10/20/2017 preview - Warner Pacific Properties Centers Newsletter 10-19-17... · 10/20/2017 preview...
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10/20/2017 preview http://emailactivity1.ecn5.com/engines/publicPreview.aspx?blastID=1900462&emailID=245819263 1/3 Having trouble viewing this email? Click here OCTOBER 19, 2017 | ISSUE 127 Subscribe | News Submission | Contact | Advertise World Oil, Trammell Crow Unveil 260-Acre Bakersfield Commons in Bakersfield Phase I of Bakersfield Commons in Bakersfield, Calif., will feature 220,000 square feet of retail space, 120,000 square feet of office space, 325 residential units, a 130-key hotel and 2.2 miles of walking paths. BAKERSFIELD, CALIF. — World Oil Corp. and Trammell Crow Co. have unveiled plans for Bakersfield Commons, a pedestrian- orientated, master-planned mixed-use community located in Bakersfield. The 260-acre project will feature office, retail, residential, recreational and industrial space. Construction is slated to begin in 2018, with the first development pads delivered in late 2018. The fully approved entitlements for the commons include 400,000 square feet of office, 300,000 square feet of retail, 280,000 square feet of light industrial, more than 1,000 residential units and a 200-bed hospital. Slated for delivery in 2019, Phase I will feature 220,000 square feet of retail, 120,000 square feet of Class A office space, 325 resort-style residential units, a 130-key national branded hotel and 2.2 miles of walking paths. Warner Pacific Properties Repositions Monrovia Landing in Monrovia New anchors T.J. Maxx and HomeGoods are slated to open on Oct. 22 at Monrovia Landing in Monrovia. MONROVIA, CALIF. — Warner Pacific Properties is repositioning Monrovia Landing, a retail center within Shamrock Center located at 729 E. Huntington Drive in Monrovia. After acquiring the 100,000- square-foot property in 2016, the company began a re-tenanting and repositioning program for the center. At the time of acquisition, the center consisted of a vacant Albertsons grocery store and a 6,700- square-foot O’Reilly Auto Parts. “It’s been a collaborative effort, and we’re grateful for our tenants and partners, as they quickly bought into our redevelopment vision for this property,” John Odell, principal. “Our lender, Calmwater Capital, was particularly helpful and, instead of seeing the old building that sat vacant for several years, they immediately recognized this building’s potential and they facilitated our business plan.” Originally built in 1973 as a Super K-Mart, the center was acquired by Lucky Grocery Stores in 1997 and then later by Albertsons. The redeveloped Monrovia Landing will be anchored by a combination T.J. Maxx and HomeGoods store (slated to open Oct. 22), ALDI (opening Dec. 7) and ULTA (scheduled to open second quarter of 2018). Several smaller shops and retailers, including My Pet Garden, will also occupy the center. “We’re humbled by the community’s excitement for this weekend’s opening of T.J. Maxx and HomeGoods, and also for the ALDI store opening planned for early December,” says Michael Odell, principal. “These retailers are grateful to finally have stores in Monrovia and be Share Newsletter
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OCTOBER 19, 2017 | ISSUE 127
Subscribe | News Submission | Contact | Advertise
World Oil, Trammell Crow Unveil 260-AcreBakersfield Commons in Bakersfield
Phase I of Bakersfield Commons in Bakersfield, Calif., will feature 220,000 squarefeet of retail space, 120,000 square feet of office space, 325 residential units, a
130-key hotel and 2.2 miles of walking paths.
BAKERSFIELD, CALIF. — World Oil Corp. and Trammell Crow Co.have unveiled plans for Bakersfield Commons, a pedestrian-orientated, master-planned mixed-use community located inBakersfield. The 260-acre project will feature office, retail, residential,recreational and industrial space.
Construction is slated to begin in 2018, with the first developmentpads delivered in late 2018. The fully approved entitlements for thecommons include 400,000 square feet of office, 300,000 square feetof retail, 280,000 square feet of light industrial, more than 1,000residential units and a 200-bed hospital.
Slated for delivery in 2019, Phase I will feature 220,000 square feet ofretail, 120,000 square feet of Class A office space, 325 resort-styleresidential units, a 130-key national branded hotel and 2.2 miles ofwalking paths.
Warner Pacific Properties RepositionsMonrovia Landing in Monrovia
New anchors T.J. Maxx and HomeGoods are slated to open on Oct. 22 at MonroviaLanding in Monrovia.
MONROVIA, CALIF. — Warner Pacific Properties is repositioningMonrovia Landing, a retail center within Shamrock Center located at729 E. Huntington Drive in Monrovia. After acquiring the 100,000-square-foot property in 2016, the company began a re-tenanting andrepositioning program for the center. At the time of acquisition, thecenter consisted of a vacant Albertsons grocery store and a 6,700-square-foot O’Reilly Auto Parts.
“It’s been a collaborative effort, and we’re grateful for our tenants andpartners, as they quickly bought into our redevelopment vision for thisproperty,” John Odell, principal. “Our lender, Calmwater Capital, wasparticularly helpful and, instead of seeing the old building that satvacant for several years, they immediately recognized this building’spotential and they facilitated our business plan.”
Originally built in 1973 as a Super K-Mart, the center was acquired byLucky Grocery Stores in 1997 and then later by Albertsons. Theredeveloped Monrovia Landing will be anchored by a combination T.J.Maxx and HomeGoods store (slated to open Oct. 22), ALDI (openingDec. 7) and ULTA (scheduled to open second quarter of 2018).Several smaller shops and retailers, including My Pet Garden, willalso occupy the center.
“We’re humbled by the community’s excitement for this weekend’sopening of T.J. Maxx and HomeGoods, and also for the ALDI storeopening planned for early December,” says Michael Odell, principal.“These retailers are grateful to finally have stores in Monrovia and be
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able to better serve its residents and nearby communities.”
Warner Pacific Properties specializes in the acquisition andrepositioning of commercial buildings and developing vacant ground.
Faris Lee Arranges $7.4 Million Sale of Two Retail Buildings in Palmdale, California
The transaction included an 18,000-square-foot Planet Fitness property and a 12,028-square-foot Dollar Tree property.
PALMDALE, CALIF. — Faris Lee Investments has arranged the saleof two single-tenant, freestanding retail buildings in Palmdale for acombined total of $7.4 million.
The newly developed properties are located within the Destination O-Eight power center, anchored by Walmart, Hobby Lobby, Kohl’s andSam’s Club.
The first asset, occupied by Planet Fitness, sold for $4.9 million, andthe second building, occupied by Dollar Tree, sold for $2.5 million.Jeff Conover and Chris DePierro of Faris Lee Investments arrangedthe transaction on behalf of the seller, HFC/PRP Palmdale LLC.
A private investor from New York, represented by Aegis Real Estate,acquired the 18,000-square-foot Planet Fitness property. A LosAngeles-based family trust, represented by Cushman & Wakefield,acquired the 12,028-square-foot Dollar Tree property.
Trader Joe’s Debuted 14 New Stores in 2017
This week's openings come on the heels of a successful 50th anniversarycelebration for the grocery store chain.
MONROVIA, CALIF. — Trader Joe’s, a Monrovia-based chain ofneighborhood grocery stores, opened the last of its new locations for2017.
On Oct. 12, stores opened in Allston, Mass.; Kalamazoo, Mich.; andNorth Brunswick, N.J. Fourteen new locations opened this year,bringing the total number of Trader Joe’s stores to 474. Other newlocations include: San Francisco; West Hollywood, Calif.; San Diego;Hoboken, N.J.; Las Vegas; Brooklyn, N.Y.; Somerville, Mass.; LosAngeles; Washington, D.C.; Coralville, Iowa; San Juan Capistrano,Calif.; and Jacksonville, Fla.
For the past 10 years, Trader Joe’s has opened an average of 23stores annually. Plans for 2018 locations are already underway.
The first Trader Joe’s store opened in 1967 in the Los Angeles area.Since then, Trader Joe’s has expanded to more than 470 stores in 41states.
Location Matters Negotiates $1.3M Sale of Retail Property in Downtown Escondido
Located in downtown Escondido, Calif., the retail building is occupied by CrossFitIconic and a soon-to-be-open brewery and coffee shop.
ESCONDIDO, CALIF. — Location Matters has brokered the sale of aretail property located at 237 and 243 E. Valley Parkway in downtownEscondido. David Baker of H Street Plaza LLC sold the property toEvan Weinberg of Steven Beverages Inc. for $1.3 million.
The 9,300-square-foot property features two retail units: a 7,000-square-foot CrossFit Iconic and a 2,300-square-foot vacant space.
The buyer plans to repurpose the vacant space into a brewery andcoffee concept by Cismontane Brewing, a microbrewery.
Marc Karren of Location Matters represented the seller in thetransaction.
Pacific Coast Commercial Brokers $1.2M
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Sale of Retail Building in San Diego
The property at 1040 Garnet Ave. in San Diego features 2,600 square feet of retail space.
SAN DIEGO — Pacific Coast Commercial has arranged the sale of aretail building located at 1040 Garnet Ave. in San Diego. John &Mahin Family Trust acquired the property from John Watts for $1.2million.
The 2,600-square-foot retail property was occupied by The Ink Spotfor more than 20 years.
Martin Alfaro and Vince Provenzano of Pacific Coast Commercialrepresented the seller, while John Noble of JN Financial representedthe buyer. The buyer plans to lease the property to a new tenant.
Marcus & Millichap Arranges $1M Sale of 3,160 SF Retail Property in Los Angeles
LOS ANGELES — Marcus & Millichap has brokered the sale of aretail property located at 4745 W. Washington Blvd. in Los Angeles. Aprivate investor sold the property for $1 million. Floyd Shaheen ofMarcus & Millichap represented the seller in the deal. The name ofthe buyer was not released.
On-Campus Housing, October 24-26
Houston Industrial Real Estate, October 31
Seniors Housing Northeast, November 8
Multifamily Southeast, November 28
Entertainment Experience Evolution, February 6-7
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