INGLEWOOD, CALIF. – Madison Square Garden Company (MSG) has invested $100 million in the revitalization efforts of the iconic Forum in Inglewood. The indoor arena contains 17,505 seats for basketball games, 16,005, forice hockeygames and up to 18,000 for concerts. MSG plans to reopen the Forum in January 2014 with Chase as the new presenting partner. The Forum will then be called The Forum Presented by Chase. It is located at 3900 West ManchesterBlvd. Updates to the arena include new state-of-the-art, technically advanced support systems that feature a sky deck to accommodate the largest touring concerts, productions and events. The historic Forum Club will also be updated and converted into the Chase Lounge. The 40,000-square-foot outdoor terrace surrounding the venue’s perimeter will also be revitalized. A marquee is set to be erected at the corner of Manchester and Prairie Avenue as well.MSG purchased the Forum in 2012 for $23.5 million. The acquisition allowed the venue owner and operator to enter the West Coast.The Forum’s Jan. 15, 2014, reopening will be kicked off by a performance from the Eagles.
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SOUTH JORDAN, UTAH – A new joint venture between Mountain Real Estate Capital (MREC) and DAI/Candlelight Homes of Utah has acquired the Santorini Village in South Jordan. The JV plans to develop the 199-lot housing community, which will be located at 9800 South Redwood Road. The community will be developed by DAI and built by Candlelight Homes. This acquisition represents MREC’s first investment into the Salt Lake City housing market.
TEMPE, ARIZ. – USA Place, a $350-million mixed-use development, is planned for the City of Tempe. The project will include: a 330-room Omni Hotel; a 30,000-square-foot conference center; new national headquarters for USA Place; a training center for USA Basketball; a 4,500-seat event center; 500 luxury apartments; 160,000 square feet of retail; and up to 200,000 square feet of office space, which would include a new home for Arizona Interscholastic Association events. USA Place will be located on a 10.5-acre site at the southeast corner of Mill Avenue and University Drive in downtown Tempe. The site is adjacent to Arizona State University’s main campus and the Mill Avenue District. It is also in close proximity to light rail stations and Phoenix Sky Harbor International Airport. Once completed in the second half of 2015, the new full-service Omni Hotel will be Tempe’s first four-diamond hotel. USA Basketball is also scheduled to relocate its national headquarters and open its new training center in fall 2015. The company is currently based in Colorado Springs. Construction is expected to commence by the end of the year, with the conference center, event center, and the first phase of residential, retail and office spaces also scheduled …
INGLEWOOD, CALIF. – Madison Square Garden Company (MSG) has invested $100 million in the revitalization efforts of the iconic Forum in Inglewood. The indoor arena contains 17,505 seats for basketball games, 16,005, for ice hockey games and up to 18,000 for concerts. MSG plans to reopen the Forum in January 2014 with Chase as the new presenting partner. The Forum will then be called The Forum Presented by Chase. It is located at 3900 West Manchester Blvd. Updates to the arena include new state-of-the-art, technically advanced support systems that feature a sky deck to accommodate the largest touring concerts, productions and events. The historic Forum Club will also be updated and converted into the Chase Lounge. The 40,000-square-foot outdoor terrace surrounding the venue’s perimeter will also be revitalized. A marquee is set to be erected at the corner of Manchester and Prairie Avenue as well. MSG purchased the Forum in 2012 for $23.5 million. The acquisition allowed the venue owner and operator to enter the West Coast. The Forum’s Jan. 15, 2014, reopening will be kicked off by a performance from the Eagles.
SOUTH JORDAN, UTAH – A new joint venture between Mountain Real Estate Capital (MREC) and DAI/Candlelight Homes of Utah has acquired the Santorini Village in South Jordan. The JV plans to develop the 199-lot housing community, which will be located at 9800 South Redwood Road. The community will be developed by DAI and built by Candlelight Homes. This acquisition represents MREC’s first investment into the Salt Lake City housing market.
BURBANK, CALIF. – A 34,153-square-foot office building in Burbank has sold to a locally based private investor for an undisclosed sum. The building is located at 2727 W. Alameda Ave. in the city’s media district. The sale comes just days after the building's two tenants, FotoKem and St. Joseph’s Hospital/Providence Health System, renewed their leases. Corey Spoundand Dean Hawthorneof Jones Lang LaSalle’s Los Angeles office represented both the buyer and the seller, GLC Enterprises, in this transaction. The firm also completed the two lease renewals.
SAN DIEGO — Cornerstone Heights Corporate Center, a 97,945-square-foot office property in the San Diego submarket of Sorrento Mesa, has received $13.7 million in acquisition/bridge financing. The two-building center is located at 5959 and 6059 Cornerstone Court West. Both buildings underwent significant renovations in 2008. The property now boasts a 90 percent occupancy. The three-year, floating-rate loan was arranged by HFF’s Aldon Cole, Kara Mathis, Jay Marshall and Doug Bond on behalf of a joint venture between Lincoln Property Company and Artemis Real Estate Partners. The loan was placed with Bank of America.
HUNTINGTON BEACH, CALIF. – A 102,700-square-foot industrial building in Huntington Beach has sold to a joint venture between CT Realty Investors and Artemis Real Estate Partners for $10.6 million. The building is located at 17311 Nichols Lane. The JV also recently signed a 10-year lease with Driessen Aircraft Interior Systems Inc. that is valued at $9.1 million. The company, which specializes in designing, manufacturing and marketing high-quality galleys for commercial and private aircraft, will occupy 100 percent of the space. Per the lease agreement, Driessen has the option to convert a portion of the warehouse into office space and add 10,447 square feet of second-story mezzanine office space. Driessen is owned by Zodiac Aerospace.The JV was represented by Darin McDonald and Ted Sawyer of Lee & Associates’ Newport Beach office. McDonald and Sawyer also represented Driessen in the lease transaction. The seller, a former owner/user, was represented by Jeffrey Read and Scott Read of Newmark Grubb Knight Frank in Newport Beach. The transaction was executed on behalf of New York State Common Retirement Fund’s $300-million real estate emerging manager program. The program hopes to invest with best-in-class operating partners that have proven market and product expertise.
BURBANK, CALIF. – A 34,153-square-foot office building in Burbank has sold to a locally based private investor for an undisclosed sum. The building is located at 2727 W. Alameda Ave. in the city’s media district. The sale comes just days after the building's two tenants, FotoKem and St. Joseph’s Hospital/Providence Health System, renewed their leases. Corey Spound and Dean Hawthorne of Jones Lang LaSalle’s Los Angeles office represented both the buyer and the seller, GLC Enterprises, in this transaction. The firm also completed the two lease renewals.
SAN DIEGO — Cornerstone Heights Corporate Center, a 97,945-square-foot office property in the San Diego submarket of Sorrento Mesa, has received $13.7 million in acquisition/bridge financing. The two-building center is located at 5959 and 6059 Cornerstone Court West. Both buildings underwent significant renovations in 2008. The property now boasts a 90 percent occupancy. The three-year, floating-rate loan was arranged by HFF’s Aldon Cole, Kara Mathis, Jay Marshall and Doug Bond on behalf of a joint venture between Lincoln Property Company and Artemis Real Estate Partners. The loan was placed with Bank of America.