Spectrum Center Signs New Stores, Eateries

IRVINE, CA—The Irvine Co. is planning to open several newly built retail, dining and entertainment venues at its Irvine Spectrum Center here this spring. The new restaurants and shop buildings, which will be located near Barnes & Noble, include Irvine Improv Comedy Club, Umami Burger, Sports Authority, TLT Food, Lyfe Kitchen and Pho Saigon Pearl. Other newly built restaurants include Brio Tuscan Grille and Del Frisco's Grille. Two additional stores will also open at the center: Motherhood Maternity and Stella Laguna Beach. The new shops are an attempt to further broaden the appeal of this popular center and offer “something for everyone,” according to Stacie Ellis, senior director of marketing for Irvine Co. Retail Properties.

DENVER—San Antonio-based Embrey Partners has begun construction on a luxury, 250-unit, class-A community in the Ken Caryl Ranch neighborhood here. The development will be the first apartment community ever to be built in this particular neighborhood and the first such development in the submarket in the past 13 years. The first units are scheduled for occupancy in early 2015. Plans include three-story buildings and carriage houses with a mountain theme designed by Denver architect Kephart. Special amenities include a bike repair shop for residents with an open-air feel created by glass garage doors, bike storage lockers, a pool with hot tub and shallow tanning deck area, built in grilling stations and several outdoor living areas. Interiors will be available in two distinct finishes packages, both including granite countertops and tile backsplashes in the kitchens.  Select units will also include stainless steel appliances, garden tubs, designer lighting and plumbing packages.

LA JOLLA, CA—McCarthy Building Cos. Inc. has completed construction for the new J. Craig Venter Institute La Jolla, located on a 1.75-acre site at 4120 Torrey Pines Rd. on the University of California, San Diego, campus here. Designed by Zimmer Gunsul Frasca Architects, the three-story, 45,000-square-foot building features exposed architectural concrete panels, Spanish cedar wood siding, a wood-framed window curtain wall and storefront system, metal panels, and an expansive photovoltaic array. According to McCarthy, the net-zero-energy facility represents the most ambitious sustainably designed biological research laboratory project ever to be built. The building has been built to earn LEED Platinum certification.

SALES

PUYALLUP, WA—An unnamed seller has sold Sunrise Medical Campus here to an unnamed buyer for $40.2 million. The three-building property totals 98,815 square feet. Jones Lang LaSalle's capital markets managing directors Lori Hill and Stuart Williams led the JLL team on the transaction. Legal counsel for the seller was provided by Jemima McCullum, attorney at law at Gordon Thomas Honeywell LLP.

COLORADO SPRINGS, CO—A New York-based private-equity partnership has purchased Platte Airpark Center, a 137,608-square-foot research and development office/flex complex at 320-480 Wooten Rd. here, for $14.4 million or $104 per square foot from Cavan Development. Barry Higgins, a first VP investments in Marcus & Millichap's Denver office, represented the seller, while Higgins and Jeffery Sorenson, an associate in the firm's Salt Lake City office, advised the buyer.

IRVINE, CA—Pacific Systems has sold a vacant 44,800-square-foot industrial at 17392 Daimler St. here to Burke Real Estate Group for what industry sources unrelated to the deal report was $4 million. Avison Young principals Dan Vittone and Alan Pekarcik, based in the company's Irvine office, along with Sam Olmstead of Voit Real Estate Services, represented both parties in the transaction. According to Pekarcik, “The property was previously occupied by Fidelity National Title. The buyer intends to renovate the property and re-market it for lease or for sale.  

LEASES

CORONA, CA—The new Children's Hospital of Orange County Children's Health Center at 854 Magnolia Ave. here recently opened. In late 2013, NAI Capital's Sonya Dopp-Grech, Steve Lewallen and Ryan Dopp represented the tenant, while the firm's Bob Bush and John Bosko represented the landlord, Magnolia Medical Plaza, in the lease of this 5,735-square-foot medical property. The value of the lease transaction was not disclosed.

WESTMINSTER, CO—Vestar has completed a lease with H&M for 20,000 square feet of space at the Orchard Town Center, a 914,000-square-foot, open-air regional retail center here. The new store is expected to open in the fall of this year. The addition of H&M comes less than two months after Vestar acquired the property for $123.5 million in an all cash transaction. Vestar is embarking on plans to significantly redevelop the project, rebranding the center with new amenities while bringing in new retailers. The firm also plans to enhance the shopping experience through marketing programs and community-oriented events. 

DENVER—Hallmark Retail LLC has signed a lease with Realty Management Group to occupy 4,127 square feet at the Avenue 2 Shops, a 37,000-square-foot high-street retail development located in the Cherry Creek North region here on 2nd Ave. between Fillmore and Saint Paul sts. Stuart Zall of the Zall Co. represented the landlord, and Jon Weisiger of CBRE represented the tenant in this transaction. The terms of the deal were not disclosed.

FINANCING

LAKEWOOD, CO—Pembrook Capital Management LLC has closed an $18.6-million bridge loan to facilitate the acquisition of Mountain Vista, a 98%-occupied, 257-unit multifamily property at 434-485 S. Wright St. here, on behalf of an unnamed buyer. The funding from Pembrook will allow the buyer to acquire the property and complete interior renovations to the apartment units. In addition, the buyer will also be able to finalize exterior renovations that include clubhouse/office construction, roof replacements, repairs to stair landings and catwalks, asphalt repairs, clubhouse equipment/furniture, and exterior paint. Mountain Vista consists of two multifamily communities that include Alpine Mountain Vista, a 137-unit garden property that features four two-story buildings, and Green Mountain Vista, a 120-unit garden property composed of three two-story buildings.

LYNNWOOD, WA—The Seattle office of Berkadia Commercial Mortgage LLC has originated $9.1 million in acquisition financing for Heather Ridge Apartment Homes, a 107-unit, 99%-occupied multifamily property at 20427 68Avenue West near Downtown Seattle. SVP Louis Weisman worked with borrower APG Heather Ridge LLC to secure the seven-year, fixed-rate loan through Freddie Mac. The borrower will use the loan for the $12.2-million acquisition of the property. Loan terms include a 4.6% interest rate, 75% loan-to-value ratio and 30-year amortization schedule.

NEWPORT BEACH, CA—Karlin Real Estate has provided a group of local developers operating as Newport Center Anacapa Associates with a $7-million senior credit facility to help finance the acquisition of Beacon Bay Auto Wash, a 44-year-old operating car wash on 1.26 acres of developable land at 150 Newport Center Dr. here, industry sources report. The new owners plan to re-entitle the property and build a boutique hotel with views of the Pacific Ocean. The sales transaction is valued at approximately $12.5 million. The project is across the street from Fashion Island and is included in the City of Newport Beach General Plan that is expected to be complete by the end of 2014.

EXECUTIVE MOVES

SAN DIEGO—Greystone, a leading national provider of multifamily and healthcare mortgage loans, has added Matt Stevens to the firm's production team here. As a director, Stevens will focus on origination for debt-financing solutions across Fannie Mae, Freddie Mac, FHA and CMBS, as well as Greystone's proprietary lending platforms. Stevens brings to Greystone more than 15 years of commercial lending and banking experience and will report to Rick Wolf, senior managing director and head of Greystone's West Coast production. Previously, Stevens was with Alliant/ACRE Capital, where he focused on loan originations in California, Nevada, Utah, Colorado, Oregon, Arizona, Missouri, New Mexico and Texas. 

SANTA ANA, CA—Ernesto Vasquez, chairman & CEO of MVE Institutional has been elevated to the College of Fellows by the American Institute of Architects, the leading membership organization for architects and emerging professionals since 1857, serving the architectural community through advocacy, information, and community. The AIA Fellowship program recognizes architects with significant achievements and contributions to the profession. Vasquez was selected by the 2014 Jury of Fellows as one of 139 AIA members to the College of Fellows. Of the 80,000 AIA members, only 3,000 members have been recognized with this distinguished honor, less than 4%. Vasquez has been president of MVEI since it was founded in 2003. In 2013, he became chairman and CEO.

IRVINE, CA—RealtyTrac has hired marketing and real estate specialist Rob Talbot as SVP of marketing. In this role, Talbot will oversee the company's marketing and public relations departments and implement new marketing strategies. Talbot will also be tasked with overseeing the RealtyTrac Network, an exclusive broker offering available to leading independent and franchised brokerage companies throughout the country. Most recently, Talbot served as VP of marketing at M-GO, a digital entertainment company that specializes in digital streaming of movies and TV shows.