After finishing 2016 with a bang, 2017 is shaping up to be another great year for retail real estate in Las Vegas. Tourism, construction, population growth, infrastructure improvements and business growth are all cause for excitement. The Strip is once again predicted to dazzle retailers. There are currently more than $9 billion in construction projects underway or scheduled through 2019. The development lineup is dominated by Resort World, Steve Wynn’s Paradise Park and a hopeful sale of Fontainebleau. Alon is another exciting project that is looking to replace a major funding source so it can begin construction. Several other important, but smaller projects are scheduled to come on line later this year and into 2018. These include infrastructure, retail expansion and additional hotel room projects. New retail and food arrivals to the Strip include Skechers, Walburgers, Morimoto, Sugarcane Raw Bar Grill, Giordano’s and John Rich’s Red Neck Riviera. Around 42 million visitors from the U.S. and around the world enjoyed Las Vegas in 2016, and we are anticipating even more in 2017. Las Vegas population growth also continues. The city was ranked the 28th largest in the U.S. in 2016, while housing sales and construction continue to have healthy growth. …
SANTA ANA, CALIF. — The Bascom Group has purchased the 406-unit Villas at Tustin Apartments in Santa Ana for $94 million. The community is located at 2414 N. Tustin Ave. It was built in 1972. The property has access to the 55, 22, 91, and 5 freeways. Notable employers in the area include Xerox, T-Mobile and CoreLogic. HFF’s Sean Deasy and Ryan Fitzpatrick executed the transaction. The firm also arranged a $66.5 million loan with California Bank & Trust in connection with the sale.
SANTA MONICA, CALIF. — Hudson Pacific Properties has sold a 50,687-square-foot office building in Santa Monica for $35 million. The sale included the redeveloped property and related development land. The firm will use the net proceeds from the sale toward its pending acquisition of Hollywood Center Studios, which is expected to close on May 1.
LOS ANGELES — Somerset West Partners LLC has acquired Woodland Hills Corporate Center, a 230,833-square-foot office campus in Los Angeles, for an undisclosed sum. The property is located at 21021-21031 Ventura Blvd. in the Woodland Hills submarket. It is 85 percent leased to more than 60 tenants. CBRE’s Sean Sullivan, Todd Tydlaska and Michael Longo represented both the buyer and seller in this transaction.
WESTMINSTER, COLO. — A private investor has acquired a 16-unit apartment community in Westminster for $2.3 million. The community is located at 7461 Quitman St. The property contains two buildings with two-bedroom residences. Sevak Keshishian and Lance Krachey of Marcus & Millichap represented the buyer.
HOLLYWOOD, CALIF. — The first location of Jimmy Buffett’s Margaritaville restaurant has opened its doors at Universal CityWalk. The more than 20-year-old Universal CityWalk, located in Hollywood, recently invested in an extensive revitalization. Enhancements currently underway include new restaurants, shopping experiences and design features to its multi-million dollar Universal Cinema renovation. This undertaking coincides with Universal Studios Hollywood’s recent transformation in which 75 percent of the theme park was reimagined. Margaritaville launched its first restaurant location in Key West, Fla., in 1987. Today, the company features nine resorts/hotels across the Southeast and Caribbean and eight additional locations in development; four gaming locations; and more than 60 food and beverage locations including concepts such as Margaritaville Restaurant, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill and LandShark Bar & Grill, among others.
BEAVER CREEK, COLO. — Ashford Hospitality Prime Inc. (NYSE: AHP) has acquired the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colo., for $145.5 million. The seller was not disclosed. The property amenities include ski-in and ski-out access; a heated outdoor pool and five outdoor hot tubs beneath a mountain waterfall; an outdoor fire pit; spa; fitness club; and onsite ski rental and boot fitting. The hotel also features 20,000 square feet of flexible indoor and outdoor meeting space, and dining options including a bar and grill, café and a complimentary s’mores happy hour held daily at the fire pit. Concurrent with the acquisition, Ashford Hospitality Prime received a $67.5 million, non-recourse mortgage loan. The financing features interest-only payments, and provides for a floating interest rate of LIBOR plus 2.75 percent with a two-year term and three one-year extension options. The property will continue to be operated as a Park Hyatt under a management agreement with Hyatt. Ashford Hospitality Prime is a real estate investment trust focused on investing in luxury hotels and resorts. The company’s stock closed on Friday, March 31 at $10.61 per share, down from $11.67 one year ago. — Katie Sloan
SAN DIEGO — A local hotel developer has acquired 1.6 acres of land in Escondido for $3.5 million. The undeveloped parcel is located at 200 La Terraza Blvd. It is entitled for a 105-room SpringHill Suites by Marriott hotel. Terry Jackson and Matt Davis of Cushman & Wakefield represented the buyer. The seller was San Bernardino Hospitality LLC.
AMERICAN FORK, UTAH — Four Foods Group (FFG), a restaurant development, investment and management company, has acquired 48 Little Caesars restaurants in Alabama and Louisiana. This acquisition caps a flurry of recent activity for FFG, including the acquisition of the R&R Barbecue restaurant concept and its locations in Salt Lake City and the acquisition of The Soda Shop and its Arizona-based locations. These transactions add to FFG’s presence as a franchisee in the Kneaders Bakery & Cafe brand, where the company currently owns 44 Kneaders restaurants. In all, FFG now operates 97 restaurants in Utah, Arizona, Nevada, Colorado, Alabama and Louisiana, with 2017 annual revenues projected to exceed more than $150 million. In addition to its American Fork-based corporate headquarters, FFG has now opened a second corporate office in Birmingham, Ala., that will initially house 28 FFG corporate employees. More than 800 additional employees will serve in the Little Caesars locations in Alabama and Louisiana, bringing FFG’s total employee base to more than 3,000 employees across seven states. W Partners Group LLC acted as the exclusive financial advisor to Four Foods Group in the transaction. Carman Lehnhof Israelsen LLP acted as legal counsel.
VICTORVILLE, CALIF. — Progressive Real Estate Partners has sold two outparcels at the entrance to the Mall of Victor Valley in Victorville for $4.2 million. The 575,000-square-foot Mall of Victor Valley has freeway visibility on 1-15 and is anchored by Macy’s, JC Penney, Dick’s Sporting Goods Sears and Cinemark Theaters. The first transaction was for an outparcel at 14390 Bear Valley Road. Big 5 has occupied the 8,000-square-foot building since it was constructed in 1987. A private investor from southern California purchased the property for $1.58 million in an all-cash transaction. Progressive Real Estate Partners brokers Mike Lin and Brad Umansky represented both the buyer and seller in the deal. The second transaction was for a multi-tenant outparcel at 14350 Bear Valley Road. Built in 2005, the 14,120-square-foot retail building includes a 9,200-square-foot former David’s Bridal and four shop spaces totaling 4,920 square feet. A partnership formed by Alan Gottlieb of Real Estate Affiliates purchased the property for $2.65 million. Sit ‘n Sleep recently opened a 9,200-square-foot store at the property. Progressive Real Estate Partners brokers Brad Umansky and Liana Ahdoot marketed the property and represented the seller, a private Los Angeles-based investor.