Estate and WHI Real Estate Partners has broken ground on Park 12 Hundred Tech Center, a 324,000-square-foot industrial center in Westminster. The center will be situated on a 26-acre infill parcel within the Park 12 Hundred mixed-use business park. Park 12 Hundred Tech Center will contain four buildings that will incorporate ESFR sprinkler systems, flexible office space and sizable truck courts for optimal maneuverability. It is scheduled for completion in the second quarter of 2018. McShane Construction Co. and Ware Malcomb are providing the design-build construction services for the center. Chris Ball and Joe Krahn of Cushman & Wakefield represent the exclusive marketing team.
KIRKLAND, WASH. — Koelsch Communities will break ground July 19 on Jefferson House, an 80-bed memory care community in the Seattle suburb of Kirkland. The three-story project will be located adjacent to Madison House, another Koelsch community, which offers independent living and assisted living. Development costs for Jefferson House are estimated at $24 million. Madrona Point Development partnering with RJ Development, both based in Olympia, are developing the new project. Koelsch Construction will serve as general contractor. Jefferson House is scheduled to open in the winter of 2018. Koelsch Communities operates 23 communities in seven states and has nine further communities in development.
SAN LUIS OBISPO, CALIF. — Donahue Schriber has acquired Marigold Center, a 174,428-square-foot shopping center located in San Luis Obispo, for $43.6 million. The 89-percent leased center is anchored by Vons and home to tenants including Michaels, CVS/pharmacy, Starbucks Coffee, Carl’s Jr., Wild Birds Unlimited, T-Mobile, Fantastic Sams, Tuesday Morning and Dollar Tree. Gleb Lvovich, Bryan Ley and Eric Kathrein of HFF marketed the property on behalf of the seller, Kimco Realty Corp. Donahue Schriber purchased the asset free and clear of existing debt.
