Editors’ Weekly News Roundup November 10 – November 14
Development was a focal point for Connect CRE readers this past week, with three of the five most-read stories touching on this subject. At the top of the list was Costa Mesa Offices Sell for Residential Redevelopment, detailing the $44.5-million sale of 3150 Bear St. to MLC Land Holdings Inc.
The 70,799-square-foot office property happens to be located across the street from a prominent regional shopping mall—the largest on the West Coast, in fact. It’s hard to imagine a more convenient location to plunk down 142 new homes.
“The redevelopment opportunity at 3150 Bear St. offered an exceptional combination of a highly sought-after location and significant developable land size in a thriving market,” said Anthony DeLorenzo, who led the CBRE team representing the seller.
Moving from Southern California to central Georgia, residential and retail are once again in the mix for the week’s second most-read story. Here, though, the retail is a component of a forthcoming development, rather than a next-door neighbor. $200M Costco-Anchored Venture Planned for Stone Mountain reported that the former Stone Mountain Tennis Center, a key venue for the 1996 Summer Olympic Games in Atlanta, will be redeveloped with a warehouse store and nearly 250 apartments.
The timeline for the development reverses the adage that “retail follows rooftops.” The Costco will be delivered first in late 2026, to be followed roughly a year later by a multi-building Greystar project.
A development that has been in the planning stages for years has advanced with the sale of the Ocean Breeze Ranch site, which spans two planning areas totaling 134 acres in the northern suburbs of San Diego. The week’s third most-read story, Colliers Closes $53M Sale of Residential Development Site in Bonsall, informed readers that the buyer was Trumark Homes, which will construct a large-scale master-planned community featuring two residential neighborhoods.
Colliers’ Ciara Trujillo, who led the team representing the sellers, commented, “Ocean Breeze Ranch represents years of strategic collaboration and vision, a legacy-scale community designed to deliver lasting value, livability and growth for North County.”
The past week’s fourth most-read story detailed a straightforward sale of an income-producing property, which happens to be occupied by one of the biggest and most durable names in retail. 130K-SF Walmart in Rolling Meadows Sells for $12M informed readers that the Walmart in question has been operating since 2000, and the tenant recently signed a long-term, triple-net lease extension.
The property’s operating history, and its location in a high-performing suburban Chicago submarket, helped clinch the sale to an institutional investor. The Marcus & Millichap team of Ashish Vakhariya, Seth Haron and Darin Gross represented the seller, a private equity fund, and procured the buyer.
Rounding out the top five was another retailing story, this one focused on people rather than properties. One of the most prolific dealmakers in California will now move over to the ownership side.
We reported in Philip Voorhees Leaving CBRE to Oversee Acquisitions at BISON Partners that thevice chairman in CBRE’s Retail Capital Markets division will now oversee acquisitions and capital markets. His new employer, BISON Partners, specializes in acquiring and repositioning shopping centers.