ESCONDIDO, CALIF. — BridgeCore has provided a $2 million bridge loan for the refinancing of a retail property located at 607 W. 9th Ave. in Escondido. The undisclosed borrower required a bridge loan to refinance a matured loan and to obtain cash-out funds to resolve a mechanic’s lien, pay-off delinquent property taxes and cover upgrades and renovations to two of the in-line units. Family Dollar occupies the retail property. BridgeCore funded the loan with a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The loan’s 12-month term, including one six-month extension option, is providing the borrower the necessary time to execute an exit strategy to sell the property.
BAKERSFIELD, CALIF. — Southern California-based ZDI Inc. has acquired a retail center, located at 2625-2635 Mall View Road in Bakersfield, for $8.1 million through a 1031 exchange. The seller was a local partnership of real estate professionals, which has owned the property for more than 15 years after purchasing it from the original developer. Built in 2005, the 29,387-square-foot retail property is fully occupied by a variety of tenants, including a major office supply retailer. Cushman & Wakefield’s Duane Keathley and Vincent Roche represented the seller in transaction.
LAS VEGAS — Institutional Mall Investors LLC, a joint venture between Miller Capital Advisory and CalPERS, has started renovations at Miracle Mile Shops, a 500,000-square-foot shopping center on the Las Vegas Strip. The property is attached to the Planet Hollywood Resort & Casino. The mixed-use project will remain open during construction, which is scheduled for completion in spring of 2023. The redevelopment costs were not disclosed. New entertainment features will include exterior and interior immersive light, sound and video experiences. Miracle Mile Shops guests will also enjoy new and upgraded restaurants. “Miracle Mile Shops has been a highly successful shopping and entertainment destination in Las Vegas for over 20 years, attracting locals, visitors and international tourists,” says Robert Buchanan, vice president and general manager of Miracle Mile Shops. “The renovations are coming at the ideal time as our city welcomes the return of domestic and international tourists.” The revitalized interior will include new flooring, lighting, ceilings, seating and a new sound system. The “rainstorm” attraction, a free daily show that features thunder, lightning, fog and rain, will also be enhanced. The renovation includes a redesign to Miracle Mile Shops’ exterior entrances on the Las Vegas Strip and Harmon Avenue, featuring …
By John Hickman, Managing Director, NewMark Merrill San Diego may be California’s second most populous county, but you wouldn’t know it by strolling through one of its many business districts. The county has grown up since its early days as a small military outpost, yet today its hundreds of communities and neighborhoods still impart a small-town feel. The retail real estate market reflects an intimate beach town vibe with a tightly knit brokerage and landlord community. Brokers and investors can cover the market with a limited footprint, while many retailers can achieve a major presence with a handful of locations. This is opposed to the dozens of locations they may require in other California markets, such as Los Angeles, Orange County and the Bay Area. And big, national brands aren’t the only retailers finding success — 98 percent of firms in San Diego are small businesses. Retailers in San Diego are open to taking chances on new concepts and structuring different types of leases. They’re also willing to pay slightly higher rent to gain access to the area’s strong demographics and limited supply of new shopping centers. This uniqueness provided resiliency during the pandemic and will contribute to a thriving …
SALT LAKE CITY — Watt Investment Partners and Walton Street Capital have completed the disposition of Harvest Apartments, a multifamily property in downtown Salt Lake City. A joint venture between New York-based Cadre and Ethos Real Estate acquired the asset for an undisclosed price. Located at 580 North and 300 West, the five-story podium building features 252 residences, ranging from studio to two-bedroom units averaging 785 square feet. Units features kitchen islands, stainless steel appliances, quartz and black granite countertops, modern fixtures and balconies. Community amenities include a heated swimming pool, fitness center, top-level view lounge with outdoor space, multiple community gathering areas, bike storage and 12 fire pits throughout the common areas. Eli Mills and Patrick Bodnar of CBRE represented the sellers in the deal.
COLORADO SPRINGS, COLO. — CBRE has facilitated the sale of Erindale Square, an open-air retail property in Colorado Springs. A New York City-based investor acquired the property from a Los Angeles-based investor for $12.1 million. Situated on 6.9 acres at 5881-5975 N. Academy Blvd., the 29-unit Erindale Square features 103,552 square feet of retail space. Current tenants include Fodor Billiards, Bill’s Bed and Appliances, Cutting Edge Realtors, HomeFix and The Door Christian Center. At the time of sale, Erindale Square was 90 percent leased, with 10,657 square feet still available. The property also features 0.55 acres of undeveloped land zoned for business. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE represented the seller in the transaction.
MESA, TEMPE AND PHOENIX, ARIZ. — Phoenix-based Taylor Street Advisors has arranged the sales of three multifamily communities in Arizona for a total of $8.7 million. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the sellers, local private capital owners, and the buyers, local syndicators and professional investors, in the transactions. The transactions include: The $3.6 million, or $200,000 per unit, sale of Williams Apartments at 530-538 N. Williams in Mesa. The property features 18 two-bedroom/one-bath units. The $3.5 million, or $250,000 per unit, sale of Don Carlos Apartments at 1825 E. Don Carlos Ave. in Tempe. Don Carlos Apartments offers 12 one-bedroom units and two two-bedroom units. The $1.6 million, or $174,444 per unit, sale of Coolidge Apartments at 2416 W. Coolidge St. in Phoenix. The community features one studio, six one-bedroom units and two two-bedroom/two-bath units. According to Taylor Street Advisors, the buyers plan to renovate each property, which are all individually metered for electric with individual HVAC units.
WOODLAND HILLS, CALIF. — Bolour Associates has purchased a retail property within Warner Center, a master-planned community in Woodland Hills, from Flamingo Investments for $9 million. Michael Pakravan and Kyle Pari of Matthews Real Estate Investment Services represented the buyer and seller in the deal. Located at 5780 Canoga Ave., the property features 10,400 square feet of retail space that supports the surrounding 800,000-square-foot LNR Warner Center office development. Bolour plans to modernize and reposition the asset to serve the demands of the area’s daytime office users and its growing residential base. Planned renovations include façade and exterior upgrades, new landscaping and signage, and expanded patio spaces to create an indoor/outdoor environment.
MESA, ARIZ. — Orion Investment Real Estate has arranged the sale of an auto repair shop property located at 8027 E. Main St. in Mesa. Faith Works Auto acquired the property for $1 million, or $194 per square foot. The buyer plans to expand its business to the new location, resulting in three locations in the East Valley. Nick Miner of Orion represented the buyer, while Aleta Ruark of Russ Lyons Realty represented the seller, Billy G Revocable Trust, in the deal.
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Which Way is the Retail Pendulum Swinging?
Although the pandemic wreaked havoc on the retail sector in general, the culling of weak concepts has left space for strong retailers to flourish. The retail industry is seeing an explosion in experiential retail, medical/dental space is ubiquitous and non-traditional tenants are jumping at opportunities to secure prime locations. As a result, shopping centers have proven very resilient, says George Macoubray, vice president of retail brokerage with NAI Elliott in Portland, Oregon. “Today’s centers continue to evolve and to address what consumers need in terms of a place for people to congregate and participate in the activities that are important to them.” The entertainment sector was hit hard by the pandemic, he notes. “But now those operators seem to be out looking for locations, and they’re seeing the light at the end of the tunnel. People want to gather. They want to be entertained. They want to go out and do activities. Those kinds of experiences are happening more and more often in shopping centers — and you can’t buy those activities on Amazon.” Exciting new in-person experiences are helping to elevate shopping centers. “There’s an influx of experiential retail. From golf simulator experiences to ping-pong places to axe-throwing activities, …