Property Type

California Commercial Investment Group Plans 300-Unit Seniors Housing Community in Woodland Hills, California

by Amy Works January 30, 2024

WOODLAND HILLS, CALIF. — California Commercial Investment Group has acquired a 19-acre site adjacent to the iconic Motion Picture & Television Fund campus in Woodland Hills for $30 million. The buyer plans to develop a luxury senior living community encompassing approximately 300 units on the site. Construction is scheduled to begin in 2026 with completion planned for 2028. The property is located in the Santa Monica Foothills approximately 30 miles west of Los Angeles. It is just steps from the Calabasas farmers’ market adjacent to the Motion Picture & Television Fund campus. JLL’s Bryan Lewitt represented the seller, Motion Picture & Television Fund. Michael Slater of CBRE represented the buyer.

January 30, 2024

Acquisitions California Retail Western

Bay Properties Buys University Shopping Center in Santa Clara, California for $15.9M

by Amy Works January 30, 2024

SANTA CLARA, CALIF. — Maven Commercial has arranged the sale of University Shopping Center, a 2.9-acre retail center in the Bay Area city of Santa Clara. An entity controlled by the Bushnell family sold the asset to Bay Properties for $15.9 million, or $409 per square foot. Located at 2555 The Alameda, University Shopping Center features approximately 38,875 square feet of retail space. Tenants at the fully occupied property include Safeway, Taco Bell, Round Table Pizza and Wicked Chicken. Matthew Sheridan, Dominic Morbidelli and Santino DeRose of Maven Commercial handled the transaction.

January 30, 2024

Development Office Oklahoma Texas

BancFirst Completes Renovation of 507,038 SF Office Building in Oklahoma City

by Taylor Williams January 30, 2024

OKLAHOMA CITY — BancFirst has completed the renovation of its namesake tower in downtown Oklahoma City. Located at 1000 N. Broadway, BancFirst Tower is a 36-story, 507,038-square-foot building that was originally constructed in 1971. Renovations included modernizing the exterior public plaza and amenity spaces, including the lobby and underground concourse. Bockus Payne served as the architect of the project, which began in 2020. Other project partners included Wallace Engineering, Alvine Engineering and Smith Roberts Baldischwiler.

January 30, 2024

Acquisitions California Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 457-Unit Self-Storage Facility in Ridgecrest, California

by Amy Works January 30, 2024

RIDGECREST, CALIF. — Marcus & Millichap has arranged the sale of a self-storage facility, located 909 S. China Lake Blvd. in Ridgecrest, approximately 110 miles east of Bakersfield. Terms of the transaction were not released. Dean Trammell and Adam Schlosser of Marcus & Millichap represented the seller, an Alabama-based developer. Jim Markel of Marcus & Millichap’s Encino, Bakersfield, Fresno and Ventura branch served as the broker of record. Converted from a former Walmart in 2022, the 48,450-square-foot property features 457 first-floor, climate-controlled units. CubeSmart manages the asset.

January 30, 2024

Acquisitions Colorado Industrial Western

John Propp Commercial Negotiates $1.3M Sale of Industrial Campus in Englewood, Colorado

by Amy Works January 30, 2024

ENGLEWOOD, COLO. — John Propp Commercial has arranged the sale of a multiple-property industrial asset in Englewood, just south of Denver. DSR 4 Tejon LLC and DSR Investments LLC acquired the buildings at 3064 S. Umatilla, 3063 S. Tejon and 3030 S. Umatilla in Englewood for a total of $1.3 million. The transaction includes two freestanding buildings on a 12,922-square-foot lot at 3063 S. Tejon St.; a 1,800-square-foot building on a 7,029-square-foot lot at 3064 S. Umatilla St.; and a 21,040-square-foot storage yard at 3030 S. Umatilla St. John V. Propp of John Propp Commercial Group represented the seller, Alive Jay Ratliff Trust & Mary Shirleen Ratliff Trust, while Oleg Tsybulskiy of RE/MAX of Denver represented the buyer in the deal.

January 30, 2024

Acquisitions Retail Texas

Cohen & Steers, Sterling Acquire 206,962 SF Shopping Center in Dallas

by Taylor Williams January 30, 2024

DALLAS — A joint venture between Cohen & Steers Income Opportunities REIT and Sterling Organization has acquired a 206,926-square-foot shopping center in Dallas. The property is part of Marketplace at Highland Village, a 451,000-square-foot development that also houses a corporately owned Walmart Supercenter. The acquired portion of the property was built in 2006 was 93 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, LA Fitness, DSW and Petco. Chris Gerard, Barry Brown and Erin Lazarus of JLL represented the undisclosed seller in the transaction.

January 30, 2024

California Hospitality Loans Western

PACE Loan Group Arranges $4.4M C-PACE Loan for Northern California RV Resort

by Amy Works January 30, 2024

DILLON BEACH, CALIF. — PACE Loan Group has arranged a $4.4 million commercial property assessed clean energy (C-PACE) loan secured by a special assessment for Lawson’s Landing, a RV resort and campground in Dillon Beach, approximately 60 miles northwest of San Francisco. The loan will support the nearly 70-year-old campground’s new wastewater treatment, solar energy and efficiency improvements. The improvements will facilitate and enhance new restrooms and rental cottages at the 608-acre property. C-PACE is a tool that can finance energy efficiency and renewable energy improvements on commercial property. The family-owned and -operated campground features 311 RV and tent sites and a general store. The planned upgrades include installation of a wastewater management system, which will support 20 new cottages and additional restrooms with hot showers. The addition of the wastewater project will eliminate emission-intensive septic waste removal by truck and create operational cost savings of approximately $1.1 million per year. Slated for completion by December, the project received approval from the California Coastal Commission in April 2020. The campground has already completed a new 5,000-square-foot barn, which used part of the C-PACE financing to add a 76.7 kW Photovoltaic system to partially offset the property’s operating energy requirements.

January 30, 2024

Acquisitions Industrial Texas

Partners Real Estate Brokers Sale of 107,560 SF Industrial Facility in Weslaco, Texas

by Taylor Williams January 30, 2024

WESLACO, TEXAS — Partners Real Estate has brokered the sale of a 107,560-square-foot industrial facility that sits on a 21-acre site in the Rio Grande Valley city of Weslaco. According to LoopNet Inc., the single-tenant property at 2300 Vo Tech Drive was built in 1985 and features 16-foot clear heights and 15 dock-high doors. Gustavo Torres of Partners represented the seller, the estate of Daniel E. Arnold, in the transaction. The buyer and sales price were not disclosed.

January 30, 2024

Leasing Activity Office Texas

The Cannon to Open 21,960 SF Coworking Space in Houston’s Memorial City District

by Taylor Williams January 30, 2024

HOUSTON — Coworking and flexible workspace provider The Cannon will open a 21,960-square-foot space in Houston’s 265-acre Memorial City District. The space will span a full floor within Two Memorial City Plaza, which is part MetroNational’s three-building complex that recently received $30 million in capital improvements. Slated to open this spring, the space will feature 38 private offices and will be able to support more than 60 members.

January 30, 2024

Development Industrial Midwest Minnesota

CRG Completes 1 MSF Spec Industrial Development in Dayton, Minnesota

by Kristin Harlow January 30, 2024

DAYTON, MINN. — CRG has completed The Cubes at French Lake, a 1 million-square-foot speculative industrial development in Dayton, a northwest suburb of Minneapolis. The project marks the largest speculative industrial project to date in Minnesota, according to CBRE. Dan Swartz, James DePietro and Austin Lovin of CBRE are marketing the property for lease. The facility features a clear height of 40 feet, 652 parking spaces, 231 trailer parking spaces, 100 dock doors, four drive-in doors, 60-foot speed bays and a 185-foot-depth concrete truck court. The 65-acre project is located approximately 35 miles from the Minneapolis-Saint Paul International Airport and offers convenient access to I-94 via the Dayton Parkway exchange. CRG’s integrated partner Lamar Johnson Collaborative served as the architect and its parent company, Clayco, was the design-builder. Construction began in 2022.

January 30, 2024

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