CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $3.4 million sale of a 3,616-square-foot, net-leased property occupied by Raising Cane’s in Casa Grande. Jamie Medress and Mark Ruble of Marcus & Millichap represented the seller, an undisclosed developer, and secured and represented the buyer, an undisclosed limited liability company, in the transaction.
SANTA CLARA, CALIF. — Irvine Co. Retail Properties has added seven new tenants to Santa Clara Square Marketplace, a 125,000-square-foot shopping center located in Silicon Valley. New additions include Sur La Table, Lula’s Chocolates, Specialty’s Café & Bakery, Opa!, CorePower Yoga, Books Inc. and COMEBUY Drinks. Sur La Table and Lula’s Chocolates are set to open this summer, with the rest of the new retailers opening later this year. The shopping center is located within the 100-acre, master-planned community of Santa Clara Square.
ALBUQUERQUE, N.M. — Jimmy’s Egg Franchise Systems has signed six area development agreements for 52 new restaurants to be built in Kansas, Arkansas, Texas, New Mexico, Nebraska and Iowa. This development activity will bring Jimmy’s Egg into three new states: Arkansas, New Mexico and Iowa. Jimmy’s Egg was founded by Loc Le and opened in Oklahoma City in 1980. The chain currently includes 51 locations, prior to this new expansion.
SAN DIEGO — The San Diego Port Authority Commission has selected a $1.2 billion project proposal to transform 70 acres of downtown San Diego’s waterfront. ThrillCorp Inc. will develop a 480-foot observation tower, to be known as SkySpire, which will anchor the development. ThrillCorp is a partner in a consortium called 1HWY1, which is led by Protea Waterfront Development. In addition to the SkySpire, the $1.2 billion redevelopment proposal includes the 178,500-square-foot OdySea aquarium, bayfront beaches, three hotels totaling 1,077 rooms, marinas, more than 388,000 square feet of retail, 19,100 square feet of offices, dining and other entertainment. The winning proposal was one of 11 submitted for the site. The Port Authority and Protea Waterfront Development are expected to complete final review of the proposal by October, beginning the development process immediately afterward. “I believe this site is unquestionably one of the best waterfront sites in the United States,” says Yehudi Gaffen, spokesman for Protea Waterfront Development. “When completed, this will redefine experiential urban, mixed-use development and make San Diego a truly world class city.” The San Diego Unified Port District approved the development following a 6-1 vote. Construction is scheduled to begin in 2020 for completion in 2023, according to BisNow. …
SANTA CLARITA, CALIF. — An unnamed buyer has acquired the 232-unit Monterra Ridge apartment complex in Santa Clarita for $45.5 million. The community is located at 28085 Whites Canyon Road. Monterra Ridge is situated near interstates 14 and 5, which provide access to greater Los Angeles. The property was built in 1985. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller in this transaction.
SUNNYVALE, CALIF. — An unnamed buyer has purchased The Bungalows at Mathilda, a 68-unit apartment complex in the Silicon Valley submarket of Sunnyvale, for $22.5 million. The community is located at 126 Ahwanee Ave. The Bungalows at Mathilda has undergone extensive exterior and interior renovations over the past year. It is situated near major employers, including the new campuses for Google and Apple. Adam Levin and Robert Johnston in Marcus & Millichap’s Palo Alto office represented the buyer and seller, Interstate Equities Corp., in this transaction.
SAN FRANCISCO — SRS Real Estate Partners has secured a ground lease on a 58,040-square-foot property located at 1501 Harrison St. in San Francisco’s South of Market district. The tenant plans to construct a new BMW Service center on the site. Matt Alexander and Andrew Lindsey of SRS Real Estate Partners, along with Chris Hamey of HC&M Commercial Properties, brokered the transaction. The names of the tenant and landlord were not released.
PHOENIX — NorthMarq Capital has arranged $5.2 million in acquisition financing for Ahwatukee 48, an 87,772 –square-foot office/warehouse property in Phoenix. The space is located at 15905-15915 S. 46th St. and 15920-15930 S. 48th St. The transaction was structured with a 20-year term and 25-year amortization schedule. Shari Stults of NorthMarq arranged the financing through its correspondent relationship with Ohio National. Keller Williams Desert Foothills Realty and Synaptics Inc. are the property’s major tenants.
FRESNO AND MADERA, CALIF. — Retail California has arranged three leases totaling 39,144 square feet of retail space in Fresno and Madera. In the first deal, Lumber Liquidators Inc. leased 8,144 square feet of retail space at 5091 N. Fresno St. in Fresno from 5561 Sultana LLC. Nick Frechou and Mike Arfsten of Retail California worked with Doug Cords and Shane Anderson of Commercial Retail Associates to arrange the transaction. In the second transaction, Dollar Tree leased 10,000 square feet of retail space at 333 W. Olive Ave. within Bethard Square Center in Madera from First Priority Funding. Arfsten along with Cords and Anderson brokered the deal. In the final deal, PF Madera LLC leased 21,000 square feet of retail space at 313 W. Olive Ave. within Bethard Square Center in Madera from First Priority Funding. Arfsten and Anderson arranged the transaction.
SANTA CLARA, CALIF. — LeEco has received $140 million in first mortgage debt for a 48.6-acre site in Santa Clara in the heart of Silicon Valley. The Beijing-based tech company plans to develop its 3 million-square-foot world headquarters on the site. LeEco is buying the site, located at 3005 Democracy Way, from Yahoo for $250 million. The property includes several vacant buildings and a parking lot that formerly served the nearby Levi’s Stadium — the new home of the San Francisco 49ers completed in 2014. Hudson Mesa West SA Democracy Way LLC, a limited liability company managed by Mesa West Capital, and Hudson Pacific Properties Inc. (NYSE: HPP) provided the $140 million loan. Brad Zampa of CBRE’s San Francisco office arranged the financing. “LeEco is a very dynamic technology firm with exciting plans for the future,” says Brandon Bachner, vice president of Mesa West Capital. “The firm saw this site as a terrific opportunity to develop a global headquarters and plant a flag in the U.S., realizing that having a strong presence in Silicon Valley is pivotal for talent acquisition and continued growth. Our short-term floating rate loan will provide LeEco with enough runway to complete its pre-development plan.” LeEco will team up with …
