LOS ANGELES—Colliers International has closed $100 million in retail transactions in the Puget Sound market. Retail Properties of America purchased Tacoma South Shopping Center, a 230,657-square-foot shopping center for $39.4 million from Sterling Realty Organization Co.; Da Li Properties purchased La Plaza Midway Shopping Center, a 79,830-square-foot shopping center, for $19.2 million from Tourmaline Capital; and Merlone Geier Partners purchased Alderwood Plaza Shopping Center, a 175,837-square-foot shopping center, for $40.5 million from Barclays Realty & Management Co. All three centers have a strong tenant mix with national chain tenants.
SALES
REDLANDS, CA—Sitex Group is expanding its industrial portfolio with the acquisition of a 149,275-square-foot warehouse/distribution facility in the Redlands Business Center. The sales price was not disclosed, however, the sale transaction did include a lease back agreement with the seller, Cabinets to Go, which will occupy the space through December 2016. The property features 21 docks, 30' clear height ceilings and a 170' secured truck court, which can accommodate excess car and trailer parking. Colliers International's Ryan Mele represented both the buyer and the seller in the transaction.
WESTMINSTER, CA—An unnamed buyer has acquired the Little Saigon Shopping Center, a 85,133-square-foot leasehold community shopping center in Westminster, for $18 million from a local partnership. The sales price equates to a cap rate of 6.26 percent and $211 per square foot. Ron Duong, VP of investments at Marcus & Millichap represented the buyer and seller in the transaction.
TACOMA, WA—An unnamed privately held partnership has purchased the Lincoln Plaza in Seattle from Passco Cos. for $26.7 million. Lincoln Plaza is an 80,922-square-foot retail center with a tenant mix that includes Big 5, Jared The Galleria Of Jewelry, Men's Warehouse, Skechers, Starbucks, Wingstop, Sprint. It was 95% occupied at the time of the sale. CBRE's Philip D.Voorhees, Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman and Preston Fetrow, in partnership with Dino Christophilis of CBRE's Seattle office, represented the seller in the transaction.
REDLANDS, CA—An unnamed buyer has acquired the Tesoro Apartment Homes, a 188-unit multifamily complex in Redlands, for $27.75 million from an unnamed buyer. The property has a mid-to-high 90s occupancy consistently and is in a market with strong job centers and high housing demand. Institutional Property Advisors Stewart I. Weston, executive director, Christopher Zorbas, senior director, David Sperling, director, and John Montakab, associate director represented the seller, while Marcus & Millichap's Tyler Leeson, first vice president investments, and Alex Mobin, senior associate, represented the buyer.
LEASES
LOS ANGELES—Beachbody has signed a 69,000-square-foot expansion at Lantana Center for its headquarters office. This new lease extension brings the tenant's occupancy to 200,000 square feet at the property. JLL's Tom Turley, Jordan Kissel and Blake Searles represented Beachbody in the transactions, while CBRE's Jeff Pion, Blake Mirkin, Michelle Esquivel and Richard Ratner represented the landlord, Jamestown. The value of the lease was not disclosed.
FINANCING
WEST COVINA, CA—Stillwater Investment Group, Greenlaw Partners and CrossHarbor Capital Partners have secured a $26.7 million loan to acquire the Lakes at West Covina, a 176,843-square-foot, class-A office campus in the City of West Covina. The three-year, non-recourse loan has a floating rate and was funded through Suntrust Bank. HFF director Greg Brown and managing director James Fowler secured the funds on behalf of the borrower.
EMPLOYMENT
LOS ANGELES—Bill Bauman has been named co-head of Global Retail Services Group at Savills Studley in Los Angeles. Bauman will work with Susan Kurland, who recently joined the firm from CBRE, to grow the company's retail platform. Bauman joined the firm in 2009 as EVP.
LOS ANGELES—Law firm Ervin Cohen & Jessup LLP has expanded its land use group with the addition of Ellia Thompson, Jonathan Riker and Jeffrey Harlan. Thompson will chair the land use group.
DEVELOPMENT
DENVER—Unico Properties has broken ground on its first ground-up development in Denver, CO. The developer is building a 90,000-square-foot office and retail mixed-use complex with 10,000 square feet of retail space and 80,000 square feet of leasable office space. Located at 1615 Platte Street, the property is already pre-certified LEED Gold.
SAN DIEGO—Wakeland Housing and Development Corp. has transformed a former World War II Army Camp in San Diego into a housing complex for veterans, known as Home Front at Camp Anza. The community will provide affordable housing solutions to veterans and the families of veterans.
LOS ANGELES—Colliers International has closed $100 million in retail transactions in the Puget Sound market. Retail Properties of America purchased Tacoma South Shopping Center, a 230,657-square-foot shopping center for $39.4 million from Sterling Realty Organization Co.; Da Li Properties purchased La Plaza Midway Shopping Center, a 79,830-square-foot shopping center, for $19.2 million from Tourmaline Capital; and Merlone Geier Partners purchased Alderwood Plaza Shopping Center, a 175,837-square-foot shopping center, for $40.5 million from
SALES
REDLANDS, CA—Sitex Group is expanding its industrial portfolio with the acquisition of a 149,275-square-foot warehouse/distribution facility in the Redlands Business Center. The sales price was not disclosed, however, the sale transaction did include a lease back agreement with the seller, Cabinets to Go, which will occupy the space through December 2016. The property features 21 docks, 30' clear height ceilings and a 170' secured truck court, which can accommodate excess car and trailer parking. Colliers International's Ryan Mele represented both the buyer and the seller in the transaction.
WESTMINSTER, CA—An unnamed buyer has acquired the Little Saigon Shopping Center, a 85,133-square-foot leasehold community shopping center in Westminster, for $18 million from a local partnership. The sales price equates to a cap rate of 6.26 percent and $211 per square foot. Ron Duong, VP of investments at Marcus & Millichap represented the buyer and seller in the transaction.
TACOMA, WA—An unnamed privately held partnership has purchased the Lincoln Plaza in Seattle from Passco Cos. for $26.7 million. Lincoln Plaza is an 80,922-square-foot retail center with a tenant mix that includes Big 5, Jared The Galleria Of Jewelry, Men's Warehouse, Skechers, Starbucks, Wingstop, Sprint. It was 95% occupied at the time of the sale. CBRE's Philip D.Voorhees, Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman and Preston Fetrow, in partnership with Dino Christophilis of CBRE's Seattle office, represented the seller in the transaction.
REDLANDS, CA—An unnamed buyer has acquired the Tesoro Apartment Homes, a 188-unit multifamily complex in Redlands, for $27.75 million from an unnamed buyer. The property has a mid-to-high 90s occupancy consistently and is in a market with strong job centers and high housing demand. Institutional Property Advisors Stewart I. Weston, executive director, Christopher Zorbas, senior director, David Sperling, director, and John Montakab, associate director represented the seller, while Marcus & Millichap's Tyler Leeson, first vice president investments, and Alex Mobin, senior associate, represented the buyer.
LEASES
LOS ANGELES—Beachbody has signed a 69,000-square-foot expansion at Lantana Center for its headquarters office. This new lease extension brings the tenant's occupancy to 200,000 square feet at the property. JLL's Tom Turley, Jordan Kissel and Blake Searles represented Beachbody in the transactions, while CBRE's Jeff Pion, Blake Mirkin, Michelle Esquivel and Richard Ratner represented the landlord, Jamestown. The value of the lease was not disclosed.
FINANCING
WEST COVINA, CA—Stillwater Investment Group, Greenlaw Partners and CrossHarbor Capital Partners have secured a $26.7 million loan to acquire the Lakes at West Covina, a 176,843-square-foot, class-A office campus in the City of West Covina. The three-year, non-recourse loan has a floating rate and was funded through
EMPLOYMENT
LOS ANGELES—Bill Bauman has been named co-head of Global Retail Services Group at Savills Studley in Los Angeles. Bauman will work with Susan Kurland, who recently joined the firm from CBRE, to grow the company's retail platform. Bauman joined the firm in 2009 as EVP.
LOS ANGELES—Law firm
DEVELOPMENT
DENVER—Unico Properties has broken ground on its first ground-up development in Denver, CO. The developer is building a 90,000-square-foot office and retail mixed-use complex with 10,000 square feet of retail space and 80,000 square feet of leasable office space. Located at 1615 Platte Street, the property is already pre-certified LEED Gold.
SAN DIEGO—Wakeland Housing and Development Corp. has transformed a former World War II Army Camp in San Diego into a housing complex for veterans, known as Home Front at Camp Anza. The community will provide affordable housing solutions to veterans and the families of veterans.
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