Western

LaTerra Development Breaks Ground on Two SoCal Infill Apartment Projects

by Nellie Day August 23, 2016

SANTA ANA, CALIF., AND SAN DIEGO — LaTerra Development has broken ground on two infill apartment projects in Southern California. The Line at Santa Ana is a transit-oriented, mixed-use development with 228 apartment units and 4,000 square feet of ground-floor retail in Santa Ana. Stone Creek Casitas is a 97-unit, garden-style apartment project in the San Diego submarket of Chula Vista. In addition to the new apartment projects, LaTerra recently completed entitlements on two projects with 179 entry-level homes in infill Los Angeles and El Monte. These two projects were recently sold to two public residential homebuilders.

August 23, 2016

California Multifamily Western

Interstate Equities Corp. Acquires Meritage Apartments in Silicon Valley for $46M

by Nellie Day August 23, 2016

MILPITAS, CALIF. — Interstate Equities Corp. (IEC) has acquired the 137-unit Meritage Apartments in the Silicon Valley submarket of Milpitas for $46 million. The community is located at 555 S. Park Victoria Drive. The asset will be rebranded as 555 Apartments. The community will undergo a series of improvements. It was built in 1973. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors, as well as Carlos Azucena of Marcus and Millichap, executed the transaction. IEC is currently targeting unrenovated or partially renovated apartment communities with 20 to 400 units located in coastal infill markets.

August 23, 2016

Arizona Office Western

JV Buys 250,000 SF Office Complex in Tempe for $29.3M

by Nellie Day August 23, 2016

TEMPE, ARIZ. — A partnership formed by Angelo, Gordon & Co, Douglas Allred Company and David Warren has purchased a two-building office complex in Tempe for $29.3 million. The complex is located at 1330 W. Southern Ave. and 3001 S. Priest Drive and contains a total of 250,000 square feet. The buildings are located near Interstate 10 and U.S. 60 freeways, a short drive from Phoenix Sky Harbor International Airport. The latter building is fully leased and was built in 1995. The seller was Cordia Capital Management.

August 23, 2016

Hospitality Montana Western

The Hotel Group Opens Rebranded DoubleTree by Hilton Billings

by Nellie Day August 23, 2016

BILLINGS, MONT. — The Hotel Group has completed a multi-million-dollar renovation on the newly rebranded, 289-room DoubleTree by Hilton Billings. The transformation includes a lobby redesign, updated guest rooms and meeting spaces, new furnishings and amenities. The hotel features 16,000 square feet of flexible meeting space that can accommodate business conferences, banquets and other events for up to 400 guests. There are also three additional ballrooms and 15 meeting rooms. DoubleTree by Hilton Billings is three miles from Billings Logan International Airport.

August 23, 2016

California Restaurant Retail Western

Lincoln Property Co., Alcion Ventures Announce Eight Tenants for Trade Food Hall in Irvine

by Nellie Day August 23, 2016

IRVINE, CALIF. — Lincoln Property Co. and Alcion Ventures have announced eight chef-driven tenants to open at Trade Food Hall in Irvine. Lincoln and Alcion purchased the 32,600-square-foot Trade Marketplace in 2014, and have since transformed the project’s food court into a 9,000-square-foot food hall. Tenants to open within the food hall include Chef Andrew Gruel’s Two Birds and Butterleaf; Chef Hop Phan’s Dos Chinos and Megadon; The Sandwich Society; Portside; Sweet Comforts; and Gyro King. Ootoro Sushi and KRISP Fresh Living will anchor the property, which is set to feature a mix of service-oriented and soft goods retailers. The project is scheduled to open this fall.

August 23, 2016

Loans Multifamily Student Housing Utah Western

Walker & Dunlop Provides $48.8M in Financing for Student Housing Portfolio Near BYU

by Nellie Day August 22, 2016

PROVO, UTAH — Walker & Dunlop Inc. has provided three loans totaling $48.8 million for a portfolio of three student housing properties located near Brigham Young University in Provo. Properties include The Lodges at Glenwood, Raintree Commons, and Cambridge Court. Each loan — utilizing Freddie Mac financing — was structured with a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule. The garden-style communities offer amenities including private balconies and patios, furnished units, parking, pools with cabanas, clubhouses with television lounges, on-site maintenance, laundry facilities and barbecue areas.

August 22, 2016

California Office Western

Bomel Construction Buys Office Building in Irvine for $15M

by Nellie Day August 22, 2016

IRVINE, CALIF. — Bomel Construction has purchased a 41,585-square-foot creative office building in Irvine for $15 million. The building is located at 96 Corporate Park. The three-story, multi-tenant building will become the new headquarters for Bomel Construction, which is currently located in Anaheim. Gary Marquis of Coldwell Banker represented Bomel, which purchased the building as a partial owner/user investment opportunity.

August 22, 2016

California Retail Western

SBH Real Estate Group Sells 15,176 SF Retail Center in Koreatown for $6.7M

by Nellie Day August 22, 2016

LOS ANGELES — SBH Real Estate Group has completed the sale of a retail center located at 3138-3148 W. Pico Blvd. in the Koreatown neighborhood of Los Angeles. Hasty Yadegaran, a local real estate investor, acquired the property for $6.7 million, or $441 per square foot. Dollar Tree and a multi-unit coin laundry operator occupy the 15,176-square-foot property. Dan Hoogesteger and Chris Sands of Sands Investment Group represented the seller in the deal.

August 22, 2016

Midwest North Dakota Retail Western

Dollar General Enters North Dakota With Construction of Five New Stores

by Nellie Day August 22, 2016

OAKES, N.D. — Dollar General has started the construction of five new stores in southeastern North Dakota. The stores are expected to open in spring 2017 and, when completed, will expand the company’s presence to 44 states across the country. Stores are currently under construction in Oakes (Dickey County); Ellendale (Dickey County); Hankinson (Richland County); Hillsboro (Traill County); and Gwinner (Sargent County). These five stores will offer customers the traditional Dollar General store format, which is approximately 9,100 total square feet and 7,400 square feet of sales floor. Construction began on all five stores this summer. Dollar General Corporation operates 13,000 stores as of August 13.

August 22, 2016

California Retail Western

C.W. Driver Cos. Breaks Ground on Five Lagunas Mall in Laguna Hills

by Nellie Day August 19, 2016

LAGUNA HILLS, CALIF. — C.W. Driver Cos. has broken ground on Five Lagunas, a rebranding and renovation of Laguna Hills Mall in Laguna Hills. Plans for the 68-acre site include 300,000 square feet of newly built retail space, 45,000 square feet of retail pad construction, and extensive interior and exterior renovations that will upgrade and modernize the shopping center. The 846,885-square-foot lifestyle center is slated to open in summer 2018. Current tenants include JCPenney, Macy’s and Nordstrom Rack. Merlone Geier Partners owns the property.

August 19, 2016

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