ORANGE COUNTY, CALIF. — Jacksonville, Fla.-based Regency Centers Corp. has acquired five shopping centers within the 23,000-acre master-planned community of Ranch Mission Viejo in Orange County, Calif., for $357 million. The properties, which comprise 630,000 square feet, include Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops and Sendero Marketplace. The portfolio is 97 percent leased to a mix of needs-based tenants such as grocers, restaurants and health, wellness and personal service uses. The seller was Newport Beach, Calif.-based Westar Associates. Regency funded the acquisition with a combination of operating partnership (OP) units issued at $72 per unit, the assumption of $150 million of secured mortgage debt and $7 million in cash used to pay off a single secured loan. The assumed debt has a weighted average interest rate of 4.2 percent and term to maturity of 12 years. BofA Securities served as financial advisor to the seller and EY served as the tax advisor. Additionally, Latham & Watkins advised the seller in the transaction, while Paul Hastings advised Regency.
SURPRISE, ARIZ. — Dominium has closed on land in Surprise, a Phoenix suburb about 22 miles northwest of downtown. The developer is planning to build Allasso Ranch on the site. The project will comprise 304 affordable homes supported by low-income housing tax credits. While specific area-median-income caps were not disclosed, the developer says a three-bedroom unit will rent for $1,597 per month, and a four-bedroom will rent for $1,770. According to RentCafe, average monthly asking rents for a three-bedroom unit in Surprise are about $2,054. Amenities will include a leasing center, playgrounds, private backyards and a community pool. Development partners include Western Alliance Bank, Old National Bank, Freddie Mac, PNC Bank, Colliers Securities, Arizona Department of Housing, Arizona Industrial Development Authority, Polaris Capital, Winthrop & Weinstine, Langston Hughes, Todd & Associates, Atwell Engineering, TLS Land Services, Commercial Partners Title, Kutak Rock and U.S. Bank. WD Construction is the general contractor. A project timeline was not disclosed.
ANAHEIM, CALIF. — Encinitas-based Vista Emerald has acquired Pique at Angel Stadium, a 15,710-square-foot multi-tenant retail center located in Anaheim, for $11.3 million. Formerly known as The Shops at Stadium Towers, the property was originally built in 2006 on 2.2 acres. The center was fully leased to eight tenants including 714 Tickets, Aleppo’s Kitchen, Comerica Bank, LAMILL Coffee, Lolas by MFK and Non’s Vietnamese Kitchen at the time of sale, according to LoopNet. The property also offers 150 parking spaces, 16 Tesla Superchargers and prominent pylon street signage. Lee Csenar and Ed Hanley of Hanley Investment Group Real Estate Advisors represented the seller, a Los Angeles-based private investor, in the transaction. Omar Hussein of Beacon Realty Advisors represented Vista Emerald.
PHOENIX — Cushman & Wakefield has arranged the sale of Forty6Forty5, a Class A office building located at 4645 Cotton Center Blvd. in Phoenix. PRH XXXXV LLC, a Delaware limited liability company formed by a high-net-worth individual, acquired the asset from an undisclosed seller for $10 million. Situated within Cotton Center Business Park, the two-story building offers 116,858 square feet of office space. The buyer intends to relocate Legacy Capital Services and Shield Legal into a portion of the building while benefiting from passive income generated by existing tenants occupying 23 percent of the space. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Markets and Private Capital teams represented the seller. The sale of Forty5Forty5 is the last of a three-building portfolio within Cotton Center Business Park.
WEST VALLEY CITY, UTAH — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Towne Storage Colt Plaza, a 60,325-square-foot self-storage facility in West Valley City. A joint venture between Towne Storage and a local development company sold the asset to UTEX Storage Partners for an undisclosed price. Situated on 2.6 acres, the 467-unit facility consists of five single-story buildings and one two-story building with 125 drive-up units. Towne Storage Colt Plaza amenities include a gated entry with a digital keypad, an onsite management office in front of the entrance gate, 24/7 video surveillance throughout the facility, asphalt driveways and units with roll-up doors. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller in the deal.
CHATTANOOGA, TENN. — Chattanooga-based CBL Properties (NYSE: CBL) has acquired four enclosed regional malls from Washington Prime Group for $178.9 million. The properties include Ashland Town Center in Ashland, Ky.; Mesa Mall in Grand Junction, Colo.; Paddock Mall in Ocala, Fla.; and Southgate Mall in Missoula, Mont. CBL says it is focused on owning and managing successful enclosed malls in dynamic and growing middle markets. The deal suggests mall recovery extends beyond luxury properties, driven by limited retail construction since 2008, according to The Wall Street Journal. Ashland Town Center is a single-level mall that opened in 1989. Totaling more than 420,000 square feet, the property features more than 70 retailers and restaurants, including anchors JCPenney, Belk, T.J. Maxx, Ulta Beauty and Five Below. The center has undergone several renovations over the years, including a major redevelopment in the late 2000s that added a new JCPenney prototype store and updated amenities. The largest indoor shopping center in western Colorado, Mesa Mall spans roughly 733,000 square feet and is home to more than 120 stores and services. Anchor tenants include Cabela’s, Dillard’s, JCPenney, Target, HomeGoods and Dick’s Sporting Goods. Originally developed in 1980, the property has undergone several redevelopments to modernize …
— By Chris High, Steve Bruce and Conor Evans of Colliers — We’re in the middle of a market recalibration. On the office side, leasing has slowed significantly, with tenants downsizing footprints and pushing for shorter terms as hybrid work remains a dominant driver. In life sciences, we saw explosive growth from 2020 to mid-2022, but that pace has tapered off. VC funding is more selective, and some developers who stretched to convert commodity office and flex properties into lab space, often with less-than-ideal infrastructure, during the boom years, are now rethinking those strategies. Still, demand for high-quality, fitted lab space remains, especially in well-located projects by experienced owners like Longfellow, BioScience Properties, Sterling Bay, Healthpeak, BioMed, and ARE. These firms are adapting with thoughtful repositioning and delivering product that aligns with where tenant demand is today. In the near term, we expect continued headwinds. Commodity office space will face pressure on rents and absorption, while high-end life science campuses with strong sponsorship will be better positioned to attract demand. We expect Life Science to rebound in the next 12 to 18 months as capital markets settle and merger/acquisition (M&A) activity returns. Distressed office sales may continue as debt maturities …
ANAHEIM, CALIF. — ParkTerra and JEN Partners have acquired Axis, an office campus in Anaheim, from a joint venture between a global banking giant and Pendulum Property Partners for $62.5 million. CBRE National Office Partners’ Anthony DeLorenzo, Sammy Cemo and Bryan Johnson represented the seller. CBRE’s Greg Sullivan, Jennifer Whittington, David Dowd and Matt Didier also advised the seller on the transaction. Axis offers 306,664 square feet of office space at 2121-2170 Towne Centre Place, 2190 Town Centre Place and 2390 Orangewood Ave. The campus offers a creative office building tailored for owner-users, a residential redevelopment site and a high-end office asset.
LOS ANGELES — Mesa West Capital has provided an affiliate of Seaview Investors with $55 million in first mortgage debt to refinance Burton House Beverly Hills, a 186-room full-service hotel in West Los Angeles. Eastdil Secured arranged the five-year, nonrecourse financing. Seaview, which has been an investment partner in the hotel since 2003, recently completed a $13.7 million renovation as part of a repositioning under Marriott’s Tribute Portfolio Hotels & Resorts brand. Improvements included the redesign of guest rooms, the development of the Emerald Lounge, a new dining and social concept, updated entrances, a revamped lobby, new fitness center and a 1,100-square-foot yoga and Pilates studio. The refinancing provides the sponsor time to continue driving operating performance under the new brand and to compete with other luxury hotels in the Beverly Hills market, according to Mesa West.
BOISE, IDAHO — Hawkins has completed Canyon Ridge, an apartment community in southeast Boise. Located at 2552 E. Gowen Road, Canyon Ridge features 288 one-, two- and three-bedroom apartments. Community amenities include a resort-style outdoor pool, dedicated dog park and 6,000-square-foot clubhouse. Canyon Ridge is located near the 161-acre Simplot Sports Complex, Mircon’s North Campus and Albertsons. ESI served as general contractor for the project.