Western

SALT Development Completes Two Phases at $100M 4th West Apartments in SLC

by Nellie Day June 8, 2017

SALT LAKE CITY — SALT Development has completed the first two phases of 4th West Apartments in downtown Salt Lake City. The 493-unit community is located at 255 N. 400 W. The two completed phases feature 373 units, common areas and a majority of the community’s amenities, including a sky lounge, health club, business center, bike shop and dog park. Phase III will contain 120 units that should be delivered in the third quarter of 2017. The project is estimated to cost about $100 million. Architecture Belgique designed the property.

June 8, 2017

California Healthcare Western

Easterly Government Properties Buys VA Ambulatory Care Center in Loma Linda

by Nellie Day June 8, 2017

LOMA LINDA, CALIF. — Easterly Government Properties has purchased the 327,614-square-foot Department of Veterans Affairs (VA) Ambulatory Care Center in Loma Linda. The center is located at 26001 Redlands Blvd. The price was not disclosed. The property serves as the U.S. Department of Veterans Affairs’ flagship outpatient facility. It is fully leased to the VA for 20 years. The center is situated on 37 acres in an enclave that features the Jerry L. Pettis Memorial VA Medical Center and Loma Linda University. The collective VA Loma Linda Healthcare System currently serves more than 72,000 area veterans. JLL’s Brian Saal, Bill Prutting, Lucy Fletcher, Mike Yavinsky, Joe Brennan, Marc Rampulla, Ryan Smith and Tom Bohlinger executed the transaction.

June 8, 2017

California Office Western

New York Life Real Estate Investors Buys 351,301 SF Office Building in Burbank

by Nellie Day June 8, 2017

BURBANK, CALIF. — New York Life Real Estate Investors has purchased a 351,301-square-foot office building known as 2300 Empire in Burbank for an undisclosed sum. The Class A building is situated in Burbank’s Media North submarket. It has an adjacent 1,334-stall parking garage. The building’s lobby will be upgraded, and some collaborative outdoor seating areas will be created in the next 12 months, according to the buyer. The office building is within walking distance of a 750,000-square-foot shopping center that features tenants like Target, Lowe’s, Nordstrom Rack and numerous dining options. Lincoln Property Co. will manage the property, while JLL will handle leasing.

June 8, 2017

Nevada Office Western

McKenzie Properties Breaks Ground on Spec Office Building in Reno

by Nellie Day June 8, 2017

RENO, NEV. — McKenzie Properties has broken ground on a 40,000-square-foot speculative office building within the Mountainview Corporate Center in Reno. The Class A building is located at 5520 Kietzke Lane. The four-story structure will feature customized floor plans, with balconies on two of the floors. This will be the first spec office project the company has undertaken since 2008.

June 8, 2017

California Retail Western

Dick’s Sporting Goods to Open New Store in Torrance

by Nellie Day June 8, 2017

TORRANCE, CALIF. — Dick’s Sporting Goods will open five new stores this month, including an outpost at the Del Amo Fashion Center in Torrance. That store celebrated its grand opening between June 2 and 4. With the grand opening of these new stores, Dick’s will have 702 Dick’s locations in the country. Founded in 1948 and headquartered in Pittsburgh, Dick’s also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as Dick’s Team Sports HQ, a youth sports digital platform.

June 8, 2017

Mixed-Use Top Stories Washington Western

Gramor Secures Construction Financing for Phase I Component of $1.5B Waterfront Vancouver Project

by John Nelson June 8, 2017

VANCOUVER, WASH. — Gramor Development Inc., a privately held firm based in Oregon, has secured a round of construction financing for Phase I of its $1.5 billion mixed-use project along the Columbia River in Vancouver. Known as The Waterfront Vancouver, the project will span 20 city blocks and 32 acres and feature residential, office, retail and restaurant space, as well as a Hotel Indigo. U.S. Bank provided a $42.5 million construction loan to Gramor Development for Block 6 Office and Block 6 Residential — a seven-story office building and a six-story, 63-unit apartment building. The street level of both assets will house the Shops at Waterfront Way, which will include retail and restaurants. Committed tenants include M.J. Murdock Charitable Trust at Block 6 Office and Cascade Sotheby’s International Realty and MidiCi The Neapolitan Pizza Co. at Block 6 Residential. The project team for Block 6 includes architect Ankrom Moison and general contractor Robertson & Olson. “Gramor is a driving force in revitalizing Vancouver’s waterfront and the local community,” says Ann Young, senior vice president, and Oregon market manager of U.S. Bank. “U.S. Bank is excited to be part of the project and to help bring this vibrant and unique development …

June 8, 2017

California Hospitality Western

OTO Development Acquires Silicon Valley Redevelopment Site for $21M

by Nellie Day June 7, 2017

SUNNYVALE, CALIF. — A 3.4-acre redevelopment site located at 767-769 N. Mathilda Ave. in the Silicon Valley submarket of Sunnyvale has sold to OTO Development for $21 million. OTO Development plans to build a Hilton Garden Inn on the property, which is currently occupied by the Palladium nightclub, TL Beer Garden and a restaurant. Vince Schwab and Jeffrey Ida of Marcus & Millichap represented both the buyer and seller, Sinogap LLC, a locally based family office, in the transaction. Potential buyers worked with the City of Sunnyvale’s planning commission for the past two years to obtain the necessary approvals and complete the sale, which is part of a 1031 exchange. The replacement properties in the exchange are the Calaveras Park Professional Center, a 21,008-square-foot medical office park in Milpitas, and an apartment complex in San Jose.

June 7, 2017

California Retail Western

RedMill Capital Breaks Ground on Shops at Livermore in Metro San Francisco

by Nellie Day June 7, 2017

LIVERMORE, CALIF. — RedMill Capital, alongside financial partner ANICO Eagle LLC, has broken ground on The Shops at Livermore, a 115,000-square-foot mixed-use development located roughly 40 miles outside San Francisco in Livermore. The center will be located adjacent to the San Francisco Premium Outlets, and will be home to discount fashion retailers and a mix of national restaurants. The Was Group LLC has been tapped to assist the joint venture in leasing efforts. A five-person Colliers International team led by Julie Taylor and Stephen Rusher is also marketing the center. A grand opening for the development is set for mid-2018.

June 7, 2017

Oregon Retail Western

Southgate Shopping Center in Portland Changes Hands

by Nellie Day June 7, 2017

PORTLAND, ORE. — Southgate Shopping Center, a 50,826-square-foot, multi-tenant strip center located in the Southgate area of Portland, has sold to a private buyer for an undisclosed sum. The center was 97 percent leased at the time of sale to tenants including Office Max, HobbyTown, Round Table Pizza, Starbucks Coffee, H&R Block, Arby’s and Sprint Mobile. Brian Hanson and Nick Kassab of HFF marketed the property on behalf of the seller, ML Commercial Properties Inc.

June 7, 2017

Arizona Multifamily Student Housing Western

Pierce Education Properties Acquires Student Housing Community Near University of Arizona

by Nellie Day June 7, 2017

TUCSON, ARIZ. — Pierce Educations Properties has acquired The Junction at Iron Horse, a 232-bed student housing community located near the University of Arizona in Tucson. The community offers one-, two-, three- and four-bedroom units with bed-to-bath parity. Community amenities include a swimming pool, lazy hammock courtyard, outdoor lounge area, 24-hour fitness center and computer center with a study lounge. The seller in the transaction and the sales price were undisclosed.

June 7, 2017

Newer Posts

Older Posts