Western

Legendary Restaurant Brands Franchisee Agrees to Develop 100 New Restaurants in California

by Nellie Day April 10, 2015

SANTA CLARA, CALIF. — Legendary Restaurant Brands has signed an exclusive master development agreement that will allow it to bring up to 100 new Bennigan’s and Steak and Ale restaurants to California. Narender Taneja, franchise owner of the recently remodeled Bennigan’s in Santa Clara, secured the exclusive master and sub-franchising rights for the state. Taneja recently finalized agreements to bring two new Bennigan’s to Fremont and San Jose, Calif. They are scheduled to open in the third and fourth quarters, respectively. Taneja also secured the rights to sub-franchise the brands to approved operators within California.

April 10, 2015

California Retail Western

Prudential Acquires Stake in Bella Terra Shopping Center in Huntington Beach

by Nellie Day April 10, 2015

HUNTINGTON BEACH, CALIF. — Prudential Real Estate Investors (PREI) has formed a joint venture with DJM Capital Partners to own and manage Bella Terra Shopping Center in Huntington Beach. The purchase price was not disclosed. DJM has owned and operated the 840,909-square-foot outdoor retail center since 2005. The Class A property is located at 7777 Edinger Ave. PREI acquired about a 75 percent stake in the center, while DJM will maintain about a 25 percent stake. DJM will continue to lead the property management and leasing aspects of the property. The firm originally purchased Bella Terra in 2005 with its previous partner, an institutional investor advised by Sarofim Realty Advisors. That entity sold its interest to PREI. The asset underwent a transformation shortly after this initial acquisition. The new joint venture between PREI and DJM Capital Partners includes the original shopping center and the new Costco. DJM separately owns and operates the retail underneath Bella Terra’s luxury apartments. Sarofim Realty Advisors and DJM Capital Partners were advised by Eastdil Secured.

April 10, 2015

Industrial Nevada Western

Construction Commences on LogistiCenter Cheyenne in North Las Vegas

by Nellie Day April 10, 2015

LAS VEGAS — Construction has commenced on LogistiCenter Cheyenne, a 381,804-square-foot distribution facility in North Las Vegas. The facility is located at 4025 East Cheyenne Ave. The 20-acre property is situated in the Interstate 15 corridor. Key West Coast markets like Los Angeles, Phoenix and Utah are within a one-day drive of the center. The project is being developed by Dermody Properties. It is scheduled for completion this October. The facility will feature a 32-foot clear height, 80 trailer stalls and 248-car parking stalls. Hillwood Investment Properties is the strategic financial partner on the project. United Construction Company will act as the general contractor. The property is being marketed by Susan Borst and Dan Doherty of Colliers Las Vegas.

April 10, 2015

Arizona Industrial Western

SmartStop Self-Storage Buys Facility in Tempe For $4.4M

by Nellie Day April 10, 2015

TEMPE, ARIZ. – SmartStop Self Storage has acquired a 350-unit self-storage facility in Tempe for $4.4 million. The facility is located at 3803 South Priest Drive. It is currently 89 percent occupied. The facility was built in 2005. SmartStop owns five other facilities in the Phoenix area. The new facility will be managed by and rebranded under the SmartStop flag.

April 10, 2015

California Retail Western

The Shops at Palm Springs Marketplace Trades for $3.1M

by Nellie Day April 10, 2015

PALM SPRINGS, CALIF. – The Shops at Palm Springs Marketplace, a 10,301-square-foot, free-standing pad within the Palm Springs Marketplace, has sold to Huntington Beach Partnership for $3.1 million. The center is situated on the southeast corner of East Vista Chino and North Sunrise Way in Palm Springs. The Shops’ tenants include Subway, Little Caesars Pizza, Bank of America, Kaiser Permanente, Genetics Nutrition, David Andrew Salon and USA Taekwondo Center. Palm Springs Marketplace is anchored by Stater Bros. Other notable tenants include Arco, McDonald’s, Taco Bell, AutoZone, O’Reilly Auto Parts, Dollar Tree and Dairy Queen. Huntington Beach Partnership was represented by Harcourts & Freeman. The seller was Ramsey Real Estate Group.

April 10, 2015

Arizona Industrial

Phoenix Distribution Building Sells for $5.1M

by Nellie Day April 9, 2015

PHOENIX – A 94,885-square-foot distribution building in Phoenix has sold to Cohen Asset Management for $5.1 million. The building is located at 2021 E. Jones Ave. It is situated southwest of Phoenix Sky Harbor International Airport. Cohen was represented by Matt McDougall of Lee & Associates. The seller, Michael Lewis Company, was represented by DTZ’s Andy Cloud.

April 9, 2015

California Multifamily Western

Jackson Courtyard Condominiums in Oakland Trades for $15.9M

by Nellie Day April 9, 2015

OAKLAND, CALIF. – The 45-unit Jackson Courtyard Condominiums in Oakland has sold to an unnamed buyer for $15.9 million. The community is located at 14th and Jackson streets in the city’s Lakeside district. It is situated near two Bay Area Rapid Transit (BART) stations. The seller, 685 Scofield LLC, was represented by Kevin Turner of Marcus & Millichap’s Oakland office.

April 9, 2015

Arizona Multifamily Western

Dalan Management Buys Glendale Commons Apartments for $8.9M

by Nellie Day April 9, 2015

GLENDALE, ARIZ. – A partnership through Dalan Management has acquired the 276-unit Glendale Commons Apartments through a trustee sale for $8.9 million. The community is located at 6565 West Bethany Home Road in Glendale. It was built in 1983. Dalan assumed the Fannie Mae loan that was originally placed in 2006. The seller was a partnership through NV Investments. The sale was executed by ABI Multifamily.

April 9, 2015

Nevada Retail Western

M&M World Las Vegas Completes $4.7M Renovation

by Nellie Day April 9, 2015

LAS VEGAS – M&M World Las Vegas has completed a $4.7-million renovation. The 31,056-square-foot building is located at Showcase Mall on the Las Vegas Strip. DC Building Group remodeled all four floors of the attraction. M&M World features a new NASCAR display with a full-size NASCAR race car replica and a new M&M Color Wall with a colored candy tube ceiling. Construction commenced in late 2012. FITCH served as the architect. The building is owned by MARS.

April 9, 2015

California Office Western

San Diego Medical Office Building Sells for $2.4M

by Nellie Day April 9, 2015

SAN DIEGO – An 8,662-square-foot medical office building in San Diego has sold to BKC Commercial Properties for $2.4 million. The building is located at 9878 Hilbert Street. The buyer plans to relocate its dermatology clinic to the new facility, which will allow for expansion. BKC was represented by Mario Martinez of Lee & Associates – North San Diego County. The seller, Williams Charitable Remainder Trust, was represented by Colliers International.

April 9, 2015

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