LOS ANGELES—Linwood Ventures and Lincoln Property Co. have completed a $7 million overhaul of the food court on the Third Street Promenade. The property brings the 1990s-style building into the 21st century with modern finishes, an open floor plan and plenty of natural light. The new space is called the Gallery, and will help bring in new restaurant tenants and customers with indoor-outdoor seating and the only elevated dining deck at the Promenade.
SALES
SALT LAKE CITY, UT—Berkadia has acquired the University Villa Apartments, a 125-unit student-housing complex near Brigham Young University. The property was built in 1965, and Berkadia plans to renovate and reposition the property.
BOULDER, CO—LifeStorage has acquired a self-storage portfolio in Boulder, CO, from Heitman for an undisclosed amount. The portfolio is 324,000 rentable square feet with more than 3,000 units. In total, it makes up about 45% of the total self-storage space within the city. JLL managing Directors Steve Mellon and Brian Somoza represented the seller in the transaction.
WHITTIER, CA—Investment Property Group has sold two properties in the Whittier submarket for record-breaking cap rates, according to the firm. The 40-unit Heritage Manor and Villas traded hands at a 3.8% cap rate for $8.2 million, while the 46-unit Malibu and Madrid Apartments traded hands for 3.6% for $8.7 million. Information on the buyers and the sellers in the transactions was not disclosed.
SAN DIEGO—Gerrity Group has purchased Fallbrook Mercantile Center, a 70,410-square-foot grocery-anchored shopping center in Fallbrook, CA, for $23.6 million from Tourmaline Capital. The center is 97% leased to Anytime Fitness, Sherwin Williams, Burger King, Jersey Mike's Subs, Fantastic Sam's and Denny's. HFF's Gleb Lvovich and CJ Osbrink represented the seller in the transaction.
LOS ANGELES—A joint venture between Hileman Cowley Partners and LLJ Ventures has purchased the Viceroy Studios from Victory Partners and Mason Trust for $15.4 million. The 56,547-square-foot state-of-the art studio space is fully occupied by Telepictures Productions, a division of Warner Bros. Avison Young VP Andrew Berk and principal Mark Evanoff represented the sellers in the transaction.
SEATTLE—New Standard Equities has acquired Bremerton Gardens, a 182-unit multifamily complex in Bremerton, WA, for $13 million. Redwood-Kairos Real Estate Partners supplying the joint venture equity, and the investor secured a loan through Freddie Mac for the purchase. The investor plans to spend an additional $3.5 million on renovations.
LEASES
SAN DIEGO—Vertex Pharmaceuticals has signed a 170,000-square-foot lease with an affiliate of Alexandria Real Estate Equities for a build-to-suit project. Alexandria will develop the 170,000-square-foot space at its two-building Spectrum Campus, located at 3215 Merryfield Row in Torrey Pines. Cushman & Wakefield's Brian Starck and David Odmark represented Alexandria Real Estate Equities while Cushman & Wakefield Boston's Joe Fallon and Ted Lyon represented Vertex Pharmaceuticals in this transaction.
SAN DIEGO—Cruzan has signed a 29,367-square-foot lease at 5600 Avenida Encinas in Carlsbad for 65 months. The firm is moving from a 6,000-square-foot space. Aric Starck and Brett Ward of Cushman & Wakefield represented the tenant in the transaction.
FINANCING
RENO, NV—A joint venture between Sunroad Enterprises, Security Properties and Loma Linda University has secured a $28.2 million loan to acquire and renovate Bristol Bay, a 247-unit class-A apartment complex in Reno. The property is 97% occupied. PCCP funded the loan.
PORTLAND, OR—Swift Real Estate Partners have secured a $10.8 million loan to acquire three multi-tenant office properties. The loan is non-recourse, but the lender and terms were not disclosed. Michael Walker, SVP, and Brad Zampa, EVP, of CBRE Capital Markets' Debt & Structured Finance secured the funding on behalf of the borrower.
DEVELOPMENT
NEWPORT BEACH, CA—Ware Malcomb has completed the headquarters of Mark IV Capital Inc., a real estate development firm. The 20,613-square-foot headquarters has a Euro-contemporary design with exposed steel columns, cream-colored travertine exterior walls, and a curtain wall made from champagne-colored anodized aluminum with clear Vistacool Atlantica glazing. The property includes a 9,142 square foot underground parking garage, and it is currently pursuing LEED NC Platinum certification.
ANAHEIM, CA—The Packing House has earned a place on the National Register of Historic Places. Located in the 1919 Sunkist citrus-packing building, LAB Holding had renovated the center and curated a mix of restaurant tenants to help revitalize the Downtown Anaheim area.
SAN DIEGO—Sundt Construction has completed the $20 million renovation of the Center for Media and Performing Arts at San Diego City College. The 31,000-square-foot project houses the school's dramatic arts, dance, music, digital journalism, digital media, radio, TV and film exhibitions.
LOS ANGELES—Linwood Ventures and Lincoln Property Co. have completed a $7 million overhaul of the food court on the Third Street Promenade. The property brings the 1990s-style building into the 21st century with modern finishes, an open floor plan and plenty of natural light. The new space is called the Gallery, and will help bring in new restaurant tenants and customers with indoor-outdoor seating and the only elevated dining deck at the Promenade.
SALES
SALT LAKE CITY, UT—Berkadia has acquired the University Villa Apartments, a 125-unit student-housing complex near Brigham Young University. The property was built in 1965, and Berkadia plans to renovate and reposition the property.
BOULDER, CO—LifeStorage has acquired a self-storage portfolio in Boulder, CO, from Heitman for an undisclosed amount. The portfolio is 324,000 rentable square feet with more than 3,000 units. In total, it makes up about 45% of the total self-storage space within the city. JLL managing Directors Steve Mellon and Brian Somoza represented the seller in the transaction.
WHITTIER, CA—Investment Property Group has sold two properties in the Whittier submarket for record-breaking cap rates, according to the firm. The 40-unit Heritage Manor and Villas traded hands at a 3.8% cap rate for $8.2 million, while the 46-unit Malibu and Madrid Apartments traded hands for 3.6% for $8.7 million. Information on the buyers and the sellers in the transactions was not disclosed.
SAN DIEGO—Gerrity Group has purchased Fallbrook Mercantile Center, a 70,410-square-foot grocery-anchored shopping center in Fallbrook, CA, for $23.6 million from Tourmaline Capital. The center is 97% leased to Anytime Fitness, Sherwin Williams,
LOS ANGELES—A joint venture between Hileman Cowley Partners and LLJ Ventures has purchased the Viceroy Studios from Victory Partners and Mason Trust for $15.4 million. The 56,547-square-foot state-of-the art studio space is fully occupied by Telepictures Productions, a division of Warner Bros. Avison Young VP Andrew Berk and principal Mark Evanoff represented the sellers in the transaction.
SEATTLE—New Standard Equities has acquired Bremerton Gardens, a 182-unit multifamily complex in Bremerton, WA, for $13 million. Redwood-Kairos Real Estate Partners supplying the joint venture equity, and the investor secured a loan through
LEASES
SAN DIEGO—Vertex Pharmaceuticals has signed a 170,000-square-foot lease with an affiliate of Alexandria Real Estate Equities for a build-to-suit project. Alexandria will develop the 170,000-square-foot space at its two-building Spectrum Campus, located at 3215 Merryfield Row in Torrey Pines. Cushman & Wakefield's Brian Starck and David Odmark represented Alexandria Real Estate Equities while Cushman & Wakefield Boston's Joe Fallon and Ted Lyon represented Vertex Pharmaceuticals in this transaction.
SAN DIEGO—Cruzan has signed a 29,367-square-foot lease at 5600 Avenida Encinas in Carlsbad for 65 months. The firm is moving from a 6,000-square-foot space. Aric Starck and Brett Ward of Cushman & Wakefield represented the tenant in the transaction.
FINANCING
RENO, NV—A joint venture between Sunroad Enterprises, Security Properties and Loma Linda University has secured a $28.2 million loan to acquire and renovate Bristol Bay, a 247-unit class-A apartment complex in Reno. The property is 97% occupied. PCCP funded the loan.
PORTLAND, OR—Swift Real Estate Partners have secured a $10.8 million loan to acquire three multi-tenant office properties. The loan is non-recourse, but the lender and terms were not disclosed. Michael Walker, SVP, and Brad Zampa, EVP, of CBRE Capital Markets' Debt & Structured Finance secured the funding on behalf of the borrower.
DEVELOPMENT
NEWPORT BEACH, CA—Ware Malcomb has completed the headquarters of Mark IV Capital Inc., a real estate development firm. The 20,613-square-foot headquarters has a Euro-contemporary design with exposed steel columns, cream-colored travertine exterior walls, and a curtain wall made from champagne-colored anodized aluminum with clear Vistacool Atlantica glazing. The property includes a 9,142 square foot underground parking garage, and it is currently pursuing LEED NC Platinum certification.
ANAHEIM, CA—The Packing House has earned a place on the National Register of Historic Places. Located in the 1919 Sunkist citrus-packing building, LAB Holding had renovated the center and curated a mix of restaurant tenants to help revitalize the Downtown Anaheim area.
SAN DIEGO—Sundt Construction has completed the $20 million renovation of the Center for Media and Performing Arts at San Diego City College. The 31,000-square-foot project houses the school's dramatic arts, dance, music, digital journalism, digital media, radio, TV and film exhibitions.
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