Western

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

by Jeff Shaw April 3, 2023

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.

April 3, 2023

Loans Retail Washington Western

BWE Arranges $35M Refinancing for Shopping Center in Washington

by Jeff Shaw April 3, 2023

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.

April 3, 2023

California Development Nevada Restaurant Retail Western

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

by Jeff Shaw April 3, 2023

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.

April 3, 2023

California Development Multifamily Seniors Housing Western

Watermark Opens Leasing Center at Seniors Housing Community in Laguna Niguel, California

by Jeff Shaw April 3, 2023

LAGUNA NIGUEL, CALIF. — Tucson-based Watermark Retirement Communities and Alliance Residential Company have opened the leasing office at Watermark Laguna Niguel. The assisted living and memory care community is scheduled to open this summer.

April 3, 2023

Company News Industrial New York Northeast Self-Storage Top Stories Utah Western

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

by Taylor Williams April 3, 2023

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 …

April 3, 2023

California Development Office Western

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

by Jeff Shaw March 31, 2023

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.

March 31, 2023

California Development Multifamily Western

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

by Jeff Shaw March 31, 2023

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.

March 31, 2023

Arizona Build-to-Rent Development Multifamily Western

UrbanStreet Group Buys 17-Acre Parcel in Goodyear, Arizona for Build-to-Rent Development

by Jeff Shaw March 31, 2023

GOODYEAR, ARIZ. — UrbanStreet Group has purchased a nearly 17-acre land parcel at the Douglas at Goodyear Airport Commons in Goodyear for $14.5 million. The parcel comes with fully approved plans for a 307-unit build-to-rent (BTR) townhome community. ABI Multifamily’s Patrick Burch and John Klocek represented the seller, Blueprint Capital, in this transaction.

March 31, 2023

California Development Leasing Activity Restaurant Retail Western

ALMQUIST Signs 21 Tenants to River Street Marketplace in San Juan Capistrano, California

by Jeff Shaw March 31, 2023

SAN JUAN CAPISTRANO, CALIF. — ALMQUIST has signed 21 tenants to River Street Marketplace, a 60,000-square-foot retail development currently underway in San Juan Capistrano. Concepts that will join the lineup include Bred’s Hot Chicken, Capistrano Brewing, Common Thread, Fermentation Farm, Finca by David Pratt, Free People, Gueros Cevicheria, Hudson’s Cookies, Kozan Teahouse & Boba, La Vaquera, McConnell’s Ice Cream, The Meat Cellar Market and Steakhouse, Mendocino Farms, Nana’s Fish Chippery, Nom, SALT., Seager, Shootz Hawaiian, Toes on the Nose, Ubuntu Café and Wildfire Mercantile.

March 31, 2023

Western

Heather Sharp Joins Progressive Real Estate Partners as Senior Vice President of Retail Sales, Leasing

by Jeff Shaw March 31, 2023

RANCHO CUCAMONGA, CALIF. — Heather Sharp has joined Progressive Real Estate Partners as senior vice president of retail sales and leasing. Sharp, who brings more than 25 years of experience in real estate, will lead the firm’s expansion into the Coachella Valley while continuing brokerage activities, including the sale and leasing of retail properties. Previously, Sharp was a partner at Wilson Meade Commercial Real Estate in Rancho Mirage. “We have been eager to bring our team-oriented, resource-rich brokerage culture to the Coachella Valley for a few years, but were waiting for the right person to lead this expansion,” says Brad Umansky, president of Rancho Cucamonga-based Progressive.

March 31, 2023

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