Santa Ana Apartment Asset Sells in $74 Mil Deal

A 406-unit apartment complex in Santa Ana was purchased by Chicago-based Waterton Associates in a $74.3 mil transaction ($183k/unit) that closed on November 7th. The property, Villas at Tustin, is located on the west side of North Tustin Ave. It was sold by Acacia Capital, out of San Mateo.

Built in 1971, the property is just minutes from the 806-acre Platinum Triangle redevelopment area, which is entitled for 7 msf of office and retail and is expected to bring 26,000 new jobs to the submarket.

"While the seller continued the renovation of interiors during their ownership, the buyer, Waterton Associates, envisioned the benefit of further interior renovation and exterior upgrades, given the recent success of other nearby projects like Creekside Village," commented Joe Leon, the Hendricks & Partners brokerage team leader on this assignment.

Leon went on to say that "Washer and dryer appliances, alone, could add as much as $75 per unit per month in new Net Operating Income and the buyer plans to incorporate this amenity into their finished product, over the next couple of years.”

Both the buyer and seller were represented by Joe Leon, David Casper and Bruce Furniss of Hendricks & Partners, who point out that multifamily deals of this size in Orange County happen fairly infrequently.

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source: rentv.com

New $35 Mil Mixed-Use Project Planned for Visalia

A new $35 mil retail-driven mixed-use project is planned for the CA town of Visalia, a city of just over 100,000 situated about midway between Bakersfield and Fresno in Tulare County. The new ground-up project from Highland Development Company will include a specialty market, drug store, sit-down restaurant, various quick-serve restaurants, cafes, retail shops and a bank.

The 14.3-acre project is bounded by Caldwell and Kimball avenues and West and Court streets and will include more than 82k sf of retail and restaurant space. A second phase featuring 33.5k sf of office space is also proposed on 3.75 acres at the northeast corner of Kimball Ave and West St. Highland Development hopes to announce the company names of the specialty market and drug store in the next 30 days.

“Caldwell Avenue is a highly trafficked thoroughfare running east from Hwy 99 through the south part of Visalia,” said Michael Singelyn, Senior Director of Development for Highland Development. “Numerous new residential communities and several retail shopping centers have been built recently in the surrounding area to accommodate increasing demand.”

“The City of Visalia has experienced strong population and income level growth over the past decade,” noted Singelyn. “The city’s population as of 2006 was 114,835, having grown over 25 percent since 2000. The city’s median household income has also grown from $41,349 to $51,870 since 2000. This is an ideal site for expansion-minded retailers and restaurant chains.”

Highland is currently in the entitlement process and hopes to break ground on the first phase in the first quarter of 2009 with completion of that phase in the third quarter, 2009. Duane Keathley, Vincent Roche and Alex Bendlin of CB Richard Ellis are the leasing and sales agents for the project. Benson & Bohl of San Diego is the project’s designer.

In addition to the company’s Visalia project, Highland Development currently has more than 1 msf in various stages of development or redevelopment including a variety of projects in California and a 375k sf project in Phoenix. The company is almost finished with the construction of an 84.5k sf mixed-use retail/office project in Bakersfield, which is anchored by an existing Walgreens and is expected to be completed by year-end 2007.

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source: rentv.com

Pomona Paper Mill to Be Redeveloped into Industrial Park

The site of a former paper mill in Pomona will soon be home to a new five-building, 408k sf industrial park to be called the Valley-71 Business Park. The project, a development of Long Beach-based Seventh Street Development, in partnership with the Genesis Real Estate Fund II, is expected to break ground in early 2008 with the demolition of the existing mill, with construction to kick-off before year-end.


The project is on land located near the high-profile intersection of the 71, 57 and 10 freeways and will feature buildings that range in size from 25k sf to 205k sf, to be made available for sale or lease in the third quarter of 2009. Due to its prior use, the site includes significant sewer credits and utility capacities combined with rail service which are ideal for manufacturers such as food processors. In addition to featuring 1,500 lineal feet of freeway frontage along the 71 Expressway at Valley Blvd, the project will offer ample parking and yard areas, dock-high loading positions, two-story office space and freeway signage.

Prior to the beginning of planned construction, Seventh Street Development will offer build-to-suit opportunities up to 400k sf. Valley 71-Business Park is the second major project in the city of Pomona to be developed by Seventh Street Development and the Genesis Real Estate II Fund. Wells Fargo Bank provided the land acquisition financing, while CB Richard Ellis industrial market experts Lynn Knox, Barbara Emmons, Garrett Carter and Darla Longo are representing Seventh Street Development in the marketing of the buildings.

Seventh Street Development is a privately held real estate development company, led by principals Craig Furniss and Doug Hinchliffe, which is named after the historic Seventh Street Produce Market in Downtown Los Angeles, where the two principals first met. The $104 mil Genesis Real Estate Fund II, managed by Shamrock Capital Advisors Inc, provides gap financing to developers in the form of equity, preferred equity or mezzanine debt on industrial, retail, commercial and mixed-use projects that benefit low or moderate income communities in Southern California.

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source: rentv.com

Capstone Gets Green Light for Coachella Project

The City of Coachella has given approval to a new 20-acre mixed-use development that will consist of a 56k sf retail project called Van Buren Plaza and a residential component known as Durango. The project, a development of Capstone Advisors, is located at the northwest corner of Avenue 50 and Van Buren St.

Van Buren Plaza will be anchored by CVS/Pharmacy along with a Fresh & Easy Neighborhood Market, a local grocery concept by Tesco that is new to the United States. The 167-unit Durango community will use an innovative courtyard style layout to create a village-like atmosphere for its residents. The shopping center and residential community will be connected via a pedestrian link to enhance the appeal of both projects.

Van Buren Plaza Shopping Center, designed by Perkowitz + Ruth Architects of Long Beach, California, will incorporate a distinguished Santa Fe architectural style with natural materials, colors, and treatments, environmentally sensitive landscaping and outdoor public areas to provide merchants and local residents with a pleasurable shopping experience. Construction of the center is scheduled to start in early 2008 with completion and a grand opening slated for fall 2008.

The Durango residential community, designed by San Diego-based The McKinley Associates, will be a “first of its kind” residential concept in Coachella. Clusters of single family homes with backyards on privately owned lots will be creatively designed around a courtyard to create an intimate feel with a sense of identity and community. Site design and architecture will work together to provide a village-like appeal. The community will feature two ‘signature’ main entrances with private gates serving a centralized tree-lined vehicular and pedestrian circulation system that will surround a recreation area comprised of a pool, spa, showers, barbeque, trellis covered patio, and park areas.

This is not the first project in the area for Capstone, which, in 2004 began development of Jackson Square, a 130.8k sf retail center located at the corner of Avenue 48 and Jackson St. The 92.6k sf first phase of Jackson Square is complete and fully leased to national retailers including Albertson’s, Starbucks, McDonald’s and Bank of America. Capstone is scheduled to break ground on the 38k sf second phase in mid-2008, with completion expected later in the year.

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source: rentv.com

The Big Show Comes to Hollywood

Recent news from Hollywood will provide a lot of folks, both residents and tourists, with reason to spend a little more time in this storied part of Los Angeles. Cirque du Soleil, the international entertainment firm based out of Quebec, has agreed to open a new show in 2010 at the Kodak Theatre, part of the Hollywood & Highland retail center that was purchased by locally based CIM Group in early 2004 for around $200 mil. The 3,400-seat Kodak Theatre is also home to the annual Academy Awards® show, which is seen by more people each year than any other television program except for the Super Bowl.

Cirque du Soleil’s $100 mil production is the centerpiece of a 10-year agreement between the two companies. A cast of 75 performing artists will present the show 368 times a year, and while few details about the production’s content are available now, the company has announced that it would focus on Hollywood’s place in the history of cinema.

From a group of 20 street performers at its beginnings in 1984, Cirque du Soleil is now a major worldwide organization providing high-quality artistic entertainment. The company has close to 4,000 employees from over 40 different countries, including 1,000 artists. To-date, Cirque du Soleil shows have brought wonder and delight to close to 70 million spectators in close 200 cities on five continents.

“Cirque du Soleil is an internationally renowned performance company. Bringing a permanent show to the Kodak Theatre is a tremendous attraction for both residents and tourists,” said Shaul Kuba, Founder and Principal, CIM Group. “This commitment from Cirque du Soleil is another significant milestone in the continuing rebirth of Hollywood as a flourishing community with a vibrant daytime and nighttime population.”

Founded in 1994, CIM specializes in the ownership, management and development of properties in high-density urban communities. The company’s experience with various mixed-use, office, retail, hotel, entertainment and multifamily properties includes a number of assets it currently owns in Hollywood, making the company one of the largest property owners in the area.

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source: rentv.com