Western Real Estate Business

JUN 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • June 2018 • 7 CHULA VISTA, PORT OF SAN DIEGO APPROVE 535-ACRE CONVENTION CENTER DEVELOPMENT IN CHULA VISTA CHULA VISTA, CALIF. — The City of Chula Vista and the Port of San Diego have approved key agreements to ad- vance the Chula Vista Bayfront resort hotel and convention center project on San Diego Bay. The Board of Port Commissioners and the Chula Vista City Council unanimously approved a disposition and development agree- ment between the public-private part- nership of port, the city and RIDA Development Corp. Construction is slated to begin in late 2019. Gaylord Hotels, the large convention hotel brand of Marriott International, will operate the 535-acre project. Located west of Marina Parkway between H and G streets, the waterfront develop- ment will include 1,600 hotel rooms and a 415,000-square-foot convention with 275,000 usable square feet of convention and meeting space. Addi- tionally, the project will feature associ- ated retail and resort-style amenities, including restaurant, bar and lounge facilities, recreational facilities, spa, pool with a lazy river, bike and boat rentals, more than 250 acres of pro- tected wildlife habitat, and 46 acres of new parks, trails and bike paths. Public infrastructure improvements are planned to start by 2019, which includes site preparation, building ac- cess roads and new public streets, pro- viding utility services and developing the new Harbor Park. Sun Communi- ties Inc. is developing the Costa Vista RV Resort, which is scheduled to open in 2019. The resort hotel and conven- tion center are the centerpiece and catalyst project of the Chula Vista Bay- front Master Plan, a decade-long joint planning effort by the port, the City of Chula Vista and a broad coalition of stakeholders. When completed, the master-planned Bayfront area will in- clude more than 200 acres of parks, a shoreline promenade, walking trails, RV camping, shopping, dining, hospi- tality and convention space. A&G REALTY PARTNERS LAUNCHES HEALTHCARE PROPERTY DIVISION LOS ANGELES — A&G Realty Part- ners has launched a new division focused on increasing the productiv- ity of U.S. healthcare providers' real estate holdings. Peter Lynch, a Los Angeles-based principal, will lead the company's new Healthcare Property Division. The company's new division will offer a variety of services tailored to healthcare real estate, including the disposition of excess medical office space and renegotiation of urgent care center leases to selling a city hospital to a mixed-use developer. GEORGE SMITH PARTNERS SECURES $41 MILLION LOAN FOR OFFICE BUILDING ACQUISITION LOS ALTOS, CALIF. — George Smith Partners has secured a $41 million bridge loan for the acquisition of an office property located at 5150 El Camino Real in Los Altos within Sili- con Valley. The borrower was Vahe Tashkian of Dutchints Development. The borrower plans to acquire the 71,000-square-foot office property from an institutional seller for an un- disclosed price. Malcolm Davies, Evan Kinne, Zachary Streit, Alexander Ros- sinsky and Rachael Lewis of George Smith Partners arranged the non-re- course loan, which features interest- only payments for the 24-month term and an 85 percent loan-to-cost ratio. KEYBANK ORIGINATES $247.8 MILLION IN FINANCING FOR STUDENT HOUSING PROPERTY LOS ANGELES — Keybank Real Es- tate Capital has originated a $247.8 million Freddie Mac first mortgage loan for The Lorenzo in Los Angeles. The 913-unit, Class A, mid-rise stu- dent housing property was developed in 2015. The property is 95 percent leased to students attending Univer- sity of Southern California, Fashion Institute of Design and Merchandis- ing, and Loyola Law School. The re- maining units are reserved for tenants earning 50 percent or less of the area median income. The Lorenzo features a three-story fitness center with rock climbing walls, basketball courts and an indoor jogging track. Additionally, the property offers an on-site restau- rant with room service, media rooms, study rooms and libraries catering to the different colleges, as well as mul- tiple swimming pools, saunas and sand volleyball courts. Robert Prouty of Key's Commercial Mortgage Group arranged the fixed-rate loan with a seven-year interest-only term. The undisclosed sponsor used the loan to refinance existing debt. VALUEROCK REALTY ACQUIRES 41,150 SF BEST BUY PROPERTY IN IRVINE IRVINE, CALIF. — ValueRock Realty Partner has purchased a retail proper- ty located at 16171 Lake Forest Drive in Irvine. An undisclosed seller sold the property for $9 million in an off- market transaction. Best Buy has oc- cupied the 41,150-square-foot prop- erty since 2004. SANDS INVESTMENT GROUP NEGOTIATES $4.1 MILLION SALE OF PANERA BREAD- OCCUPIED PROPERTY FRESNO, CALIF. — Sands Investment Group (SIG) has arranged the sale of a retail property located at 6793 N. Weber Ave. in Fresno. A regional mer- chant developer sold the property to an undisclosed buyer for $4.1 million. Panera Bread occupies the newly con- structed, 4,300-square-foot retail prop- erty under a 15-year, triple-net lease. John Cigliano of SIG's Santa Monica office represented the seller. COLONY INDUSTRIAL ACQUIRES TWO-BUILDING INDUSTRIAL PORTFOLIO IN BAY AREA SAN LEANDRO, CALIF. — Colony Industrial has purchased the two- building East Bay industrial portfo- lio in San Leandro for an undisclosed price. Totaling 587,051 square feet, the portfolio includes two light industrial buildings located at 2380-2388 Wil- liams St. and 1717 Doolittle Drive. The portfolio is leased to five tenants. This is Colony Industrial's first investment in the Oakland/East Bay area. Darla Longo, Barbara Perrier, Rebecca Perl- mutter Finkel and Michael Kendall of CBRE brokered the transaction. Slated to break ground in late 2019, the 535-acre Bayfront project will feature 1,600 hotel rooms, a 415,000-square-foot convention center and more than 250 acres of protected wildlife habitat on the waterfront in Chula Vista. Real Personal. Real Successful. Real Estate. Your commercial real estate transaction demands innovative expertise and principal involvement. Our network of 80 global offices is exceptionally experienced and intentionally independent. Let's talk today. corfac.com

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