SAN FRANCISCO — Thor Equities has sold the Phelan Building, an 11-story office building in San Francisco, to the Hong Kong-based Hotung family for a reported $375 million. The building is located at 760 Market St. The Phelan Buiding contains 250,000 square feet of office space and 52,000 square feet of retail space. Thor paid $130 million for the asset in 2008. Notable tenants at the property include Credit Karma and Medium. The retail portion includes Starbucks, Orogold Cosmetics, Walgreens, Verizon and Marshalls. The building was originally constructed in 1907.
SAN CARLOS, CALIF. — San Carlos VI LLC has acquired San Carlos Business Park, a 154,462-square-foot office and R&D campus in the Silicon Valley submarket of San Carlos, for $61.1 million. The seven-building campus is located at 963 Industrial Road. The park contains two parcels that include a ground lease for a 27,303-square-foot office building on 1.3 acres and a larger parcel that includes six buildings totaling 127,159 square feet of R&D space on 7.6 acres of land. San Carlos Business Park is situated in the mid-peninsula market with access to Caltrain, major freeways and downtown San Carlos. CBRE’S Bob McSweeney represented the LLC, while the firm’s Seth McKinnon, Scott Prosser, Joe Moriarty, Sean Sullivan and Tyler Myerdirk represented the seller, Black Mountain Properties, in this transaction.
LAS VEGAS — Dermody Properties has started construction of LogistiCenter at Las Vegas Boulevard, a 550,000-square-foot industrial facility in Las Vegas. The facility will be situated near North Walnut Road in the Interstate 15 corridor. LogistiCenter at Las Vegas Boulevard will be equipped to handle distribution, e-commerce, manufacturing and warehouse operations. The space will be able to accommodate up to four tenants. Darmody expects to complete the project by the second quarter of 2017. United Construction Co. is designing and building the property. The site offers an additional eight to nine acres of excess land for retail or office development.
REDONDO BEACH, CALIF. — Hanley Investment Group Real Estate Advisors and Voit Real Estate Services have brokered the sale of a single-tenant retail property located at 537 N. Pacific Coast Highway in Redondo Beach. The Beacon Group Inc. sold the property to a Los Angeles-based private corporation for $7.6 million. Built in 1981, the 17,160-square-foot property is net leased to Petco, which has occupied the building for 22 years and recently signed a 10-year lease extension. Ed Hanley and Bill Asher of Hanley Investment Group, along with the seller’s advisor Joe Miller of Voit Real Estate Services, represented both the seller and buyer in the 1031 exchange transaction.
IRVINE, CALIF. — Texas de Brazil Churrascaria, a Brazilian steakhouse chain, has opened a location in Irvine. Located in The Market Place, the new location is the company’s 49th restaurant and first in the State of California. The 7,600-square-foot restaurant accommodates 220 guests and features an open-view grill in the dining area, a wine wall, patio and a lounge area.
GRESHAM, ORE. — Madison-Specht Vista Logistics LLC, a partnership between Specht Development and New York Life Real Estate Investors, has started construction of a 732,824-square-foot spec industrial building in Gresham. The 37.4-acre site is located at SE 223rd and Stark streets. The new facility will be called Vista Logistics Park. The site was purchased from the Port of Portland for $9.2 million. The project should be completed this fall. Don Ossey and David Ellis of the Capacity Commercial Group will lead the facility’s leasing efforts. Perlo Construction is building the project, which Mackenzie architects designed.
TAYLORSVILLE, UTAH — CBRE Group Inc. has arranged the sale of Taylorsville Town Center, a 127,231-square-foot shopping center in Taylorsville, for an undisclosed price. Associated Foods Fresh Market anchors the 97 percent occupied shopping center, which is also home to Rite Aid, The UPS Store, Pizza Hut and Fantastic Sam’s. Brad Lyons and Tim Richey of CBRE represented the seller, Weingarten Realty Investors, in the transaction. Slate Asset Management purchased the property.
HONOLULU — A partnership between Taubman, CoastWood Capital Group and Queen Emma Land Co. has opened Taubman’s International Market Place in the Honolulu neighborhood of Waikiki. The 345,000-square-foot, open-air shopping center is home to Hawaii’s first Saks Fifth Avenue, among other retailers and restaurants. Amenities at the center include a 700-space parking garage, valet parking, electric vehicle charging stations and complimentary wi-fi.
PERRIS, CALIF. — Progressive Real Estate Partners and SRS Real Estate Partners have arranged the sale of a former Walmart building, located at 2560 N. Perris Blvd. in Perris. A California-based private investor acquired the 127,000-square-foot building from a Santa Monica, Calif.-based private investment firm for $4 million. Built in 1991, the building is easily divisible and features parking for approximately 750 vehicles. Additionally, the building is part of the 292,000-square-foot Spectrum Shopping Center, which is occupied by Cardenas, Dollar Tree, Wells Fargo Bank, Verizon, Taco Bell and Payless ShoeSource. Greg Bedell and Paul Galmarini of Progressive Real Estate Partners and Townsand Cropsey of SRS Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal.
ALBUQUERQUE, N.M. — DSW Inc., a leading branded footwear and accessories retailer, plans to open 21 new stores nationwide this fall, including four out West. The Western-based stores will be situated in Albuquerque, N.M.; Silverdale, Wash.; and Salinas and Chino, Calif. The 21 new stores will open in August through October.