LAKE ELSINORE, CALIF. — Civic Partners has selected KTGY Architecture + Planning to design Artisan Alley at The Diamond, a retail development located in Lake Elsinore. Situated on 11 acres at the northeast corner of Diamond Drive and Malaga Road, the project will feature 95,000 square feet of retail and restaurant space and a 130-room hotel. Rene Brochier of Colliers International and Philip Riedy of Riedy Commercial Real Estate are handling the leasing and pad site sales at the property.
MISSION VALLEY, CALIF. — Sudberry Properties and the Grant Family are developing Civita Recreation Center, a multi-building recreation center in Mission Valley. Dempsey Construction has broken the ground on the project, which will include two buildings featuring a gymnasium, spa area, great room and kitchen. Outdoor amenities will include a family swimming pool, a lap swimming pool, barbecue area, fire pits and outdoor seating areas. Designed by Bessenian Lagoni, the property is slated for completion in spring 2017.
RIVERSIDE, CALIF. — Three new retailers have signed leases to move into Riverside Plaza, a retail center in Riverside. Carter’s Babies & Kids signed a lease for 4,200 square feet; Ono Hawaiian BBQ inked a deal for 3,005 square feet; and Great Shakes leased 1,193 square feet of space at the center. Existing tenants at Riverside Plaza include Marshalls, Chico’s, Regal Stadium Plaza 16, Trader Joe’s, The Sleep Train, The Coffee Bean & Tea Leaf, Home Care Assistance, Wang Cho Korean BBQ, Charter Communications and Nothing Bundt Cakes.
CAREFREE, ARIZ. — ORION Investment Real Estate has arranged the $1.4 million sale of Spanish Village, a 22,819-square-foot retail center located in Carefree. The property was 26 percent occupied at the time of sale. Braxton Glass of ORION represented the buyer, Raskin Partners, in the transaction. Danny Gardiner of Phoenix Commercial Advisors represented the seller, Spanish Village Holdings LLC.
SOUTH SAN FRANCISCO, CALIF. — A joint venture between Greenland USA and equity partners Ping An Trust, Agile Group and Poly Sino Capital Limited has acquired The Landing at Oyster Point in South San Francisco for $171 million. A partnership between Shorenstein Properties and SKS Partners sold the 42-acre waterfront property, which will be transformed into an office, research and development complex that will support the life sciences industry. The joint venture plans to invest over $1 billion in the project. “The San Francisco Bay Area is known globally for its leadership in innovation, and we’re proud to bring Greenland’s expertise and vision for transformative properties to the area,” says Yuliang Zhang, chairman of China-based Greenland Group, parent company of Greenland USA. “The United States continues to play a critical role in our overseas expansion, and we look forward to what will be a landmark property.” The property will be renamed Oyster Point and will total approximately 2.2 million square feet, including public space and recreational areas. Development of Oyster Point will be completed in phases, and construction on the 500,000-square-foot Phase I is expected to begin by mid-2018, following infrastructure improvements by the city of South San Francisco, including …
CORTE MADERA, CALIF. — New York Life Real Estate Investors has provided a $225 million, 12-year mortgage loan for The Village at Corte Madera, a 460,000-square-foot regional mall located in Corte Madera, just a few miles south of San Rafael. The Macerich Co. and Institutional Mall Investors own the open-air mall, which is home to tenants including Anthropologie, Banana Republic, Free People, J. Crew, Macy’s, lululemon athletica, Nordstrom, Madewell and Restoration Hardware.
OGDEN, UTAH — Time Equities Inc. has acquired Newgate Mall, a 718,035-square-foot regional mall located in Ogden, for $69.5 million. Tenants at the 98 percent occupied mall include Dillard’s, Burlington Coat Factory, Sears, Cinemark, Bath & Body Works, Famous Footwear, Kay Jewelers, Express, Gymboree, Buckle, Victoria’s Secret and Journeys. Coldwell Banker Commercial Advisors will oversee leasing efforts for incoming tenants, while The Woodmont Co. will be in charge of management, marketing and specialty leasing. Thomas Dobrowski of NGKF Capital Markets represented the seller, General Growth Properties, in the transaction.
AURORA, COLO. — Majestic Realty Co. has announced plans to build the largest single-phase speculative industrial development in Colorado’s history, according to the firm. The three buildings will contain a total of 834,580 square feet of spec industrial warehouse and distribution space that will be situated within the Majestic Commercenter. The developers plan to break ground on the new buildings this fall for completion by summer 2017. At that time, Majestic Commercenter will feature 4.2 million square feet throughout 17 buildings. Amazon recently pre-leased a 452,400-square-foot building at the center.
LAS VEGAS — Strategic Storage Trust II (SST II) has purchased a 745-unit self storage facility in Las Vegas for an undisclosed sum. The facility is located at 590 E. Silverado Ranch Blvd. The property was built in 2002. The four-building facility sits on 3.4 acres. It offers climate-controlled units and drive-up units. The facility is 85 percent occupied. SSTII is sponsored by SmartStop Asset Management LLC.
CENTENNIAL, COLO. — The Opus Group has begun construction on the Glenn, a 306-unit apartment complex in Centennial. The community will be the first project to break ground at the Jones District, a 42-acre master-planned development. The Glenn will be situated west of Interstate 25. The Jones District will eventually contain 1.8 million square feet of mixed-use space, including residential, hotel, office and retail projects, making it Centennial’s largest commercial development. A ceremonial groundbreaking for The Glenn was held Aug. 17. The project is scheduled for completion in December 2017.
