Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/888015
C A L I F O R N I A & H A WA I I 14 • October 2017 • Western Real Estate Business www.REBusinessOnline.com DICK'S SPORTING GOODS TO OPEN THREE NEW STORES IN CALIFORNIA SACRAMENTO, CALIF. — DICK'S Sporting Goods will be opening three new DICK'S Sporting Goods stores in California in the first half of Septem- ber. DICK'S will now have 711 DICK'S Sporting Goods locations and 34 Field & Stream locations across the country. The new stores will open in Delta Shores in Sacramento, Stanford Ranch Crossing in Roseville and Solano Town Center in Fairfield. Founded in 1948, DICK'S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer. As of July 29, 2017, the com- pany operated more than 700 DICK'S Sporting Goods locations across the United States. Headquartered in Pitts- burgh, DICK'S also owns and oper- ates Golf Galaxy and Field & Stream specialty stores, as well as DICK'S Team Sports HQ, an all-in-one youth sports digital platform offering free league management services, mobile apps for scheduling, communica- tions and live scorekeeping, custom uniforms and FanWear and access to donations and sponsorships. Named for the iconic brand that for more than 140 years has been synonymous with outdoor experiences, the Field & Stream store offers a vast assortment of outdoor equipment, accessories and services in hunting, fishing, ar- chery, camping and more. As of July 29, 2017, the company operated more than 25 Field & Stream stores. COMMUNITY PRESERVATION PARTNERS CARRIES OUT MULTI-MILLION REHAB OF SAN JOSE APARTMENT COMPLEXES SAN JOSE, CALIF. — Community Preservation Partners (CPP) has com- pleted massive rehabilitation efforts on two San Jose-based affordable apartment complexes. The rehabilita- tions occurred at the 144-unit Monte Vista Gardens and 81-unit Courtyard Plaza Apartments. The properties are situated a few blocks from each other. They will maintain below-market- rate rents for another 55 years. Monte Vista Gardens received $5.5 million in rehab efforts, including new kitch- ens, bathrooms, flooring, as well as a new computer lab, media center and community kitchen. Courtyard Plaza received a $25 million rehabilitation, including new bathtubs, appliances, vanities, siding, windows, doors, and a remodeled community room and manager's office. INTEGRITY HOUSING OPENS 84-UNIT AFFORDABLE COMMUNITY IN POMONA POMONA, CALIF. — Integrity Hous- ing has opened Olivera Senior Apart- ments, an 84-unit affordable seniors housing community in the Los An- geles suburb of Pomona. The prop- erty is already fully leased. Residents must be seniors making between 30 percent and 60 percent of the area me- dian income. Five units are reserved for veterans using Veterans Affairs Supportive Housing (VASH) vouch- ers. Integrity financed Olivera using 9 percent Low Income Housing Tax Credits and funding from the Federal Home Loan Bank Affordable Housing Program. US Bank provided the con- struction loan, California Community Reinvestment Corporation provided the permanent loan and City Real Es- tate Advisors is the tax credit equity partner. Integrity Housing developed the property in partnership with Ma- yans Housing Corp. KTGY Architec- ture + Planning and MJS Landscape Architecture designed the property. FPI Property Management operates the property, and has partnered with EngAGE to provide arts and wellness programming for residents. LANDMARK PROPERTIES ANNOUNCES NEW STUDENT HOUSING PROJECT STARTS, DELIVERIES BERKELEY, CALIF. — Landmark Properties has announced $2 billion worth of student housing project starts and deliveries. The developer delivered close to 5,000 beds this fall, including a student housing project called Stonefire at Berkeley near the University of California, Berkeley, in Northern California. In addition to its fall deliveries, the company has begun working on 11 new developments to- taling more than 8,000 beds. These projects included the Standard at Flagstaff near Northern Arizona Uni- versity and the Mark at Tucson near the University of Arizona. Landmark is also slated to break ground on an- other 12 projects totaling close to 9,000 beds in 2018. C.W. DRIVER COMPLETES $120 MILLION, 199-UNIT CCRC IN LOS ANGELES LOS ANGELES — C.W. Driver Cos. has completed construction of Foun- tainview at Gonda West, a luxury con- tinuing care retirement community in Los Angeles' Playa Vista neighbor- hood. The 460,000-square-foot proper- ty features 199 units that incorporate independent living and assisted liv- ing with healthcare services. Develop- ment costs were estimated at $120 mil- lion. Gensler designed the project for Jewish Home for the Aging, while The Los Angeles Jewish home will be the sponsor. The property is already fully pre-leased and includes a 257-space underground parking garage. C.W. Driver is a builder serving California since 1919. The company has already built several seniors housing campus- es in the Los Angeles area for Jewish Home for the Aging. BADIEE DEVELOPMENT, EXETER PROPERTY GROUP TO DEVELOP NEW ESCONDIDO INDUSTRIAL PROJECT ESCONDIDO, CALIF. — Badiee Development and Exeter Property Group have partnered to develop a 10.9-acre industrial campus in Escon- dido. The campus will be located at 1925 and 2005 Harmony Grove Road. Construction on the campus is set to commence in the fourth quarter of 2017 with a completion date of sum- mer 2018. Badiee sold the two indus- trial land parcels to Exeter Property Group. The group plans to develop a 200,000-square-foot industrial dis- tribution building on the site in con- junction with Badiee as the project developer. Mike Erwin of Colliers In- ternational represented Badiee Devel- opment, while the firm's Chris Holder and Mark Lewkowitz represented Exeter Property Group in this transac- tion. Small Balance Bridge Loans Multifamily & Commercial $3,300,000 Refinance Retail $1,813,500 Refinance Office $3,134,800 Purchase Light Industrial Recent Transactions Loan Amount $1,000,000 to $5,000,000 States Western States, TX, FL, IL LTV Multifamily LTV up to 70% Comme Commercial Real Estate LTV up to 65% Terms Up to 3 Years Fixed, I/O with Balloon No Prepayment Penalty Option Non-Recourse Available This communication is intended for real estate professionals only. Rates and terms sub- ject to change without notice. Wilshire Finance Partners, Inc. CA Bureau of Real Estate Broker Lic. #01523207 and CA Department of Business Oversight Lic. #603K729 (800) 594-9457 WRE@wilshirefp.com Los Angeles Office | 1990 South Bundy Drive, Suite 630, Los Angeles, CA 90025 Mission Viejo Office | 25950 Acero Drive, Suite 345, Mission Viejo, CA 92691