LOS ANGELES — In a multiple store site agreement, The Westfield Group and Costco Wholesale Corp. have announced the future addition of a 146,000-square-foot Costco to anchor Westfield’s proposed The Village at Westfield Topanga within the San Fernando Valley’s Warner Center business district in Los Angeles. The other two U.S. markets included in the agreement are Sarasota, Fla., and Wheaton, Md. The new Costco at The Village at Westfield Topanga is expected to open in late 2012.
Western
SAN DIEGO — Chatham Lodging Trust has signed a $32 million contract to acquire an upscale, extended-stay hotel in north San Diego in an all-cash transaction. Upon completion of the acquisition, the hotel REIT’s 13th property purchased or under contract in the past 4 months, the property will be managed by Island Hospitality Management.
The Las Vegas office market features a number of unique characteristics. For example, the Class A office market is not concentrated into a central business district. Office users in the downtown area consist almost exclusively of tenants that require proximity to the courts or government offices. Consequently, the tenant mix is limited to uses associated with litigation and government services. Other Class A tenants are spread around the valley at projects such as Hughes Center, a location favored by financial services, gaming interests and transactional law firms. The pool of Class A tenants is relatively shallow, measuring 6.2 million square feet or 13 percent of the overall office market. Reasons include a narrow economic focus — primarily gaming and tourism — and a lack of regional or national corporate headquarters. Consequently, speculative development and operation of Class A office space favors local players (i.e., developers, lenders and brokers). The speculative office pipeline for Las Vegas is dry except for one notable project. Tivoli Village, a 750,000-square-foot retail/office project, is anticipated to deliver its first phase in October. Despite office vacancy in excess of 20 percent, the developers, a partnership between IDB Group of Israel and local developer EHB Companies, have …
POWAY, CALIF. — Marcus & Millichap has brokered the $38.3 million sale of Poway Royal Estates, a 399-space, 51-acre mobile-home park located at 13300 Alpine Drive in Poway. Constructed in 1972, the park consists of almost all doublewide homes on doublewide sites and includes two clubhouses and swimming pools. Marcus & Millichap’s Douglas Danny represented the seller, the City of Poway, in the transaction.
TORRANCE, CALIF. — Hudson Pacific Properties has acquired the five-story, 113,000-square-foot Del Amo Office building, located on 2.3 acres at 3501 Sepulveda Blvd. in Torrance, for $27.5 million in an all-cash transaction. The property is 100 percent leased to Saatchi & Saatchi North America.
SIMI VALLEY, CALIF. — Colliers International has completed the $11.42 million sale of a two-building, office and industrial property located at 2900-2950 Madera Rd. in Simi Valley. Buyer Kingsbridge International, an importer/wholesaler of housewares and giftwares, will operate its business from the 135,683-square-foot distribution building and will lease the 72,810-square-foot office building back to the seller, Bank of America. Colliers’ John DeGrinis, Patrick DuRoss and Jeff Abraham represented the buyer in the transaction; the seller was represented by Cushman & Wakefield.
LAS CRUCES, N.M. — Steinborn/TCN Commercial Real Estate has brokered a 182,000-square-foot industrial lease in the West Mesa Industrial Park in Las Cruces. Alaska Structures’ 5-year lease at the Class A manufacturing plant includes a purchase option. Steinborn/TCN’s John Hummer and Grady Oxford represented the owner, REA Magnet Wire Co., and tenant, respectively.
SAN DIEGO — Wood Partners LLC has purchased a 5.9-acre site, located at 8798 Spectrum Center Blvd. in the Spectrum Center business park in San Diego, where it plans to develop a 379-unit luxury apartment community. The multifamily development will consist of two separate apartment buildings situated over two levels of basement garage totaling 750 parking spaces and will include an expansive pool area, a two-story clubhouse and a state-of-the-art fitness center. The first development acquisition by Wood Partners in San Diego followed a quick, 2-month process to secure the required $90 million in financing. Construction of the four-story podium complex will start by September 1.
ANAHEIM, CALIF. — Marcus & Millichap has brokered the $17 million acquisition of The Arbors at Magnolia Apartments, a 142-unit multifamily community located at 150 South Magnolia Ave. in Anaheim. Built in 1970, the 110,462-square-foot property consists of 103 one-bedroom/one-bath units, 33 two-bedroom/one-bath units and six two-bedroom/two-bath apartments. Marcus & Millichap’s Alex Mogharebi represented the Los Angeles-based private-investor buyer in the transaction.
ASPEN, COLO. — Boston-based Alcion Ventures, in conjunction with Chicago-based Golub & Co. and local operating partner, Bald Mountain Development LLC, has purchased a 2.4-acre parcel of land on South Aspen Street in Aspen from Centurion Partners for $15 million. Acquired at distressed pricing during its foreclosure, the property is currently entitled for 14 luxury townhomes and 17 affordable-housing units, but the partnership is currently evaluating all development options.