SANTA ANA, CALIF. — Westfield MainPlace Shopping Center in Santa Ana is set to undergo a $50-million revitalization and enhancement. The center is located at 2800 N. Main Street. The revitalization will include the addition of three new tenants to the currently vacant Macy’s Men’s and Home Furnishings store. Ashley Furniture, Round 1 Entertainment and 24 Hour Fitness will soon occupy this 142,500-square-foot space. Ashley Furniture will open later this year, while Round 1 Entertainment and 24 Hour Fitness will open in the first half of 2015. The center is also set to receive four new casual dining restaurants, including Panini Café, before the end of the year. Westfield MainPlace is developing two additional dining areas, including “Restaurant Row” on the north end near JCPenney and “Westside Dining” on the its west side. Recent additions to Restaurant Row include Boudin | SF and Johnny Rockets. New dining options under construction at Westside Dining, located below the Dining Court, include Blaze Pizza, Starbucks and Dog Haus. The new tenants will join the nearly 200 already-existing stores and restaurants. The new retail and dining openings will roll out from November 2014 through June 2015. The center will also add a second family …
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WEST HOLLYWOOD, CALIF. – Celebrity chef and restaurateur Wolfgang Puck is relocating his corporate headquarters to the Pacific Design Center (PDC) in West Hollywood. The headquarters will be located in the center’s Blue Buildingat 8687 Melrose Ave. Once the move is complete, Puck’s entire operations at PDC will include the corporate offices of Wolfgang Puck Worldwide, a test kitchen, and a filming kitchen and studio. This is in addition to Puck’s already existing catering operation and Red Seven Restaurant inside the Green Building. The corporate headquarters will be relocating from nearby Beverly Hills. The Blue Building was originally built in 1975. It was the first of the three buildings to be constructed at the 1.2-million-square-foot PDC, which is owned by Charles S. Cohen.
BURBANK, CALIF. — Tourmaline Capital has acquired Plaza Del Sol, a 166,216-square-foot retail center in Burbank, for $26 million. The plaza is located at 10950 Sherman Way. Plaza Del Sol is situated near the 170, 5 and 134 freeways. It is adjacent to Bob Hope Airport. The plaza is fully occupied by tenants like Vallarta Supermarkets, Powerhouse Gym, Oakwood Corporate Housing and Freshology. Tourmaline was represented by Geoff Tranchina and Jason Gribin of Wilson Commercial Real Estate. The seller, HRB Plaza Del Sol LLC, was also represented by Tranchina and Gribin, in addition to Deborah Collins of the Collins Company. HRB is an entity of Barco Real Estate Management.
AURORA, COLO. – A private local investment group has purchased the 283-unit Vista Park Apartments in Aurora for $17.2 million. The community is located at 12707 E. Mississippi Ave. Vista Park is situated near Lowry Air Force Base, Fitzsimons Medical Center and Stapleton. It is also near the future home of RTD FasTracks I-225 light-rail line, which will provide access to much of the metro area via Mississippi Avenue and I-225. The community underwent a $3-million renovation between 2011 and 2012. The unnamed seller was represented by Unique Apartment Group of Unique Properties.
SURPRISE, ARIZ. — Marley Park Plaza, a 77,545-square-foot neighborhood shopping center in Surprise, has sold to IMAN Enterprises for $12.4 million. The center is located at 15411 W. Waddell Road. It was 98 percent leased at the time of sale. Notable tenants include Basha’s, Subway, H&R Block, Little Caesar’s Pizza, Baskin Robbins and Great Clips. The seller, Donahue Schriber Realty Group, was represented by Ryan Schubert, Michael Hackett, Dan Wald and Matt Kircher of Cassidy Turley.
LOS ANGELES — Barkley Development LLC has received a $10.5-million loan to acquire, entitle, and develop a 1.5-acre parcel of land near the Los Angeles submarket of Sherman Oaks. The land is on Sepulveda Boulevard. Barkley plans to develop a mixed-use asset with 139 residential units and 9,000 square feet of retail. Construction is slated to begin in the fourth quarter of this year. The development was underwritten to over a 7 percent yield on cost, with a sub-4 percent construction financing interest rate and a terminal pro forma value projected to exceed $50 million. The loan was provided by Gabe Weinert of Johnson Capital.
DOWNEY, CALIF. — Golden Corral Buffet Restaurant has leased space at the Shops at Gallatin Road in Downey. The new space will contain a 12,000-square-foot, built-out buffet restaurant, in addition to a 6,000-square-foot pad. The lease is valued at $5.5 million. The Shops at Gallatin Road is located at Lakewood Boulevard & Gallatin Road in North Downey. Notable tenants in the area include Ralph’s, McDonald’s, Subway, Chris & Pitts BBQ, Flame Broiler, Metro PCS and Supercuts. Golden Corral was represented by Steve Liu of NAI Capital’s Orange County office. The landlord is First Enterprises Group.
TACOMA, WASH. – The 41-unit Emerson Apartments in Tacoma has sold to an unnamed buyer for $2 million. The community is located at 902 South Fawcett Ave. It was built in 1917. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office represented both the buyer and seller in this transaction.
SAN DIEGO – A 3,500-square-foot building in San Diego that served as the offices for Teamsters Local 683 has sold to SDPB Holdings for $1.3 million. The building was located at 2731 B Street. SDPB plans to redevelop the 22,000-square-foot lot as a residential property. The Teamsters had used that space for administrative offices and meeting space for more than 70 years. The organizations will relocate to a 19,000 square foot office building in El Cajon in the next 12 months. That acquisition was valued at $1.9 million. Marc Frederick of Colliers International represented both the buyer and seller in this transaction.
The Phoenix metro office market continues to show signs of growth and recovery despite a high level of economic uncertainty that businesses around the country are experiencing today. Besides this being an election year, there is uncertainty over healthcare costs, the regulatory environment, minimum wage, taxes, government spending, entitlement programs, political gridlock, and on and on. The Phoenix metro area has absorbed 1.1 million square feet of office space year-to-date, bringing overall vacancy down to 18.6 percent, according to Colliers. Most of the larger, contiguous office spaces that are in demand by larger companies have been absorbed. However, uncertainty has caused postponement in investment, hiring, expansion and relocation, especially for small- to medium-sized businesses. Much of the vacant office space is composed of small, noncontiguous spaces that these firms would occupy. Certain submarkets enjoy vacancy rates in the single digits. Chandler’s Price Corridor and downtown Tempe have been consistently attractive to larger office users given their amenities and concentration of technology firms, financial institutions, software developers, insurance, and many other industries and institutions. Rental rates are beginning to inch up in these submarkets as supply is absorbed and new construction begins to take shape. Excessive economic uncertainty has kept the …