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 22 • October 2016 • Western Real Estate Business www.REBusinessOnline.com DEBARTOLO DEVELOPMENT TO OPEN KA MAKANA ALII IN HAWAII KAPOLEI, HAWAII — DeBartolo De- velopment is set to open Ka Makana Alii, a 1.4-million-square-foot regional mall currently under construction in the West Oahu city of Kapolei, in late October. Anchored by the first Macy's in West Oahu, phase one of Ka Makana Alii fea- tures more than 100 shops and restau- rants, a state-of-the-art Consolidated Theatres and the state's first Hampton Inn & Suites. DeBartolo Development broke ground on the project in March 2015. Other tenants at the center will include H&M;, Forever 21, Victoria's Secret, Old Navy, Five Guys Burgers and Fries, California Pizza Kitchen, AT&T;, PetSmart and Foot Locker. OFFICE BUILDING IN OLD TOWN PASADENA TRADES FOR $30 MILLION PASADENA, CALIF. — A 62,286-square-foot boutique office building in the Old Town section of Pasadena has sold to an unnamed buyer for $30 million. The building is located at 150 East Colorado Blvd. The building is 89.3 percent leased to tenants in the healthcare, insurance, technology and professional service industries. Notable tenants include OpTerra Energy Services, Compan- ion Hospice, Intelecom Intelligent and American Postal Workers. The prop- erty is situated near the 210 and 134 freeways, within walking distance of more than 20 million square feet of re- tail amenities. Long Dragon Realty represented the buyer, while HFF's Ryan Galla- gher and Andrew Harper represented the seller, Equity Office, in this trans- action. CBC ADVISORS ARRANGES $3.5 MILLION SALE OF RETAIL STRIP CENTER LONG BEACH, CALIF. — CBC Advi- sors Orange County has arranged the $3.5 million sale of Orange Plaza, a 19,840-square-foot retail strip center located in Long Beach. Daniel Tyner and Scott Hook of CBC represented the undisclosed seller in the sale of the property to a private, all-cash buyer. Tenants at the center include Subway and Domino's Pizza. CBRE ARRANGES $48.8 MILLION IN FINANCING FOR CAPE MAY AT HARVESTON IN TEMECULA TEMECULA, CALIF. — CBRE Capital Markets' Debt & Structured Finance team has arranged a $48.8 million loan for the 300-unit Cape May at Harvest- on apartment community in Temecu- la. The community is located at 40140 Village Road. The garden-style complex was built in 2006. The acquisition loan was arranged by CBRE's Bill Chiles, Scott Peterson and Brian Cruz on behalf of MIG Real Estate. The Fannie Mae loan features a 10-year term and floating rate. CIVIC PARTNERS TO DEVELOP 95,000 SF RETAIL DEVELOPMENT IN LAKE ELSINORE LAKE ELSINORE, CALIF. — Civic Partners has selected KTGY Archi- tecture + Planning to design Artisan Alley at The Diamond, a retail devel- opment located in Lake Elsinore. Situ- ated on 11 acres at the northeast corner of Diamond Drive and Malaga Road, the project will feature 95,000 square feet of retail and restaurant space and a 130-room hotel. Rene Brochier of Colliers Internation- al and Philip Riedy of Riedy Commer- cial Real Estate are handling the leasing and pad site sales at the property. Call PCS Today 818.914.2699 www.PartnersCapitalSolutions.com Sophisticated Financing for Real Estate Deals Up to $15 Million $ 10,000,000 80% LTC Revolving Credit Facility Purchase & Sale of Foreclosed Homes $9,250,000 Construction Loan Multi-Phase Tract Development $ 10,000,000 Revolving Line of Credit Purchase of Defaulted CRE Loans $27,000,000 Debt & Equity Multi-Site Programmatic Build to Suit $3,750,000 Bridge Loan Purchase & Season Limited Service Flagged Hotel $9,100,000 90% LTC Construction Loan Reverse Build to Suit Partners Capital Solutions is licensed as a California Finance Lender License #603K205 & CalBRE License # 01864530 Rates Starting at 7% Value-Added Capital C reative Solutions Close in 3 Weeks Notable tenants at the building include OpTerra Energy Services, Companion Hospice, Intelecom Intelligent and American Postal Workers. MENIFEE RISING It's called a trailblazing city for good reason. The city of Menifee, California, established only eight years ago, is literally making inroads with new commer- cial projects that will bring about two million square feet of retail, restaurant and entertainment to the young city and close a piece of a $400 million sales tax leak- age, according to city offi- cials. To help keep this new growth flowing smoothly, a capital improvement plan, called Menifee Moving, will accommodate new retail and restaurant traffic. Menifee is the only city in California to have all its interchanges under construction. So far, four capital improvement projects have been completed, and the Newport Road/Interstate 215 interchange project will be finished this fall. City officials estimate that more than 110 commercial and residential proj- ects will be built in the coming years. Local news reports cite 98 projects within the city that are currently in various stages of development. One that's highly anticipated is an entertainment and retail complex including Kirkorian's Premiere Theaters with a 16-lane bowling alley, 14 screens, an arcade, laser tag center, and restaurant. The project is part of a 172-acre development that includes Town Center Marketplace with 300 square feet of retail. When built out, this area will serve as an active downtown space. Some other retailers expected are Aldi food market, Party City, Buffalo Wild Wings and much more. The City of Menifee is located in southwestern Riverside County, approxi- mately 30 miles southeast of the city of Riverside, California, and about an hour from San Diego. The city encompasses approximately 50 square miles with an overall population of 89,004. Not only is the city itself young, but the average age of residents is 37. Town Center Marketplace, Menifee, California.