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NGKF Facilitates Goodwill’s Move to Tustin5 Oct 2015, 5:01 pm
By Adriana Pop, Associate Editor
Goodwill of Orange County will be moving its retail distribution center to a newly leased 154,040-square-foot warehouse building at 1231 Warner Ave. in Tustin.
Justin Hodgdon and Wes Hunnicutt, senior managing directors at Newmark Grubb Knight Frank’s Newport Beach, Calif. office represented the company on the lease transaction.
According to the CoStar Group, the eight-year deal commences in October 2015 and is valued at more than $10 million. The single-story, light manufacturing building received multiple offers, ultimately leasing higher than the $0.69 per square foot, triple-net asking rate. Kevin Turner and Rick Ellison of Cushman & Wakefield Inc. represented the landlord.
The two-story facility will replace and more than quadruple the size of Goodwill’s existing 30,000-square-foot processing and dock space in Santa Ana. The addition of warehouse space will allow the company to house and sort a significantly larger amount of donation inventory.
At Goodwill’s current distribution center, which has reached full capacity, donated goods are processed and sent out to stores the day they are received, regardless of season or type of merchandise. The larger space will allow for efficient staging of items to maximize the donation value by providing stores with in-season, best-selling goods, as well as refined control over the amount of goods sent to each retail store. Goodwill has metrics that inform them about what items are most popular at what store.
The transition to the new centralized distribution warehouse is therefore expected to improve seasonal clothing availability at the company’s 22 retail stores and decrease transportation costs, since fewer trips to the retail stores will be required as a result of proper staging of items.
Furthermore, the larger distribution center will enable the organization to add new stores to its directory. Besides warehouse space, the Tustin location will also include offices for Goodwill of Orange County’s programs and services that help individuals facing barriers to employment in the community, including a new physical space for its veterans program, The Goodwill Tierney Center for Veteran Services.
“The move to a larger distribution center will enable and empower our venerable, 91-year-old organization to enjoy continued, critical growth well into the future,” said Frank Talarico, Jr., president & CEO, Goodwill of Orange County. “Our successes in retail operations, with this lease a key component to that success, translates into serving more people facing barriers to employment, including adults with disabilities and veterans.”
“Once we analyzed the needs of the organization to fulfill its strategic plan to expand its Orange County services throughout the county, we were able to identify the Warner building as an ideal solution,” Hodgdon added. “Interior construction is underway and Goodwill plans to be fully operational in the new space by the end of the year.”
Image via loopnet.com
Garden Grove Gets Ready For a Splashy Opening1 Oct 2015, 8:40 pm
By Adriana Pop, Associate Editor
Great Wolf Resorts Inc.‘s $250 million resort in Garden Grove is on track for a spring 2016 opening, according to the hospitality and entertainment company. Called Great Wolf Lodge Southern California, the project comprises a 603-suite hotel and 105,000-square-foot water park.
McWhinney , the project’s Colorado-based developer, began construction in May 2014. According to the Orange County Register, the resort will be Southern California’s first indoor water park and the largest of Great Wolf’s 14 facilities. Once operational, the venue is expected to employ about 650 people and generate an estimated $8 million annually in tax revenue for the city, more than any Garden Grove hotel.
Upon the resort’s completion, guests will have a choice of seven restaurants, including Bear Paw Sweets & Eats and Dunkin’ Donuts, as well as a bowling alley, miniature golf course, a spa for girls and an interactive scavenger hunt called MagiQuest. The largest of the hotel’s suites will accommodate up to 12 guests. Rates will vary from $260 to about $600 per night, depending on the suite and time of year.
The water park and its 565,000 gallons of water (less than it takes to fill an Olympic-size swimming pool) will be exclusively available to guests. According to Garden Grove officials, Great Wolf’s new resort will operate a state-of-the-art recycling system with mechanized pumps, filters and tanks that purify the water before circulating it back into the park’s common water areas.
Photo credits: McWhinney
Chino Hills Trophy Center Expands Dunhill Partners’ Retail Portfolio1 Oct 2015, 4:14 pm
By Alex Girda, Associate Editor
Located at the southwestern end of San Bernardino County, the city of Chino Hills is part of a real estate revival that’s gripping the Inland Empire. The area is one of the fastest growing suburbs of L.A. in terms of rents, leading to improving occupancy, which in turn has translated into growing activity in the commercial sectors. HFF recently completed the sale of The Shoppes at Chino Hills, a trophy lifestyle center located in the submarket, for $147 million.
Dunhill Partners is the new owner of the retail property, after acquiring it from seller MX3 Ventures. HFF arranged the transaction on behalf of MX3, having also previously worked together on the 2010 acquisition of The Shoppes at Chino Hills. Ryan Gallagher, CJ Osbrink, John Crump and Bryan Ley led HFF’s investment sales team that represented MX3.
Located at 13800-13920 City Center Drive, the trophy center offers 377,966 square feet of retail space. The Altoon + Porter-designed facility offers proximity to the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and the public library. Currently operating at just four percent vacancy, the center is anchored by Forever 21, Trader Joe’s, H&M, Victoria’s Secret, Barnes & Noble, and Banana Republic.
Originally developed in 2008 by Opus West, The Shoppes at Chino Hills was purchased by MX3 at around 70 percent occupancy, and has since been brought up 96 percent, Manouch Moshayedi of MX3 Ventures said. The acquisition brings Dunhill Partners’ Californian portfolio to more than one million square feet of retail space, President William L. Hutchinson said of the deal.
Image courtesy of facebook.com/TheShoppesAtChinoHills
ETCO Holds Grand Opening for Upscale Beverly Hills Condo Community28 Sep 2015, 7:14 pm
By Alex Girda, Associate Editor
ETCO’s latest multifamily development is heavily relying on confirming the general image of Beverly Hills. Known as 460 Palm, the condominium project recently held an official unveiling when potential buyers could view the community’s model homes. The luxury condominium development is an instant hit with area buyers, as around half of the units have already been acquired during presales.
Located on Beverly Hills’ North Palm Drive, 460 Palm offers a total of 35 luxury condominium units and penthouses. The two buildings feature residences that range in size between 1,985 and 3,643 square feet, and seven different floor plans. The smallest condos at the newly completed community offer two bedrooms and two-and-a-half bathrooms, with prices starting at around $2.5 million. Penthouse units offer four bedrooms and four-and-a-half bathrooms, while prices reach $5 million.
460 Palm was built according to designs provided by Greg Bucilla & Associates, while Design Line Interiors handled the inside of the units at the two-building community. Condos feature hardwood flooring in rooms, while floor-to-ceiling windows and glass sliding doors complete the open space aesthetic. Kitchens offer Miele and Sub-Zero appliances, European style cabinetry, soaking tubs in master baths, and direct elevator access.
The resident amenity package includes an attended lobby with doorman service, state-of-the-art surveillance system, fitness center, and appointed lounge. Residents with penthouse units are given private rooftop terraces, spas and built-in barbecues. 460 Palm also features landscaping and subterranean parking with up to three parking spots available for residents.
HFF Arranges Financing for Perris Industrial Project Aiming to Capture Market Improvement28 Sep 2015, 7:13 pm
By Alex Girda, Associate Editor
The Inland Empire is an industrial market powerhouse with development and absorption recording all-time highs during some points in 2015. Those stats mean the appeal with investors is reaching critical mass, leading to deals such as a recently-completed HFF financing deal. The company’s debt placement and equity placement teams arranged $42 million in joint venture equity and construction financing for the development of an industrial project in Perris.
Set to take shape on a 31-acre site at 278-290 Markham St. that the developer acquired earlier this summer, Perris Circle Industrial Park will total around 594,000 square feet of industrial space once finished. The park will consist of two buildings, with the smallest of them totaling 120,000 square feet of space, 24 dock high doors with a 32’ clear height and parking that will accommodate 31 trailers. The larger building will total 474,000 square feet of industrial space as well as parking for 153 trailers, 112 dock high doors and 36’ clear height.
Developer Circle Industrial is developing the Perris asset alongside joint venture equity partner Cigna Realty Investors. HFF’s equity placement team was led by Anthony Brent and Kevin Mackenzie, both senior managing director with the company, as well as Ryan Martin, managing director. Managing Directors Todd Sugimoto and Mark Winter led the company’s debt placement team, in charge of arranging construction financing for the partnership from Wells Fargo Bank. Developers broke ground on the project last month and are estimating its completion for early 2016.