TUCSON, ARIZ. — EdR has acquired The Urbane, a 311-unit apartment community in Tucson, for an undisclosed sum. The community offers a range of studio to five-bedroom apartments. The Urbane amenities include a fitness center; spa featuring a sauna and tanning beds; rooftop sundeck with pool, oversized hot tub, lounging and gaming areas, and poolside cabanas; an outdoor terrace with fire pits and a custom barbecue grill; and an executive business center with computers and printers.
LOS ANGELES — Baskin-Robbins, the world’s largest chain of ice cream specialty shops, has signed a multi-unit store development agreement with new franchisee Sharooz Setareh to develop three new ice cream shops in Santa Monica and Beverly Hills over the next few years. Currently, there are more than 460 Baskin-Robbins shops located throughout California. Setareh owns a beauty supply chain and clothing manufacturing company, which he still operates today. The first shop under the Baskin-Robbins agreement opened in Santa Monica earlier this year. Setareh plans to open his second shop in 2017, with the third location following in 2018. Baskin-Robbins also sold two completed, ready-to-operate stores so far this year. Existing franchisee Harpreet Gill purchased the first turnkey shop in Porterville and opened it earlier this summer. New franchisee Alejandro Kochergane purchased the second shop in Imperial Beach with plans to open early next year. Founded in 1945, Baskin-Robbins has more than 7,700 retail shops in nearly 50 countries. Headquartered in Canton, Mass., Baskin-Robbins is part of the Dunkin’ Brands Group.
NEWPORT BEACH, CALIF. AND BOSTON — Clearwater Senior Living, a Newport Beach-based seniors housing developer, and Berkshire Group, a Boston-based multifamily investor, have formed a new joint venture that plans to develop and acquire $500 million in seniors housing communities in the Western United States. The JV plans to bring in third-party institutional investors to help fund the pipeline. The joint venture will own, operate and develop a mix of independent living, assisted living and memory care communities. As of June 30, Berkshire Group had approximately $7.2 billion in real estate assets under management, largely in the multifamily sector.
PHOENIX — Life Care Services and Westminster Funds, the joint venture owners of Sagewood, a continuing care retirement community in Phoenix, have announced plans to add a 24-unit independent living neighborhood to the community’s campus. The addition to Sagewood will be named The Estates. The expansion includes a mix of villas, single homes and duplexes, as well as a 15,000-square-foot event center. When The Estates is completed, the CCRC will feature 316 independent living units. The owners also recently expanded Sagewood’s onsite Acacia Health Center. A timeline for the expansion was not disclosed.
LONG BEACH, CALIF. — Ballast Point Brewing & Spirits is set to open a new 11,427-square-foot brewery at 110 N. Marina Drive, adjacent to Alamitos Bay Landing in Long Beach’s Seaport Village. Ballast Point Tasting Room & Kitchen will be the brewer’s largest location and will offer seating for 670 customers. The location will feature three bars and a large outdoor patio offering views of Catalina, Seal Beach and Alamitos Bay. Keith Kropfl and Michael Ganz of Avison Young and Jeff Chasin of Voit Real Estate Services represented Ballast Point as well as the landlord, Bancap Seaport Village Inc., in the leasing transaction.
LOS ANGELES — Marcus & Millichap has arranged the $1.1 million sale of a 5,104-square-foot mixed-use retail and multifamily property at 4650 W. Adams Blvd. in Los Angeles. Floyd Shaheen and Daniel Hirth of Marcus & Millichap represented the seller, an undisclosed partnership, and secured and represented the buyer, an undisclosed individual trust, in the transaction.
SAN DIEGO — Petco will open 13 new stores across the country and relocate one store in Paso Robles, Calif., in September. In addition, the company will also transition 31 existing Unleashed by Petco stores to smaller format stores this month. The rebranding of 31 select Unleashed by Petco stores are located primarily in Colorado, Georgia and Texas. The stores will transition to smaller format Petco stores. In addition, based on consumer feedback and demand, UnleashedbyPetco.com will become an informational site for consumers, with all online product sales moving to Petco.com. The former Unleashed by Petco locations will continue to operate as smaller format Petco stores and will include most of the same brands, products and amenities — such as self-serve dog wash and dog training services — that are available under the Unleashed by Petco banner. Petco operates more than 1,470 Petco and Unleashed by Petco locations across the U.S., Mexico and Puerto Rico.
SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire One Front Street, a Class A office building located in the Market Street corridor of San Francisco, for $521 million. The 38-story, LEED Gold certified property is located in the heart of San Francisco’s central business district, within two blocks of the $6 billion Transbay Transit Center development set to open in 2017. The Transbay center will act as a regional transportation hub, accommodating up to 45 million passengers per year. The property consists of 651,000 square feet of office space and a 290-space parking garage. The building was 99 percent occupied at the time of sale by tenants including Lookout Inc., Kite, Wells Fargo Bank, Covington & Burling LLP, Skidmore Owings & Merrill LLP, FTI Consulting, Jones Lang LaSalle (JLL) and BNP Paribas. Market Front Associates LP sold the property, according to reports by the San Francisco Business Times. JLL manages and handles leasing for the office space. Paramount is considering various strategic options including bringing in a joint venture partner for the property or selling an asset within its current portfolio to help fund the transaction. The deal is expected to close before the end of …
LAS VEGAS — TruAmerica Multifamily has purchased three multifamily communities in Las Vegas. The purchase price was not disclosed. The Class B portfolio contains a total of 802 units. The properties include Oasis Gateway, Oasis Palms and Oasis Vinings. All three assets are situated within 2.5 miles of one another in the northwestern part of the valley. They were built between 1989 and 1997. TruAmerica will immediately implement a capital improvement program across all three properties. The assets were purchased in partnership with MSD Capital.
LAKEWOOD, COLO. — Jackson Square Properties has purchased the 300-unit Skye Crest apartments in Lakewood for $68.2 million. The community is located at 7846 W. Mansfield Parkway. It is situated immediately south of the intersection of Highway 285 and South Wadsworth Boulevard. HFF’s Jordan Robbins and Jeff Haag represented the seller, Fairfield Bentley LLC, in this transaction.
