Retail

Boardman Enterprises Sells 124,822 SF Chandler Heights Marketplace in Arizona for $30.8M

by Amy Works June 21, 2019

CHANDLER, ARIZ. — Boardman Enterprises has completed the disposition of Chandler Heights Marketplace, a grocery-anchored neighborhood shopping center in Chandler. Sita Enterprises acquired the 124,822-square-foot asset for $30.8 million. Situated on 18 acres at 4940 S. Gilbert Road, the property was more than 69 percent occupied at the time of sale. Current tenants include Bashas’, Ace Hardware, Leslie’s Pool Supplies, Starbucks Coffee, Orangetheory Fitness, Pizza Hut, H&R Block and Edward Jones. Shane Jimenez of Lee & Associates of Idaho, along with Jan Fincham and Andrew Lundahl of Lee & Associates Arizona, represented the seller, while Nathan Cardon of Cardon Commercial represented the buyer in the deal.

June 21, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Parkview Financial Provides $16.5M Construction Loan for Mixed-Use Project in Los Angeles

by Amy Works June 21, 2019

LOS ANGELES — Parkview Financial has funded a $16.5 million construction loan to Los Angeles-based 5050 Pico LLC for the development of Kentish Town, a mixed-use project in Los Angeles. Located at 5050 W. Pico Blvd., the 60,110-square-foot property will feature 79 residential units and 2,121 square feet of ground-floor retail space. Additionally, the asset will include one grade-level parking area and one subterranean parking level, totaling 67 spaces. Community amenities will include two rooftop decks, a bike room with storage and a residential lounge. Apartments are available in a mix of studio and one-bedroom floorplans, averaging 601 square feet. Units will feature engineered hardwood/vinyl flooring, a full kitchen with stainless steel appliances and an in-unit washer/dryer, as well as balconies on the majority of the apartments. Eight of the units will offer below-market-rate rents.

June 21, 2019

Acquisitions Illinois Midwest Retail

Quantum Brokers $2.9M Sale of Retail Building in Chicago

by Kristin Harlow June 21, 2019

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Chicago for $2.9 million. The 19,289-square-foot property is located at 5101-5149 S. Cicero Ave. The asset is fully leased. Some of the tenants include Dollar Tree, Boost Mobile and Cricket Wireless. Chad Firsel of Quantum brokered the transaction. A Charlotte, N.C.-based private investor purchased the property from a Chicago-based acquisition and development company.

June 21, 2019

Acquisitions Michigan Midwest Restaurant Retail

SRS Arranges $1.7M Ground Lease Sale of Property Occupied by Texas Roadhouse in Flint, Michigan

by Kristin Harlow June 21, 2019

FLINT, MICH. — SRS Real Estate Partners has arranged the ground lease sale of a 7,163-square-foot property occupied by Texas Roadhouse in Flint for $1.7 million. Constructed in 2015, the building is located at 4140 Miller Road. The triple net lease has approximately 13 years remaining on the initial term. Dan Elliot and Sean Lutz of SRS represented the seller, JSNT Real Estate LLC. Richmond Properties IV LLC purchased the property. The cap rate was 5 percent.

June 21, 2019

Development Hospitality Mixed-Use Office Oregon Retail Top Stories Western

BPM Plans $600M, 35-Story Mixed-Use Tower in Downtown Portland

by Jeff Shaw June 21, 2019

PORTLAND, ORE. — BPM Real Estate Group has unveiled plans for a 35-story tower in downtown Portland that will feature a mix of condominiums, office space, retail and the Pacific Northwest’s first Ritz-Carlton hotel. Project costs are estimated at $600 million. The tower will be built on the current site of the Alder Street Food Cart Pod, a collection of street food vendors that recently announced it would close at the end of this month. Construction of the project is slated to begin before the end of the year for completion in early 2023. Marriott International Inc. recently signed a contract to bring the Ritz-Carlton Residences brand to the tower with 251 hotel rooms and 138 condominiums. Marriott will also operate that portion of the development, which will be the city’s first five-star hotel, according to Marriott. Plans also call for retail space and a ground-level food hall, while details on the office portion have not yet been released. The new tower will be one of the five tallest buildings in Portland upon completion, offering views of the city, Cascade Mountains and Willamette River. The site is a few blocks from Pioneer Courthouse Square, the most-visited tourist destination in Oregon, …

June 21, 2019

Acquisitions Arizona Retail Western

Vestar Acquires University Plaza Shopping Center in Arizona for $27.5M

by Amy Works June 20, 2019

FLAGSTAFF, ARIZ. — Vestar has purchased University Plaza, a shopping center located 1312 S. Plaza Way in Flagstaff. An undisclosed seller sold the property for $27.5 million. Situated near downtown Flagstaff, University Plaza features 165,615 square feet of retail space. At the time of sale, the property was 98 percent leased and anchored by Safeway, Ross Dress for Less, Bed Bath & Beyond and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in transaction.

June 20, 2019

California Development Mixed-Use Multifamily Restaurant Retail Western

Sudberry Properties Breaks Ground on The Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works June 20, 2019

SAN DIEGO — Sudberry Properties has started construction of The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9850 Carroll Canyon Road in San Diego’s Scripps Ranch submarket. Situated on 9.5 acres, The Hub will features 260 apartments and 10,700 square feet of retail and restaurant space. The property is slated to open in phases, with the first apartments and commercial spaces available for occupancy in the fourth quarter of 2020. The Hub will consist of five four-story, garden-style residential buildings, a leasing center, 2,053-square-foot gym, lounge and a terrace overlooking a landscaped pool area, as well as high-visibility locations for restaurants and retailers. The property will feature apartment units in a mix of one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet. Interior amenities will include stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is handling leasing for the property. Aldon Cole and Olga Walsh of HFF arranged a construction loan through a commercial bank, as well as mezzanine financing from a correspondent life company …

June 20, 2019

Acquisitions Midwest Missouri Retail

Block & Co. Arranges Sale of 33,340 SF Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow June 20, 2019

LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of the 33,340-square-foot Raintree Village shopping center in Lee’s Summit for an undisclosed price. The property sits on eight acres at 817-899 SW Lemans Lane. Phil Peck of Block & Co. represented the seller, Compton Holdings LLC. The buyer was not disclosed. Block & Co. will continue to handle leasing for the center. Six spaces are currently available for lease, ranging from 1,139 to 3,626 square feet. Some of the tenants include Love Coffee, Envy Salon, Papa John’s, Snap Fitness and La Fuente Mexican restaurant.

June 20, 2019

Development Northeast Pennsylvania Retail

Rivers Casino Pittsburgh to Develop $60M Hotel Starting This Summer

by Taylor Williams June 20, 2019

PITTSBURGH — Rivers Casino Pittsburgh has unveiled plans to develop The Landing Hotel, a 219-room property that will be attached to the casino. Designed by architecture firm VOA, the project is valued at roughly $60 million and will be privately funded. Construction is expected to begin this summer and last 18 months, giving the project an anticipated completion date of early 2021. Rivers Casino Pittsburgh is located along the Ohio River and features 2,708 slots, 128 table games, 55 hybrid gaming seats and a designated sports book area for live sports betting. VOA is the project architect, and Massaro Construction Group is the general contractor. The project is expected to create 128 permanent new jobs

June 20, 2019

California Development Healthcare Mixed-Use Office Restaurant Retail Western

Primior to Break Ground on First Harbor Plaza Mixed-Use Project in Santa Ana, California

by Amy Works June 19, 2019

SANTA ANA, CALIF. — Primior is scheduled to break ground on First Harbor Plaza, the firm’s mixed-used development in Santa Ana, on June 26. Located at the intersection of North Harbor Boulevard and West First Street, the two-building First Harbor Plaza will offer 40,129 square feet of restaurant, retail, office and medical office space. Building 1 features 14,400 square feet in two large anchor suites and five smaller spaces on the first floor and the same configuration on the second floor. Building 2 will include 3,880 square feet on the first floor, two suites on the second floor totaling 3,778 square feet and a 3,778-square-foot suite on the third floor. Chase Bank will occupy the first-floor corner space at Building 1, and Optima Salon Studios will occupy the third-floor suite at Building 2.

June 19, 2019

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