Newmark Knight Frank Completes $44.75 Million Sale of Palm Valley Pavilions West in Goodyear, AZ
NKF has announced the $44.8 million sale of Palm Valley Pavilions West, a 98.5 percent leased 232,577-square-foot shopping center located in Goodyear, AZ, a fast-growing suburb of Phoenix. NKF’s Retail Capital Markets team led by Pete Bethea, CJ Osbrink, Rob Ippolito and Glenn Rudy represented the seller, Retail Value Inc. (RVI). The buyer, a joint venture between DRA Advisors and Pine Tree, was self-represented.
Newmark Knight Frank Completes Sale of The Hive in Costa Mesa
NKF has announced the sale of The Hive, a recently extensively repositioned three-building 181,822-square-foot coastal creative office campus in Costa Mesa, CA. The multi-tenant property is 82 percent occupied by five tenants and is situated on a 14.25-acre land parcel, of which just over three acres of land is being used as the Los Angeles Chargers practice field and is currently entitled for an additional 65,000 square feet of commercial development. NKF Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Paul Jones, Managing Director Blake Bokosky, and Executive Managing Directors Ken White and Brunson Howard represented the seller, a joint venture between Goldman Sachs and Steelwave.
PCCP, LLC Completes $44.8 Million Senior Loan for Mixed-Use Project
PCCP, LLC has completed a $44.8 million senior loan to Reuter Walton Development for the development of 1400 Nicollet Avenue, a proposed 231-unit apartment project with 10,000 square feet of ground floor retail, located in the Loring Park neighborhood of downtown Minneapolis, MN. The project will feature five stories of wood frame construction above a concrete podium that will have two levels, one below grade and one at grade, of secured parking with 170 spaces.
CBRE arranged $20 million in debt financing for the recent acquisition of Jamboree Promenade in Irvine, CA. The borrower was Pole Capital USA, the U.S. division of a Singaporean real estate investment company. The property was purchased earlier for $42.5 million in an all-cash deal, and this debt financing was intended to recapitalize the site. CBRE’s Shaun Moothart, Bruce Francis, Dana Summers, Bob Ybarra and Doug Birrell arranged the seven-year loan for the borrower.
Watson Land Company Names Jeffrey Jennison As Chief Executive Officer
Watson Land Company, one of the nation’s premier developers and owners of masterplanned industrial real estate, announced the appointment of Jeffrey Jennison as the company’s new Chief Executive Officer. Jennison has served as Watson’s president since 2014. The announcement completes a three-year succession transition leading to the retirement in March 2017 of real estate industry veteran Bruce Choate, Watson’s CEO since 2003.
JLL continues to expand its office leasing expertise in SoCal with the addition of Monica Moore, a Managing Director who relocated from Chicago to Orange County. Moore brings 20 years of office landlord representation experience, with a strong track record of repositioning assets for both institutional and entrepreneurial owners.
Spectrum Office Push Nears $800M for Irvine Co.
The largest office park in the Irvine Spectrum is getting larger, as is the portfolio of Orange County’s dominant real estate company. Irvine Co. is taking the wraps off its latest batch of mid-rise offices at the Discover Park campus, roughly 135 acres of buildings near the intersection of Sand Canyon Avenue and Laguna Canyon Road next to the Santa Ana (5) Freeway. Discover Park’s 24 offices run about 1.3 million square feet. A quartet of three- and four-story buildings that total 370,000 square feet can be added to that, starting this month.
Bixby Land Company Adds Two Industrial Buildings
Bixby Land Company, a Newport Beach, California-based investor, has recently acquired two Class A industrial properties totaling $60.5M in Phoenix, AZ and West Sacramento, CA. The Class-A distribution center located at 2300 South 51st Avenue in Phoenix, Arizona, is a 335,450 square foot industrial building identified as Riverside at 51st. The building is currently occupied by Frito Lay, Olympian Moving, Nivel Parts and Discount Tire.
VOIT Real Estate Services Directs Sale of Newly-Developed San Bernardino Industrial Building
Voit Real Estate Services has successfully directed the sale of a newly developed 154,451 square-foot industrial warehouse building in San Bernardino, California for a total consideration of $18.23 million.
Frank Geraci, Juan Gutierrez and Adam Geiger of Voit’s Inland Empire office represented the seller, a partnership between Hartford, Connecticut-based Penwood Select Industrial Partners III, L.P., and Newport Beach, California-based Shaw Development Partners, LLC. The buyer, a global consumer products company, plans to use the property for its own operational and distribution needs.
Office Conversion Begins at Santa Monica Sears Building
Seritage Growth Properties and Invesco Real Estate have announced the start of construction for The Mark 302, a new development that will transform the historic Sears building in Santa Monica into a mix of commercial offices and retail space. The property, located just west of the Expo Line’s Downtown Santa Monica terminus, will total 100,000 square feet of rentable space. Plans call for using two upper levels in the building as office space, while its ground-floor and basement will function as a market hall.