In the News—Week of April 28, 2025

In the largest retail shopping center transaction in the Phoenix market in the past three years, a Los Angeles, California-based investor acquired The Superstition Gateway center for $121,000,000 from a Scottsdale, Arizona-based group. The 66-acre power center is in the rapidly growing East Mesa area, which includes several substantial master-planned communities that are under development. Over 90% of the 495,000 square feet of leasable space is occupied by national and regional credit tenants, including over 20 restaurants. The existing $77,000,000 CMBS loan, with its 3.6% interest rate, was assumed by the buyer. The transaction was brokered by the Lee & Associates team of Jan Fincham, Brent Moser, and Mike Sutton, and closed by Senior Commercial Escrow Officer Joel Montemayor and Director of Commercial Services Kylie Cook in our Scottsdale office.

Former U.S. Army base in San Francisco now hot area for commercial real estate

The Presidio, a former U.S. Army base in San Francisco, has emerged as one of the city’s most desirable commercial real estate locations, the San Francisco Examiner reports. Pet Food Express recently chose to open its third San Francisco store in a prime waterfront location between Crissy Field and Marina Green, drawn by the high foot traffic of dog walkers and the scenic bay views. The company’s new flagship store occupies a newly renovated building complex on Old Mason Street, joining other businesses that have recognized the area’s unique appeal. This development exemplifies the successful transformation of the Presidio into a thriving commercial district that combines natural beauty with business opportunities. The Presidio was founded as a military installation by the Spanish in 1776. Mexico took over in 1820 and the U.S. in 1848. The base was closed in 1994 and turned over to the National Park Service and a trust.

Mill village in North Carolina that served as District 12 in ‘Hunger Games’ is for sale

The historic Henry River Mill Village in North Carolina, famous for its role as District 12 in “The Hunger Games” movie, is currently listed for sale in two separate parcels totaling over 60 acres, the New York Post reports. The property, which dates back to 1905 and was once a thriving textile mill community, earned a spot on the National Register of Historic Places in 2019. Currently operating as a tourist destination, the site features daily tours and two Airbnb rentals housed in a restored mill house resembling Katniss Everdeen’s home from the film. One parcel of 28 acres is listed at $1.15 million, while the remaining 43 acres are offered at $800,000, presenting an opportunity for potential buyers to own a piece of both industrial and cinematic history.

Long-delayed Gaylord Pacific project in San Diego South Bay nears completion

The $1.3 billion Gaylord Pacific Hotel and Convention Center project in San Diego’s South Bay region is nearing completion after decades of planning and development, Engineering News Record reports. This massive hospitality complex includes a 22-story hotel with 1,600 rooms, a 600,000-square-foot convention center and a substantial parking facility, totaling over 2 million square feet of enclosed space. The project is expected to be finished in May. The Mortenson | McCarthy Joint Venture is leading the construction effort, which began in May 2022 after overcoming pandemic-related delays and budget challenges. The project, built on the former site of the South Bay Power Plant, represents a significant economic catalyst for Chula Vista’s bayfront development, with an estimated $14 billion economic impact and the creation of 4,000 permanent jobs.