Western

Capstone Development, University of the Pacific Break Ground on $36M, 381-Bed Residence Hall

by Nellie Day October 10, 2016

STOCKTON, CALIF. — Capstone Development Partners and the University of the Pacific have broken ground on a 381-bed, on-campus residence hall in Stockton. The 158,000-square-foot development will include two four-story buildings consisting of 142 studio, two- and four-bedroom units. A 15,000-square-foot amenity space will offer social and study areas for residents. Mogavero Architects designed the $36 million project, which is scheduled to open for occupancy in January 2018. Sundt Construction has been tapped to build the facility.

October 10, 2016

Mixed-Use Office Oregon Retail Western

DDR Corp. Acquires Gresham Town Center in Metro Portland

by Nellie Day October 10, 2016

GRESHAM, ORE. — DDR Corp. has acquired Gresham Town Center, a 296,186-square-foot mixed-use center located in the Portland suburb of Gresham, for an undisclosed price. The retail portion of the property is home to tenants including Best Buy, Bed Bath & Beyond, Craft Warehouse, Cost Plus World Market, Old Navy, Ulta Beauty, Panera Bread, Starbucks Coffee, Old Navy, Men’s Wearhouse, Baja Fresh Mexican Grill and Charming Charlie. The center also contains 12,289 square feet of office space. A 45,000-square-foot, single-tenant LA Fitness located north of the center was also included in the sale. Nick Kassab of HFF represented the seller in the transaction, Westlake Realty Group Inc.

October 10, 2016

Colorado Retail Western

Pinnacle Arranges Sale of 10,113 SF Center Near Denver for $6M

by Nellie Day October 10, 2016

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors LLC has arranged the $6 million sale of 4989 Factory Shops Blvd., a 10,113-square-foot shopping center located in Castle Rock, roughly 30 miles outside of Denver. Tom Ethington and Rob Edwards of Pinnacle represented the undisclosed seller in the transaction. Tenants at the center include MOD Pizza, Jersey Mike’s Subs and AT&T.

October 10, 2016

Montana Retail Western Wyoming

Old Chicago to Open New Locations in Montana, Wyoming

by Nellie Day October 10, 2016

BROOMFIELD, COLO. — Old Chicago Pizza & Taproom has signed franchise development agreements with three of its existing franchise partners to open nearly two dozen new restaurants. These agreements will grow Old Chicago’s footprint across eight states. Among existing franchise groups to sign new agreements are the Johnson Group, which has plans to bring three restaurants to Wyoming and Montana. Old Chicago operates in 24 states with more than 100 restaurants nationwide. Broomfield, Colo.-based CraftWorks Restaurants &a Breweries, Inc. is the largest craft brewery restaurant operator in the country with nearly 200 franchised and company-owned restaurants primarily operating under the Old Chicago Pizza & Taproom, Gordon Biersch Brewery Restaurants, Rock Bottom Restaurants & Breweries and ChopHouse & Brewery brands.

October 10, 2016

California Retail Western

Radius Commercial Acquires Hagelis Retail Firm

by Nellie Day October 10, 2016

SANTA BARBARA, CALIF. — Santa Barbara-based brokerage firm Radius Commercial Real Estate & Investments has acquired Ventura, Calif.-based Hagelis Group – The Retail Property Advisors, as part of the firm’s effort to expand service and reach in the Tri-Counties. Hagelis will now operate under the Radius banner while maintaining its office at 4227 E. Main St in Ventura. Bill Hagelis and Linda Hagelis, co-founders, will take on roles as senior vice presidents at Radius. Additional Hagelis team members include Rob Devericks and Lisa Engel. With this acquisition, Radius now has 21 brokers.

October 10, 2016

Colorado Multifamily Western

The Breakers Resort in Denver Sells for $350M

by Nellie Day October 7, 2016

DENVER — BH Equities LLC, Pensam Residential and Wafra Capital Partners have acquired the Breakers Resort apartment community in Denver for $350 million. The community is located at 9099 E. Mississippi Ave. The Breakers is the largest physical asset in metro Denver, according to the buyers. It includes a nearly 190-acre site that spans 1,523 units among six villages, a privately owned lake and a 26,000-square-foot recreation center situated within minutes of downtown Denver and Cherry Creek. Koelbel and Co. and the Bascom Group developed the property. The new owners plan to implement a capital improvement program that will include re-purposing several individual community clubhouses, as well as improvements to the Catamaran Club, Riviera Cafe and the Marina. The Breakers’ sale is among the largest multifamily transactions in the U.S. this year, second only to a sale in Manhattan, according to Jeff Hawks of ARA Newmark, which brokered the sale. The deal will restructure ownership and allow Koelbel and Co. to maintain its involvement as a minority owner. Berkadia arranged Freddie Mac acquisition financing for the deal.

October 7, 2016

California Retail Western

SVN, NAI Capital Negotiates $11M Sale of Retail Property in West Hollywood

by Nellie Day October 7, 2016

WEST HOLLYWOOD, CALIF. — SVN-Rich Investment Real Estate Partners and NAI Capital have arranged the sale of Hollyway Center, a retail property located at 8351 Santa Monica Blvd. in West Hollywood. The Levitt Family Trust sold the property for $11 million, more than $1,250 per foot. The 8,790-square-foot property consists of three retail units. Hollyway Cleaners and Earthbar are the major tenants at the property. Rob Zaharia of SVN and Tim Steuernol of NAI Capital represented the seller, while David Chasin of Pegasus Investments represented the buyer in the transaction.

October 7, 2016

California Retail Western

Colliers Arranges Sale of Sutter Square Galleria in Midtown Sacramento

by Nellie Day October 7, 2016

SACRAMENTO, CALIF. — Colliers International has brokered the sale of Sutter Square Galleria, a two-building mixed-use property located at 2901 K St. in Midtown Sacramento. A Canadian-based private investor acquired the property for an undisclosed sum. Sutter Health, UC Davis Extension, Placer Title Co. and Safe Credit Union occupy the 62,763-square-foot property. Heath Charamuga and Scott Laeber of Colliers represented the seller, while Roop Purewal represented the buyer in the deal.

October 7, 2016

California Retail Western

STC Ventures Acquires Sunnyvale Town Center in Sunnyvale from Wells Fargo

by Nellie Day October 7, 2016

SUNNYVALLE, CALIF. — STC Ventures has purchased Sunnyvale Town Center, a 36-acre unfinished mixed-use project in Sunnyvale. STC is a joint venture between affiliates of Hunter Storm, Sares Regis Group of Northern California and institutional investors advised by J.P. Morgan Asset Management. Wells Fargo sold the property for an undisclosed price. The buyer plans to first complete the 186-unit residential component of the development and then focus on the retail portions of the project.

October 7, 2016

California Retail Western

Progressive Real Estate Partners Arranges $2.5M Sale of Retail Property in West Covina

by Nellie Day October 7, 2016

WEST COVINA, CALIF. — Progressive Real Estate Partners has brokered the sale of a two-story retail property located at 203 S. Azusa Ave. in West Covina. Options for Learning acquired the property from a San Diego-based private investor for $2.5 million. The buyer plans to open a preschool in the 14,700-square-foot building. Frank Vora of Progressive Real Estate Partners represented the seller in the deal.

October 7, 2016

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