Property Type

Laramar Group Acquires 35,406 SF Medical Office Building in Sterling, Virginia

by John Nelson November 9, 2023

STERLING, VA. — The Laramar Group has acquired Sterling Medical Plaza, a 35,406-square-foot medical office building located at 46440 Benedict Drive in Sterling, a suburb of Washington, D.C. The investment firm purchased the two-story property via Laramar Medical Properties Fund I for an undisclosed price. The seller was also not disclosed. Built in 1986 and renovated in 2021, Sterling Medical Plaza was 85 percent leased at the time of sale to tenants including Loudoun Medical Group, INOVA Health and Concentra.

November 9, 2023

Acquisitions Arizona California Industrial Loans Nevada Self-Storage Western

Rosewood Property Receives $31.9M Acquisition Loan for Self-Storage Portfolio in the West

by Amy Works November 9, 2023

VISTA, CALIF.; TEMPE, ARIZ.; AND LAS VEGAS — Talonvest Capital has arranged a $31.9 million loan for the acquisition of a three-property self-storage portfolio in Vista, Tempe and Las Vegas. The borrower is Rosewood Property CO. The portfolio offers 2,010 units, including 238 climate-controlled units, 1,772 non-climate-controlled units and 90 parking spaces. Kim Bishop, Tom Sherlock, Philippe Castillo and Lauren Maehler of Talonvest secured the 10-year loan that provides seven years of interest-only payments with the ability for full-term interest-only payments.

November 9, 2023

Acquisitions California Retail Western

Fountainhead Development Sells Retail Pad at Monterey Crossing in Palm Desert, California for $6.3M

by Amy Works November 9, 2023

PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly built, multi-tenant retail pad at Monterey Crossing, a shopping center in the Coachella Valley city of Palm Desert. Newport Beach-based Fountainhead Development sold the asset to a Los Angeles-based private investor for $6.3 million. Situated on 1.2 acres at 3120 Dinah Shore Drive, the 8,370-square-foot property was fully leased to Jersey Mike’s Subs, Nekter Juice Bar, Roll-Em-Up Taquitos, Keith Alexander DDS and Mathnasium. The building was built in 2022. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Yoram Katz of Woodland Hills-based Peak Commercial represented the buyer in the deal. This transaction marks the fifth retail pad building Hanley Investment Group has sold at Monterey Crossing, totaling a combined 25,430 square feet and approximately $27 million.

November 9, 2023

Acquisitions California Multifamily Western

CBRE Brokers $8.7M Sale of Bevia Apartments in Moreno Valley, California

by Amy Works November 9, 2023

MORENO VALLEY, CALIF. — CBRE has negotiated the sale of Bevia Apartments, a multifamily property located at 13260 Heacock St. in the Inland Empire city of Moreno Valley. Bevia Apartments Owners I LLC acquired the asset from Bevia Apts LLC for $8.7 million, or $181,667 per unit. Eric Chen and Blake Torgerson of CBRE represented the buyer and seller in the deal. Bevia Apartments features 48 studio, one-, two- and three-bedroom floor plans. The property has undergone significant renovation after a fire damaged the units. The new owner will continue to finish post-fire damage construction and plans to stabilize the property, which was half vacant at the time of sale.

November 9, 2023

Acquisitions California Mixed-Use Office Retail Western

Cushman & Wakefield Arranges $2.7M Acquisition of Retail/Office Property in Encinitas, California

by Amy Works November 9, 2023

ENCINITAS, CALIF. — Cushman & Wakefield has brokered the purchase of a mixed-use retail/office building located at 264 N. Coast Highway in Encinitas, approximately 25 miles north of San Diego. A private local investor acquired the property for $2.7 million. Originally developed in 1936 and renovated in 2005, the 1,530-square-foot building was recently painted on the outside and is walking distance to Moonlight Beach. Peter Curry and Owen Curry of Cushman & Wakefield’s Private Capital Group in San Diego represented the buyer, while Donn Yu of OCAP Real Estate & Financial represented the undisclosed seller in the deal.

November 9, 2023

Acquisitions Colorado Multifamily Western

Capstone Negotiates $1.3M Sale of Canyon Retreat Apartments in Colorado Springs

by Amy Works November 9, 2023

COLORADO SPRINGS, COLO. — Capstone has brokered the sale of Canyon Retreat Apartments, a 5,252-square-foot multifamily property located at 3737 and 3746 Red Canon Place in Colorado Springs. The asset traded for $1.3 million. The names of the seller and buyer were not released. Built in 1955, Canyon Retreat consists of two buildings: an eight-unit building with four studios and four one-bedroom/one-bath apartments, and a two-unit building with two one-bedroom/one-bath apartments with a separate shared laundry space. Adam Riddle and Conor Cavanor of Capstone brokered the transaction.

November 9, 2023

Acquisitions Multifamily Texas

Churchill Forge Acquires 352-Unit Clusters Apartments in Midland, Texas

by Taylor Williams November 9, 2023

MIDLAND, TEXAS — Churchill Forge Properties has acquired The Clusters, a 352-unit apartment community located in the West Texas city of Midland. Built on 14 acres in 1982, The Clusters offers one- and two-bedroom units and amenities such as multiple pools, a fitness center, sport courts, walking trails and a clubhouse. An out-of-state partnership sold the property to Churchill Forge for an undisclosed price. Will Balthrope and Drew Garza of Institutional Property Advisors (IPA), along with Tommy Lovell III and Richard Robson of IPA parent company Marcus & Millichap, represented both parties in the deal.

November 9, 2023

Industrial Leasing Activity Texas

Giti Tire USA Signs 267,000 SF Industrial Lease in Fort Worth

by Taylor Williams November 9, 2023

FORT WORTH, TEXAS — Giti Tire USA, a global manufacturer and distributor based in Singapore, has signed a 267,000-square-foot industrial lease in Fort Worth. Clay Balch, David Eseke, Andrew Morrow and Luke Rivera of Cushman & Wakefield represented Giti Tire USA in the lease negotiations. Becky Thompson of Lee & Associates represented the landlord, Atlanta-based Stonemont Financial Group. The deal was finalized before the completion of construction, which began in mid-2022.

November 9, 2023

Acquisitions Industrial Texas

NewQuest Properties Negotiates $10M Sale of Industrial Facility in North Houston

by Taylor Williams November 9, 2023

HOUSTON — Locally based brokerage firm NewQuest Properties has negotiated the $10 million sale of a 75,767-square-foot industrial facility located near George Bush International Airport in North Houston. Built on 6.5 acres in 2017 and expanded in 2021, the facility is home to Allied Power Group, which services the gas turbine industry. Marc Peeler of NewQuest represented the seller and developer, Sublime Properties, in the transaction. The buyer was a Canadian family office.

November 9, 2023

Industrial Leasing Activity Texas

Bradford Secures 129,611 SF Industrial Lease Renewal in Carrollton, Texas

by Taylor Williams November 9, 2023

CARROLLTON, TEXAS — Bradford Commercial Real Estate Services has secured a 129,611-square-foot, full-building industrial lease renewal at Valwood Industrial Park in the northern Dallas metro of Carrollton. Joe Santaularia of Bradford represented the tenant, North Carolina-based Network Wireless Solutions, in the lease negotiations. Sara Ozanne and Mac Hall of Stream Realty Partners represented the landlord, an affiliate of Blackstone Real Estate Income Trust (BREIT).

November 9, 2023

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