 |
|
Hyatt to Manage the Soon-to-Be-Revitalized Coco Palms Resort on Kauai
|
 | |
The Coco Palms is set to undergo a major revitalization next year, which will include an overhaul of the resort's 331 guestrooms and 32 bungalows, multiple restaurants, lounges and swimming pools.
|
WAILUA, HAWAII -- Coco Palms Hui LLC has entered into a management agreement with an affiliate of the Hyatt Hotels Corp. to manage the 363-room Coco Palms Resort on Kauai. The resort is located in Wailua, on the eastern coast of Kauai. It will continue to operate as the Coco Palms Resort under the Hyatt umbrella.
The resort has been shuttered since 1992 when it was damaged by Hurricane Iniki. The Coco Palms is set to undergo a major revitalization next year, with a reopening date scheduled for early 2017.
The property was originally constructed in 1953. It was made famous in 1961 when the movie "Blue Hawaii" was filmed on its grounds -- the same grounds that were once home to Kauai's last reigning queen, Queen Deborah Kapule Kekaiha`akulou.
The resort's redevelopment plan will preserve the original footprint of the property and its signature lagoon. The new efforts will also include an on-property community center that will highlight the cultural significance of the site, as well as the area's native culture, history and arts.
"The redevelopment of the Coco Palms Resort is not just a feel-good story," says Kauai Mayor Bernard Carvalho Jr. "The investment of time, money and labor to revitalize the resort grounds and reignite the spirit of this legendary hotel is great news for our community. We are delighted that Coco Palms Hui LLC has chosen Hyatt to manage the Coco Palms Resort. Hyatt's brand presence in our community with Grand Hyatt Kauai Resort & Spa is exemplary, and we look forward to Hyatt's contributions as our community continues to grow in importance as a tourist destination."
|
|
|
DivcoWest Buys Continental Grand Plaza in El Segundo
|
 | | The Continental Grand Plaza is located in El Segundo, an area DivcoWest believes will become a key Los Angeles growth market for media and technology-related companies. |
LOS ANGELES -- DivcoWest has acquired the Continental Grand Plaza, a 483,000-square-foot office complex in the Los Angeles submarket of El Segundo, for an undisclosed sum. The two-building, Class A complex is located at 300-400 Continental Blvd., less than three miles from Los Angeles International Airport.
In April, DivcoWest purchased Gateway El Segundo, a five-building office and retail portfolio just a block from Continental Grand. The privately owned real estate investment firm believes this area is "becoming a key Los Angeles growth market for media and technology-related companies," according to its transaction announcement.
|
|
|
NorthMarq Arranges $41M Refinance Loan for Ridgecrest Apartments
| |
 | | The 240-unit Ridgecrest Apartments is located at 21486 Lake Forest Drive in Lake Forest. |
LAKE FOREST, CALIF. -- NorthMarq Capital has arranged a $41 million refinance loan for the 240-unit Ridgecrest Apartments in Lake Forest. The community is located at 21486 Lake Forest Drive. The loan carries a seven-year term and a 30-year amortization schedule, following a two-year interest-only period.
Michael T. Elmore of NorthMarq Capital's Los Angeles office secured the financing through the firm's seller/servicer agreement with Freddie Mac. The servicer agreed to fund a cash-out mortgage on a 1.25 debt-coverage ratio with two years of interest-only payments based on strong sponsorship and an infill Orange County location. "Freddie Mac utilized its new index lock to help the borrower hedge a fully leveraged loan on which proceeds were critical to a maturing loan payoff," says Elmore. "During the underwriting process, cash flow improved and Freddie Mac upsized the loan."
|
|
|
El & El Wood Products Buys 20-Acre Industrial Site Near Sacramento
|
 | |
The 20-acre site outlined in orange will soon be home to EL & EL Wood's 220,000-square-foot wholesale distribution center.
|
SACRAMENTO, CALIF. -- EL & EL Wood Products Corp. has acquired a 20-acre industrial site in Galt for an undisclosed sum. The site is located about 20 miles south of Sacramento.
The mouldings and millwork products distributor plans to build a 220,000-square-foot wholesale distribution center for its line of moldings, doors and other building materials. The company currently manages 255 employees, along with its own fleet of trucks throughout California, Nevada and Arizona.
The project is expected to bring 75 new jobs to the City of Galt. The new facility will be built by BCM Construction Co. Tom Manz & Associates, an affiliate of seller KMS Development, will serve as construction manager.
EL & EL Wood was represented by Tommy Ponder of Cable & Kilpatrick. Matt Cologna, Bryce MacDonald and Dave Nicholson of Cushman & Wakefield's Sacramento office represented the seller in this transaction.
"This is a win-win for everyone involved," says Cologna. "The city will get new jobs -- the City of Galt was an active participant in this transaction -- and EL & EL, which initially expanded into Northern California in 2005, will have a building in which they can consolidate all of their Northern California distribution under one roof."
|
|
|
Vista Lane Apartments in Chula Vista Sells for $19.4M
|
 | | Vista Lane enjoys close proximity to Broadway, the area's dominant retail corridor, and to the Chula Vista Bayfront redevelopment project. |
SAN DIEGO -- The Conrad Prebys Trust has acquired the 150-unit Vista Lane Apartments in the San Diego submarket of Chula Vista for $19.4 million. The community is located at 1440 Second Ave., just north of Orange Avenue.
Vista Lane enjoys close proximity to Broadway, the area's dominant retail corridor, and to the Chula Vista Bayfront redevelopment project. The 500-acre master plan seeks to convert the underused bayfront landscape into a residential and resort destination.
Christopher J. Zorbas of Marcus & Millichap's San Diego office represented both the buyer and the seller, the Kreutzkamp Revocable 2000 Trust, in this transaction.
"Vista Lane Apartments is a stable, well-maintained, garden-style apartment complex with considerable value-add potential," says Zorbas. "The property's strong location in an area with limited sites available for new multifamily construction creates a clear opportunity to enhance revenue with the implementation of a proven value-add strategy."
|
|
|
Tuscany Pointe Apartments in Phoenix Sells for $10.1M
|
 | | Timberline Village's rents range from $875 for a one-bedroom, one-bathroom unit to $1,350 for a three-bedroom, two-bathroom unit. |
PHOENIX -- The 236-unit Tuscany Pointe Apartments in Phoenix has sold to The Lodge Complex Tulsa LLC for $10.1 million. The community is located at 14830 North Black Canyon Highway, between the North Interstate 17/Deer Valley employment corridor and the Metrocenter Mall. It was developed by Lincoln Property Co.
Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors represented both the buyer and the seller, Howe Group LLC, in this transaction.
"Built in 1981 in an established north Phoenix neighborhood, Tuscany Pointe is well positioned for revenue enhancement through strategic interior and exterior renovations," says David.
|
|
|
Alicia Office Park in Laguna Hills Receives $10M Bridge Loan
|
 | | Alicia Office Park contains three separately parceled office buildings that were developed in 1979 and renovated in 2008. |
LAGUNA HILLS, CALIF. -- Alicia Office Park, an 86,360-square-foot office campus in Laguna Hills, has received a $10 million bridge loan. The park is located at 25201, 25231 and 25241 Paseo de Alicia. The property contains three separate office buildings that were developed in 1979 and renovated in 2008.
The loan included an initial $7.5 million, along with an additional $2.4 million structured as a holdback for future tenant improvements, leasing commissions and capital expenditures.
The park is currently 61 percent occupied, but that figure is expected to decrease to about 35 percent occupancy when a large tenant lease expires this summer. The debt was structured around this decrease in occupancy. Steve Tucci and Shaun Moothart of CBRE's Debt & Structured Finance team arranged the loan through a debt fund.
|
|
|
|
Thoughts from RECon: Top 5 Ways Shopping Centers are Changing
|
By Nellie Day
LAS VEGAS -- Competition among retailers may be fiercer today than ever before when it comes attracting a consumer's dollars. Although the recession might be solidly behind us, the average shopper has access to a plethora of online and bricks-and-mortar retailers, as RECon panelists and attendees pointed out during this year's show that took place May 18-20 at the Las Vegas Convention Center.
Many popular retailers are once again in growth mode. Shopping center owners are vying for their attention -- and for good reason. More outposts means the consumer has more conveniently located shopping centers with comparable tenants that they can choose from. It may also mean your center is out of luck if you fail to recruit the top talent in retail.
The top talent in retail, meanwhile, is looking to wine and dine its prospective shoppers -- both figuratively and literally. This strategy often begins before a tenant has even committed to a space, leaving the responsibility for a fun, friendly and entertaining atmosphere to fall directly on the shoulders of the center's operator.
Below are five key strategies outlined by RECon panelists and attendees that detail how a center can remain competitive for both key tenants and shoppers. These strategies also highlight just how many changes the average American shopping center is likely to face as leases expire, new concepts roll out and the fickle consumer becomes no less predictable.
1. Technology is Here to Stay -- While most retailers have made major strides when it comes to streamlining the online browsing and buying portions of their companies, shopping centers have fallen behind. Many luxury lifestyle centers and shopping malls are embracing social media, but that investment should be apparent not only online, but at the actual property as well, according to panelists.
"The Internet is now a part of our business," said Edward Coury, vice president and director of leasing for Starwood Retail Partners in Chicago, and a participant in the "Acquiring and Then Revitalizing a Challenged Center" panel. "Barriers to the Internet and to e-commerce sites are very minimal, but barriers to building a great property are gigantic. If you're a static mall owner, that becomes boring and your customer gets that. If you constantly invest in your center, however -- adding new components, more tech-savvy features, building out apps, installing charging stations -- the customer will come."
Simon Property Group provides free Wifi for shoppers at many of its malls, such as the 185-store Arizona Mills, which it bills as "the state's largest indoor, climate-controlled outlet, value and entertainment mall."
No passwords are needed. Shoppers simply have to agree to the terms and conditions.
Simon also offers a mobile app for iPhone and Android users. This app keeps customers up to date on deals, helps them find their favorite stores at a given property and tells them about upcoming events. Charging stations can additionally be found throughout many of Simon's malls.
2. Consumers Expect an Experience -- Shopping has once again become a social activity. No longer do consumers simply drag a buddy from store to store before they hit the food court for lunch, however. Many now look to centers to fulfill other needs, such as holiday outings, daily exercise routines and concert viewing.
"Shopping and eating -- retail and restaurant -- aren't the only activities occurring at a center anymore," said Bryan McFarland, a fellow Challenged Center panelist and principal at Greenwood Village, Colo.-based Alberta Development Partners LLC. "We have to create an entire experience that may or may not be based around shopping."
Starwood's Kitsap Mall in Silverdale, Wash., tries to draw shopping back into the mix by offering Girls Night Out events. The women can watch a free comedy show, vote in the Kitsap County Cupcake Wars and obtain gardening tips from a local guru. The event also offers free "Swag Bags" to the first 500 guests, which contain samples, gifts and coupons encouraging them to patron many of the mall's tenants.
|
|
|
|
|
Contact Us
| Nellie Day, Editor
Western Real Estate Business
France Media Inc.
Main Office: 404-832-8262
nday@francemediainc.com
www.rebusinessonline.com
|
|
