HONOLULU, HAWAII — Johnny Rockets and Fun Foods LLC have signed an area development agreement to bring Johnny Rockets restaurants to Hawaii and Guam. Fun Foods LLC is a sister company of the Fernandez Entertainment group, which operates E. K. Fernandez Shows and Fun Factory. Fun Factory operates family entertainment centers on Oahu, Maui, the Big Island and Kauai. E. K. Fernandez Shows is a locally owned, third-generation family business that provides carnival, fair and circus attractions in Hawaii. Pacific Business Newsnotes Johnny Rockets is targeting locations in Waikiki and Ala Moana Center, among others. It has also been in talks with Fun Factory to open restaurants either adjacent to or inside the family entertainment centers, though nothing has been decided yet.
Western
CHANDLER, ARIZ. – W. P. Carey Inc. has acquired a 183,000-square-foot office building in Chandler for $43.1 million. The Class A building is located at 2700 Frye Road. The facility is leased to QBE Holdings for 10 years. It serves as the company’s West Coast regional headquarters. Neil Glassmoyer, Tivon Moffitt and Peter Bauman of Colliers International in Greater Phoenix represented both the buyer and the seller, Regent Properties, in this transaction.
CARLSBAD, CALIF. – A 106,311-square-foot industrial building in Carlsbad has sold to 2270 Camino LP for $9.5 million. The building is located at 2270 Camino Vida Roble. The buyer is an entity of Lincoln Property Company. Aric Starck of Cassidy Turley represented both the buyer and the seller, 2270 Camino Vida Roble LLC, an entity of the Gilbert J. Martin Foundation, in this transaction.
SAN DIEGO – A 42,973-square-foot Albertsons supermarket in Downtown San Diego has received $12.7 million in financing. The supermarket is located within the East Village neighborhood. It occupies the ground floor of a seven-story, mixed-use development that includes a 229-unit luxury apartment complex. Financing was arranged by Jamie Dick and Jay Dick of Newmark Realty Capital’s San Diego office. The borrower was a Southern California-based investment management company. The lender is an East Coast based bank.
SAN LUIS OBISPO, CALIF. — The Village at Nipomo, a 37,939-square-foot retail center in the San Luis Obispo suburb of Nipomo, has received $8.4 million in acquisition financing. The center is located on West Tefft Street, one block west of Highway 101. It was fully leased to 15 tenants, including Starbucks, Wells Fargo, a day spa, an antique store, a real estate office, a pizza parlor, a pet supply store and a dry cleaner. The 10-year, fixed-rate loan has a 30-year amortization schedule. The loan was originated by Don Burnes of Johnson Capital. The principals of the newly formed borrowing entity operate a real estate investment firm based in the San Francisco Bay Area.
SAN DIEGO — Fieldstone Plaza, a 44,307-square-foot office building in the San Diego submarket of Sorrento Mesa, has sold to TA Associates Realty for $9.4 million. The building is located at 5465 Morehouse Drive, near the Interstate 805/Mira Mesa Boulevard interchange. It was built in 1986. Fieldstone Plaza is currently 92 percent occupied. The unnamed seller was represented by Louay Alsadek, Evan August, Hunter Rowe and Brad Black of CBRE Institutional Investment Properties team.
LOS ANGELES – A 63,605-square-foot office property in Simi Valley has sold to Younan Properties for $4.4 million. The Class A property is located at 2900 N. Madera. It is currently vacant. Younan was represented by Dan Vittone and Alan Pekarcik of Avison Young. The seller, Rexford Industrial Realty, was represented by John DeGrinnis of Colliers International.
DENVER – A two-building retail property in Denver has sold to an Aspen, Colo.-based 1031 exchange buyer for about $4.2 million. The property is located at 3545-3559 West 38th Ave. Panera Bread occupies one of the buildings. The additional three-tenant retail strip center recently received a ground-up renovation. Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors represented both the buyer and the seller, Littleton Capital Partners, in this transaction.
SEATTLE – The 366-unit Lake Washington Apartments in Seattle will undergo a $50-million redevelopment. The 66-year-old complex is located at 9062 Seward Park Ave. South. It is one of Washington’s largest non-government agency operated affordable housing properties. The redevelopment will include improvements to the units’ interiors and exteriors, as well as the installation of energy-efficient appliances. The complex will also receive new community spaces and 13 new units. Construction will begin next month. It is scheduled for completion in the later part of next year. The developer is Bayside Communities and its non-profit partner, SouthEast Effective Development (SEED). Development and financing partners include Citibank, the City of Seattle and the State of Washington. The tax credit equity is provided by R4 Capital. The redevelopment will be undertaken without any new direct taxpayer funding.
CLAREMONT, CALIF. – An institutional investor has purchased Park View, a 42-acre land site in Claremont, for $48 million. The site was entitled for 400 residential units and 100,000 square feet of commercial building areabefore an affiliate of Allied Retail Partners LLC purchased the land for $12 million in June 2011. The land is currently in raw condition. The sellers were LBG Real Estate Companies and Allied.