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 10 • October 2017 • Western Real Estate Business www.REBusinessOnline.com SHEA PROPERTIES SIGNS SEVEN TENANTS TO MERCADO DEL BARRIO SAN DIEGO — Shea Properties has signed seven new tenants to open at Mercado del Barrio, a mixed-use cen- ter located in the Barrio Logan neigh- borhood of San Diego. Tenants set to open include Actitude Cerveceria, a first-to-market gastropub and brew- ery; Barrio Bros, a craft beer and pizza restaurant; Oi Asian Fusion, a cooked- to-order concept influenced by Filipi- no, Korean, Japanese, Taiwanese, Chi- nese and American soul food cuisines; Partners Personnel, a staffing agency; Pho Bo, a Vietnamese rice noodle soup café; Taqueria Revolucion, a lo- cal San Diego favorite with authentic street tacos; and Posh & Polished Nail Lounge. The property is anchored by a 36,000-square-foot Northgate Market, and home to tenants including Maris- cos el Pulpo, Little Caesars, T-Mobile, Asia Wok, Fade Factory, Iron Fist Brewing Company, National Laundry & Dry Cleaning, Sally Beauty and To- cumbo Ice Cream & Tortas. TRAMMELL CROW COMPANY, CLARION PARTNERS TO DEVELOP INDUSTRIAL PARK IN SANTA CLARITA SANTA CLARITA, CALIF. — Trammell Crow Company and Clarion Partners has purchased 54 acres of land to de- velop the Center at Needham Ranch, a 132-acre business park in the Los An- geles submarket of Santa Clarita. The Class A park will be situated one mile from the intersection of Interstate 5 and Highway 14, about 30 miles from Downtown Los Angeles and 15 miles from Burbank Airport. Phase I will include an 869,760-square-foot park with 30- to 36-foot clear heights with ESFR fire sprinklers, abundant dock high loading, and large truck courts and yard areas. This phase is sched- uled to break ground in August, with completion scheduled for the third quarter of 2018. TRINITY, OAKTREE TO FORM $3 BILLION HOSPITALITY JOINT VENTURE HONOLULU AND LOS ANGELES — Trinity Investments LLC and funds managed by Oaktree Capital Manage- ment have entered into a joint venture partnership, with plans to invest up to $3 billion in hospitality assets in Ha- waii, California, Mexico and Japan. The formation of the joint venture fol- lows Trinity and Oaktree's $317 mil- lion acquisition of the 759-room Wes- tin Maui Resort and Spa in April. That transaction more than doubled Trin- ity's volume of hospitality investment for 2017. In addition to the four mar- kets mentioned, the joint venture may also pursue investment opportunities in select gateway markets in the conti- nental United States. Honolulu-based Trinity will oversee the joint venture and be responsible for its acquisitions and asset management. PERFORMANCE FOOD GROUP LEASES INDUSTRIAL SPACE AT LIVERMORE FACILITY LIVERMORE, CALIF. — Performance Food Group has leased 89,429 addi- tional square feet of space at an indus- trial warehouse/distribution facility in Livermore. The facility is located at 7587 Los Positas Ave. Performance Food Group already leases 222,345 square feet within the industrial com- plex. The facility features 30' mini- mum ceiling height, ESFR sprinkler system, cross dock loading access, ample parking and truck staging ar- eas. The transaction was executed by Michael Lloyd and Greig Lagomarsi- no of Colliers. KOLL CENTER NEWPORT OFFICE BUILDING IN NEWPORT BEACH SELLS FOR $59.8 MILLION NEWPORT BEACH, CALIF. — A 156,310-square-foot office building within the master-planned Koll Cen- ter Newport in Newport Beach has sold to a joint venture between Green- law Partners and Hilrod for $59.8 mil- lion. The Class A building is located at 4400 MacArthur. The property is 92 percent leased by tenants like Bank of the West and Fidelity National Title Company. It was built in 1979 and renovated between 2014 and 2016. The JV represented itself in this trans- action, while NKF's Kevin Shannon, Paul Jones and Blake Bokosky repre- sented the seller, an East Coast-based pension fund advisor.