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Intuit Dome
CaliforniaDevelopmentMixed-UseTop Stories

Partnership Breaks Ground on $1.8B Arena for Los Angeles Clippers in Inglewood, California

by Julia Sanders

INGLEWOOD, CALIF. — A public-private partnership between Murphy’s Bowl LLC and the City of Inglewood has broken ground on Intuit Dome, a 915,000-square-foot basketball and events arena in Inglewood that will serve as the home of the Los Angeles Clippers. Murphy’s Bowl is a development entity backed by the Los Angeles Clippers. San Francisco-based developer and investor Wilson Meany is also part of the project, which is expected to cost $1.8 billion, according to the Los Angeles Times. Named Intuit Dome, the arena will be the future home of the National Basketball Association’s (NBA) LA Clippers, which is led by chairman and former Microsoft executive Steve Ballmer. The venue is slated for completion by the 2024-2025 NBA season. The Clippers hosted a ceremony today to celebrate the start of construction on the arena. Star Clippers players Kawhi Leonard and Paul George attended the groundbreaking, as well as Clippers head coach Tyronn Lue. The Intuit Dome will host Clippers’ home games as well as non-Clippers sporting events, family shows, concerts, conventions and corporate events. Intuit Dome will have an 85,000-square-foot team practice and athletic training facility, approximately 71,000 square feet of offices for the Clippers’ staff and a 25,000-square-foot sports medicine …

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Goodyear-AirPark-Goodyear-AZ
ArizonaDevelopmentIndustrialWestern

Lincoln, Harvard Buy 585-Acre Land Site for 7 MSF Goodyear Airpark Industrial Development in Arizona

by Amy Works

GOODYEAR, ARIZ. — A joint venture between Harvard Investments and LPC Desert West, the Southwest regional office of Lincoln Property Co., has acquired a 585-acre land parcel in Goodyear for the development of a Class A industrial park. Situated next to the Phoenix-Goodyear Airport, Goodyear Airpark will feature up to 7 million square feet of industrial space in as many as 20 buildings at build-out. The partnership will break ground on the first phase in first-quarter 2022. The first phase will include more than 1.6 million square feet of space in six buildings ranging from 81,000 square feet to 775,000 square feet. The development will also offer a retail component, providing approximately 10,000 square feet of in-line and retail pad opportunities. The buildings will offer up to 40-foot clear heights, multiple points of ingress and egress, private truck courts and ample parking. The Goodyear AirPark site has a full utilities infrastructure and is zoned for industrial and commercial use. Butler Design Group is serving as architect for the project. LPC Desert West will direct all leasing and property management. The general contractor for the project has not yet been selected. Cerberus Capital Management is the equity partner for LPC and …

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Balboa-Fun-Zone-Newport-Beach-CA
AcquisitionsCaliforniaRetailWestern

Chartwell Real Estate Acquires Iconic Balboa Fun Zone in Newport Beach

by Amy Works

NEWPORT BEACH, CALIF. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price. The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s. Located at 600 E. Bay Ave., the 34,500-square-foot property offers 212 feet of waterfront space, the Edgewater Place boardwalk, the Balboa Ferris Wheel, a more than 25-boat marina with 775 linear feet of docking, Fun Zone amusement park rides and attractions, 16,000 square feet of mixed-use improvements, and a 58-stall subterranean parking garage. Lars Platt, Joseph Lising and Matthew Godman of Cushman & Wakefield represented the seller, while Bob Thagard of Cushman & Wakefield represented the buyer in the transaction.

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Residences-Rainier-Square-Seattle-WA.
DevelopmentMultifamilyWashingtonWestern

Wright Runstad, J.P. Morgan Open 58-Story Residences at Rainier Square in Downtown Seattle

by Amy Works

SEATTLE — Wright Runstad & Co. and J.P. Morgan have welcomed the first residents of The Residences at Rainier Square in downtown Seattle. Wright Runstad & Co. partnered with institutional investors advised by J.P. Morgan Global Alternative on development of the mixed-use project. The Residences features 189 for-lease apartments, occupying floors 39 through 58 of the mixed-use structure, in a mix of one-, two- and three-bedroom layouts and top-floor penthouse. The property also offers a 40th-floor Sky Lobby, 14,000 square feet of amenity space, a 24/7 concierge service, a Full Swing golf simulator, an indoor grilling station, full-service pet lounge with grooming stations, exercise room, play area and pet relief area. NBBJ served as architect for the community.

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2311-93rd-Ave-Tumwater-WA
DevelopmentIndustrialWashingtonWestern

CRG Breaks Ground on 1.1 MSF Costco Distribution Facility in Tumwater, Washington

by Amy Works

TUMWATER, WASH. — CRG has broken ground on a 1.1 million-square-foot distribution center in Tumwater, approximately 60 miles southwest of Seattle. Costco will own the 79-acre project, located at 2311 93rd Ave. The $160 million build-to-suit project will feature 175 car parking spaces, 418 trailer spaces and 129 dock doors. Construction started in mid-August and completion is slated for August 2022. CRG sourced the land, navigated the entitlement process and provided development services for Costco. Clayco, CRG’s parent company, is constructing the distribution facility, which was designed by Lamar Johnson Collaborative, a subsidiary of Clayco.

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Los-Compadres-Plaza-Colton-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Partners Negotiates $8.8M Sale of Los Compadres Plaza in Inland Empire

by Amy Works

COLTON, CALIF. — Progressive Real Estate Partners has arranged the sale of Los Compadres Plaza, a retail property located in Colton. A Southern California-based buyer acquired the asset from a Los Angeles County-based seller for $8.8 million. Located at 1035 S. Vernon Ave., Los Compadres Plaza features 47,090 square feet spread across four buildings, which were built in two phases in 1977 and 1980. The unanchored property is 93 percent occupied with 82 percent of the center’s tenants being independent, internet-resistant businesses, including restaurants, medical users, beauty and other services. The property recently underwent renovations, including painting, roof replacements and parking lot improvements. Brad Umansky, Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller in the deal.

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Oasis-Anaheim-CA
AcquisitionsCaliforniaMultifamilyWestern

Gelt Acquires The Oasis Anaheim Apartment Community in California for $146.5M

by Amy Works

ANAHEIM, CALIF. — Gelt, a Los Angeles-based, value-add real estate investor, has purchased The Oasis Anaheim, a transit-oriented apartment property in the northeast area of Anaheim. Redhill Realty Investors sold the asset for $146.5 million. Built in 2009 on 5.2 acres, The Oasis Anaheim features 312 apartments spread across two four- and five-story buildings in a mix of loft, townhome, one- and two-bedroom layouts. On-site amenities include a resort-style pool, fitness center/yoga studio, clubhouse, recycling services, a business center, barbecue grills and 626 parking spaces. The community is located at 3530 E. La Palma Ave. Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis of JLL represented the buyer and seller in the transaction.

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CaliforniaColoradoLoansMultifamilySeniors HousingWesternWyoming

Capital Funding Group Provides $262.6M Refinancing for Skilled Nursing Portfolio in Colorado, California, Wyoming

by Amy Works

BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group.

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AcquisitionsMultifamilyNew MexicoWestern

HiCap Management Sells Two-Property Multifamily Portfolio in Albuquerque

by Amy Works

ALBUQUERQUE, N.M.— HiCap Management has completed the sale of a two-property apartment portfolio in Albuquerque. A private buyer acquired the two assets, totaling 196 units, for an undisclosed price. The portfolio includes the 136-unit Chelsea Village Apartments and the 60-unit Marquee Village Apartments. Chelsea Village Apartments was built in phases between 1964 and 1968 and Marquee Village was built in 1950. Chelsea Village consists of 13 two-story buildings and offers a mix of one-, two- and three-bedroom layouts, while Marquee Village consists of two two-story buildings with a mix of one- and two-bedroom townhouses. HiCap renovated the common spaces and upgraded selected units at the properties, which the company acquired in 2017 and 2018. Erik Olson and Billy Eagle of CBRE represented the seller and buyer in the deal.

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Company NewsRetailWashingtonWestern

Amazon to Hire 125,000 Employees for Local Opportunities Across the U.S.

by Amy Works

SEATTLE — Amazon (NASDAQ: AMZN) will add 125,000 local employment opportunities through the United States, on top on the 40,000 corporate and technology positions the company announced in early September. The new roles in fulfillment and transportation offer an average starting wage of more than $18 per hour, and up to $22.50 per hour in some locations. Additionally, the company provides full-time employees with comprehensive benefits from day one, including health, vision and dental insurance; 401(k) with 50 percent company match; up to 20 weeks paid parental leave; and Amazon’s Career Choice program that pays full college tuition for the company’s full-line employees. Employment opportunities are available in hundreds of cities and towns across the country. Some states with the most roles include Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Texas and Washington. In 2021, Amazon opened more than 250 new fulfillment centers, sortation centers, regional air hubs and delivery stations in the United States and will open over 100 more buildings in September alone.

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