SAN DIEGO AND ANAHEIM, CALIF. — An institutional owner has retained Vestar as the property management firm for Clairemont Town Square in San Diego and Anaheim Hills Festival in Anaheim. Located at Clairemont Mesa Boulevard and Clairemont Drive, the 550,000-square-foot Clairemont Town Square is anchored by Vons, CVS/pharmacy, Ross Dress For Less, T.J. Maxx, Michaels, Petco and Ulta. Situated at Weir Canyon Road and Santa Ana Canyon Road, the the 567,000-square-foot Anaheim Hills Festival is occupied by Target, Pavilions, Edwards Theatres, T.J. Maxx, Hobby Lobby, Stein Mart and Pier 1 Imports.
CARLSBAD, CALIF. — Turner Construction and Ware Malcomb have completed the construction of Hoehn Motors Audi Dealership, located at 5425 Paseo Del Norte in Carlsbad. The 54,688-square-foot, full-service auto dealership features a showroom, sales offices, public lounge seating areas, retail boutique, interior care delivery room, public Quattro Café, mezzanine executive level with offices and a conference room. Additionally, the property features 28 vehicle service and wash bays, a 120-stall parking deck above the offices and showroom, and a completed parts department with a bin-supported mezzanine. Turner Construction served as general contractor, Ware Malcomb provided architecture and interior design services and The Horine Group served as project manager for the project.
ENGLEWOOD, COLO. — Englewood-based Sports Authority Inc. has announced that it will close the doors to all 463 of its locations by the end of August. The company filed for Chapter 11 bankruptcy protection in March, with plans to close only 140 of its locations. Liquidation sales will be held in all stores, with exchanges and returns available through June 25. Bloomberg News has reported that Sports Authority is in talks with Pittsburgh-based rival chain Dick’s (NYSE: DKS), as well as other parties, regarding the sale of stores and intellectual property.
LOS ANGELES — A local private investment company has purchased a three-property multifamily portfolio based in Southern California for $40.5 million. The portfolio includes a total of 484 units in four buildings. The acquisition includes 344 units in San Bernardino County, a 60-unit building in Orange County, and a two-building, 80-unit apartment complex in Los Angeles County. All of the properties have deferred maintenance. DeLonne Valens and Tim Steuernol of NAI Capital’s Multifamily Services Group was represented the buyer and the seller, Chanslor Street LLC, in this transaction.
MANHATTAN BEACH, CALIF. — JLL Retail has launched the $150 million redevelopment of Manhattan Village Shopping Center, a 44-acre, 573,000-square-foot mixed-use center in Manhattan Beach. The redevelopment plan begins with the update and remerchandising of the center’s interior mall. Key tenants, including Apple, Williams Sonoma, Pottery Barn, Sephora and Victoria’s Secret, among others, will be joined by affordable, luxury-brand retail, unique-to-market shops and signature restaurants. Future phases of the development plan include: • The Village Shops, a 53,300-square-foot open-air expansion of retail and restaurant space adjacent to the enclosed mall; • The renovation of the existing community center component, which is anchored by Ralph’s Fresh Fare and CVS/pharmacy; • The addition of amenities that complement the environmentally friendly setting, including a central plaza, pedestrian and bike-friendly paths, valet service, consolidated and covered parking, landscaping and water features
HAWTHORNE, CALIF. — Quantum Capital Partners has secured $16.9 million in long-term debt to refinance Hawthorne Xchange, a neighborhood shopping center in Hawthorne. The 10-year loan features a 30-year amortization schedule and a 4 percent fixed rate. The borrower is local investor Howard Building LLC. Loan proceeds will be used to retire the maturing debt assumed when Howard acquired the center from Danros Inc. in March 2015 for $25 million. Located at 2831-2909 W. 120th St., the 63,837-square-foot property is fully occupied by a variety of tenants, including Sprint, Starbucks Coffee, Sears Appliance and 24 Hour Fitness. Mike Yim and Jonathan Hakakha of Quantum Capital arranged the financing.
SANTA MARIA, CALIF. — Phillips Edison Grocery Center REIT II has acquired Broadway Pavilion in Santa Maria for an undisclosed price. The 142,944-square-foot center is anchored by Food Maxx, a banner of Save Mart, a private chain of supermarkets that owns and operates stores in Northern and Central California and Northern Nevada. Additional tenants include Starbucks Coffee, Subway, Sally Beauty, Rent-A-Center, Cricket Wireless, Play It Again Sports, Party City, Hallmark and Federal Credit Union.
MONTROSE, COLO. — Roaring Fork Lodge LLC has selected Denver-based architectural firm OZ Architecture to design Roaring Fork Lodge, a new independent living, assisted living and memory care community in Montrose, located in the southwestern portion of Colorado. The 80,000-square-foot community will be situated on a 10-acre plot. It will include 10 independent living duplex cottages, in addition to the main building that will feature 69 independent living, assisted living and memory care apartments. The site will also feature a retail component, coffee shop, café and small medical clinic. Colorado-based Vivage Senior Living will operate the community, which is expected to open in late 2016.
SAN FRANCISCO — CBRE Multifamily Capital has arranged a $17.1 million Fannie Mae loan for the acquisition of Eden Villa Assisted Living & Memory Care, a 54-unit assisted living and memory care community in San Francisco. A joint venture between Auctus Capital Partners and Och-Ziff Capital Management is purchasing the property from an undisclosed seller. The buyers will bring in Integral Senior Living to manage the property. Following the acquisition, the buyers plan to invest in adding additional units and cosmetic enhancements to the property. Aron Will, executive vice president of CBRE National Senior Housing, arranged the non-recourse, 10-year, fixed-rate loan with 60 months of interest-only payments.
LOS ANGELES — A joint venture between Skya Ventures and Gelt Ventures has purchased a 60-unit apartment complex in the Highland Park neighborhood of Los Angeles for $14.2 million. The community is located at 5800 to 5820 Marmion Way. It was built in 1987. The property was 91 percent occupied at the time of sale. The JV acquired the asset as a value-add opportunity. It plans to target much of the community’s deferred maintenance. The seller was Azusa Pacific University.