SAN FRANCISCO — Build Group Inc., a general contracting firm in the San Francisco Bay Area, has purchased the assets of San Jose Construction Co. Inc. and assumed responsibility for completing current and future San Jose Construction projects. Build Group has also integrated all of the acquired company’s employees into its organization. Under terms of the agreement, Build Group will operate Build SJC, a new division of Build Group Inc., in the existing San Jose Construction corporate office located in Santa Clara, Calif. Over more than 60 years, San Jose Construction has built a diversified portfolio of projects including hospitality and retail commercial centers throughout the Bay Area, as well as Sacramento and Monterey counties. Build Group Inc. was founded in 2007. With annual contracts approaching $1 billion, the San Francisco-based general contractor specializes in commercial office space, hospitality, public works, residential and mixed-use projects.
BAKERSFIELD, CALIF. — A joint venture between C & C Properties Inc. and MarkChris Investments has announced the redevelopment of East Hills Mall in Bakersfield, roughly 110 miles north of Los Angeles. The 414,000-square-foot enclosed regional mall will be transformed into a 350,000-square-foot, open-air lifestyle center. A state-of-the-art movie theater will anchor the development, which is set to feature a collection of restaurants, retail and entertainment space. Renovations will include the addition of a large outdoor plaza, water fountain, and seating and landscaping around the movie theater complex. Development plans also include the addition of several buildings along Mall View Road for shops, restaurants and services. The buyers acquired the mall from a joint venture between Retail Equities LLC and El Corte Ingles in late December 2016. Duane Keathley, Vince Roche and Josh Sherley of Cushman & Wakefield | Pacific Commercial Realty Advisors represented both the buyer and seller in that transaction, and have been retained by the new ownership to lease the redeveloped center. Construction is expected to begin this year, with completion scheduled for fall 2018. — Katie Sloan
A steady supply of job opportunities and the growing population in the Inland Empire are supporting household formation, raising demand for housing and bolstering the performance of the area’s multifamily property market. Nearly 22,420 households were formed in the Inland Empire over the past four quarters that ended in September, while 48,500 individuals were added to the local population. By year’s end, area employers will have expanded the workforce by 2.2 percent with the addition of 30,000 positions. Hiring this year was driven by the government sector, which climbed 4 percent, or by more than 9,400 workers during the past 12 months that ended Sept. 30. The trade, transportation and utilities sectors also performed well, contributing 8,950 jobs over the same period. These strong hiring trends resulted in the unemployment rate falling 20 basis points to 6.2 percent — nearing the pre-recession five-year average of 5.7 percent — over the year-long period that ended in the third quarter of 2016. The Inland Empire’s growth and solid economic fundamentals are key factors behind the observable rise in construction activity we’ve witnessed this year. Apartment construction is booming, and builders are expected to more than double the units that were brought into …
RENO, NEV. — Construction is underway on the Towers at Pink Hill, a mixed-use development located near the University of Nevada, Reno campus. The four-story development is the flagship project for Pink Hill Properties LLC, founded by University of Nevada basketball teammates Kevinn Pinkney and Garry Hill-Thomas. The community will offer 23 units atop three restaurants and retail space. The architect for the development is Studio HBA, Reno, and the general contractor is TFP Inc. Greater Nevada Credit Union provided financing for the development, which is scheduled to open later this year.
REDLANDS, CALIF. — UCR has announced plans to develop the 340-unit the Crossings at Redlands apartment community. The luxury development will be situated at the northeast corner of Lugonia Avenue and Nevada Street in Redlands. It will be positioned directly adjacent to the 306-unit Circa2020 complex. Construction will commence on the Crossings at Redlands this spring. The move-in phase will begin in early 2018. The community will offer layouts ranging from studios to home-style carriage units. First RC Corp. will build the community, which Miller Architectural Corp. designed.
LOS ANGELES — Industrial Property Trust (IPT) has purchased a 104,335-square-foot industrial facility in an unincorporated area of Los Angeles for $12 million. The facility is located at 18554 S. Susana Road. IPT plans to carry out a $2 million renovation before offering the property for lease. Michael Collins of Daum Commercial Real Estate represented IPT in the deal. Robert Colacion of Gateway Business Properties represented the seller, the Ahmadinia Family Trust.
BURBANK, CALIF. — Co-working office space provider WeWork will open a 75,000-square-foot location in Burbank. The space will be located at 3900 W. Alameda Ave. in the city’s Media District. It will sit adjacent to the Walt Disney Co., Warner Bros. Studios and ABC Television. The space is located within the 31-story, Class A office building called The Tower, which boasts a renovated lobby, large-scale artwork, cafe, gym and pool table. The co-working space will include shared kitchens, private offices, brainstorming rooms and a green room for editing or filming needs.
ALBUQUERQUE, N.M. — Tropical Smoothie Cafe, a fast-casual restaurant, signed franchise agreements to develop more than 160 new cafes in the United States in 2016, closing out the year with 86 new restaurant openings. The company expanded the brand’s presence most notably in Albuquerque, Charleston, S.C., Dallas and Houston. In 2017, the franchise plans to open 100 restaurants nationwide. By 2020, Tropical Smoothie Cafe aims to have 1,000 stores open across the U.S. Tropical Smoothie Cafe’s franchise growth is backed by BIP Franchise Accelerator, a division of venture capital firm BIP Capital, which invested in the brand in 2010. Founded in 1997, Tropical Smoothie Cafe is a fast-casual restaurant with more than 540 locations nationwide.
DENVER — Focus Property Group has received $69 million in financing to develop a 12-story Hilton Garden Inn in Denver. The hotel is situated at 20th Street and Chestnut Place. It sits adjacent to Denver’s Union Station. The Hilton Garden Inn is being built around the historic Denver Hose Company No. 1 building, which will be restored and incorporated into the hotel. The 42-month, fixed- and floating-rate structured financing included $18 million in mezzanine debt as well as $8 million in preferred equity. Bank of the Ozarks served as the senior lender, Artemis Real Estate Partners served as the mezzanine lender and EverWest Real Estate Partners served as the preferred equity lender. Marc Sallette, David Treadwell, Mike Cantwell and Olga Lepow of CBRE Hotels’ Debt & Structured Finance secured the financing.
PHOENIX — Meritex Enterprises has acquired Park Ladera at Spectrum Ridge, a three-building industrial campus in Phoenix, for $26.4 million. The campus is located at 750, 800 and 850 Covey Lane. It was built in 2015. CBRE’s Barry Gabel, Chris Marchildon, Darla Longo, Barbara Emmons Perrier, Brett Hartzell and Michael Kendall represented the sellers, Real Estate Investors and Trammell Crow Co. The firm’s Bruce Francis, Val Achtemeier and Doug Seylar arranged financing for both the buyer and seller.