Dirt Moving for $42M Affordable Project

IRVINE, CA-Alegre Apartments, a new affordable-housing community for families and special-needs residents, will break ground next Thursday, December 12. The project, which GlobeSt.com has learned is expected to be completed by early 2015 with a total development cost of $42 million ($21 million for hard construction), is a partnership between AMCAL Multi-Housing, the Irvine Community Land Trust and the City of Irvine for placement in the new Cypress Village master plan near Jeffrey Rd. and the  I-5 freeway. The development will provide 104 affordable family apartments with 10% reserved for special needs. The partnership is a key part of AMCAL's initiative to fulfill inclusionary housing requirements in cities across California. Alegre is also the first rental community utilizing the ground-lease model that provides ICLT with long-term land ownership.

LAS VEGAS-Grand Bazaar Shops, slated to be an outdoor shopping mecca, is scheduled to open Fall 2014 on the Vegas Strip at Flamingo Rd. Designed as a “21^st-Century bazaar,” the center will consist of 150+ shops on more than 2 acres. The center is being developed by Juno Property Group and its chairman Laurence “Larry” Siegel, in conjunction with several partners including affiliated funds of the Perella Weinberg Partners Asset Based Value Strategy, Glimcher Capital Group and Caesars Entertainment. When launched, the center will comprise close to 55,000 square feet, be easily walkable and feature store sizes ranging between 150 square feet and 300 square feet, as well as some sizes available to a select group at up to 2000 square feet. Tenants include Swarovski, Swatch, Superdry, Havaianas, Campo Marzio, and special boutiques from around the US. At approximately 23,000 square feet, more than a third of the project is dedicated to restaurant and bar concepts as well as food stores.

BUENA PARK, CA-Jamboree Housing Corp., in partnership with the City of Buena Park Community Redevelopment Agency Construction, has finished construction on ParkLanding, a four-story multifamily community at 8850 La Palma Ave. here, designed by Newman Garrison + Partners. The project replaces an abandoned 2-acre site with a new, affordable-housing complex using NG+P's proprietary design concept, New Block. The multifamily community incorporates contemporary urban design into 70 one-, two- and three-bedroom apartments ranging from 650 square feet to 1150 square feet. The building also includes a 2,859-square-foot community center featuring a computer-learning lab, multipurpose space, a youth activity center, an exercise room and laundry facilities.

SALES

SIMI VALLEY, CA-A seller who owned the Simi Valley Shopping Center, a 99,662-square-foot retail center at 1856 Erringer Rd. here, for 45 years, has sold it to Milan Capital Management of Anaheim for $16.9 million or $170 per square foot. Marty Cohan, VP investments, and Douglas Cole, associate, both in Marcus & Millichap's West Los Angeles office, represented both parties in the transaction. Built in 1965 on 6.8 acres,the property is located at the corner of Los Angeles St. and Erringer Rd., both main thoroughfares through Simi Valley. Smart & Final, Tri-Counties Regional Center, Theresa's Country Feed and the Simi Valley Hospital anchor the center.

SAN MARCOS, CA-Dornin Investment Group has completed the sale of Royal Oaks Senior Apartments, a 122-unit garden-style apartment complex here, to a 1031 exchange private buyer. DIG purchased the property approximately 18 months ago in early 2012. The community features an on-site bistro, pool, game area(s), library, salon and secured gated entrance.The property sold via a Fannie Mae loan assumption originated and serviced by Berkeley Point Capital. Steve Huffman of Hendricks & Partners brokered the sale.

SAN DIEGO-Alegria Real Estate, an investment group based in Solana Beach, CA, has acquired 3.87 acres of prime land for new home development in the residential area of University City. The vacant property was sold for an undisclosed amount by the Roman Catholic Bishop of San Diego, which has owned it since 1961. Alegria plans to call its new neighborhood West End, since it is located on the west end of University City west of Regents Rd. between Highway 52 and Governor Dr. The community is primarily single-family detached homes, most of which are less than 2,000 square feet and built in the 1960s, so West End will offer to homebuyers new homes with more living space, modern kitchens, great rooms, green features, technology and more.

LAS VEGAS-Turnberry Associates has sold 2827 Paradise Rd., the former Stirling Club located in the heart of Las Vegas, to an undisclosed buyer for an undisclosed amount. The property contains a collection of restaurants, lounges, bars, pools, tennis courts, state-of-the-art fitness and spa amenities. Marc Renard, Geoff West, Meredith L. Johnson and Stephen Wilson of Cushman & Wakefield represented the landlord in the transaction.

LEASES

SACRAMENTO-Maccaferri Inc. has opened a new 49,000-square-foot manufacturing facility at McClellan Business Park here. The firm signed a lease earlier this year with McClellan Business Park for the industrial space and took occupancy in June 2013. The lease also provides 53,000 square feet of fenced yard area for storage of production materials. The larger space will accommodate an additional production line, which is expected to require additional personnel, creating more employment opportunities. The company expects to employ approximately 25 people at the McClellan facility. The industrial building's former use was as an electronics overhaul facility by the Air Force.

SEATTLE-Total Wine & More, a national wine superstore chain, has signed a 10-year lease for 25,000 square feet at 1600 Armory Way here with Port 601 LLC, part of Seattle real estate developer Kauri Investments. The site will be part of a 103,000-square-foot shopping center anticipated to open in second quarter 2015. Dave Speers, SVP at Kidder Mathews, along with Tim Foster and Jason Rosauer, represented the landlord. Total Wine was represented by Lee Guillory of Seattle Pacific Realty.

FINANCING

SANTA MARIA, CA-HFF has secured $9 million in financing for and on behalf of Santa Maria Commerce Center, a 65,911-square-foot neighborhood retail center at 230-340 E. Betteravia Rd. here. The HFF team led by managing director Brad Black and real estate analyst Benjamin Gallant worked to secure the 10-year, 4.81% fixed-rate loan through Wells Fargo Bank.  Proceeds were used to refinance maturing debt on the property. The center is 85% leased and includes tenants such as Pier 1 Imports, Chipotle, Panda Express, Supercuts and Avenue. Additionally, it is shadow-anchored by Ross Dress for Less and 99 Cents Only.