OAHU, HAWAII — Robertson Properties Group has celebrated the grand opening of the $75 million Pearl City Gateway, a 150,000-square-foot community retail center located on the northeast corner of Kuala Road and Acacia Street in Pearl City on the island of Oahu. Pearl City Gateway’s tenant roster includes Babies “R” Us, Longs, Petco, David’s Bridal, Roger Dunn Golf Shops, Cherry on Top, Ramen Ya, McDonald’s, Aloha White Hana Nail Salon & Spa and Caesars Cleaners. Babies “R” Us and David’s Bridal are new to Hawaii, and the Petco is only the retailer’s second location in the Aloha State. Robertson Properties Group recently signed several tenants for the majority of the last available shop space, including Sally’s Beauty Supply, AT&T, Impact Wireless and Blue Hawaii Sushi restaurant. Robertson Properties Group is marketing for lease the last two outlying building pads: one that can accommodate a 25,000-square-foot retailer and the other a 6,000-square-foot sit-down restaurant. Pearl City Gateway’s development team included Architects Hawaii and general contractor Swinerton Builders; the center’s leasing broker is Colliers Monroe Friedlander and Wells Fargo Bank provided construction financing. Robertson Properties Group acquired the site, a former U.S. Navy facility located just minutes from Pearl Harbor, on December …
Western
PHOENIX — George Smith Partners has arranged a $70 million loan at 4.91 percent interest for Glimcher Realty Trust. The 5-year, non-recourse, senior permanent loan is collateralized by the ground lease on the 600,000-square-foot mixed-use center known as Scottsdale Quarter in Scottsdale, Ariz. GSP’s Gary Mozer, Josh Roseman, Steve Orchard and Scott Swisher handled the loan deal, which facilitated Glimcher’s acquisition of the land under Phases I and II of Scottsdale Quarter to consolidate the leasehold and fee positions, creating a disparate increase in value versus the standalone assets.
SAN DIEGO — CB Richard Ellis has handled the $5.4 million sale of a 39,908-square-foot corporate headquarters/flex/office building located at 15150 Avenue of Science in San Diego’s Carmel Mountain Ranch. CB Richard Ellis’s Paul Lafrenz, Paul Komadina, Christina Roush, Bill Dolan and Scott Kincaid represented the seller, DISKO, of the single-story property, which is currently 82 percent leased; CBRE’s Sam Higgins represented the buyer, Cal Sorrento LTD, in the transaction.
The fast-growing Salt Lake City metropolitan area, also known as the Wasatch Front, stretches about 40 miles north of downtown Salt Lake City to Ogden and about 40 miles south to Provo, now boasting a population of about 2.1 million — or about 75 percent of the state’s population. Highly favorable demographics continue to lure top-quality retailers, restaurants and shopping centers to the region, which enjoys one of the largest average family sizes in the country (3.6), the youngest median age (28.9) and an unusually high median household income of about $63,000. The market also has a highly educated, value-based population with a strongly established work ethic that encourages retail patronage and expansion. Growth in Salt Lake County, which has a population of about 1.1 million, is particularly strong in the southwest portion, which is the region’s strongest submarket. Area planners are projecting a population growth of 1 million people in the Wasatch Front over the next 30 years. Unlike other Western markets such as Phoenix, Las Vegas and Denver, retail real estate in the Salt Lake City metro area is not as volatile. Area unemployment stands at a relatively low 7.3 percent in contrast to the national mark of …
EL SEGUNDO, CALIF. — Madison Partners has closed the $28.5 million sale of a 125,594-square-foot office building located at 501 Continental Blvd. in El Segundo. One-hundred percent leased to Teledyne Technologies for the next 7 years, the two-story, single-tenant facility situated on approximately 6.3 acres was purchased by Continental Property LLC. Madison Partners’ Bob Safai represented the seller, RW Continental LP, in the transaction.
VERNON, CALIF. — Lee & Associates has negotiated GYC Investment LLC’S $3.3 million purchase of a 29,931-square-foot industrial building located at 3015 Leonis Ave. in Vernon. Built in 1952, the property will be upgraded with coolers, high-efficient lighting and refurbished offices. Lee & Associates Commerce’s Peter Bacci represented the buyer in the transaction, and VOIT Commercial’s Brian McLoughlin represented the seller, Irish Green LLC.
FOLSOM, CALIF. — Terranomics Retail Services has brokered the $1.75 million sale of an 8,370-square-foot restaurant building located in the Folsom Corners Shopping Center at the intersection of Willard Drive and Prairie City Road in Folsom. Formerly home to Malabar Restaurant, the recently constructed, stand-alone building situated directly across from the Intel Office Park will be converted into a veterinary clinic by the buyer, Jennifer Sweet. Terranomics Retail Services’ James Teare and Dave Scanlon represented the seller, California Bank and Trust, in the transaction.
LOS ANGELES — NorthMarq Capital has arranged $22 million in permanent financing for The Metro Art Apartments, located at 11771 Montana Ave. in the Brentwood area of Los Angeles. The recently constructed multifamily complex offers 62 luxury units with one-, two- and three-bedroom options and includes a state-of-the-art fitness center, a weight room and private, gated underground parking. NorthMarq’s Paul Bruder and Chris Williams arranged the financing for the undisclosed borrower.
SAN DIEGO — Cruzan Monroe has purchased a 48,100-square-foot office building, located at 7650 Convoy Court in San Diego’s Kearny Mesa submarket, from Pacific Bell Telephone Co. for $5.05 million. CB Richard Ellis’ Paul Komadina, Paul Lafrenz and Christina Roush represented the buyer in the transaction, and the brokerage firm’s Rob Merkin and Bill Dolan represented the seller. Cruzan Monroe plans to immediately begin upgrades to the single-story property, which was built in 1971 and formerly occupied by AT&T.
DENVER AND AURORA, COLO. — The joint venture of PCCP LLC and San Francisco-based Jackson Square Properties has acquired two lender-owned, Class B apartment properties totaling 1,114 units in the Denver area. The portfolio consists of the 688-unit Hickory Ridge Apartments, located at 2134 S. Richfield Way in Aurora, and the 426-unit Lakes at Monaco Pointe Apartments, located at 6165 E. Iliff Ave. in Denver. Built in 1975, Lakes at Monaco Pointe features five three- and five-story buildings with one- and two-bedroom configurations. Built in 1985, Hickory Ridge comprises 34 two-story buildings in one-, two- and three-bedroom configurations.