UPLAND, CALIF. — Two anchor tenants have recently opened at NewMark Merrill Cos.’s Upland Town Square, a 105,000-square-foot shopping center located at the intersection of Foothill Boulevard and San Antonio Avenue in Upland. The new tenants include a 24,400-square-foot OfficeMax featuring a new multi-purpose store layout and one of California’s first Fresh & Easy, a 14,241-square-foot grocery store. After purchasing the property in 2005, the company launched a $3.5 million remodel and re-tenanting project to transform the 1970s center into a contemporary shopping destination.
Western
BELLEVUE, WASH. — Seattle-based Northwest Townhomes LLC has purchased Caribbean Apartments, a 20-unit apartment community located at 312 101st Ave. in Bellevue’s Meydenbauer neighborhood. Seattle-based Caribbean Alliance Investments sold the property for $5.3 million. The buyer plans to redevelop the 35,148-square-foot lot into 24 townhome units. Josh Blake of Hendricks & Partners’ Seattle office brokered the transaction.
CARSON, CALIF. — A joint venture between Newport Beach, Calif.-based LNR Property Corp. and Hopkins Real Estate Group has commenced work on Avalon at South Bay, an $850 million mixed-use development located along Interstate 405 between Avalon and Del Amo boulevards in Carson. The brownfield redevelopment will encompass 168 acres formerly occupied by a landfill. The project will include more than 1 million square feet of retail space, more than 1,300 residential units and 300 hotel rooms. Additionally, Tetra Tech has been awarded the contract to prepare the site for development, as well as perform operations and maintenance services for the landfill remedial systems through 2027.
CARLSBAD, CALIF. — Irvine, Calif.-based Faris Lee Investments has arranged the sale of a major portion of The Island @ Carlsbad, located at 5814 Van Allen Way in Carlsbad, for $23.6 million or $590 per square foot. The two-story retail center is located within Carlsbad Research Center, a master-planned office and R&D development totaling approximately 15 million square feet on 560 acres. The portion of the center sold in the transaction comprises 39,982 square feet, and includes tenants such as Carl’s Jr., U.S. Healthworks, TD Waterhouse, First Future Credit Union, Randstad U.S. and The Islands Oasis Food Court. Dennis Vaccaro of Faris Lee represented the seller, Orange County, Calif.-based Island Property Partners LLC, et al. The property was acquired by Los Angeles-based Sero Properties in a 1031 exchange. In January, Faris Lee completed the $5.3 million sale of two buildings in the retail center, which were the only two not included in the present transaction. The buildings are occupied by U.S. Bank and 7-Eleven, and total 7,276 square feet.
PASADENA, CALIF. — The California Institute of Technology (Caltech) has broken ground for the construction of the Walter and Leonore Annenberg Center for Information Science and Technology, a $31.2 million facility located on Caltech’s campus in Pasadena. Designed by Frederick Fisher and Partners to obtain LEED Gold certification, the three-story building will offer 47,100 square feet of space for research and educational programs, faculty and graduate student offices, classrooms, studios and support areas. The majority of construction is being funded by a $25 million grant from the Annenberg Foundation.
BELLEVUE, WASH. — Seattle-based Security Properties Inc. has acquired Highcroft I & Highcroft II, a 194-unit apartment community located at 1501 145th Pl. SE and 14000 and 14020 SE 13th Pl. in Bellevue, Wash. An undisclosed seller sold the property for $28.75 million. Kenny Dundunakis of Hendricks & Partners’ Seattle office brokered the transaction.
WOODLAND HILLS, CALIF. — Colliers International has brokered the $14.2 million sale of a Class A office building in Woodland Hills. Larkspur, Calif.-based Venture Corp. acquired the property from Van Nuys, Calif.-based Ashrad LLC. The 46,244-square-foot multi-tenant office building is located at 5900 Canoga Ave. The buyer plans to convert the property into for-sale office condominiums. John DeGrinis and Roger Beck of Colliers’ Encino office represented both parties in the transaction.
LAS VEGAS — South Korea-based Shinhan E&C America has acquired Durango Commons in Las Vegas for $6.97 million from PVD Charleston Stone Mart. The 14,030-square-foot retail center is located at 950 S. Durango Dr. and is anchored by Starbucks Coffee. Charles Moore, Christina Roush and Marlene Fujita of CB Richard Ellis’ Las Vegas office represented the seller in the transaction.
LAS VEGAS — Las Vegas-based LM Construction Co. has broken ground on Wagon Trail Village in Las Vegas. The 29,120-square-foot, three-pad retail center is located at the northwest corner of Decatur Boulevard and Interstate 215. The project is estimated to cost $3.2 million and is being developed by San Francisco-based J3 Properties.
EUGENE, ORE. — Hendricks & Partners has brokered the $3.6 million sale of Bailey Hill Meadows in Eugene. Denver-based Bailey Hill Meadows LLC sold the property to Portland, Ore.-based Los Arcos Associates LP. The 70-unit apartment community is located at 1515 Bailey Hill Rd. Phil Oester of Hendricks & Partners’ Portland office represented the seller in the transaction.