Western

IDS Real Estate Group Buys 544,864 SF Industrial Portfolio in San Diego

by Amy Works October 30, 2018

SAN DIEGO — An affiliate of IDS Real Estate Group has purchased a four-building industrial portfolio within Siempre Viva Business Park in San Diego’s Otay Mesa submarket, for an undisclosed price. Situated on 28.1 acres, the 99 percent-leased portfolio is located at 8690 Kerns St., 2660 Sarnen St. and 8863 and 9043 Siempre Viva Road. Totaling 544,864 square feet, the properties feature 24- to 32-foot clear heights, wide truck courts, loading via 98 dock-high and 14 grade-level doors, an above-standard parking ratio, and low office built-out. The properties were originally constructed between 2001 and 2003. Nick Frasco, Nick Psyllos and Andrew Briner of HFF represented the undisclosed seller in the deal.

October 30, 2018

Acquisitions Office Utah Western

Terracom Acquires 120,000 SF Office Campus in Provo, Utah

by Amy Works October 30, 2018

PROVO, UTAH — Terracom has purchased The Park at Riverwoods, an office campus situated on 9.2 acres in Provo. Brentwood Provo sold the property for an undisclosed price. The two-building, 120,000-square-foot property formerly served as headquarters for Ancestry.com. Brandon Fugal, Josh Smith and James Bullington of Colliers International represented both parties in the transaction.

October 30, 2018

Development Montana Multifamily Seniors Housing Western

Immanuel Lutheran Communities Finishes Independent Living Addition to CCRC in Montana

by Amy Works October 30, 2018

KALISPELL, MONT. — Immanuel Lutheran Communities has completed a 58,000-square-foot independent living expansion at its continuing care retirement community in Kalispell, which it claims as the only continuing care retirement community (CCRC) in Northwest Montana. Known as The Villas at Buffalo Hill, the project added 36 units to the larger community. A grand opening will be held Saturday, Nov. 3. “We have been expanding and renovating in phases over the last few years, including the goal to significantly grow the number of our independent living residences to meet the evolving senior demographic,” said Jason Cronk, the company’s CEO. The new community also features the Wooden Nickel Bistro and Lounge with coffee bar and outdoor café dining, the Claremont Restaurant, and a variety of other services and amenities. Swank Enterprises built the expansion, which MMW and CJMW Architects designed. Sales and marketing services are provided by Solutions Advisors. Sawgrass Partners provided development advisory and financial planning services.

October 30, 2018

Acquisitions California Office Western

Gemdale USA, Lincoln Property Co. Sell 56,179 SF Office Building in Downtown San Francisco

by Amy Works October 30, 2018

SAN FRANCISCO — Gemdale USA Corp. and Lincoln Property Co. have completed the sale of 500 Pine, an office building in downtown San Francisco. Heitman acquired the property on behalf of an affiliate for an undisclosed price. Michael Leggett, Gerry Rohm, Ben Bullock, David Dokko and Thomas Foley of HFF represented the seller and procured the buyer. Completed in 2017, the 56,179-square-foot building is LEED-Gold certified and features open floor plans, floor-to-ceiling window lines, a rooftop balcony and on-site parking with a bike room and showers. CVS/pharmacy and Blend fully lease the five-story building.

October 30, 2018

Development Multifamily Oregon Seniors Housing Western

Wolff Co. Breaks Ground on 143-Unit Seniors Housing Community in Hillsboro, Oregon

by Amy Works October 30, 2018

HILLSBORO, ORE. — The Wolff Co. has broken ground for Revel Amberglen, an independent living seniors housing community within Hillsboro’s mixed-use Amberglen Business Park. Slated to open in 2020, the five-story property will feature 143 studio, one- and two-bedroom residences, a full-service salon and spa, an indoor saltwater pool, a fitness studio and multiple restaurants. The new property joins Wolff Co.’s portfolio of 19 seniors housing communities currently open or under construction.

October 30, 2018

California Features Retail Western Western Feature Archive

Revival is Afoot at the Nation’s Regional Malls

by John Nelson October 30, 2018

The malls of yesteryear are not dead, but many are in need of a revival if they want to thrive tomorrow and beyond, believes Leslie Lundin, co-founder and managing partner at LBG Real Estate Cos. Lundin, who held the “Transforming Challenges into Opportunities” workshop on Monday at ICSC’s Western Dealmaking Conference at the Los Angeles Convention Center, asserts that many mall properties are situated in prime traffic corridors — meaning the traffic is there but it’s up to the owner to take advantage of these numbers. She points to the Shops at Hilltop, a 1.2-million-square-foot shopping center in the San Francisco East Bay submarket of Richmond, as one example. LBG acquired the asset, which is currently undergoing a rebranding and re-tenanting just off Interstate 80 in a dense traffic corridor that sits 20 miles northeast of San Francisco, in July 2017. It is set to become an Asian-themed shopping and entertainment destination that includes a movie theater, live theater, grocery store, food hall, and more than 100,000 square feet of restaurants along with various entertainment-related tenants. The Shops at Hilltop will also include off-price, valued-based tenants such as H&M, Forever 21 and Saks Off Fifth. Rich Walter, executive vice president …

October 30, 2018

California Development Mixed-Use Top Stories Western

Manchester Financial Transforming Downtown San Diego with $1.5B Mixed-Use Project

by John Nelson October 30, 2018

SAN DIEGO — Manchester Financial Group has launched Manchester Pacific Gateway, a $1.5 billion redevelopment of the Navy Broadway Complex in downtown San Diego. Situated along the waterfront near San Diego’s central business district (CBD), the new 3 million-square-foot mixed-use complex will include a new 17-story, Class A office building that will house the U.S. Navy headquarters. “The Navy is excited to break ground on a new administrative building. The Navy and San Diego have had a strong, mutually beneficial relationship for over 100 years and this project is another important chapter in that history,” says Rear Admiral Yancy Lindsey, commander of the Southwest region of the Navy. Manchester Pacific Gateway will span eight city blocks and will serve as the gateway to the San Diego CBD and downtown tourism corridor. According to the developer, the project is the largest private waterfront development on the West Coast. The 13.5-acre development will feature the following elements: ➢ Block 1 of Manchester Pacific Gateway will include a nearly two-acre plaza; a 29-story, 467,000-square-foot office tower; 68,000 square feet of retail space; and a 198,000-square-foot luxury boutique hotel with 235 rooms. ➢ Block 2 will feature a 29-story, 1 million-square-foot convention center hotel …

October 30, 2018

Acquisitions California Office Western

Shorenstein Purchases 565,000 SF Sorrento Towers in San Diego

by Amy Works October 29, 2018

SAN DIEGO — Shorenstein Properties has acquired Sorrento Towers North & South, two Class A office project in San Diego. Rick Reeder and Brad Tecca of Cushman & Wakefield advised Shorenstein in the transaction. The name of the seller and acquisition price were not released. The 565,000-square-foot asset serves as the gateway to Sorrento Mesa, San Diego’s technology hub. First developed in 1989 and renovated in 2014, the North buildings consist of two seven-story structures totaling approximately 286,000 square feet at 5355 and 5375 Mira Sorrento Place. Built in 2001, the South buildings consists of two six-story structures totaling 278,000 square feet at 9276 and 9330 Scranton Road. The towers feature high-image glass exteriors, modern building lobbies and common areas, outdoor lounge areas, modern fitness centers, state-of-the-art conference facilities and structured parking. The properties are also located adjacent to the Sorrento Court and Sorrento Plaza retail centers.

October 29, 2018

Acquisitions Arizona Retail Western

DRA Advisors, Pine Tree Acquire 232,577 SF Shopping Center Near Phoenix for $44.7M

by Amy Works October 29, 2018

GOODYEAR, ARIZ. — A joint venture between DRA Advisors and Pine Tree has purchased Palm Valley Pavilions West, a shopping center located at 1478 N. Litchfield Road in Goodyear, a suburb 20 miles west of Phoenix. Retail Value Inc. sold the property for $44.7 million. Built in 1994 and situated on 28 acres, the 232,577-square-foot property was 98.5 percent leased at the time of sale. Tenants include Ross Dress for Less, Best Buy, Total Wine & More and ULTA Beauty. Pete Bethea, CJ Osbrink, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal.

October 29, 2018

California Loans Retail Western

HFF Secures $17.1M Refinancing for Grocery-Anchored Center in Southern California

by Amy Works October 29, 2018

GLENDORA, CALIF. — HFF has secured $17.1 million in post-acquisition financing for Grand and Alosta, a 70,881-square-foot, newly redeveloped shopping center located in the Southern California community of Glendora. Anchored by Sprouts Farmers Market and Marshalls, the fully leased property is also home to Orangetheory Fitness, Mattress Firm, Oke Poke, Sherwin-Williams, The Coffee Bean, US Nail and Spa, Burgerim and Creamistry. Paul Brindley, Marc Schillinger and Ryan Ash of HFF worked on behalf of an institutional borrower to secure the seven-year, fixed-rate, interest-only, non-recourse loan through a national life insurance company.

October 29, 2018

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