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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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Extra-Space-Perth-Amboy-New-Jersey
Company NewsIndustrialNew YorkNortheastSelf-StorageTop StoriesUtahWestern

Extra Space Storage Agrees to Acquire Life Storage for $12.7B

by Taylor Williams

SALT LAKE CITY AND BUFFALO, N.Y. — Extra Space Storage Inc. (NYSE: EXR), a Salt Lake City-based REIT, has entered into a definitive agreement to acquire Buffalo-based REIT Life Storage (NYSE: LSI) in an all-stock transaction. According to multiple news outlets including The Wall Street Journal and Reuters, the deal is valued at $12.7 billion. The combined portfolio will yield the largest self-storage operation in the country, with over 3,500 locations spanning over 264 million square feet that serve more than 2 million customers. In announcing the deal, executives of both REITs noted that combining their respective platforms creates opportunities to maximize value for shareholders via additional scaling of third-party management services and access to elevated levels of joint-venture equity and bridge-loan debt for future developments and acquisitions. Under the terms of the agreement, Life Storage shareholders will receive roughly nine-tenths of a share of Extra Space common stock for each share of Life Storage stock that they own. At closing, Extra Space and Life Storage shareholders are expected to own approximately 65 percent and 35 percent of the combined company, respectively.  The boards of directors of both companies have unanimously approved the transaction, and the deal is expected to …

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CaliforniaDevelopmentOfficeWestern

Silverstein Completes $60M in Renovations to U.S. Bank Tower in Downtown Los Angeles

by Jeff Shaw

LOS ANGELES — Silverstein Properties has completed its $60 million capital improvement program at U.S. Bank Tower in downtown Los Angeles. The two-year renovation was designed to meet the evolving needs of traditional and creative office tenants. Silverstein acquired the tower in September 2020 and began the capital improvements in May 2021.  Informed by hospitality design, upgrades across 35,000 square feet of common spaces include a redesigned main entrance and lobby; new contactless elevators and elevator lobbies; a new day-to-night juice and cocktail bar; a grab-and-go market; and seating and collaboration areas.  By November 2020, five new leases were signed at the tower, including Walter P. Moore, a global management consulting firm, Lincoln International, Rothschild & Co. and Morgan & Morgan.

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CaliforniaDevelopmentMultifamilyWestern

MBK, Haseko Begin Construction of 315-Unit Zia Apartments in Anaheim, California

by Jeff Shaw

ANAHEIM, CALIF. — A joint venture between MBK Rental Living and Haseko Corp. has started construction of the 315-unit Zia multifamily community in Anaheim.  Located at 1600 W. Lincoln Ave., the development will feature luxury interior finishes and sustainable elements, including quartz countertops, stainless-steel appliances, distinctive wood-style plank flooring and large-scale precision windows.  Zia will offer studio to three-bedroom floorplans ranging from 600 to 1,900 square feet. The grand opening is scheduled for mid-2024.

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