TORRANCE, CALIF. — Waterfall Asset Management, an alternative investment manager, and Delaware Life have provided a $64.7 million loan facility for the refinancing of The Torrance, a Class A office property in Torrance. The financing will support the in-place leasing strategy for the building. Situated on 7.3 acres, the eight-story property features 301,000 square feet of office space. The asset is currently leased to a diverse roster of tenants, including All Nippon Airways, Salon Republic, Barrister Executive Suites, Compass California, Unio Health Partners and Morgan Stanley Smith Barney. Originally constructed in 1988, The Torrance features significant investment and modernization efforts, including recent upgrades to the building’s elevator and HVAC systems, common areas, roof, amenities and exterior. The property also features a two-story, glass-entry lobby, ground-floor café, fitness center and more than 1,200 parking spaces. Jordan Roeschlaub, Nick Scribani and Chris Lozinak of Newmark assisted in securing the financing for The Torrance.
MESA, ARIZ. — Evergreen Development has acquired 11.7 acres of land in Mesa, with plans to build a mixed-use project that will feature multifamily space and a new retail center. The retail portion of the site is planned to comprise an approximately 8,500-square-foot multi-tenant retail building for restaurant and retail uses, as well as a 2,360-square-foot freestanding Chipotle with a drive thru. The multifamily portion will include 261 apartments across nine three-story buildings. Evergreen plans to break ground on the project in the first quarter of 2027, with lease-up beginning in the second quarter of 2028. Brookfield sold the site for an undisclosed price.
WINDSOR, COLO. — Marcus & Millichap has brokered the sale of Falcon Point Self Storage, a self-storage facility in Windsor. Terms of the transaction were not released. Adam Schlosser, Dave Knobler and Charles “Chico” LeClaire of the LeClaire-Schlosser Group of Marcus & Millichap represented the undisclosed seller in the transaction. Originally constructed in 2019 and expanded in 2024 with an additional 51,530 square feet, Falcon Point Self Storage features 516 storage units across 72,068 net rentable square feet. There are 14 single-story, all-metal buildings on approximately 6.8 acres. The unit mix includes climate-controlled units, traditional drive-up access and dedicated vehicle storage, with 100 surface parking spaces serving the site. The facility features LED lighting, gated entry with digital keypad access, 24/7 video surveillance and an onsite management office.
MOUNTAIN VIEW, CALIF. — Tishman Speyer has completed the disposition of 400 Castro Street, a Class A office building in downtown Mountain View, to Spear Street Capital for $121.5 million, or $876 per square foot. Tishman Speyer developed the 138,000-square-foot asset in 2002 and immediately leased the office space in full to Fenwick & West, which still occupies the property. With convenient access to highways and Caltrain, 400 Castro features roof decks, underground parking and views of the San Francisco Bay and coastal mountains. Additionally, the property offers onsite restaurants, including Cascal, Peet’s Coffee and Sweetgreen.
SEATTLE — Freestone Capital has purchased Aperture on Fifth, an apartment property in downtown Seattle, from PrivatePortfolio Group for $32.2 million or $304,245 per unit. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Situated in the Denny Triangle neighborhood, Aperture on Fifth features 106 studio, one- and two-bedroom apartments with oversized windows and electric fireplaces. Community amenities include a central atrium courtyard, rooftop deck with a full-size bocce ball court, fitness center, bike storage, package lockers, a pet wash area and an underground parking garage.
SRS Real Estate Arranges $11.7M Sale of Lumberjack Square Shopping Center in Bakersfield, California
BAKERSFIELD, CALIF. — SRS Real Estate Partners has arranged the $11.7 million sale of Lumberjack Square, an 85,031-square-foot shopping center located in Bakersfield. Body Xchange, a fitness and health club, anchors the property, which features a mix of additional tenants including DaVita and The Firehouse. Matthew Mousavi and Patrick Luther of SRS represented the seller, a California-based partnership. The buyer, also a California-based partnership, acquired the property with new financing.
ENCINITAS, CALIF. — Marcus & Millichap has brokered the $8.3 million sale of a two-property retail portfolio located roughly 25 miles north of San Diego in Encinitas. The first property, located at 548-568 S. Coast Highway 101, spans 5,698 square feet of retail space and includes five suites in two adjacent buildings. Adam Robinson of RAF Pacifica Group purchased the property for $4.7 million. The second property, located at 571 2nd St., features 6,508 square feet of retail and office space, as well as six suites. Brett Farrow, a local architect, purchased the property for $3.6 million. Ross Sanchez and Nick Totah of Marcus & Millichap marketed the properties on behalf of the seller, George Charles Gowland Separate Property Trust. The agents also secured and represented both buyers in the transaction.
— By David Tabata of Marcus & Millichap — After several years of rapid expansion, elevated vacancy and shifting global trade patterns, Portland’s industrial market is entering a more balanced phase. While tariff uncertainty and evolving West Coast trade dynamics continue to influence leasing decisions, improving fundamentals are creating new opportunities for occupiers and investors. One of the market’s most encouraging developments is the gradual stabilization of activity at the Port of Portland. Following pandemic-related disruptions and reduced container traffic, port operations have begun to recover, giving industrial users greater confidence in long-term planning. Portland’s strategic location also continues to support its role as a key distribution hub for the Pacific Northwest. At the same time, the development pipeline has slowed significantly. After several years of elevated construction, new deliveries are expected to remain well below recent peaks, allowing the market time to absorb existing inventory. Although vacancy has increased, the slowdown in new supply should help ease competitive pressure and support healthier market conditions over time. Demand remains strongest for modern warehouse and distribution facilities near major transportation infrastructure, including the Interstate 5 Corridor, Interstate 84 and port-related logistics hubs. Smaller industrial buildings also continue to perform well, driven …
SAN DIEGO — Chicago-based CEDARst Cos. has received an $80 million construction loan forThe Samuel, a 197-unit multifamily project that will be located in San Diego’s North Park neighborhood. Zach Kersten, Jack Wood and Ben Choromanski of JLL arranged the three-year, floating rate loan through Boston-based CrossHarbor Capital Partners. Located at 2821 Adams Ave., The Samuel will be an eight-story building with studio, one- and two-bedroom units. Community amenities will include a pool, fitness center, coworking lounge, fire pits, game deck and a rooftop lounge with an outdoor kitchen. Construction is expected to begin later this year with completion slated for the fourth quarter of 2028.
BERKELEY, CALIF. — A partnership between Gilbane Development and CBRE Investment Management (IM) has completed Pique, a 484-bed student housing development located at 2587 Telegraph Ave. near the University of California, Berkeley campus. Construction of the property commenced in October 2025. The eight-story community offers 53 units in four-, five- and six-bedroom configurations with bed-to-bath parity. Shared amenities include an indoor/outdoor yoga and fitness center, outdoor study terraces, two rooftop decks, a community terrace, coworking lounge and smart food lockers and private study pods on each floor. The property also features 2,900 square feet of ground-floor retail space.