COLORADO SPRINGS, COLO. — Gilbane Development Co. has broken ground on West Edge, a student housing community located across the street from The University of Colorado Colorado Springs (UCCS) campus. The development will be located 500 yards from the Kraemer Library and UCCS academic core, and will offer eight different floor plans including studio, one-, two-, three-, four- and six-bedroom units with bed-to-bath parity. Apartments will feature washers and dryers, walk-in closets, stainless steel appliances, granite countertops and flat screen televisions. Community amenities will include a rooftop sky lounge with view of the Pikes Peak mountain range, a clubhouse, study rooms, a tech center with high-powered computers and free printing, a heated saltwater pool, a landscaped courtyard with sundecks, an outdoor kitchen with grilling stations, and multiple outdoor lounges with community fire pits. Residents will also have access to a fitness lodge featuring tanning beds, free weights, cardio equipment, a yoga studio, a bouldering wall and a full-sized basketball court. High-speed Internet, Wi-Fi, cable and furniture will all be included. Asset Campus Housing will manage the community and offer a community life program with resident events, roommate matching services and individual, by-the-bed leases. Parking is available for residents and bike storage …
Western
MONTEBELLO, CALIF. — Combined Properties has planned a $5.5 million renovation for Mart Montebello, a retail center at the intersection of Montebello and Beverly boulevards in Montebello. Originally built in 1957 and last renovated in 1991, the new project will remodel and modernize the facades and pad buildings with new parapets, features, fascia materials and repainted color schemes. Additionally, the renovation includes a new pad building, currently under construction, that is leased to Chipotle and The Habit Burger. The renovation is expected to begin during this quarter with completion by the end of the year. Upon completion, the center will be renamed Montebello Mix.
DAVIS, CALIF. — Browman Development has acquired a five-building retail portfolio across four blocks in downtown Davis. Brinley Downtown Properties sold the fully-leased portfolio for an undisclosed price. Located at 513, 603 and 718 Second St., 209 F St. and 207 E St., the 71,437-square-foot portfolio is occupied by a variety of retailers, including Armadillo Music, Fleet Feet Sports, The Army Corps of Engineers, The Avid Reader, Spa Central, E Street Salon, Balance Point Pilates Studio, The Wardrobe, The Root of Happiness Kava Bar, and Sweet and Shavery. Erik Neese, Ken Reiff and Shaun Morrow of Cushman & Wakefield represented the seller in the transaction.
DUBLIN AND PETALUMA, CALIF. — Regency Centers, in partnership with SoCore Energy and several of its retail partners, has installed over 750 kilowatts of rooftop solar photovoltaic systems at Persimmon Place in Dublin and East Washington Place in Petaluma. Combined, the systems include approximately 2,500 modules and are expected to produce over 1.2 million kilowatt hours of electricity each year.
Simon Property Group, Invesco Complete $1.1B Purchase of The Shops at Crystals in Las Vegas
by Nellie Day
LAS VEGAS — Simon Property Group and Invesco Real Estate have completed the acquisition of The Shops at Crystals in Las Vegas for $1.1 billion. The two companies are 50-50 joint venture partners in this acquisition. The Shops at Crystals is a 324,000-square-foot retail complex anchored by 10 luxury flagship stores, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co. It also contains 30 unique-to-market luxury retailers like Céline, Saint Laurent and Richard Mille. The asset features a dedicated tram station that connects to the Bellagio Resort & Casino, Aria Resort & Casino and Monte Carlo Resort & Casino. The Shops at Crystals is situated within City Center, a mixed-use development that includes Aria Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and Veer Towers, which contain 669 luxury condominium residences.
LOS ANGELES — Rexford Industrial Realty has purchased a nine-property industrial portfolio based in a variety of Southern California infill markets for $191 million. The portfolio contains more than 1.5 million square feet of space. The properties are situated throughout Orange County, Inland Empire West, central San Diego and the Los Angeles-San Gabriel Valley markets. The portfolio is fully leased to 12 tenants. Rexford funded the acquisition with proceeds from its recent public equity issuance and the exercise of a $100 million accordion on its $125.0 million unsecured term loan. The acquisition increased Rexford’s owned square footage by more than 12 percent.
LOS ANGLES — NorthMarq Capital has arranged $13.6 million in financing for Marshalls Plaza, a retail property located at 707-815 W. Second St. in Los Angeles. Ory Schwartz of NorthMarq Capital’s Los Angeles office secured the 10-year financing, which features a 30-year amortization schedule, through a CMBS lender for the undisclosed borrower. Marshalls, DD’s Discounts and Dollar Tree are tenants at the 151,286-square-foot property.
PORTLAND, ORE. — Commercial Income Advisors Inc. has arranged the $4.4 million sale of a single-tenant, triple-net-leased 7-Eleven located in Portland. John Halvorson of Commercial Income Advisors represented the Orange County-based buyer in the transaction, and arranged $1.3 million worth of acquisition financing for the purchase. The property was acquired through a 1031 exchange.
BELLFLOWER, CALIF. — Charles Dunn Co. has arranged the $3.2 million sale of a 5,000-square-foot, single-tenant, triple-net-leased property occupied by Union Bank in the Los Angeles suburb of Bellflower. Kyle Gulock and Jason Cope of Charles Dunn represented both the seller, a private investor from Orange County, and the buyer, a Chinese investor, in the transaction.
COVINA, CALIF. — A limited liability company has purchased The Bahamas, a 40-unit apartment property in Covina, for $7 million. The two-building community is located at 514 E. Cypress St. and 826 North Barranca Ave. The buildings were constructed in 1961 and 1963. Mark Sanfilippo and Reza Ghaffari of Marcus & Millichap represented the buyer. Sanfilippo also represented the seller, a private investor, in this transaction.