SAN JOSE, CALIF. — BroadSoft has leased 33,000 square feet of office space at the Santana Row mixed-use development in San Jose. The space is located at 3055 Olin Ave. BroadSoft hopes to occupy the new space in mid-2017. The developer, Federal Realty, already commenced construction on 700 Santana Row, an additional 284,000-square-foot office building. It will be ready for tenant build-out in the third quarter of 2018. Todd Shaffer and Tracey Solari of Newmark Cornish & Carey serve as the property’s office leasing agents.
ARCADIA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Arcadia Gateway Center, a retail, medical and office property located at 300-450 E. Huntington Drive in Arcadia. JLJ (USA) Investment acquired the property for $62 million. Situated on 7.9 acres, the five-building complex features 156,046 square feet of retail, office and medical space. At the time of sale, the 43,587-square-foot retail portion was 91 percent leased, the 48,455-square-foot medical office building and the 64,013-square-foot office building were 100 percent. The complex also features two freestanding restaurant pads leased to BJ’S Restaurant and Brewhouse and Olive Garden. Ed Hanley, Pat Kent and Corey Olson of Hanley represented the sellers, Arcadia Gateway Centre Delaware Partners and Post Exchange, while Henry Hong of Lee & Associates represented the buyer in the deal.
CHULA VISTA, CALIF. — NorthMarq Capital has arranged a $38 million refinancing for a 374,645-square-foot retail property in Chula Vista. Mike Dobbins of NorthMarq secured the 15-year loan, which features a 25-year amortization schedule, for the undisclosed borrower.
CONCORD, CALIF. — Marcus & Millichap has arranged the sale of a formerly net-leased Sizzler restaurant property located at 1353 Willow Pass Road in Concord. A private investor sold the property to an undisclosed buyer for $3.3 million. Constructed in 1977, the 5,901-square-foot building was vacant at the close of escrow. The site’s corner lot also features 70 parking space. David Ching of Marcus & Millichap represented the seller in the transaction.
SAN DIEGO — Location Matters has arranged the acquisition of an urban retail building located at 4081-4087 30th St. in San Diego’s North Park neighborhood. George McKeever purchased the property from Cheryl Keller, for $1.3 million. The 2,516-square-foot building features four retail units. Limor Spilky and Marc Karren of Location Matters represented the buyer, while Jac Sachs of Ascent Commercial represented the seller in the deal.
SACRAMENTO, CALIF. — Armstrong Development Properties has announced the opening of Raley’s Supermarket at Fair Oaks Plaza, located at the northwest corner of Fair Oaks Boulevard and Howe Avenue in Sacramento. Slated to open in April, Raley’s Supermarket and Starbucks will join the retailers at the new center, which commenced construction in 2015. Upon completion, the property will be home to a variety of tenants, including Grub Burger Bar, KB Nails and CVS/pharmacy.
LOS ANGELES — PGIM Real Estate has sold Glendale Plaza, a 547,301-square-foot office property, for an undisclosed sum. The property is located at 531 N. Glendale Ave. in the Los Angeles submarket of Glendale. The plaza is 95 percent leased to tenants mostly within the entertainment, insurance, legal and financial services industries. PGIM acquired the 24-floor office property in August 2006. The company is the global investment management businesses of Prudential Financial. The buyer and price were not disclosed.
SALT LAKE CITY — An out-of-state investor has acquired the 180-unit Eastside Apartments in Salt Lake City for $36.8 million. The community is located at 350 S. 600 E. The community is situated less than a block from a TRAX light-rail stop and near the University of Utah. Community amenities include gated underground parking, an outdoor basketball court and a party patio. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both parties in the transaction.
SAN DIEGO — Campus Evolution Villages LLC, in partnership with an affiliate of Heitman LLC, has acquired Sterling Alvarado, a 771-bed community located near San Diego State University. Planned renovations — to be completed by fall 2017 — include a new, upgraded clubhouse with a community game room; updated common areas and units; and high-speed Wi-Fi throughout.
DRAPER, UTAH — Hilton has premiered the 121-room Homewood Suites by Hilton Salt Lake City Draper. The hotel is located in the Salt Lake City submarket of Draper. West 77 Partners developed and owns the property, which The Hotel Group will manage. It is situated near Salt Lake City International Airport, Loveland Living Planet Aquarium, Rio Tinto Stadium, Hale Centre Theatre, Timpanogos Cave National Monument and Cowabunga Bay Water Park.