LOS ANGELES — Ory Schwartz of the Los Angeles Regional office of NorthMarq Capital Inc. has arranged a $13.2 million first mortgage for Midtown Shopping Center in Los Angeles. The 142,355-square-foot retail center is occupied by Ralphs, CVS/pharmacy and OSH. Financing was based on a 5-year term with interest only for the first year and then a 15-year amortization schedule.
SAN FRANCISCO AND TEMECULA, CALIF. — Forest City Enterprises Inc. has recently received loans, totaling $142.5 million, for two projects in California. The company received a $75 million construction loan for the expansion of The Promenade in Temecula. The loan will fund the 127,000-square-foot, main-street style expansion of the existing 1.1 million-square-foot retail center. The New York State Teachers’ Retirement System, which holds the permanent financing on the existing property, provided the new loan. The financing will convert to a permanent loan upon completion of construction. Additionally, Forest City received $67.5 million in construction financing for Presidio, a 161-unit adaptive reuse apartment community that is part of the historic former military base located at the foot of the Golden Gate Bridge in San Francisco. The financing was provided by Wachovia, RBS Citizens N.A. and the National Electrical Benefit Fund.
What area is your expertise? Reno/Sparks, Nevada What trends do you see presently in retail development in your area? We are seeing an increase in vacancy rates in both anchor spaces and in-line shops, as some existing tenants are vacating. What type of retail product is doing well in your area? As in most areas, Costco, Sam’s, Wal-Marts, and Dollar Stores are seeing increased sales. Sales have shifted to retailers with perceived value. Subway’s has also reported increased sales with their $5 sub sandwich promotion. What retailers are new to your area? Dillard’s, Cabella’s, Scheel’s and RC Willey. Who are the active retail developers in your area? Lewis Operating, Red Development and Bayer Properties. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Damonte Ranch Town Center developed by Lewis Operating. The center is anchored by The Home Depot, Office Depot and RC Willey. The center has additional anchor space available. It is located in south Reno east of U.S. 395 at Steamboat and Damonte Ranch Parkway. This center is located in the middle of a master-planned community that will have over 15,000 homes in the immediate area when …
SCOTTSDALE, ARIZ. — Emerson Properties Inc. has purchased a two-building retail property, which is located at 15425 and 15435 N. Scottsdale Rd. in Scottsdale. Scottsdale Place LLC sold the 26,595-square-foot property for $16.75 million. Cathy Jones, Paul Miachika, Logan Schrumpf, Jason Miszuk and Brad Spies of Sun Commercial Real Estate Inc. represented the buyer; Ari Spiro of Sperry Van Ness represented the seller in the transaction.
PRESCOTT, ARIZ. — Orange County, Calif.-based 277 Walker Road LLC has acquired a single-tenant retail property in Prescott for approximately $4.77 million. Located at 277 N. Walker Rd., the 22,036-square-foot property is fully occupied by PetSmart. Los Angeles-based PRICPETS Prescott Trust sold the property, which was constructed in 1997. Patrick Kent of Irvine, Calif.-based Faris Lee Investments represented the buyer; Dennis Vaccaro, also of Faris Lee Investments, represented the seller in the transaction. The property sold at a 6.1 percent cap rate.
LAS VEGAS — Jim Hamer of H&H Properties Inc. represented Circle City Plaza LLC in the acquisition of a four-building retail investment property in Las Vegas. Located at 5960-6020 Spring Mountain Rd., the property offers 24,860 square feet of retail space. 6000 Spring Mountain LLC and Festival Outdoor Advertising LLC sold the property for $8.4 million. Cathy Jones, Logan Schrumpf and Jason Miszuk of Sun Commercial Real Estate Inc. represented the seller in the transaction.
VISTA, CALIF. — Brian and Diane Boultinghouse of Avalon, Calif., have acquired Meadow Ridge, a 33-unit apartment community in Vista. Located at 415 Plymouth Dr., the community offers three-bedroom/two-bath units. Community amenities include backyards, patios, carports, a swimming pool and on-site laundry facilities. San Diego-based Meadowridge Apartments LP sold the property for $4.1 million. The buyers have an extensive rehabilitation planned for the property. Patrick Doyle and David Andrews of Hendricks & Partners’ San Diego office represented both parties in the transaction. Andrew Gillian of Washington Mutual arranged financing in the amount of approximately $3.1 million. Annemarie Mineo of Chicago Title handled the escrow services, while Linda Menashe of Chicago Title handled the title services.
SAN DIEGO — Gregory McQuerter has purchased the second and third floors of WaterGarden Business Centre, a three-story, 26,000-square-foot office building located at 5755 Oberlin Dr. in the Mira Mesa area of San Diego. The 17,500-square-foot space sold for $3.8 million. Barry Mahlberg of Cushman & Wakefield represented the buyer; Andrew Ewald of Grubb & Ellis|BRE Commercial represented the seller, WG Oberlin LLC, in the transaction.
HAPPY VALLEY, ORE. — Parker, Colo.-based Monterey Springs Holdings LLC has acquired Monterey Springs, a 390-unit multifamily property located at 8640 SE Causey Ave. in Happy Valley. Sherman Oaks, Calif.-based 4414 Wood Apt. I LLC, et al. sold the property for $41 million. The property features one-, two- and three-bedroom units averaging 900 square feet. Additionally, the community features an indoor swimming pool and spa, a clubhouse and a recreation center. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller; Steve Young of the company’s Seattle office represented the buyer in the transaction.
TWENTYNINE PALMS, CALIF. — Straub Construction Inc. has selected KMA Architecture & Engineering to assist in the design coordination for eight sites within the Marine Corps Air Ground Combat Center in Twentynine Palms. Currently under construction, the 14-site project will total 231,834 square feet when complete in April 2010. The 147-building project features 41 administrative buildings (32,640 square feet); nine maintenance structures (16,980 square feet); two large storage structures (8,500 square feet); 63 ISO containers (3,040 square feet); three CMS vaults (1,440 square feet); 12 restroom trailers (3,528 square feet); 13 armories (3,564 square feet); and 4 classroom buildings (7,274 square feet). The KMA project team consists of Jay Janda, Tim Rubesh and Alison Warren. RBF Consultants is providing civil engineering services, while Grace Evan Technical Services is providing engineering specification services.