LAS VEGAS — The Grand Canal Shoppes inside Las Vegas’ Venetian and Palazzo resorts has sold to a partnership between General Growth Properties (GGP) and TIAA-CREF for $410 million. The shops are 99 percent leased and contain a total of 774,000 square feet throughout both resorts. GGP had owned 100 percent of the property prior to this transaction. Both companies will now have a 50-50 share, though GGP will continue to provide management and leasing services.
WEST JORDAN, UTAH – The 280-unit Boulder Canyon Apartments in West Jordan has received a $27.5-million loan. The community is located at 5517 W. Slate Canyon Drive just southwest of Salt Lake City. The non-recourse loan features a fixed interest rate in the mid-2 percent range and a 40-year amortization schedule. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine officein conjunction with the acquisition of the property by Eight Bay Advisors, LLC.
BELLEVUE, WASH. – The Marketplace at Factoria, a 510,000-square-foot shopping center in Bellevue, has sold to Kimco Realty Corp. The company had maintained a 50 percent ownership interest in this property before acquiring its joint venture partner’s ownership interest. The center is 94.3 percent leased to tenants like Walmart, Target, Nordstrom Rack, TJ Maxx, Petco, DSW Shoe Warehouse, Old Navy, Rite Aid and Safeway. The transaction was based on a gross value of $130.7 million.
LAS VEGAS — The Grand Canal Shoppes inside Las Vegas’ Venetian and Palazzo resorts has sold to a partnership between General Growth Properties (GGP) and TIAA-CREF for $410 million. The shops are 99 percent leased and contain a total of 774,000 square feet throughout both resorts. GGP had owned 100 percent of the property prior to this transaction. Both companies will now have a 50-50 share, though GGP will continue to provide management and leasing services.
WEST JORDAN, UTAH – The 280-unit Boulder Canyon Apartments in West Jordan has received a $27.5-million loan. The community is located at 5517 W. Slate Canyon Drive just southwest of Salt Lake City. The non-recourse loan features a fixed interest rate in the mid-2 percent range and a 40-year amortization schedule. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine officein conjunction with the acquisition of the property by Eight Bay Advisors, LLC.
BELLEVUE, WASH. — Northwest developer Kemper Development Co. announced Monday plans for a $1.2 billion mixed-use expansion to its shopping and dining complex, The Bellevue Collection, in downtown Bellevue. Plans for the project include 2 million square feet of additional retail, office, hotel and residential space covering more than a block of prime real estate at Northeast Fourth Street and Bellevue Way Northeast. Construction is expected to begin in early 2014 and wrap up by fall 2016. Kemper Freeman, chairman and CEO of Kemper Development Co. is pitching the project in Las Vegas at a gathering of the International Council of Shopping Centers and says he is talking with lenders and expects to secure financing soon, according to the Seattle Times. Freeman also says he believes he can pre-lease much of the space during the next few months and has no plans to build on speculation. Located 10 miles east from downtown Seattle, the regional shopping destination draws more than 22 million shoppers annually from a six-state region and Canada. The Bellevue area is home to corporations such as Microsoft, Expedia and T-Moblie and boasts an average household income of $120,000. Noting the area’s growing concentration of affluent shoppers, Kemper …
NEWPORT BEACH, CALIF. – The Civic Center and Park Project has completed construction in Newport Beach. It is located at 100 Civic Center Drive. The $110-million project contains a total of 117,000 square feet. It includes an 88,000-square-foot office building, community room, a 150-seat city council chambers, a 14-acre park and a 450-space parking structure. It also included a 17,000-square-foot library expansion. The center is slated for LEED-Silver certification. The three-phase construction schedule began in May 2010. The project was built by C.W. Driver.
CARMICHAEL, CALIF. — St. George Medical Center, a multi-tenant medical office building in Carmichael, has sold to Dylan Investment Properties for an undisclosed sum. The 52,677-square-foot building sits adjacent to the 370-bed Mercy San Juan Medical Center just northeast of Sacramento. St. George underwent a multi-million dollar renovation in 2007, while Mercy San Juan recently executed a $125-million expansion. Dylan Investment was represented by Evan Kovac of NGKF Capital Markets. The seller was SA Challenger.
SAN DIEGO – The 57-unit Pacific Pines Village in San Diego has sold to Vista International for $6.5 million. The community is located at 4355 46th Street and 4366-4406 Menlo Ave. Vista International was represented by Mark Hughes of KW Commercial. The sellers, Double RP Investments LLC, AMB Capital and Blue Corner Capital LLC, was represented by Rita Lancaster-Hannahof Colliers International and Robert Weinberger of RJW Properties.
BELLEVUE, WASH. — Northwest developer Kemper Development Co. announced Monday plans for a $1.2 billion mixed-use expansion to its shopping and dining complex, The Bellevue Collection, in downtown Bellevue. Plans for the project include 2 million square feet of additional retail, office, hotel and residential space covering more than a block of prime real estate at Northeast Fourth Street and Bellevue Way Northeast. Construction is expected to begin in early 2014 and wrap up by fall 2016. Kemper Freeman, chairman and CEO of Kemper Development Co. is pitching the project in Las Vegas at a gathering of the International Council of Shopping Centers and says he is talking with lenders and expects to secure financing soon, according to the Seattle Times. Freeman also says he believes he can pre-lease much of the space during the next few months and has no plans to build on speculation. Located 10 miles east from downtown Seattle, the regional shopping destination draws more than 22 million shoppers annually from a six-state region and Canada. The Bellevue area is home to corporations such as Microsoft, Expedia and T-Moblie and boasts an average household income of $120,000. Noting the area’s growing concentration of affluent shoppers, Kemper …