ALBANY, ORE. — Vintage Real Estate LLC has acquired the 406,500-square-foot Heritage Mall, an underperforming shopping center in Albany, from a consortium of lenders for an undisclosed sum. Albany is one of the fastest growing cities in Oregon.A major shopping destination for the city and Linn County, Heritage Mall features 52 major retailers, boutiques and restaurants. Among the retailers are Target, Sears, Ross Dress for Less and Old Navy, Maurices, rue21, Zumiez, Famous Footwear, GameStop and Bath & Body Works.Heritage Mall is located on 33 acres west of Interstate 5 and just north of Corvallis, home of Oregon State University and its more than 26,000 students. The mall, which opened in 1988, was remodeled in 2006 and currently is 50 percent occupied. This transaction removed $38 million in debt from the property.
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LOS ANGELES — Westwood Center, a 34,136-square-foot shopping center in Los Angeles, has received $5.5 million in financing. The center is located at 2180 Westwood Blvd. It is fully occupied by tenants such as Subway, Fast Frame, Beauty Supplies and MB Nails. The seven-year loan was used to refinance existing debt. It boasts a 5 percent fixed interest rate. The loan was arranged for Westwood Center, LLC by HFF’s James Fowler.
SAN DIEGO – A 359,218-square-foot, 24-story office building in Downtown San Diego has sold to a joint venture between Lincoln Property Company and Angelo, Gordon & Company for $49 million. The high rise is located at 600 B Street. It is 85 percent occupied. Notable tenants include the City of San Diego and Bridgepoint Education, as well as several law firms. This is Lincoln’s first acquisition in the area since it opening a San Diego office this past May.
ALBANY, ORE. — Vintage Real Estate LLC has acquired the 406,500-square-foot Heritage Mall, an underperforming shopping center in Albany, from a consortium of lenders for an undisclosed sum. Albany is one of the fastest growing cities in Oregon. A major shopping destination for the city and Linn County, Heritage Mall features 52 major retailers, boutiques and restaurants. Among the retailers are Target, Sears, Ross Dress for Less and Old Navy, Maurices, rue21, Zumiez, Famous Footwear, GameStop and Bath & Body Works. Heritage Mall is located on 33 acres west of Interstate 5 and just north of Corvallis, home of Oregon State University and its more than 26,000 students. The mall, which opened in 1988, was remodeled in 2006 and currently is 50 percent occupied. This transaction removed $38 million in debt from the property.
LOS ANGELES — Westwood Center, a 34,136-square-foot shopping center in Los Angeles, has received $5.5 million in financing. The center is located at 2180 Westwood Blvd. It is fully occupied by tenants such as Subway, Fast Frame, Beauty Supplies and MB Nails. The seven-year loan was used to refinance existing debt. It boasts a 5 percent fixed interest rate. The loan was arranged for Westwood Center, LLC by HFF’s James Fowler.
The Pheonix economy is recovering slowly, with accelerating employment growth and rising housing prices outpacing national averages. These drivers have begun to stabilize the local retail market, and with future economic expansion likely going forward, retailers are expected to become more active. In 2013, retailers are forecast to absorb about twice as much space as they did in 2012. While vacancy rates remain above 10 percent in many of the valley’s primary trade areas, the overall retail outlook is more promising than in recent years. Following a pre-recession wave of retail construction, development activity has been limited to just a handful of projects over the past several years. The largest project to deliver in 2012 was the 328,000-square-foot Tanger Outlet Mall at Westgate. The center came online during the fourth quarter almost entirely pre-leased and accounted for about 30 percent of the total net absorption in the West Valley in 2012. No projects of this size are expected to be delivered in 2013, and developers will remain on the sidelines for a few more years before bringing additional shopping centers to the market. With vacancy still elevated throughout much of the valley, the development that occurs in 2013 will likely …
LOS ANGELES — DJM Capital Partners has received $185 million that will be used to recapitalize its four-property Southern California retail portfolio. The Class A shopping centers that received loans include La Habra Marketplace in La Habra for $70.6 million;Village Del Amo in Torrance for $40.2 million;Montalvo Squarein Ventura for $42.2 million; and Lakewood Square in Lakewood for $32 million. The portfolio loan allowed DJM to secure long-term, fixed-rate financing on these core assets. The funds will be used to pay off existing senior loans, mezzanine loans and defeasance costs. The funds were arranged by Steve Bram, David Pascale and Ari Shram ofGeorge Smith Partners.
TEHACHAPI, CALIF. – Tehachapi Health Care District Hospital, a new $56-million, 78,979-square-foot hospital, will soon break ground in Tehachapi. The 25-bed facility will replace the hold hospital, which does not meet current California Seismic Safety Standards. Construction will commence in February and is scheduled for completion in 2015. Tehachapi is southeast of Bakersfield and just west of the Mojave Desert. The hospital will be built by a joint venture between Bernards and Colombo Construction Company, which will provide construction management services for the Tehachapi Health Care District. The facility will be designed by Stephen Wen of SWA Architects.
BEAVERTON, ORE. – The 288-unit Wyndham Park Apartments in Beaverton has received $20 million in acquisition financing. The 10-year loan carries two years of interest-only followed by a 30-year amortization schedule.Financing was arranged for Kl-Wyndham Park, LLC by Luke Donahue and John Kinser of NorthMarq’s Phoenix regional office through the firm’s seller-servicer relationship with Freddie Mac.
TIGARD, ORE. — The 192-unit Avalon Park Apartments in Tigard has sold to Tandem Development Corporation for $19.6 million. The value-add asset is located in a Westside suburban submarket of Portland. The seller, Hamilton Zanze and Company, was represented by HFO Investment Real Estate.