Western

Sacramento Kings to Receive New $477M Entertainment and Sports Center

by Nellie Day December 17, 2014

SACRAMENTO, CALIF. – The Sacramento Kings will soon play ball in a new 17,500-seat Entertainment and Sports Center (ESC) in Downtown Sacramento. The $477-million project is scheduled to open in September 2016. The Kings Arena is one facet of the larger ESC project. This redevelopment project will eventually envelope four Downtown city blocks. The multi-use Kings facility is set to include a state-of-the-art practice space and administrative offices. The larger redevelopment project will feature 1.5 million square feet of additional development, including 475,000 square feet of office space, 350,000 square feet of retail, a 250-room hotel and 550 residential units. The new project is anticipated to bring about 1.6 million new visitors to the region, generating $230 million in economic activity on an annual basis, according to reports. The project is aiming for LEED-Gold certification. It will be built by Turner Construction, while Clark Pacific will handle the majority of the concrete work.

December 17, 2014

KZ DevCo to Develop 13 New CVS, Longs Drugstores in Hawaii, SoCal

by Nellie Day December 17, 2014

IRVINE, CALIF. — KZ DevCo LP has announced plans to build 13 new CVS/Health and Longs drugstores in Hawaii and Southern California. This totals about $150-million worth of construction in the pipeline. KZ DevCo completed construction on five CVS Health/Longs Drugs stores in Hawaii and California this past year. The full-service commercial real estate development firm anticipates it will complete three more outposts in 2015, valued at more than $25 million. Some of the 13 new drugstores will be delivered to Murrieta, Chula Vista and Long Beach, Calif. They will also be completed on the islands of Oahu, Kauai and Maui, as well as on the Big Island. Though Longs was acquired by CVS/Health in 2008, the chain still exists in Hawaii. Once the current pipeline is cleared, KZ will have delivered a total of more than 45 CVS/Health and Long’s Drugs stores. Irvine, Calif.-based KZ DevCo specializes in shopping center development, single-tenant representation, property management and construction management.

December 17, 2014

Loans Retail Utah Western

The Family Center at Taylorsville Receives $45M in Financing

by Nellie Day December 17, 2014

SALT LAKE CITY — The Family Center at Taylorsville, a 779,000-square-foot regional power center, has received $45 million in post-closing acquisition financing. The center is located at 5400 South and Redwood in the suburb of Taylorsville, less than nine miles south of Downtown Salt Lake City. Notable tenants at the Family Center include Jo-Ann Fabrics & Craft, Ross Dress for Less, Pet Smart, 24-Hour Fitness, Shopko, Guitar Center, Texas Roadhouse, Jamba Juice and Chick-fil-A. The three-year, floating-rate loan was arranged by HFF’s Jim Curtin on behalf of TriGate Capital. The loan was provided by Wells Fargo Bank. Proceeds were used to acquire the center.

December 17, 2014

Colorado Multifamily Western

Radco Buys Summit at Thornton Apartment Community Near Denver

by Nellie Day December 17, 2014

DENVER — The Radco Cos. has acquired the 322-unit Summit at Thornton apartment community for $28.2 million. The community is located at 101 E. 88th Ave. in Thornton, just north of Denver. Summit at Thornton was built in 1973. It is the second asset Radco has acquired in the Greater Denver area over the past four months. The company plans to upgrade and rebrand the property. The institutional seller invested significant capital to improve Summit at Thornton in 2011. It was represented by ARA’s Terrance Hunt, Shane Ozment, Doug Andrews, Jeff Hawks and Anna Stevens.

December 17, 2014

Arizona Industrial Western

Marco Display Specialists Leases Warehouse Space in Phoenix

by Nellie Day December 17, 2014

PHOENIX – Marco Display Specialists has leased 67,697 square feet of warehouse space in Phoenix. The space is located at 4141 W. Van Buren Street. It was built in 1998. The new lease brings the 243,039-square-foot industrial building to full occupancy. The U.S. grocery market merchandising manufacturer was represented by Rebecca Roberts of Green Street Commercial. The landlord, 4141 W. Van Buren LLC, was represented by Don MacWilliam and Payson MacWilliam of Colliers International.

December 17, 2014

California Loans Multifamily Western

Fairmont at Willow Creek in Folsom Receives $28.5M Loan

by Nellie Day December 16, 2014

FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received a $28.5-million refinance. The community is located at 200 S. Lexington Drive. The loan features a 10-year interest-only term. It was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles regional office through a Fannie Mae DUS lender. The borrower was CWS Capital Partners.

December 16, 2014

California Retail Western

Macy’s Building in Carlsbad Sells for $13.7M

by Nellie Day December 16, 2014

CARLSBAD, CALIF. – A 156,132-square-foot building in Carlsbad that is leased to Macy’s West Stores Inc. has sold to an international commercial real estate investor for $13.7 million. The building is located at 2559 El Camino Real, within the Westfield Plaza Camino Real shopping mall. Macy’s has operated at this location since 1979. The space was renovated in 2000. The seller, a San Diego-based private investor, was represented by John Rodiles and Kirk Garabedian of Marcus & Millichap’s Los Angeles office.

December 16, 2014

Loans Western

Iron Gate Mill Plain Self-Storage Facility in Vancouver Receives $4M

by Nellie Day December 16, 2014

VANCOUVER, WASH. – The 520-unit Iron Gate Mill Plain Self-Storage facility in Vancouver has received $4 million in long-term financing. The facility is located at 12406 SE 5th Street. It was built in 2010. The loan features a 10-year term and a 25-year amortization schedule. It was arranged by Peter C. Norrie of Cohen Financial. The funds were provided by a correspondent life insurance company.

December 16, 2014

Colorado Multifamily Western

Denver Apartment Building Sells for $3.4M

by Nellie Day December 16, 2014

DENVER – A 23-unit apartment building in Denver has sold to an unnamed buyer for $3.4 million. The community is located at 2701 Federal Blvd. It was built in 1971. The buyer was represented by Saratoga Property Advisors. The seller, Cedarbridge Apartments LLC, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.

December 16, 2014

California Hospitality Western

Blue Sky Lodge in Carmel Valley Sells for $2.2M

by Nellie Day December 16, 2014

CARMEL VALLEY, CALIF. – The 15-room Blue Sky Lodge in Carmel Valley has sold to a team of veteran hoteliers for $2.2 million. The hotel is located at 10 Flight Road. The sale also included two vacant parcels adjacent to the hotel. The buyers plan to redevelop both the existing hotel and the vacant parcels. They were represented by Rick Lahkar of Marcus & Millichap’s Oakland office. The seller was not named.

December 16, 2014

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