Western

Radiant Senior Living Breaks Ground on 16-Unit Expansion in Idaho

by Amy Works November 5, 2018

COEUR D’ALENE, IDAHO — Radiant Senior Living has broken ground on a 16-unit expansion at The Renaissance at Coeur D’Alene, a seniors housing community in Coeur D’Alene, near the Washington border. The community is broken up into chateaus of 16 units each, making this the fifth such building on the property. The Renaissance does not specify a type of care for each unit but customizes for each resident’s needs. Radiant expects to complete the 7,300-square-foot chateau in January 2019. Glauser Construction is building the project. Radiant owns and operates 19 assisted living communities in Idaho, Oregon, Washington, Nevada, Colorado and Montana.

November 5, 2018

California Development Retail Top Stories Western

Taubman Centers Completes $500M Redevelopment of Los Angeles Mall

by Taylor Williams November 5, 2018

LOS ANGELES — Michigan-based Taubman Centers Inc. (NYSE: TCO) has completed its $500 million redevelopment of Beverly Center, an 883,000-square-foot shopping mall in Los Angeles. Bloomingdale’s and Macy’s currently anchor the eight-story property, which is home to more than 100 tenants. In terms of design, the redevelopment delivered new and expanded floor openings that allow more natural light into the building, as well as an exterior LED lighting system. The property’s street-level landscaping was upgraded, and more open spaces for hosting events were incorporated into the new design. Italian firm Studio Fuksas designed the project. More than 30 new retail and restaurant tenants have been announced at Beverly Center. Included in the new lineup of retailers are Apple, Brooks Brothers, Kiehl’s, Michael Kors, Polo Ralph Lauren and Zara. Zara will occupy a 28,300-square-foot space, making this location Zara’s largest in Los Angeles. New dining concepts include sit-down, full-service restaurants like Farmhouse Los Angeles and Yardbird Southern Table & Bar, as well as fast casual eateries such as Eggslut, Coffee Commissary and Pitchoun! Bakery & Café. “Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations,” said William Taubman, COO …

November 5, 2018

Acquisitions Multifamily Oregon Western

Security Properties Acquires 440-Unit Apartment Community in Oregon for $84.3M

by Amy Works November 2, 2018

BEAVERTON, ORE. — Security Properties has purchased Arbor Creek, a garden-style apartment community located at 3280 SW 170th Ave. in the Portland suburb of Beaverton. Jackson Square Properties sold the property for $84.3 million. Charles Halladay, Scott Gilson and Charlie Watson of HFF arranged a seven-year, floating-rate loan through Freddie Mac’s CME Program for the buyer. Situated on 22 acres and originally completed in 1984, Arbor Creek features one- and two-bedroom units, averaging 768 square feet, 360 of which have been renovated since 2012. Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center. Ira Virden and Carrie Kahn of HFF represented the seller in the transaction.

November 2, 2018

Arizona Development Mixed-Use Multifamily Office Restaurant Retail Western

Hines to Build 379-Unit Multifamily Complex in Downtown Phoenix

by Amy Works November 2, 2018

PHOENIX — Hines has acquired a 1.5-acre site and received zoning approval from the City of Phoenix for the development of a 379-unit multifamily tower located on the northwest corner of Jefferson and Third streets in downtown Phoenix. Construction of the 25-story, 480,000-square-foot tower is slated to begin in the first quarter of 2019, with completion scheduled for the fourth quarter of 2020. The development will be Hines’ first multifamily project in the Phoenix area. Located near Talking Stick Resort Arena, the development will feature 75 studio, 179 one-bedroom and 125 two-bedroom residences. Amenities will include an outdoor, Olympic-size swimming pool; 2,800-square-foot fitness center; indoor great room with private and group seating; private conference areas; and community kitchen. Additional offerings will include elevated outdoor courtyards with an outdoor kitchen, firepits with group and private seating and landscaped gardens; a dog spa; bike storage; a coffee bar; concierge service; and 4,500 square feet of street-level retail or restaurant space. The site currently features three levels of underground parking, which will be used for residential parking. Hines also plans to renovate 10,000 square feet of existing office space and lease it. Hines represented itself in the site acquisition, while Jim Fijan at …

November 2, 2018

Acquisitions California Retail Western

NAI Negotiates $11.4M Sale of Safeway Grocery Property in Eureka, California

by Amy Works November 2, 2018

EUREKA, CALIF. — NAI Northern California has negotiated the $11.4 million sale of the Eureka Safeway, located at 2555 Harris St. in Eureka. Doug Sharpe of NAI Northern California represented the undisclosed buyer in the deal. Safeway occupies the 49,145-square-foot grocery store on a new 20-year, absolute triple-net lease with fixed rent increases. The name of the seller was not released.

November 2, 2018

Acquisitions Arizona Office Western

G2 Capital Buys Two-Building Office Asset in Phoenix for $10.9M

by Amy Works November 2, 2018

PHOENIX — G2 Capital has acquired an office property, located at 3925-3945 E. Broadway Road in Phoenix, for $10.9 million. The seller was Glasir Capital Partners, which purchased the property 30 days prior from RBR Capital. Totaling 136,000 square feet, the asset is a pair of two-story office buildings at the intersection of 40th Street and Broadway Road. The property at 3945 E. Broadway Road is fully occupied by a long-term credit tenant, which has been in place since 2001. The other building is 50 percent leased to the State of Arizona, which has been a tenant since 2016. G2 Capital plans to renovate a 37,000-square-foot speculative suite to be move-in ready by January at the property. Brian Ackerman of JLL represented the buyer in the deal. G2 Capital has retained Karsten Peterson, Dave Seegar and Mark Gustin of JLL to handle leasing for the property.

November 2, 2018

Acquisitions California Retail Western

Epsteen & Associates, Progressive Real Estate Broker $4M Sale of Shops at Mission Square in Montclair

by Amy Works November 2, 2018

MONTCLAIR, CALIF. — Epsteen & Associates San Diego and Progressive Real Estate Partners have arranged the sale of Shops at Mission Square, a retail center located at 4467 Mission Blvd. in Montclair. A San Diego-based private investor sold the property to a Yorba Linda-based private investor for $4 million, or $692 per square foot. Built in 2007, the 5,852-square-foot property is fully leased to four national retailers: Panda Express, Little Caesars, Dairy Queen and Boost Mobile. Joe Wojdowski of Epsteen & Associates and Greg Bedell of Progressive Real Estate represented the seller, while Scott Chang of 168 Realty represented the buyer in the all-cash transaction.

November 2, 2018

Arizona Development Mixed-Use Top Stories Western

Nationwide Realty Investors Unveils Plans for 1.8 MSF Mixed-Use Development in Scottsdale, Arizona

by Kristin Harlow November 2, 2018

SCOTTSDALE, ARIZ. — Nationwide Realty Investors has unveiled plans for Cavasson, a 1.8 million-square-foot mixed-use development in Scottsdale, just east of Phoenix. The initial phase of the project will include a 460,000-square-foot regional headquarters for Nationwide Insurance as well as 1,600 apartment units, retail and restaurants, two hotel sites and a six-story parking structure. Groundbreaking for Phase I is slated for next year. The walkable development will include sidewalks, bike paths, green spaces and community gathering places. The project will feature an infrastructure investment of approximately $30 million for new roads, sidewalks and flood mitigation improvements. Cavasson will be located along Loop 101, at the southwest corner of Hayden Road and Legacy Boulevard. “This is the best undeveloped site in the region,” says Brian Ellis, president and COO of Nationwide Realty Investors. “It has tremendous visibility, great connectivity to amenities and services, and outstanding access.” The regional headquarters building for Nationwide Insurance will house approximately 2,200 employees. Nationwide plans to move its team into the new building in late 2020. In September, Nationwide Realty Investors purchased the 134-acre site for the project at a state auction. Proceeds from the purchase went to the Permanent Land Endowment Trust Fund, which is …

November 2, 2018

Acquisitions Multifamily Oregon Western

Watt Cos. Acquires 240-Unit Sygnii Apartment Community in Metro Portland for $75.2M

by Amy Works November 1, 2018

TIGARD, ORE. — Los Angeles-based Watt Cos. has purchased Sygnii, a multifamily property located at 13285 SW Hawks Beard St. in Tigard, a suburb of Portland. Vancouver, Wash.-based Holland Partner Group sold the property for $75.2 million. Built in 2017, the property features 240 units in a mix of one-, two- and three-bedroom layouts. The property offers parking for 409 vehicles in 74 garages, 99 carport stalls and 236 surface spaces. Mark Washington, David Young and Corey Marx of JLL represented the seller, which developed the property.

November 1, 2018

California Loans Retail Western

CBRE Secures $20M Acquisition Loan for Jamboree Promenade Shopping Center in Irvine

by Amy Works November 1, 2018

IRVINE, CALIF. — CBRE has arranged a $20 million refinancing for Jamboree Promenade, a shopping center located at 2626-2646 Dupont Drive in Irvine. Pole Capital USA, the U.S. division of a Singaporean real estate investment company, is the borrower. The property was purchased earlier this year for $42.5 million in all cash, and the debt financing will recapitalize the site. The 56,878-square-foot shopping center is 97 percent occupied by tenants including CorePower Yoga, The Melting Pot and Daily Grill. Shaun Moothart, Bruce Francis, Dana Summers, Bob Ybarra and Doug Birrell of CBRE’s Debt and Structured Finance team arranged the seven-year loan for the borrower.

November 1, 2018

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