Western

Phillips Edison Sells 100,486 SF Safeway Center at Lake Powell in Arizona

by Amy Works August 27, 2020

PAGE, ARIZ. — Cincinnati-based Phillips Edison & Co. has completed the disposition of Safeway Center at Lake Powell, a shopping center located at 608 Elm St. in Page. A private investor from Beverly Hills, Calif., acquired the 100,486-square-foot asset for an undisclosed price. Safeway anchors the 100,486-square-foot shopping center, which was 93 percent occupied at the time of sale. Other tenants include Stage Stores, Dollar Tree, Hibbett Sports, Verizon Wireless, Domino’s, Subway, Allied Cash Advance, H&R Block and Wells Fargo ATM. The property was built in 1986 and renovated in 1990. Hanley Investment Real Estate Advisors represented the seller, while Kalen Rickard of Phoenix-based Western Retail Advisors represented the buyer.

August 27, 2020

California Civic Development Mixed-Use Restaurant Retail Western

Plenitude Holdings Plans 87-Acre Sports Entertainment Project Near Los Angeles

by Amy Works August 26, 2020

CARSON, CALIF. — Plenitude Holdings, a real estate investment partnership between Blanchard Entities and Shopoff Realty Investments affiliated entities, is developing The Creek at Dominguez Hills in Carson. Located off the 405 Freeway and north of East Del Amo Boulevard, the 87-acre development will offer more than 500,000-square-feet of retail, recreation and sports wellness space. In addition to retail, the project will feature a 199,000-square-foot, multi-use indoor sports complex designed to accommodate basketball and volleyball practice and team competitions, along with indoor turf training areas and a mezzanine level for viewing the courts below. The facility will be accessible to local sports groups, and open for daily community use and fitness programming. Additionally, The Creek at Dominguez Hill will offer more than eight acres of open space, including a three-kilometer jogging path, a 6.6-acre community park, a zipline and ropes course, and a clubhouse featuring a rooftop deck suitable for community and special events. Plenitude Holdings is finalizing the development plans and expects to break ground in mid-2021. The company has retained Sports Facilities Management to manage the property and partnered with FlyingTee, an active entertainment, golf and dining company, for their first location in California. FlyingTee will offer private …

August 26, 2020

California Company News Retail Western

Nordstrom’s Net Sales Fall 53 Percent in Second Quarter, Operating Cash Flow Positive Despite Temporary Store Closures

by Amy Works August 26, 2020

SEATTLE — Seattle-based Nordstrom (NYSE: JWN) has reported a 53 percent decrease in net sales from last year for the second quarter ended Aug. 1, reflecting temporary store closures due to COVID-19. The company experienced a second-quarter net loss of $255 million, which included after-tax COVID-19-related charges of $14 million, a decrease from net earnings of $141 million during the same period in fiscal 2019. While the reductions were in line with the company’s expectations, Nordstrom still managed to generate positive operating cash flow of more than $185 million, with total liquidity of $1.3 billion, through improved merchandise margins and significant overhead cost reductions. The company’s exceeded cash flow enabled it to pay down $300 million on its revolving line of credit. “At the onset of the pandemic, we focused on protecting and enhancing liquidity, and we successfully executed on these plans,” says Erik Nordstrom, chief executive office of Nordstrom. During the first quarter, Nordstrom reduced its inventory by more than 25 percent to mitigate markdowns and seasonal inventory and bring in newness for customers, resulting in second-quarter merchandise margin trends improving and exceeding expectations. In preparation for its yearly anniversary sale, which began August, the company increased inventory to …

August 26, 2020

Acquisitions California Hospitality Western

Hodges Ward Elliott Arranges Acquisition of The Georgian Hotel in Santa Monica

by Amy Works August 26, 2020

SANTA MONICA, CALIF. — Hodges Ward Elliott has brokered the purchase of The Georgian, a boutique hotel located in Santa Monica. BLVD Hospitality, Global Mutual and ESI acquired the asset for an undisclosed price. Built in 1933, The Georgian features 84 guest rooms and suites, ocean-view dining at the on-site Veranda Restaurant, event space and a 24-hour business center and fitness center. Tony Malk, Brett Katz, Diana Simpson and Jordan Kirkbride of Hodges Ward Elliott advised the buyer on the purchase and capitalization of the hotel. The undisclosed seller owned the property since 1991.

August 26, 2020

Acquisitions Arizona Industrial Western

Industrial Outdoor Ventures Buys Vacant 42,297 SF Industrial Repair Facility in Phoenix

by Amy Works August 26, 2020

PHOENIX — Industrial Outdoor Ventures (IOV) has acquired a vacant industrial property located at 2600 W. McDowell Ave. in Phoenix. D. Thompson Properties sold the asset for an undisclosed price. Zoned A-1, the 42,297-square-foot facility features eight drive-thru repair bays, 10 drive-in repair bays, 5,000 square feet of office space, a 10,000-square-foot part storage/warehouse area and a 9.5-acre, fully paved and fenced storage yard. IOV plans to modernize the property with upgrades to all building systems, replace the old façade, perform roof repairs and partial roof replacement, implement new landscaping and mechanicals, renovate the office space, and add new interior and exterior lighting. IOV is a national real estate investment company focused exclusively on the acquisition, development and re-development of industrial service facilities. The company plans to market the renovated property for lease.

August 26, 2020

Acquisitions California Retail Western

Faris Lee Brokers $4.3M Sale of Starbucks Ground Lease in Riverside, California

by Amy Works August 26, 2020

RIVERSIDE, CALIF. — Faris Lee Investments has arranged the sale of the ground lease for a retail property located at 1303 University Ave. in Riverside. An Idaho-based private developer sold the asset to a California-based family office for $4.3 million. Starbucks occupies the property, which is located near University of California Riverside, under a new 20-year lease term with three 10-year options to extend, including 10 percent rental increases. Don MacLellan, Rich Chichester and Phil Ramming of Faris Lee, along with Cypress Retail Group, represented the seller in the deal.

August 26, 2020

Acquisitions Colorado Multifamily Western

Hamilton Zanze Sells Highpointe Park Apartments in Thornton, Colorado for $53.6M

by Amy Works August 25, 2020

THORNTON, COLO. — Hamilton Zanze has completed the disposition of Highpointe Park, a multifamily property located at 9701 Pearl St. in Thornton. An undisclosed buyer acquired the property for $53.6 million. Built in 2013, Highpointe Park features eight buildings offering a total of 220 apartments in a mix of one-, two- and three-bedroom layouts. Situated on 7.9 acres and offering 206,896 rentable square feet, the community also offers a clubhouse, fitness center, yoga room, and swimming pool and spa, as well as open parking, carport and garage options for residents. David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.

August 25, 2020

2300-Pellissier-Place-City-of-Industry-CA

Acquisitions California Industrial Western

Los Angeles Regional Food Bank Buys Industrial Building for $52.1M

by Amy Works August 25, 2020

CITY OF INDUSTRY, CALIF. — Los Angeles Regional Food Bank has purchased an industrial facility located at 2300 Pellissier Place in City of Industry, a suburb of Los Angeles. Haralambos Leasing Co. sold the asset for $52.1 million. The 255,878-square-foot property features a large fenced yard, ample parking, freeway frontage and a 24,836-square-foot office mezzanine. Situated in the heart of Los Angeles County, the building is located a half mile south of the intersection of the 60 and 605 freeways. John McMillan, Jeff Sanita, Danny Williams and Greg Stumm of Newmark Knight Frank represented the buyer, while an outside firm represented the seller in the transaction.

August 25, 2020

Arizona Development Industrial Western

Seefried Industrial, Crow Holdings to Develop 145,470 SF Amazon Delivery Station in Deer Valley, Arizona

by Amy Works August 25, 2020

DEER VALLEY, ARIZ. — Seefried Industrial Properties, along with a private equity real estate fund advised by Crow Holdings Capital, has acquired a 35-acre land site with plans to develop Project Andale, a last-mile delivery station in Deer Valley. Located at northeast corner Seventh Avenue and Pinnacle Peak Road, the project will include a 145,470-square-foot standalone package delivery facility used to complement Amazon’s larger fulfillment center in west Phoenix. The property will feature more than 13,000 square feet of office and break room space, as well as parking for 780 delivery vans and 305 employee vehicles. Shell completion is slated for fourth-quarter 2021. Layton Construction is serving general contractor, Ware Malcomb is serving as architect and Hunter Engineering is serving as civil engineer.

August 25, 2020

Acquisitions Industrial Washington Western

Kidder Mathews Arranges $28M Acquisition of Woodinville West Industrial Park Near Seattle

by Amy Works August 25, 2020

WOODINVILLE, WASH. — Kidder Mathews has arranged the purchase of Woodinville West, an industrial flex office park in Woodinville, a suburb 20 miles northeast of Seattle. An undisclosed private investor acquired the property from Woodinville West LLC for $28 million. Zach Vall-Spinosa of Kidder Mathews represented the buyer in the deal. Located at 16650, 16750, 16928 and 16932 Woodinville Redmond Road NE, the asset comprises four concrete and steel-framed buildings ranging in size from 21,345 square feet to 69,997 square feet. In total, the industrial flex office park offers 172,449 square feet of space.

August 25, 2020

Newer Posts

Older Posts