Western Real Estate Business

MAY 2017

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 12 • May 2017 • Western Real Estate Business www.REBusinessOnline.com SCA ARCHITECTURE COMPLETES RENOVATION OF GATEWAY MARKETPLACE CHULA VISTA, CALIF. — SCA Ar- chitecture (formerly known as Smith Consulting Architects), a San Diego- based architectural firm, has complet- ed the planning, design, construction documents and construction admin- istration at Gateway Marketplace, lo- cated at Fourth Avenue and C Street in Chula Vista. Brixton Capital is the developer of the $9.3 million remodeling project. Situated on an 8.8-acre lot, the project consisted of renovating an abandoned Target building in an existing neigh- borhood. The former Target store was divided into three tenant spaces. The front of the building was set back 10 feet to allow for new, distinct tenant entries. Quick-serve grocery store and restaurant spaces were added to the center as well. Updated architecture and color schemes were used to update the cen- ter's look. The existing site was en- hanced with new landscaping, light- ing, pedestrian walkways and a new gateway plaza. New tenants at the center include Party City, Smart & Final, Hobby Lobby and Aldi. AT&T;, Little Caesar's Pizza, Pho Hung Cali, iNails & Spa and other tenants are slated to open this year. Scott Cairns served as principal- in-charge for SCA Architecture, with Norman Barrett as project designer and Dennis Seguban serving as proj- ect manager. Consultants included GSSI Struc- tural Engineers as structural engineer, K&S; Engineering as civil engineer, Electrical Design as electrical engi- neer, Abbott Engineering as mechani- cal engineer, Geocon as geotechni- cal engineer and De Alcala Studio as landscape architect. Dempsey Con- struction served as the general con- tractor, with Merion Corp. acting as construction manager. STEADFAST SENIOR LIVING PLANS 67-UNIT COMMUNITY NEAR SAN JOSE MORGAN HILL, CALIF. — Steadfast Senior Living has unveiled plans for an unnamed, 67-unit assisted living and memory care community in the San Jose suburb of Morgan Hill. The two-story, 62,000-square-foot development will consist of studio, one- and two-bedroom units ranging from 400 square feet to 1,000 square feet. Steadfast plans to break ground on the project this summer for a sched- uled opening sometime in 2018. Steadfast currently owns two other assisted living and memory care com- munities, both in the Los Angeles metro. The two communities are the newly opened GranVida in Carpin- teria and Crestavilla, currently under construction in Laguna Niguel. METROGROUP REALTY FINANCE SECURES $34.3 MILLION IN ACQUISITION FINANCING FOR SAN DIEGO OFFICE, FLEX CAMPUS SAN DIEGO — MetroGroup Re- alty Finance has secured $34.3 mil- lion in acquisition financing for a 132,695-square-foot office/flex cam- pus in the Kearney Mesa submarket of San Diego. The complex is located at 9404 Chesapeake Drive and 5775, 5785 & 5788 Roscoe Court. The financing was secured on behalf of Klein Investment Family Limited Partnership, who was involved in a 1031 exchange. It included permanent financing for a seven-year term and 25-year amortization schedule and an interest-only bridge loan floating over LIBOR for a one-year term. The campus is fully leased to Cob- ham Advanced Electronic Solutions, a subsidiary of UK-based Cobham PLC, a technology company for the aero- space and defense industries. GOLDEN CORRAL TO OPEN 12,936 SF RESTAURANT ONTARIO, CALIF. — Progressive Real Estate Partners has arranged a 15- year lease with Golden Corral for a 12,936-square-foot restaurant at 1640 E. 4th Street in Ontario. Construc- tion is slated to begin in April and the restaurant is projected to open in late 2017. Located in the Kmart-anchored Vineyard Freeway Center, the project is situated near I-10, with an average daily traffic count of 237,000 cars pass- ing by the location. Progressive Real Estate Partners' Paul Su marketed the property and represented both Golden Corral and the lessor in the transaction. In addition to Kmart, the 163,000-square-foot center is also home to tenants including RadioShack and Domino's Pizza. Coupled with the new Golden Corral, the landlord is embarking upon a renovation of the 60,000 square feet of shop space that will include enhanced facades, a new color scheme and parking lot renova- tions. LOCAL DEVELOPER TO BUILD SPRINGHILL SUITES BY MARRIOTT HOTEL SAN DIEGO — A locally based hotel developer has acquired 1.6 acres of land in Escondido for $3.5 million. The undeveloped parcel is located at 200 La Terraza Blvd. It is entitled for a 105-room SpringHill Suites by Mar- riott hotel. The buyer was represented by Terry Jackson and Matt Davis of Cushman & Wakefield. The seller was San Bernardino Hospitality LLC. LIFE CARE SERVICES PLANS 350-UNIT CCRC SAN LUIS OBISPO, CALIF. — Life Care Services, as development and marketing consultant, has unveiled plans for Villaggio at San Luis Obispo, a luxury continuing care retirement community in San Luis Obispo, locat- ed in the Central Coast area between Los Angeles and the Bay Area. The entrance-fee community will feature the full continuum of care on site. When completed, the property will total 350 units. Robert Richmond, an architect, is the founder and executive director of de- sign and development on the project. The property will feature streetscapes and a central plaza with an open-air design, including restaurants, gather- ing places and many other amenities. California-based RRM Design Group is the design architect. Developers are planning to seek LEED certification for the project. Con- struction is scheduled to begin in 2019. YO U R S O U T H E R N C A L I F O R N I A K N O C KO U T E X P E R T Scott Hook Executive Vice President 949.290.8884 scott.hook@cbcadvisors.com Lic# 00914392 EXPERTISE IN THE MARKETING AND SALE OF SINGLE AND MULTI-TENANT NNN RETAIL PROPERTIES KNOWLEDGE SKILL EXPERIENCE 30+ YEARS IN RETAIL INVESTMENT SALES 500+ COMMERCIAL PROPERTIES SOLD $1B+ TRANSACTION VOLUME DRE Lic# 01929723 WWW.HOOKRETAILASSOCIATES.COM

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