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/873170
C A L I F O R N I A & H A WA I I 12 • September 2017 • Western Real Estate Business www.REBusinessOnline.com FEDERAL REALTY ACQUIRES SEVEN RETAIL PROPERTIES FOR $345 MILLION SOUTHERN CALIFORNIA — Federal Realty Investment Trust has formed a joint venture with Primestor Develop- ment Inc. to acquire seven retail prop- erties in Southern California. The shopping centers total over 1.3 million square feet. Federal Realty's investment in the venture is about $345 million, which includes a $20 million commitment to complete the redevelopment of one of the centers. Primestor will continue to lease and manage the properties with oversight from Federal Realty's investment committee. The assets are located in trade areas where demand exceeds supply, according to Federal Realty. The properties include Azalea in Southgate; Bell Gardens in Bell Gar- dens; La Alameda in Walnut Park; Ol- ivo at Mission Hills in Mission Hills; Plaza del Sol in South El Monte; Pla- za Pacoima in Pacoima; and Sylmar Town Center in Sylmar. Marshalls, Ross and CVS occupy space at several of the properties. Olivo at Mission Hills is currently un- der redevelopment and is 87 percent preleased. The joint venture has a 25 percent interest in La Alameda. Federal Realty owns, operates and redevelops retail properties primar- ily in coastal markets. The company's portfolio includes 96 properties and about 22 million square feet. Los Angeles-based Primestor is a developer and owner-operator of re- tail properties, currently managing about 2.4 million square feet. SPRINT EXPANDS IN NORTHERN CALIFORNIA WITH 43 NEW RETAIL STORES SAN FRANCISCO — Sprint continues to expand its presence and investment in Northern California with plans to add more than 300 new jobs and 43 new retail locations throughout the area by the end of 2017. The new jobs will include a combination of retail, operations and technical experts. Cur- rently, Sprint operates more than 170 branded retail locations throughout the Northern California region. Of the 43 new store locations, Sprint has opened 13 new stores in the fol- lowing locations — Antioch, Bakers- field, Castro Valley, Delano, Freedom, Fresno, Gilroy, Hayward, Manteca, Napa, Pittsburg and Reno (two stores) — with the remaining 30 stores in var- ious stages of leasing and design. Due to its vast spectrum holdings, Sprint is adding more network capac- ity in cities across the Northern Cali- fornia region, including rural loca- tions. Sprint has used this spectrum to optimize and enhance coverage at the LinkedIn headquarters in Sunnyvale, the Four Seasons hotel in Palo Alto, and will soon complete upgrades at the Newpark Mall in Newark and the Southland Mall in Hayward. SUMMIT RIDGE BUSINESS PARK IN SAN DIEGO CHANGES HANDS SAN DIEGO — Summit Ridge Busi- ness Park, a 133,841-square-foot flex/ R&D; business park in San Diego, has sold to a private partnership managed by Jewell Capital LLC. The purchase price was not disclosed. The park is located at 6769 Mesa Ridge Road. It was built in 2000. The three buildings feature high-image exterior architecture, unobstructed canyon views, abundant 22-foot clear heights and an extensive window line that provide for ideal tenant work- spaces. Summit Ridge is fully leased to four tenants, including Inovio Pharmaceu- ticals, Nexus DX, Acea Biosciences and General Atomics. HFF's Nick Fra- sco represented the seller in this trans- action. CBRE BROKERS $6.8 MILLION SALE OF 28-UNIT COMMUNITY BREA, CALIF. — CBRE has arranged the sale of Williams Senior Apart- ments, a 28-unit age-restricted com- munity in the Los Angeles suburb of Brea, for $6.8 million. Restoration Enhancement acquired the property from a private buyer in a 1031-exchange transaction. The property was recently upgrad- ed and is located near the Brea Down- town entertainment center, which features 350,000 square feet of retail, shops, restaurants, entertainment and nightlife.