DENVER – Lee & Associates has opened an office in Denver. The new outpost is located at 1610 Wynkoop Street. The office will be headed up by John R. Bitzer, who will act as managing broker. He will be joined by principals JR Bitzer and Ron Webert. Bitzer is a 30-year industry veteran. He founded Bitzer Real Estate Partners in 1995. This is Lee’s 51st office. The firm also recently opened an office in Cleveland as part of its regional and national office expansion strategy.
HONOLULU, HAWAII – Forever 21 has announced plans to open a 12,000-square-foot store at Ka Makana Alii, a 1.4-million-square-foot regional mall being developed in West Oahu. Ka Makana Alii will break ground later this year. The first phase is scheduled to open in 2016. The new mall will feature more than 150 shopping, dining and entertainment options, two hotels and LEED-certified office space. It will be anchored by Macy’s and H&M. This will be the first Forever 21 in West Oahu, and the fifth in Hawaii. The mall is being developed by DeBartolo Development.
LOUISVILLE, COLO. – Servtech has leased 95,000 square feet of industrial space in Louisville. The space is located at 333 Centennial Parkway. The electrical motor controls manufacturer was represented by Adam Micheli of Berkshire Hathaway and Gwenivere Snyder of Colorado Landmark Realtors. The landlord, Neoserv Co Qrs 10 13 Inc, was represented by Chris Ball, Brandon Ray, Alec Rhodes, Tyler Smith and Aaron Valdez of Cassidy Turley.
LOS ANGELES – Global marketing agency Trailer Park has leased 86,271 square feet of office space in Hollywood. The Class A space is located at 6922 Hollywood Blvd. The agency leased an additional 15,171 square feet at the building. It will occupy six of the building’s 12 stories, beginning next year. Trailer Park has leased two floors at the property since 2001. The 205,000-square-foot property is fully leased. Trailer Park was represented by Andy Lustgarten of Savills Studley. The landlord, Hudson Pacific Properties, was represented by Steve Salas of Madison Partners.
REDWOOD CITY, CALIF. – A 12-unit apartment complex in Redwood City has sold to a private investor in a 1031 exchange for $3.3 million. The community is located at 1550-1570 Ebener Street. The property was recently renovated and offered significant upside in potential rent income. Robert Johnston and Mitchell Zurich of Marcus & Millichap’s Palo Alto office represented both the buyer and seller, a private investor, in this transaction.
SAN FRANCISCO – Blue Line Pizza recently opened its fifth San Francisco Bay Area restaurant at the Westlake Shopping Center. The center is located at 511 Westlake Center, just south of San Francisco. The restaurant will occupy 2,978 square feet. The center is anchored by Trader Joe’s, Safeway, Walgreens, Home Depot and Cost Plus World Market. Blue Line Pizza also has restaurants in Burlingame, Campbell, Mountain View and San Carlos. The restaurant was represented by Ross White of SRS Real Estate Partners.
SAN DIEGO – The new 317-room Pendry San Diego has received $95 million in construction financing. The Montage-branded hotel will be located on 5th and J streets in Downtown San Diego’s Gaslamp Quarter. The hotel will be situated three blocks from the San Diego Convention Center. Pendry San Diego will mark the launch of the new Pendry hotel brand. The development site originally housed a condemned cigar store and parking lot. It was initially considered by another developer as the site for a new Marriott Renaissance hotel. Interest waned during the recession, however, and an eminent domain issue emerged with the site’s former cigar shop owner, according to Malcolm Davies of George Smith Partners, which arranged the construction loan. The Pendry San Diego will be a 12-story hotel with several restaurants and bars, an outdoor pool, spa, grill, fitness area, ballroom and various meeting rooms. It is scheduled for completion in summer 2016. Davies also notes the development partners were seeking financing that would provide 70 percent of the proceeds necessary for the construction of this luxury hotel. The non-recourse financing features a 36-month term. The capital stack includes both debt and equity. The structure allows the loan to subordinate …
SEATTLE – NorthEdge, a 212,000-square-foot office property in the North Lake Union submarket of Seattle, has received $56.4 million in construction financing. The Class A development will be located on the southeast corner of North 34th Street and Woodlawn Avenue. NorthEdge will be situated in the Fremont neighborhood. Notable employers in this area include Google, Adobe and Tableau Software. The four-story office development will include 208,000 square feet of office space, 4,000 square feet of retail and a two-level, 314-space subterranean parking garage. In an effort to attract the burgeoning tech crowd of Seattle, the project will feature exposed concrete, open ceilings, and full-height glass windows overlooking Lake Union and the Downtown Seattle skyline. The project is being developed by Touchstone Corporation and AIG Global Investment Group. The three-year construction loan was arranged by HFF’s Bruce Ganong and Brandon Roth. It was provided by Bank of the Ozarks.
LOS ANGELES – American Realty Advisors has acquired The Millennium Del Rey, a 196-unit apartment community in the Los Angeles submarket of Marina Del Rey, for an undisclosed sum. The community is located at 5550 Grosvenor Blvd. The Millennium Del Rey is situated in the Silicon Beach region of Los Angeles, which consists of Playa Del Rey, Playa Vista, Marina Del Rey, Venice and Santa Monica. The area is also set to receive the Runway, a 221,000-square-foot, mixed-use development, by the end of the year. Runway will be anchored by Whole Foods, Cinemark Theatres, and CVS. It will also include Veggie Grill, Panini Café and Sol Cocina. The Millennium’s community amenities include a fitness center, resort-style pool, barbeque courtyards, a dog area, a business center, surfboard storage and a bicycle maintenance room. The community has been built to LEED-Gold standards. Residents are also able to opt for a technology package that includes built-in Apple TVs that provide easy access to iTunes, iCloud, the Apple Store, Netflix and Hulu. The Monarc Tree System is another optional feature that allows residents to control lighting, thermostat settings, built-in speakers and entertainment options from anywhere in the world. Construction on The Millennium was just …
TEMPE, ARIZ. – DCT Industrial Trust has purchased a three-property industrial portfolio in Tempe for $26.4 million. The portfolio contains a total of 355,371 square feet. The transaction includes Roosevelt Center at 2405 and 2415 S. Roosevelt Street; Parkland Center at 7245 and 7307 South Harl Ave.; and Wilson Center at 2636 South Wilson Street. Roosevelt Center and Wilson Center contain three high-quality warehouse/manufacturing buildings totaling 292,605 square feet within the Broadway Industrial Park. Parkland Center contains two multi-tenant industrial buildings totaling 62,766 square feet in the south Tempe submarket. The portfolio was 98 percent leased at the time of sale. DCT plans to hold the portfolio and continue its lease-up efforts. Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group represented both the buyer and seller, a Chicago-based global investment manager, in this transaction.