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CaliforniaDevelopmentIndustrialWestern

Kearny Real Estate Begins Construction of $90M Industrial Project in San Diego

by Jeff Shaw

SAN DIEGO — Kearny Real Estate Co. has started site work for the 26-acre final phase of the 311-acre Otay Crossings Commerce Park in the San Diego submarket of Otay Mesa.  Plans for the final phase call for four industrial buildings ranging in size from 45,000 square feet to 205,500 square feet. The development site is located at the southernmost point of the industrial park at the intersection of Siempre Viva and Paseo Del La Fuente Roads, immediately adjacent to the future U.S.-Mexico Point of Entry.  The buildings will provide divisible suites down to 25,000 square feet. They will feature dock-high and grade-level doors, 32- to 36-foot minimum clear heights and truck courts with depths up to 180 feet.  The $90 million final phase will also include a 3.6-acre trailer lot with 47 stalls serving as an amenity feature for users seeking additional area for storge of materials and/or trailers. Delivery of the first building, totaling 45,100 square feet, is scheduled the fourth quarter of this year, with the remaining buildings to be delivered early 2024.

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AcquisitionsCaliforniaIndustrialWestern

BKM Capital Partners Acquires Valley East Industrial Park in North Hollywood for $25.3M 

by Jeff Shaw

LOS ANGELES — BKM Capital Partners has purchased the Valley East Industrial Park in North Hollywood for $25.3 million.  Situated on two acres at 7041 Vineland Ave., the 84,388-square-foot asset will be renamed Backlot NoHo as part of BKM’s repositioning plan. Valley East sits adjacent to Burbank Airport and is near the largest concentration of studio production and entertainment operations in the world.  The asset was built in 1969. It consists of 36 units across two rear-loading industrial buildings, with an average suite size of 2,411 square feet.  BKM is implementing a $6.3 million capital improvement plan over the first year of its three-year hold period to improve the asset’s performance, costs and efficiency, while adhering to the firm’s ESG standards, and driving new leasing and residual value. The upgrades also call for the reconfiguration and consolidation of some units, to provide larger suites that modern tenants are seeking.  BKM acquired the asset through its third institutional fund, BKM Industrial Value Fund III LP. Mark Detmer at JLL arranged the transaction on behalf of both BKM and the seller, LAIS Equities.

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AcquisitionsCaliforniaRestaurantRetailWestern

CBRE Arranges $25M Sale of Foothill Village Plaza in Rancho Cucamonga, California

by Jeff Shaw

RANCHO CUCAMONGA, CALIF. — CBRE has arranged the $25 million sale of Foothill Village Plaza, an 88,000-square-foot retail center located roughly 40 miles east of Los Angeles in Rancho Cucamonga.  John Read of CBRE represented the seller, Raymond Arjmand of RA Centers, in the transaction. The property was fully leased at the time of sale to tenants including Chuck E. Cheese, NAPA Auto Parts, Brands for Less and Beauty Club. Tenants at the center also include 10 restaurants.  A local private investor purchased the property.

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ArizonaDevelopmentRetailWestern

Harkins Theatres Plans 32,000 SF Entertainment Center in Phoenix

by Jeff Shaw

PHOENIX — Harkins Theatres has announced plans for Harkins BackLot, a 32,000-square-foot entertainment center at The Shops at Norterra in Phoenix.  The new concept is inspired by movie studio backlots and will feature a full-service restaurant and bar; sports viewing arena; arcade; bowling with digitally animated and enhanced lanes; outdoor patio with yard games; and a private event space with party and corporate event rooms.  The opening is scheduled for 2024, with more locations to follow. Eric Termansen of Western Retail Advisors represented Harkins in the leasing negotiations.

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ArizonaDevelopmentHealthcareOfficeWestern

Cypress West Partners Breaks Ground on 22,000 SF Ocotillo Medical Collaborative in Queen Creek, Arizona

by Jeff Shaw

QUEEN CREEK, ARIZ. — Cypress West Partners has started construction of a 22,000-square-foot, Class A medical office development near Chandler. The single-story building will be located at the intersection of Signal Butte and Ocottillo roads in Queen Creek.  Construction is scheduled for completion by third-quarter 2023. The property is the only off-campus medical office building for lease in Queen Creek, according to the developer.  Cypress West acquired the 2.5-acre parcel at the end of 2022. The new building, named Ocotillo Medical Collaborative, was 87 percent leased to a mix of service-oriented medical tenants prior to construction starting. Negotiations are underway for the remaining space within the building.

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CaliforniaDevelopmentRetailWestern

Westar Plans 175,000 SF Esencia Commons Retail Center in Rancho Mission Viejo, California

by Jeff Shaw

RANCHO MISSION VIEJO, CALIF. — Westar Associates has released plans for Esencia Commons, a 175,000-square-foot retail center in Rancho Mission Viejo.  Upon completion, the property will feature a supermarket, fitness center, gas station and other retail and restaurant spaces.  Groundbreaking for the project — which will be located within a 50-acre mixed-use development that includes an apartment community, business park, self-storage facilities and planned medical offices — is scheduled for the fourth quarter of this year. Westar will manage the property and has begun leasing efforts for the center.

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AcquisitionsCaliforniaRetailWestern

TTM Purchases 248,841 SF HHLA Retail Center in Los Angeles

by Jeff Shaw

LOS ANGELES — TTM Real Estate Capital has purchased HHLA, a 248,841-square-foot retail center located in the Westchester neighborhood of Los Angeles. Newmark and JLL brokered the sale. TTM also announced the addition of two tenants to the property, 60out Escape Rooms and Genio Global Entertainment’s Muhammed Ali Experience, which will open later this year. At the time of sale, the property was home to tenants including CineMark, Ben & Jerry’s, Buffalo Wild Wings, Dave & Buster’s and Starbucks Coffee. Rebranded from The Promenade at Howard Hughes Center, the property underwent a $35 million renovation following its acquisition by the previous owner, Laurus Corp. Torchlight Investors LLC was a preferred equity partner when Laurus acquired the asset in 2015 for $111 million.

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LoansRetailWashingtonWestern

BWE Arranges $35M Refinancing for Shopping Center in Washington

by Jeff Shaw

WASHINGTON — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $35 million loan for the refinancing of a shopping center located in the state of Washington.  Tenants at the property, which was 95 percent leased at the time of sale, include a grocery store anchor and 100,000-square-foot big-box retailer.  Tom Turnage and Joe Galosic Jr. of BWE secured the financing through a life insurance company on behalf of the borrower. The non-recourse loan carries a five-year term with interest-only payments for two years, followed by a 30-year amortization schedule. Further information on the borrower and property were not disclosed.

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CaliforniaDevelopmentNevadaRestaurantRetailWestern

Simon, José Andrés Plan Three Restaurants in Las Vegas, Palo Alto

by Jeff Shaw

PALO ALTO, CALIF. AND LAS VEGAS — Simon Property Group and José Andrés Group (JAG) have announced plans to collaborate and bring restaurants to three properties located in Las Vegas and Palo Alto.  The partnership will introduce new dining concepts to Stanford Shopping Center in Palo Alto and The Shops at Crystals in Las Vegas. The collaboration will also bring Turkish, Greek and Lebanese restaurant Zaytinya to The Forum Shops at Caesars Palace in Las Vegas.

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