HONOLULU — Jones Lang LaSalle (JLL) has opened a new office in Honolulu. It will be located at 1585 Kapiolani Blvd. The opening follows the announcement that the firm was expanding its retail brokerage services platform in the area. Wendell Brooks III, who joined JLL earlier this year as senior vice president, will head the company’s retail brokerage business on the islands.James “Kimo” Greenwell, Robert Kelley, Melissa Masicampo and Mark Ching also recently joined the retail team. The firm notes it is the largest company in Hawaii that offers third-party retail management and brokerage services. It currently leases and/or manages 18 properties throughout the islands.
Western
RIVERSIDE, CALIF. – The 208-unit View Pointe Apartments in Riverside has sold to DLPG Real Estate Investment Fund for $32 million. The community is located at 5059 Quail Run Road in the submarket of Canyon Crest. It is less than a mile from the University of California, Riverside. The seller, a private Bay Area investment group, was represented by Dean Zander, Vince Norris and Spencer Scott of Hendricks-Berkadia.
CAMPBELL, CALIF. – The 225-unit Kirkwood Village Apartments in Campbell has received a $25-million refinance. The fully leased community was built in the early 1960s. It is located at 1630 W Campbell Ave. in the San Jose suburb. The long-term, fixed-rate loan was secured by Kenneth M. Fox in Cohen Financial’s San Francisco office on behalf of the local real estate investor/owner/developer. It was funded by Lincoln Financial Group.
HONOLULU — Jones Lang LaSalle (JLL) has opened a new office in Honolulu. It will be located at 1585 Kapiolani Blvd. The opening follows the announcement that the firm was expanding its retail brokerage services platform in the area. Wendell Brooks III, who joined JLL earlier this year as senior vice president, will head the company’s retail brokerage business on the islands. James “Kimo” Greenwell, Robert Kelley, Melissa Masicampo and Mark Ching also recently joined the retail team. The firm notes it is the largest company in Hawaii that offers third-party retail management and brokerage services. It currently leases and/or manages 18 properties throughout the islands.
PARK CITY, UTAH — Summit Center, an 83,000-square-foot retail and office complex in Park City, has sold to Kai’Ohu Summit for an undisclosed sum. This is Kai’Ohu’s first commercial acquisition in Utah. The six-building center is located at 2700 Rasmussen Road. It is home to tenants like EMC2, iSchool Campus, and CrossFit Park City. The transaction was executed by Bryce Blanchard of Newmark Grubb ACRES.
REDLANDS, CALIF. – A 96,997-square-foot portion of thePavilion at Redlands shopping center has sold to a Chinese private investor for $17.7 million. The portion that sold is located at 2054-1094 Redlands Blvd. This part of the property contains a 52,924-square-foot Food 4 Less, in addition to about 20 smaller retailers, including Payless Shoe Source, Verizon, GameStop, Little Ceasers, Metro PCS, H&R Block and Supercuts. The property is currently 99 percent leased. CBRE’s Dennis Zhangrepresented the all-cash buyer. The sellerwas an affiliate of Foothill Village Property, LP.
PHOENIX – A four-property, Phoenix-based Walgreens portfolio has sold to an unnamed buyer for $15.9 million. The Arizona properties were part of a larger transaction that included five additional Walgreens and one CVS drugstore located throughout the nation. The drugstores contained a mix of both long- and short-term, double- and triple-net leases. About half of the transactions were off-market deals, according to Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County’s Barr & Bennett Net Leased Group, who represented the buyer.
PARK CITY, UTAH — Summit Center, an 83,000-square-foot retail and office complex in Park City, has sold to Kai’Ohu Summit for an undisclosed sum. This is Kai’Ohu’s first commercial acquisition in Utah. The six-building center is located at 2700 Rasmussen Road. It is home to tenants like EMC2, iSchool Campus, and CrossFit Park City. The transaction was executed by Bryce Blanchard of Newmark Grubb ACRES.
REDLANDS, CALIF. – A 96,997-square-foot portion of thePavilion at Redlands shopping center has sold to a Chinese private investor for $17.7 million. The portion that sold is located at 2054-1094 Redlands Blvd. This part of the property contains a 52,924-square-foot Food 4 Less, in addition to about 20 smaller retailers, including Payless Shoe Source, Verizon, GameStop, Little Ceasers, Metro PCS, H&R Block and Supercuts. The property is currently 99 percent leased. CBRE’s Dennis Zhang represented the all-cash buyer. The sellerwas an affiliate of Foothill Village Property, LP.
PHOENIX – A four-property, Phoenix-based Walgreens portfolio has sold to an unnamed buyer for $15.9 million. The Arizona properties were part of a larger transaction that included five additional Walgreens and one CVS drugstore located throughout the nation. The drugstores contained a mix of both long- and short-term, double- and triple-net leases. About half of the transactions were off-market deals, according to Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County’s Barr & Bennett Net Leased Group, who represented the buyer.