OAKLAND, CALIF. — A joint venture between Ellis Partners and Intercontinental Real Estate Corp. has purchased a vacant parcel in downtown Oakland known as 1100 Broadway. The acquisition includes the dilapidated, historic Key System building, which contains 34,000 square feet across seven floors. The JV plans to restore the vacant building and integrate it into a new Class A office tower to be built on the site. The Key System building was constructed in 1911 as the headquarters of the Key System Railway, which transported East Bay residents locally and across the lower deck of the Bay Bridge to San Francisco. The seller, SKS, purchased the lot and vacant building in 2008. JLL’s Capital Markets team of Michel Seifer, Rob Hielscher and Erik Hanson brokered the transaction.
LAS VEGAS — Alston Construction has completed the $7 million remodel of the International Game Technology (IGT) campus in Las Vegas. The campus is located at 6355 S. Buffalo Drive. The project included a complete remodel of a Class A, three- story office building that features high-tech capabilities and extensive security requirements. The work was finished in six phases to reduce the impact on the more than 700 employees that occupied the campus and were temporarily relocated during construction. Southwest Corporate Park owns the property. It was developed by Panattoni Development.
LONG BEACH, CALIF. — Urban Commons has unveiled plans for a $250 million mixed-use development surrounding the Queen Mary, a retired cruise ship docked in Long Beach, Calif. The 700,000-square-foot project — designed by Gensler and titled Queen Mary Island — will include a main lobby plaza; 2,400-foot boardwalk alongside marinas, eclectic retail shops, cafes and bars; 200-room hotel; and outdoor amphitheater. Urban Commons assumed the master lease of the ship in April of last year, and subsequently began a renovation program to restore the ship to its former glory. The company is also collaborating with London-based Urban Legacies to develop Urban Adventure, a 150,000-square-foot entertainment facility. The building will offer 20 interactive and experiential activities including an indoor ice climbing wall, surfing, skydiving, zip lining and a trampoline park. An expected date of completion for the development has yet to be announced. Urban Commons is a Los Angeles-based real estate investment and development firm with a portfolio of assets across the United States. — Katie Sloan
SEATTLE — Madison Marquette is set to begin the redevelopment of Pacific Place, a 339,000-square-foot retail center located in downtown Seattle. Barney’s New York and Tiffany & Co. anchor the four-story center, which is also home to AMC Theatres, Barnes & Noble, Kate Spade New York, lululemon athletica and Victoria’s Secret. The multi-million dollar renovation — which architectural firm Gensler designed — will include remodeling the center’s common areas and the addition of a new entrance, and new shopping and dining space. The project is scheduled to begin in the fourth quarter of 2017, with the first phase opening in fall 2018.
RENO, NEV. — Griffin-American Healthcare REIT IV has purchased a 191,000-square-foot medical office building in Reno for an undisclosed sum. The Class A building is situated on the campus of St. Mary’s Regional Medical Center. The six-story building is fully leased to seven tenants. Approximately 80 percent of the building is leased to Prime Healthcare Services – Reno LLC, the operator of St. Mary’s Regional Medical Center. The property is the primary outpatient location for the hospital, providing healthcare services like wellness, physical therapy, obstetrics and gynecology, oncology, radiology, women’s health, neurology, bariatrics and internal medicine. Ensemble Real Estate Solutions & Investments developed the asset. CBRE’s Chris Bodnar and Lee Asher represented the seller, an unaffiliated third party. Griffin-American financed the acquisition using cash on hand. It also borrowed under its line of credit with Bank of America and KeyBank National Association. American Healthcare Investors and Griffin Capital Company co-sponsor the REIT.
EL SEGUNDO, CALIF. — NSB Associates has commenced construction on Ascend, an 80,000-square-foot creative office building in El Segundo. The property is situated at the Utah Avenue Campus. Legendary architect Frank Gehry will design Ascend. It will include customizable, creative workplaces with 24-foot clear-height ceilings, large glass panel walls, skylights and 16,000 square feet of private outdoor patio space for collaboration. The building sits on a podium over a covered parking structure. The building is near to the LA Metro Green Line and LAX. It is scheduled for occupancy in the fourth quarter of 2017. JLL’s Mike McRoskey, Blake Searles, Evan Moran and Jason Fine are leading the property’s leasing efforts.
MENIFEE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $9 million sale of a single-tenant, 17,185-square-foot, Rite Aid-occupied property located in Menifee. Kevin Fryman of Hanley represented the seller, Parkcrest Construction Inc. Ron Duong of Marcus & Millichap represented the buyer, an undisclosed private investor. Rite Aid has nearly 20 years remaining on its initial lease term, with increases every 10 years.
SCOTTSDALE, ARIZ. — A joint venture between Stockdale Capital Partners and Jasper Ridge Partners has invested $142.5 million to recapitalize the 537,110-square-foot Galleria Corporate Center in Scottsdale. The center is located at 4343 N. Scottsdale Road. The building’s lobby and common areas will undergo a multi-million dollar renovation. The Galleria was originally built as a retail mall in the 1990s. It was converted to office use in 2000. Major tenants currently include Yelp, SAP and McKesson. Stockdale purchased the Galleria Corporate Center in 2013. The recapitalization includes the addition of more than two adjacent acres of land that is currently entitled for construction of up to 220,000 square feet of offices.
MORGAN HILL, CALIF. — Steadfast Senior Living has unveiled plans for an unnamed, 67-unit assisted living and memory care community in the San Jose suburb of Morgan Hill. The two story, 62,000-square-foot development will consist of studio, one- and two-bedroom units ranging from 400 square feet to 1000 square feet. Steadfast plans to break ground on the project this summer for a scheduled opening sometime in 2018. Steadfast currently owns two other assisted living and memory care communities, both in the Los Angeles metro. The two communities are the newly opened GranVida in Carpinteria and Crestavilla, currently under construction in Laguna Niguel. Steadfast Senior Living is a division of Steadfast Cos., an Irvine-based developer, investor and operator of commercial real estate properties in the United States and Mexico.
ONTARIO, CALIF. — Sares Regis Group has signed four new leases for distribution buildings within the Meredith International Centre in Ontario. The leases contain a total of 972,000 square feet. The project is situated on 150 acres near Ontario International Airport. All of the lease agreements range from five to 10 years. Five out of the seven buildings at the project are now fully leased. The two remaining buildings contain 575,000 square feet and 398,000 square feet. New leases were signed with international marketing, financial and technology service provider Arvato, which leased a 552,000-square-foot building; international air services provider Metro Air Service, which rented a 155,000-square-foot building; aftermarket automotive wheels and accessories maker and distributor the Wheel Group, which absorbed a 138,000-square-foot building; and transportation management solutions provider Metropolitan Logistics Services, which leased a 127,000-square-foot building. Joe McKay and Chris Morrell of Lee & Associates represented Sares Regis in the deals. Meredith International Centre totals 243 acres and includes plans for 1.1 million square feet of office and retail space and 800 apartments.