Western

La Costa Towne Center to Undergo $15M Renovation and Renaming

by Nellie Day August 25, 2015

CARLSBAD, CALIF. — Linwood Ventures’ La Costa Towne Center, a 123,000-square-foot shopping center located in Carlsbad, is undergoing a $15 million renovation and will be renamed The Beacon La Costa. Beginning in fall, changes will include a complete renovation of the anchor building, façade enhancements and upgrades to the project’s parking and common areas including new parklets and outdoor dining terraces. Equinox will occupy the 31,000-square-foot anchor space once occupied by Vons grocery store.

August 25, 2015

California Retail Western

Sycamore Terrace Shopping Center in San Diego Changes Hands

by Nellie Day August 25, 2015

SAN DIEGO — U.S. Property Trust has acquired Sycamore Terrace, a 10,578-square-foot shopping center in the San Diego submarket of Vista, for an undisclosed sum. The center is located at 320 Sycamore Ave. It is anchored by Target. Other notable tenants at Sycamore Terrace include Panda Express, Sprint, Pacific Dental and the U.S. Army, among others. CBRE brokered the sale.

August 25, 2015

Nevada Retail Western

DTZ Arranges $19.7 Million Sale of Cheyenne Point in Las Vegas

by Nellie Day August 25, 2015

LAS VEGAS — DTZ has arranged the $19.7 million sale of Cheyenne Point Shopping Center, a 93,901-square-foot center located in Las Vegas. Ryan Schubert and Michael Hackett of DTZ represented the seller, an entity formed by Sarofim Realty Advisors, in the transaction. Calabasas, Calif.-based Medford Capital LLC acquired the property. Tenants at the center include anchor Mariana’s Supermarket, Dollar Tree, Gen X Clothing, Rainbow, CiCi’s Pizza, T-Mobile, Taco Bell and Subway.

August 25, 2015

California Retail Western

Marcus & Millichap Arranges $14.8M Sale of National City Plaza

by Nellie Day August 25, 2015

NATIONAL CITY, CALIF. — Marcus & Millichap has arranged the $14.87 million sale of National City Plaza, an 84,230-square-foot, grocery-anchored center located in National City just south of San Diego. Matt LoPiccolo of Marcus & Millichap represented the seller and procured the buyer in the transaction. Tenants include Diego Valley Public Charter, Dollar Tree and Wrigley’s Supermarket.

August 25, 2015

Arizona Industrial Market Reports Western Western Market Reports

Phoenix’s Industrial Market Offers Opportunity

by Nellie Day August 25, 2015

Owners, investors and developers are bullish about the Phoenix industrial market – and for good reason. We occupy one of the most strategic supply chain locations in the West – a sweet spot between West Coast ports, manufacturing in Mexico, and alongside truck and rail routes leading product into the heart of the nation. Add to this Governor Ducey’s mandate to grow Arizona’s trade volume with Mexico by 20 percent per year – not to mention Mexico itself being on the verge of becoming the world’s largest manufacturer – and you have a Phoenix market entering a new era of long-term growth. This has expanded our already robust industrial construction industry, where design-build is hot and will likely stay that way, thanks to the 8 million square feet to 10 million square feet of industrial requirements seriously considering Arizona for their location solutions. For energy-centric companies with high employee head counts in particular, Arizona offers as much as a 30 percent to 40 percent savings proposition over higher-cost Tier 1 markets. The West Valley has welcomed 10 million square feet of larger build-to-suit corporate projects looking for specialized footprints and visibility along I-10 in the past three years. These include …

August 25, 2015

Nevada Retail Western

DTZ Arranges $15 Million Sale of Alamosa Plaza in Las Vegas

by Nellie Day August 24, 2015

LAS VEGAS — DTZ has arranged the $15 million sale of Alamosa Plaza, a 77,650-square-foot shopping center located in Las Vegas. Ryan Schubert and Michael Hackett of DTZ represented the seller, Pan Pacific (Alamosa) LLC, in the transaction. RPM Investments Inc. purchased the center, which was 90.5 percent leased at the time of sale to eight tenants including anchor Albertsons. Dan Adamson of Las Vegas-based ROI Commercial Real Estate assisted DTZ during the transaction.

August 24, 2015

Arizona Retail Western

Primestor Begins Major Renovation of Palm Glen Shopping Center

by Nellie Day August 24, 2015

PHOENIX — Primestor Development has begun major renovations at Palm Glen Shopping Center, a 177,754-square-foot shopping center anchored by Food City and Wells Fargo in Phoenix. Renovations will include remodeling the façade of the entire center; renovating interiors, site work and anchor spaces; the application of a new contemporary design; a new branding campaign; and increased lighting, landscaping, tower elements, site amenities and signage. The renovation will be completed in the fourth quarter of 2015. Tenants at the center include Dollar Tree, Aaron Rents, Little Caesar’s Pizza, Modlo Dance Hall, Liberty Tax and Title Max.

August 24, 2015

California Retail Western

Faris Lee Investments Arranges $13M Sale of Tyler Village

by Nellie Day August 24, 2015

RIVERSIDE, CALIF. — Faris Lee Investments has arranged the $13 million sale of Tyler Village, a 91,498-square-foot neighborhood retail center located in Riverside. Donald MacLellan and Chris Tramontano of Faris Lee represented the seller, a private investor from Northern California, as well as the buyer, a private investment partnership from Southern California, in the transaction. The center was 78 percent occupied at the time of sale.

August 24, 2015

Retail Washington Western

Sun Commercial Real Estate Arranges $7M Sale of Walgreens Property

by Nellie Day August 24, 2015

BELLINGHAM, WASH. — Sun Commercial Real Estate Inc. has arranged the $7 million sale of a 15,120-square-foot single tenant Walgreens located in Bellingham. Cathy Jones, Paul Miachika, Jessica Cegavske, Roy Fritz and Riley Foley of Sun Commercial Real Estate Inc. represented the buyer, Howe Family LP, and Kevin Shelburn of Pegasus Investments represented the seller, KMD Bellingham LLC, in the transaction.

August 24, 2015

California Multifamily Student Housing Western

Cal Poly Pomona to Build On-Campus Housing for 800 to 1,000 Students

by Nellie Day August 24, 2015

POMONA, CALIF. — Administrators at Cal Poly Pomona announced this week that it will use 13 acres of campus horse pasture to build on-campus student housing for 800 to 1,000 students. The site chosen, located on the southeast corner of Kellogg Drive and Eucalyptus Lane, was one of 10 sites originally considered for the project. Financing for the project will come by issuing bonds, which will be paid back by student fees. Details such as the cost, as well as the selection of the architecture and construction company, have not yet been announced. According to a local report, approximately 400 students are on a waiting list seeking housing for the upcoming school year that starts Sept. 24. The past two semesters 700 students seeking campus housing were rejected. A new dining hall will accompany the new residence halls. Work on the housing is expected to begin in 2017.

August 24, 2015

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