DUBLIN AND PETALUMA, CALIF. — Regency Centers, in partnership with SoCore Energy and several of its retail partners, has installed over 750 kilowatts of rooftop solar photovoltaic systems at Persimmon Place in Dublin and East Washington Place in Petaluma. Combined, the systems include approximately 2,500 modules and are expected to produce over 1.2 million kilowatt hours of electricity each year.
LAS VEGAS — Simon Property Group and Invesco Real Estate have completed the acquisition of The Shops at Crystals in Las Vegas for $1.1 billion. The two companies are 50-50 joint venture partners in this acquisition. The Shops at Crystals is a 324,000-square-foot retail complex anchored by 10 luxury flagship stores, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co. It also contains 30 unique-to-market luxury retailers like Céline, Saint Laurent and Richard Mille. The asset features a dedicated tram station that connects to the Bellagio Resort & Casino, Aria Resort & Casino and Monte Carlo Resort & Casino. The Shops at Crystals is situated within City Center, a mixed-use development that includes Aria Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and Veer Towers, which contain 669 luxury condominium residences.
LOS ANGELES — Rexford Industrial Realty has purchased a nine-property industrial portfolio based in a variety of Southern California infill markets for $191 million. The portfolio contains more than 1.5 million square feet of space. The properties are situated throughout Orange County, Inland Empire West, central San Diego and the Los Angeles-San Gabriel Valley markets. The portfolio is fully leased to 12 tenants. Rexford funded the acquisition with proceeds from its recent public equity issuance and the exercise of a $100 million accordion on its $125.0 million unsecured term loan. The acquisition increased Rexford’s owned square footage by more than 12 percent.
LOS ANGLES — NorthMarq Capital has arranged $13.6 million in financing for Marshalls Plaza, a retail property located at 707-815 W. Second St. in Los Angeles. Ory Schwartz of NorthMarq Capital’s Los Angeles office secured the 10-year financing, which features a 30-year amortization schedule, through a CMBS lender for the undisclosed borrower. Marshalls, DD’s Discounts and Dollar Tree are tenants at the 151,286-square-foot property.
PORTLAND, ORE. — Commercial Income Advisors Inc. has arranged the $4.4 million sale of a single-tenant, triple-net-leased 7-Eleven located in Portland. John Halvorson of Commercial Income Advisors represented the Orange County-based buyer in the transaction, and arranged $1.3 million worth of acquisition financing for the purchase. The property was acquired through a 1031 exchange.
BELLFLOWER, CALIF. — Charles Dunn Co. has arranged the $3.2 million sale of a 5,000-square-foot, single-tenant, triple-net-leased property occupied by Union Bank in the Los Angeles suburb of Bellflower. Kyle Gulock and Jason Cope of Charles Dunn represented both the seller, a private investor from Orange County, and the buyer, a Chinese investor, in the transaction.
COVINA, CALIF. — A limited liability company has purchased The Bahamas, a 40-unit apartment property in Covina, for $7 million. The two-building community is located at 514 E. Cypress St. and 826 North Barranca Ave. The buildings were constructed in 1961 and 1963. Mark Sanfilippo and Reza Ghaffari of Marcus & Millichap represented the buyer. Sanfilippo also represented the seller, a private investor, in this transaction.
EUGENE, ORE. — Stephen Whitehead of NorthMarq Capital has arranged a $9.8 million refinancing of K14 Campus Flats, a 145-bed student housing property located near the University of Oregon. The development is located at 1414 Kincaid St. in Eugene. The transaction was structured with a 10-year term with two years interest-only payments, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Fannie Mae DUS program.
OXNARD, CALIF. — Starbucks Corp. has signed a 20-year lease for a freestanding, drive-thru store at Shopping at the Rose in Oxnard. The coffee shop will join Walmart, Sam’s Club, Vons, Ross Dress for Less, Hobby Lobby and PetSmart, among other tenants, at the 500,000-square-foot power center, which is currently under construction. Linda Hagelis of Hagelis Group represented the landlord, McGrath-RHD Partners, in the transaction.
PICO RIVERA, CALIF. — A fund advised by UBS Asset Management has named Vestar as property manager for Village Park in Pico Rivera. A variety of tenants, including CVS/pharmacy, Harbor Freight Tools and Cinepolis, occupy the 126,000-square-foot lifestyle center. With this assignment, Vestar now manages more than 11 million square feet of retail space in the Los Angeles area.
