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Pechanga Resort & Casino in Temecula to Get $285M Expansion

20 Nov 2014, 5:10 pm

By Alex Girda, Associate Editor

The Pechanga Band of Luiseño Indians recently revealed plans for a $285 million expansion of the Pechanga Resort & Casino in Temecula. The project will be an economic catalyst that will generate $550 million in activity and create nearly 3,000 jobs, according to Christopher Thornberg of Beacon Economics.

The expansion will add around 550 rooms at a four-diamond standard, a luxury spa, new ballroom and meeting space, a resort-style pool complex and other enhancements. According to a statement from the Pechanga Band, more than a third of the new space will be dedicated to new suites.

A 23,000-square-foot spa, salon and fitness center will offer 17 treatment rooms and a terrace with hydrotherapy pools and will be included in a new two-story building. The hotel component will include 67,000 square feet of flexible meeting and event space. Two new restaurants will be added, bringing the number of current dining options to 13.

Delawie, the architectural firm that designed the original resort, is serving as architect for the expansion. Lifescapes International is the designing the pool area and landscaping.

Tribal Chairman Mark Macarro noted in the statement that “almost 20 years ago we started our journey toward self-sufficiency.” Still ahead is the environmental study, which requires approval of Temecula and Riverside County officials. The resort has provided $10.4 million to widen Pechanga Parkway and the development of a new bridge over Temecula Creek, as well as funding for construction of the Ultimate Interchange at the I-15 and Temecula Parkway.



Northrop Grumman Renews Lease at Kearny Mesa Campus

13 Nov 2014, 10:55 pm

By Alex Girda, Associate Editor

Northrop Grumman Systems Corp. has completed a deal that will keep the aerospace and security technology company at its current home in Kearny Mesa. According to the local office of Colliers International, the company has renewed its lease for the space that it has occupied for nearly a decade at the Kearny Mesa Spectrum Center. Colliers noted that the leasing agreement is one of the largest of its kind in the area this year.

Located at 9326 and 9356 Spectrum Center Blvd.. and 4830 Ruffin Rd., the three-building campus has been occupied by Northrop Grumman since its completion in 2005. The campus includes a pair of two-story buildings and a three-story building that comprise 182,870 square feet.

The Kearny Mesa campus features a data center, 608 surface parking spaces, electric vehicle charging stations, fenced and gated parking, and a cafeteria with multiple outdoor dining areas. 

According to a statement, Tom Wilcox and Jay Arnett of Colliers represented the owner, American Fund US Investments L.P., while Tom Martinez and Evan Knutsen of CBRE Group Inc. represented  Northrop Grumman. Colliers’ San Diego office serves as property manager, and Real Estate Capital Partners is the asset manager.



Financing In Place for Gaslamp Quarter Hotel, Montage’s 1st Pendry-Branded Property

6 Nov 2014, 4:48 pm

By Alex Girda, Associate Editor

Construction financing is in place for a $138 million Montage hotel in San Diego’s Gaslamp Quarter. George Smith Partners recently announced that it has arranged $95 million in funding for a partnership of The Robert Green Company and Montage Hotels & Resorts. The 317-key hotel will also mark the debut of Montage’s new Pendry brand.

Pendry San Diego held a groundbreaking ceremony last month for the new building, which will take shape at 5thand J streets on the former site of a cigar store and parking lot. The site was previously considered as the possible location for a new Marriott Renaissance hotel. The developers are banking on demand generated by the nearby San Diego Convention Center.

“This hotel project has been in the works for more than 10 years, with a variety of challenges to overcome,” said George Smith Partners’ Principal Malcolm Davies in a statement. He noted that during the financing process, he drew from his former activity as a developer in the San Diego area.

“Despite so many competing variables that could have distracted lenders from the value of the hotel, I was able to work with our company’s network of lenders to educate, negotiate and ultimately secure our client the financing they needed to get the project into the construction phase.”

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Kilroy Realty Corp. Plans $45M Office Project in Del Mar Heights

30 Oct 2014, 6:08 pm

By Alex Girda, Associate Editor

A year after acquiring The Heights at Del Mar, Kilroy Realty Corp. is planning to invest $45 million to develop a third office building on the campus. Kilroy broke ground earlier this month on the project, which will be Del Mar Heights’ first new speculative office building in eight years.

Taking shape at 12770 El Camino Real at the corner of Townsgate Drive, the 74,895-square-foot Class A office building would expand the campus to about 295,000 square feet. The existing buildings at the complex offer 219,000 square feet and are LEED Silver-certified. Scheduled for completion in the fourth quarter of 2015, the building will be a candidate for LEED Gold certification.

The Heights at Del Mar is located near 270,000 square feet of full-service retail and a community park that also features multiuse sports fields, exercise facilities, a gymnasium, basketball and volleyball courts and a swimming pool.

Designed by Gensler, the project will feature steel frame construction, floor-to-ceiling glass, a top floor balcony and indoor/outdoor workspaces. Amenities will include a high-end fitness center, golf simulator, outdoor amphitheater and secured executive parking below ground level. Cassidy Turley will serve as leasing agent.



HFF Secures $7.5 Million for Hillcrest M-F Project

24 Oct 2014, 3:15 pm

By Alex Girda, Associate Editor

A residential project in San Diego’s Hillcrest neighborhood recently received a major boost as developer Hillcrest Veritas L.P. secured $7.46 million in construction and permanent financing. HFF arranged the 12-year, fixed-rate loan, which is being provided by a correspondent life insurance company.

Located northwest of Balboa Park at 4021 Eighth Ave., Hillcrest Apartments will occupy a 15,200-square-foot site. The 36-unit, five-story project will offer residential units averaging 877 square feet of space. The community will offer one- and two-bedroom units, as well as above-grade parking. Hillcrest Apartments is currently due for completion in 2016.

The borrower locked in a 4.29 percent rate, with an interest-only period of up to 27 months. At stabilization, the 71 percent loan-to-cost financing will convert to a permanent loan. An earn-out feature allows the borrower to draw additional funds upon stabilization. The HFF team consisted of Senior Managing Director Aldon Cole and Associate Director Bryan Clark.

Hillcrest Veritas’ experience includes more than 1,000 residential units and 60,000 square feet of commercial space. Murfey Construction Inc. , which specializes in commercial and residential mixed-use urban infill projects, serves as general contractor.

 







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