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/732258
C A L I F O R N I A & H A WA I I 20 • October 2016 • Western Real Estate Business www.REBusinessOnline.com TAUBMAN'S INTERNATIONAL MARKET PLACE OPENS IN HAWAII HONOLULU — Taubman's Interna- tional Market Place development has opened in the Honolulu neighbor- hood of Waikiki. The 345,000-square-foot, open-air shopping center is home to Hawaii's first Saks Fifth Avenue, among other retailers and restaurants. Amenities at the center include a 700-space parking garage, valet parking, electric vehicle charging stations and complimen- tary wi-fi. The project was developed through a partnership between Taub- man, CoastWood Capital Group and Queen Emma Land Co. STONEGATE AT TOWNGATE IN MORENO VALLEY SELLS FOR $98.5 MILLION MORENO VALLEY, CALIF. — The 552-unit Stonegate at Towngate apart- ments in Moreno Valley has sold to Weidner Apartment Homes for $98.5 million. The community is located at 12640 Memorial Way Drive, just southeast of the Highway 60 and In- terstate 215 interchange. Stonegate at Towngate is the larg- est apartment community in Moreno Valley and the 12th largest asset in the Inland Empire. Berkadia's Dean Zander and Spen- cer Scott represented the seller, Dav- lyn Investments Inc., in this transac- tion. Davlyn purchased the asset just after it was completed in 2007. HANLEY INVESTMENT, VOIT REAL ESTATE ARRANGE $7.63 MILLION SALE OF PETCO PROPERTY REDONDO BEACH, CALIF. — Han- ley Investment Group Real Estate Ad- visors and Voit Real Estate Services have brokered the sale of a single- tenant retail property located at 537 N. Pacific Coast Highway in Redondo Beach. The Beacon Group Inc. sold the property to a Los Angeles-based pri- vate corporation for $7.63 million. Built in 1981, the 17,160-square-foot property is net leased to Petco, which has occupied the building for 22 years and recently signed a 10-year lease ex- tension. Ed Hanley and Bill Asher of Han- ley Investment Group, along with the seller's advisor Joe Miller of Voit Real Estate Services, represented both the seller and buyer in the 1031 exchange transaction. BURGERIM OPENING SECOND U.S. LOCATION IN MONTCLAIR MONTCLAIR, CALIF. — Globally rec- ognized for its unique patty concept, Burgerim embarks on its U.S. expan- sion with a second location in Mont- clair, Calif. The restaurant will be open to the public this month. Montclair is Southern California's second location and just one of many upcoming milestones. Burgerim is set to open 33 franchised restaurants in the next year across the country, in- cluding in Memphis, Tenn.; Boca Ra- ton, Fla.; and Houston. Burgerim, the international fran- chise known for its small specialty burger creations, operates in over 200 locations in 16 countries. Burgerim's first U.S. location is at 5001 Melrose Ave., in Los Angeles. SONNENBLICK-EICHNER CO. SECURES $59 MILLION REFINANCE FOR PEARL CITY GATEWAY IN HAWAII PEARL CITY, HAWAII — Sonnenblick- Eichner Co. has secured a $59 million first mortgage debt to refinance Pearl City Gateway, a 146,205-square-foot shopping center located roughly 12 miles outside of Honolulu in Pearl City, Hawaii. The 10-year, fixed-rate financing was secured on behalf of the bor- rower, Robertson Properties Group, through New York Life Real Estate Investors. The loan carries an inter- est rate of less than 4 percent with a 30-year amortization schedule. Pearl City Gateway was fully leased at the time of sale to tenants including Ba- bies R Us, TJ Maxx, Petco, McDonalds, AT&T;, Domino's and Subway. C.W. DRIVER COMPLETES DAVIDSON LIBRARY RENOVATION AT UCSB SANTA BARBARA, CALIF. — C.W. Driver has completed the $58.5 million renovation of the Davidson Library at the University of California, Santa Bar- bara (UCSB). The project included the addition of a 62,000-square-foot, three- story building to the north of the library that houses the Special Research Collec- tions, a collection of rare artifacts and unique materials for UCSB students, faculty and the scholarly community. The upgraded library is designed to enhance teaching, learning and re- search at UCSB and meet the needs of the campus' growing student body. The work included Fire and Life Safety upgrades, seismic retrofits and various renovations to bring the exist- ing library up to code and add a range of collaboration spaces, a café and nu- merous open-air study areas. NEWMARK ARRANGES FINANCING FOR SELF- STORAGE PORTFOLIO SOUTHERN CALIFORNIA — New- mark Realty Capital has arranged $14.8 million in permanent financing for a three-property Southern Cali- fornia self-storage portfolio totaling 215,000 SF and over 1,900 units. Andy Bratt in Newmark's Orange County office arranged the fixed-rate, non- recourse financing for the borrower. | 9 49 . 9 5 4 . 3 7 24 | H O O K R E TA I L A D V I S O R S www.hookretailadvisors.com THE LEADER IN PRIVATE CLIENT REPRESENTATION AND INVESTMENT SALES OF BOTH SINGLE AND MULTI TENANT RETAIL ASSETS IN CORE SOUTHERN CALIFORNIA - INCLUDING ORANGE, LOS ANGELES, RIVERSIDE, SAN BERNADINO, AND SAN DIEGO COUNTIES. 30 YEARS AND OVER A BILLION IN SALES OF STRICTLY RETAIL PRODUCT. Prime North Orange County strip center, under $300 psf, major retail & housing boulevard, pricing TBD (Estimated pricing $7.5M) and 5% cap rate on actual rents. El Toro Plaza $4,830,000 Lake Forest, CA Stater Bros Shops $3,840,000 Orange, CA NEW ALDI Grocer $3,300,000 Temecula, CA Prime North OC Strip Center Price TBD North OC, CA J U S T L I S T E D J U S T L I S T E D J U S T L I S T E D C O M I N G S O O N Scott Hook Executive Vice President 949.954.3724 scott.hook@cbcadvisors.com Lic# 00914392 Daniel Tyner Vice President 949.954.3723 daniel.tyner@cbcadvisors.com Lic# 01959818 DRE Lic# 01929723 Montclair will be Southern California's second location. The three-property self-storage portfolio totals 215,000 SF and more than 1,900 units.