Property Type

4000-Union-Pacific-Ave-4040-Noakes-Ave-Commerce-CA

Dedeaux Properties Entity Purchases Distribution Facility Near Los Angeles in $190M Sale-Leaseback with 99 Cents Only

by Amy Works October 17, 2023

COMMERCE, CALIF. — A Dedeaux Properties entity has acquired a distribution facility in the Los Angeles suburb of Commerce. 99 Cents Only Stores sold the asset for $190 million in a sale-leaseback transaction. Situated on 24 acres at 4000 Union Pacific Ave. and 4040 Noakes Ave., the asset features 882,000 square feet of distribution space. The property is immediately adjacent to the Hobart Intermodal Railyard and located within a gated and guarded campus. Jack Cline of Lee & Associates, in collaboration with Eastdil Secured, facilitated the sale.

October 17, 2023

California Industrial Loans Western

JLL Arranges $84M in Financing for Azusa Industrial Center in California

by Amy Works October 17, 2023

AZUSA, CALIF. — JLL Capital Markets has arranged $84 million in post-close acquisition financing for Azusa Industrial Center in Azusa, approximately 20 miles east of Los Angeles. The borrower was IDS Real Estate Group. Built between 1986 and 1987, the three-building, 432,500-square-foot asset is fully leased to four tenants. Spanning 23.6 acres, the property features a total of 73 dock doors, seven grade-level doors, truck courts ranging from 130 feet to 160 feet and clear heights ranging from 24 feet to 30 feet. Matt Stewart, Ace Sudah and Daniel Skerrett of JLL Capital Markets secured the four-year, floating-rate loan through PGIM Real Estate’s debt fund focused on transitional bridge lending. Jace Bertegs led the PGIM Real Estate team.

October 17, 2023

Acquisitions California Retail Western

Brixton Capital Buys 143,217 SF Pacific Town Center Retail Asset in Stockton, California

by Amy Works October 17, 2023

STOCKTON, CALIF. — Brixton Capital has purchased Pacific Town Center, a value-add retail property in Stockton. A Sacramento-based private seller sold the asset for an undisclosed price in an off-market transaction. Located at 718-769 W. Hammer Lane, Pacific Town Center features 143,217 square feet of retail space that was 42 percent leased at the time of sale. Existing tenants include Smart & Final, Aaron’s, Panda Express, Subway and other neighborhood-serving retailers and restaurants. Brixton plans to re-tenant a former Toys ‘R’ Us space and the recently vacated T.J.Maxx storefront. Hanley Investment Group represented the seller in the deal.

October 17, 2023

John-Reed-Commerce-Center-City-of-Industry-CA

Acquisitions California Industrial Western

Longpoint Partners Acquires 275,000 SF John Reed Commerce Center in City of Industry, California

by Amy Works October 17, 2023

CITY OF INDUSTRY, CALIF. — Boston-based Longpoint Partners has acquired John Reed Commerce Center, an industrial park located at 1200-1316 John Reed Court in City of Industry, just east of Los Angeles. A global investment advisor sold the asset for an undisclosed price. Situated on 16 acres, the 15-building property features a total of 275,000 square feet of industrial space. The asset was originally built in the late 1970s and has undergone renovations and upgrades. The freestanding buildings range from 12,400 square feet to 24,800 square feet and have a minimum divisibility of 3,800 square feet. All units feature ground-level loading, while select units also offer dock-high loading. Jeffrey Cole, Jeff Chiate, Rick Ellison, Bryce Aberg, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s national industrial advisory group in Southern California represented the seller in the deal. Longpoint Partners retained Chris Tolles, Erik Larson and Robin Dodson of Cushman & Wakefield to handle project leasing.

October 17, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of Two Seniors Housing Communities in Utah

by Amy Works October 17, 2023

SANDY AND DRAPER, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Utah. The properties are located just a few miles from each other in the southern Salt Lake City suburbs of Sandy and Draper. The communities were built in 2001 and consist of a total of 140 units. The properties total 35,334 and 53,255 square feet and are situated on approximately 1.5 and 2.1 acres of land. The seller is a private equity group divesting to focus on its core assets. The buyer is a Utah-based private equity group with a Utah-based operator expanding its existing footprint in the state. The price was not disclosed. The new owners plan to invest in capital expenditures and marketing to rejuvenate the communities and enhance their overall performance. Vince Viverito and Jason Punzel of SLIB handled the transaction.

October 17, 2023

Development Industrial Texas

Trammell Crow, Clarion Partners Complete 521,600 SF Industrial Project in Metro Houston

by Taylor Williams October 17, 2023

CYPRESS, TEXAS — A partnership between Trammell Crow Co. and Clarion Partners has completed a 521,600-square-foot industrial project in the northwestern Houston suburb of Cypress. The building is the fourth structure within Weiser Business Park and was delivered as part of the second phase of development. Building 4 features 36-foot clear heights and is more than 50 percent leased to Western Post, a provider of warehouse management services and logistics solutions. Phase I of Weiser Business Park added 557,490 square feet of space across three buildings that is now 61 percent leased. Seeberger Architecture designed the project, with construction handled by A&F General Contractors. Lee & Associates is the leasing agent.

October 17, 2023

Development Loans Multifamily Oklahoma Texas

IPA Arranges $63M in Financing for Multifamily Conversion Project in Downtown Oklahoma City

by Taylor Williams October 17, 2023

OKLAHOMA CITY — Institutional Property Advisors (IPA), a division of Marcus of Millichap, has arranged $63 million in financing for a project that will convert two historic buildings in downtown Oklahoma City into a 265-unit apartment complex. The buildings were originally constructed in the early 1920s, and the new complex will be the known as The Harlow. Amenities will include a fitness center, game room, pet spa, coffee shop, coworking space, conference rooms, movie theater, bowling lanes and group meeting space. Todd McNeill and Sunny Sajnani of IPA arranged the financing, which included a $40.3 million senior construction loan and an undisclosed amount of federal and state historic tax credit equity. The borrower was Gardner Tanenbaum. A construction timeline was not disclosed.

October 17, 2023

Industrial Leasing Activity Texas

Unimacts Signs 64,177 SF Industrial Lease in Conroe, Texas

by Taylor Williams October 17, 2023

CONROE, TEXAS — Unimacts, a provider of parts and products for the solar energy industry, has signed a 64,177-square-foot industrial lease at Northstar Industrial Park in Conroe, about 40 miles north of Houston. The 79-acre Northstar Industrial Park currently houses five buildings and could ultimately feature up to 750,000 square feet of distribution and manufacturing space once the undeveloped 31.5 acres are built out. Drew Coupe and Dawson Smith of Avison Young represented the landlord, BAUER Group, in the lease negotiations. Doc Perrier of Outpost Partners represented the tenant.

October 17, 2023

Development Industrial Texas

Hensel Phelps Breaks Ground on 37,000 SF Ground Loading Facility at San Antonio International Airport

by Taylor Williams October 17, 2023

SAN ANTONIO — General contractor Hensel Phelps has broken ground on a 37,000-square-foot ground loading facility at San Antonio International Airport. Designed by Page and Luis Vidal + Architects, the $62 million facility is part of a larger expansion project at the airport that includes a new 17-gate terminal. The facility, which will connect to Terminal A, will support five of the new gates and will house two levels of passenger seating, additional food and retail options, electronic charging stations, workstation areas and a lactation room. Completion is slated for early 2025.

October 17, 2023

Leasing Activity Office Texas

Cravey Real Estate Negotiates Two Office Leases Totaling 10,500 SF in Corpus Christi

by Taylor Williams October 17, 2023

CORPUS CHRISTI, TEXAS — Locally based brokerage firm Cravey Real Estate Services has negotiated two office leases totaling 10,500 square feet at 1801 S. Alameda St. in Corpus Christi. HVAC equipment distributor Johnstone Supply will occupy 7,000 square feet, and Refugee & Immigrant Center for Education & Legal Services will occupy 3,500 square feet. According to LoopNet Inc., the property was built in 1939 and totals 21,580 square feet. Matt Cravey of Cravey Real Estate Services represented the landlord, Six Points Partnership, in both sets of lease negotiations.

October 17, 2023

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