MALIBU, CALIF. — C.W. Driver Cos., as general contractor, has broken ground on Phase II of the Malibu Middle and High School campus for the Santa Monica-Malibu Unified School District. The $74 million phase includes middle school core and gymnasium facilities. Phase II will include two distinct buildings, totaling 40,000 square feet. The middle school core building will feature special education and counseling spaces, a wellness center, media lab, food-service areas and shaded outdoor spaces. The gymnasium facility will feature a fitness studio and multi-sport court supporting games, including basketball, volleyball, soccer and badminton. The second phase is slated for completion in late 2028. Project partners include LPA Architecture, Massetti Consulting and Element Consulting.
Western
Whittier Comstock Acquires 135,308 SF Fairway Center II Office Property in Brea, California
by Amy Works
BREA, CALIF. — The Whittier Comstock, a subsidiary of MW Investment and owned by Matt Waken, purchased Fairway Center II, an office property in Brea, from an undisclosed seller for $27.8 million. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Jackson Marlow of CBRE represented the seller in the transaction. Shaun Moothart and Andrew Post of CBRE secured financing for the buyer. Located at 675 Placentia Ave., Fairway Center II offers 135,308 square feet of office space that was 70.5 percent leased at the time of sale. The County of Orange, Calif., occupies more than 61,000 square feet of the three-story building under a long-term lease. Situated on 7.8 acres, the asset also features 617 parking spaces in an onsite parking structure.
TEMPE, ARIZ. — Subtext has completed VERVE Tempe, a 769-bed student housing development located at 1047 S. Terrace Road near the Arizona State University campus in Tempe. Subtext completed the 15-story community in partnership with FrontRange Capital Partners and TPG Real Estate Partners. Kennedy Wilson provided financing. The development team included ESG Architecture & Design and Brinkmann Constructors. VERVE Tempe spans 479,388 square feet and offers 240 units in studio through four-bedroom configurations. Shared amenities include a rooftop pool and clubroom with a game lounge, photo booth and entertaining kitchen; hot tub and cold plunge; outdoor fire pits, a game lawn and grilling stations; two-story fitness center with smart workout equipment, indoor and outdoor fitness spaces, a dedicated yoga room and wellness suite with a meditation room and sauna; golf simulator; study lounge with private and group study spaces; a pet spa and dog run; lobby coffee bar; and 1,800 square feet of ground-floor retail space.
LOS ANGELES — Northmarq has arranged a $29.3 million loan to refinance Chapman Market, a 41,241-square-foot dining and entertainment center located in Los Angeles’ Koreatown neighborhood. Joe Giordani, Alex Kane and Karl Weidell of Northmarq secured the loan through Voya Investment Management on behalf of the borrower, Arc Capital Partners. Originally opened in 1928, Chapman Market is home to a mix of tenants including Club HUE, Quarters Korean BBQ, Starbucks, Origin Korean BBQ, Shibuyala, Toebang Café, Escala Ktown, Danbi, Tiger Sugar Boba, BHC Chicken, Kazunori: The Original Handroll Bar and Uncle Tetsu.
LAKEWOOD, COLO. — BWE Investment Sales (BWEIS) has arranged the sale of Lakewood Reserve Senior Living, a 137-unit assisted living and memory care community located in Lakewood, approximately eight miles southwest of downtown Denver. BWEIS represented the seller, a private equity seniors housing investor, in the transaction. A REIT acquired the community, which is operated by Stellar Senior Living. The property features 118 assisted living units and 19 memory care units. Amenities at the community include a beauty salon and barber shop, fitness center, theater and entertainment space, courtyards and outdoor gathering spaces.
ROSEVILLE, CALIF. — JLL Income Property Trust has purchased Roseville Outpatient Center, a Class A medical outpatient building in Roseville, for $19 million. The name of the seller was not released. Situated in a suburban submarket of Sacramento, Roseville Outpatient Center features 42,000 square feet of space that is 95 percent leased by a mix of tenants, anchored by a leading healthcare tenant, with an approximately 12-year weighted average lease term. The property was fully redeveloped in 2024 with build-outs and improvements to equip the building for specialized medical uses.
SHAFTER, CALIF. — The Wonderful Co., through its Wonderful Real Estate business, has completed the disposition of 5104 Express Avenue in Shafter to a global technology and e-commerce company for an undisclosed price. Phil Lombardo, Andrew Starnes and Cruise Adams of Cushman & Wakefield represented the seller, while Colin MacMillan of KBC Advisors represented the buyer in the transaction. Situated within Wonderful Logistics Center, the facility features 1.1 million square feet of Class A industrial space and marks the buyer’s third location at the 2,000-acre, master-planned logistics and distribution campus. Developed on a speculative basis, the asset feature a clear height of 40 feet, 216 dock-high doors, two grade-level doors, 455 automobile parking spaces and 939 trailer stalls.
VALENCIA, CALIF. — Strauss Investments has acquired Commons at Valencia, a two-building office campus in Valencia, from Harbor Associates for $32 million, or approximately $204 per square foot. Sean Sullivan of CBRE led the brokerage team, and Andy Bratt of Gantry arranged financing for the acquisition. Situated on 9 acres at 25124 and 25152 Springfield Court, Commons at Valencia features 157,000 square feet of Class A office space. Wells Fargo, New York Life Insurance Co., Edward Jones, Lennar, Amines, HASA and FivePoint are tenants at the campus, which was built in 2005.
Oxford Properties, Sagard Real Estate Divest of 113,110 SF Industrial Facility in Chandler, Arizona
by Amy Works
CHANDLER, ARIZ. — Oxford Properties, in partnership with Sagard Real Estate, has completed the disposition of 800 East Germann Road in Chandler to Cohen Asset Management for an undisclosed price. Will Strong, Jack Stamets, Molly Miller, Michael Matchett and Madeline Warren of Cushman & Wakefield represented the buyer and seller in the deal. Brian Share and Ernesto Sanchez of Cushman & Wakefield led the debt placement, securing a loan through an insurance company lender. Delivered in 2021, the 113,110-square-foot facility features 1.5 acres of secured excess yard space, a fully gated truck court and efficient circulation. Ferguson Enterprises fully leases the property, which is located within Chandler Airpark.
NORTH BEND, WASH. — Northmarq has arranged the sale of J.O. Borgen Plaza, a multi-tenant retail center in North Bend, approximately 30 miles southeast of Seattle. The asset traded for $8.2 million. Sean Tufts, Kevin Adatto, Joe Dugoni and Jack Hallberg of Northmarq’s Pacific Northwest retail investment sales team represented the undisclosed seller and undisclosed buyer in the deal. Located at 248-250 Bendigo Blvd. South and 249 Main Ave. South, the 28,418-square-foot center is occupied by a freestanding Wells Fargo branch, Jersey Mike’s Subs and The UPS Store. Additionally, the center features a 17,958-square-foot former Bartell Drugs building, which was vacant at the time of sale. The sale was aligned with a commercial national retailer to backfill the Bartell Drugs’ property, with an opening slated for 2027.