Property Type

Alere Property Group Buys Industrial Development Site in Fontana, California for $38.9M

by Jeff Shaw March 9, 2023

FONTANA, CALIF. — Alere Property Group has purchased a 17.4-acre site in Fontana for $38.9 million. Located at 13592 Slover Ave., just off Interstate 10 between North Etiwanda and Cherry avenues, the site is entitled for two Class A warehouse distribution buildings totaling about 350,000 square feet. Alere plans to develop the property in 2024 and offer the buildings for lease. Richard Lee, Nicholas Chang, Justin Kuehn and Sione Fua of the Lee Chang Kuehn Fua Group of NAI Capital Commercial’s Ontario office represented both Alere and the seller, CP Fontana, in the transaction.

March 9, 2023

Acquisitions California Retail Western

Joint Venture Purchases 8.4-Acre Former Nordstrom Property in Pleasanton, California

by Jeff Shaw March 9, 2023

PLEASANTON, CALIF. — A joint venture comprising Shopoff Realty Investments, Praelium Commercial Real Estate and an affiliate of Singerman Real Estate LLC has purchased an 8.4-acre property in Pleasanton that was formerly home to a Nordstrom department store. Located at Stoneridge Mall, the property marks the fourth mall purchase for Shopoff in recent years, according to the company’s president and CEO. Shopoff is currently exploring potential uses — including residential, mixed-use and office — for the space. Stoneridge Mall is one of the sites identified for redevelopment by the City of Pleasanton’s 2023-31 Housing Element Plan.

March 9, 2023

Acquisitions California Industrial Western

SENTRE Acquires Parkway Commerce Center in Poway, California for $21.4M

by Jeff Shaw March 9, 2023

POWAY, CALIF. — SENTRE has acquired Parkway Commerce Center, a 147,907-square-foot, multi-tenant industrial park in Poway, for $21.4 million. The facility comprises two warehouse/distribution buildings and two industrial/flex buildings, which are leased to a diverse roster of tenants. The property features 19- to 25-foot clear heights and a total of 21 dock-high doors, 36 drive-in doors and 316 parking spaces. JLL’s Bob Prendergast, Lynn LaChapelle, Ryan Spradling and Zach Saloff represented the seller, an institutional investor.

March 9, 2023

Acquisitions California Industrial Western

MCA Realty Sells Struck Business Park in Orange, California for $13.5M

by Jeff Shaw March 9, 2023

ORANGE, CALIF. — MCA Realty has sold Struck Business Park, a 42,750-square-foot, two-building industrial property in Orange, for $13.5 million. The all-cash buyer utliized a 1031 Exchange for the transaction. Struck Business Park features 16 industrial units ranging from 1,461 square feet to 11,420 square feet. It is located at 1523 & 1547 W. Struck Ave. MCA purchased the asset in August 2021 and repositioned the property. This included a new paint scheme, landscape upgrades, asphalt repairs and new signage. Mike Hefner, Hayden Socci and Tom Terry of Voit Capital Markets team arranged the sale.

March 9, 2023

Development Industrial Nevada Self-Storage Western

DXD Capital Completes 991-Unit Self-Storage Facility in Las Vegas

by Jeff Shaw March 9, 2023

LAS VEGAS — DXD Capital has completed development of a 991-unit self-storage facility at 7435 West Sahara Ave. in Las Vegas. The company acquired the 1.7-acre parcel in January 2021. The development features two interior loading bays with room for three trucks in a fully climate-controlled building with two freight elevators, in addition to a storefront with moving supplies. Studio Level 1 designed the property, with Arco Murray as the general contractor. Public Storage is the operator.

March 9, 2023

Development Retail Texas

Merlin Entertainments to Open Peppa Pig Theme Park in North Richland Hills, Texas

by Taylor Williams March 9, 2023

NORTH RICHLAND HILLS, TEXAS — Merlin Entertainments, an operator based in the United Kingdom, will open a theme park in North Richland Hills, a suburb of Fort Worth, that will be dedicated to children’s character Peppa Pig. The size of the park, which will feature multiple rides, interactive attractions, themed playscapes and shows, was not disclosed. The location, which is next to the NRH2O Family Water Park, formerly housed Mountasia Family Fun Center. The opening is slated for 2024. Merlin Entertainments, which operates facilities for concepts including Legoland and Sea Life Aquariums, has a licensing agreement with toymaker Hasbro, which owns the intellectual property rights to Peppa Pig and associated characters.

March 9, 2023

Affordable Housing Development Multifamily Texas

Palladium Underway on 240-Unit Mixed-Income Residential Project in Fort Worth

by Taylor Williams March 9, 2023

FORT WORTH, TEXAS — Locally based developer Palladium USA is underway on construction of Palladium Oak Grove, a 240-unit mixed-income residential project in Fort Worth. Residences will come in one, two- and three-bedroom formats, and amenities will include a pool, fitness center, conference center, dog park, computer lounge, kid’s playroom and a resident clubroom. Cross Architects is designing the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $25.6 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust to fund the project. PNC Bank also provided over $23 million in equity. Palladium Oak Grove’s first units are expected to be complete in May 2024.

March 9, 2023

Industrial Leasing Activity Texas

Detering Co. Signs 100,000 SF Industrial Lease Near Downtown Houston

by Taylor Williams March 9, 2023

HOUSTON — The Detering Co., a family-owned supplier of building materials, has signed a 100,000-square-foot industrial lease at 1919 Collingsworth St., about three miles north of downtown Houston. According to LoopNet Inc., the property was built in 2001 and features 30- to 36-foot clear heights, 25 dock doors and additional acreage for trailer storage. John Milam of Fritsche Anderson Realty Partners represented the tenant, which plans to operate a lumber business at the property, in the lease negotiations. Chris Haro of Partners Real Estate represented the landlord, American Warehouses.

March 9, 2023

Acquisitions Florida Hospitality Loans Southeast Walker & Dunlop

Walker & Dunlop Negotiates $76M Sale of DoubleTree by Hilton Hotel in Tampa

by John Nelson March 9, 2023

TAMPA, FLA. — Walker & Dunlop has negotiated the $76 million sale of the DoubleTree by Hilton Tampa Rocky Point Waterfront, a 291-room hotel located on Tampa’s Rocky Point peninsula. The waterfront hotel was originally built in 1986 and recently underwent a $17.9 million renovation. Sean Reimer of Walker & Dunlop’s New York team represented the buyer, BlackPearl Hospitality LLC, in the transaction. Walker & Dunlop also arranged an undisclosed amount of acquisition financing for BlackPearl. The seller was not disclosed. The DoubleTree by Hilton hotel features an outdoor swimming pool, fitness center, onsite restaurant, business center, meeting rooms and complimentary Wi-Fi, according to the hotel website.

March 9, 2023

Acquisitions Office Texas

NewQuest Properties Negotiates Sale of 60,000 SF Office Building in Houston

by Taylor Williams March 9, 2023

HOUSTON — Locally based brokerage firm NewQuest Properties has negotiated the sale of a 60,000-square-foot office building in Houston’s Greenspoint neighborhood. The six-story building at 11947 North Freeway was 29.5 percent leased at the time of sale. John Nguyen of NewQuest Properties represented the seller, an entity doing business as Contender Two LLC, in the transaction. Albi Neziri of Texas Advantage Realty represented the buyer, which plans to occupy the majority of the office space and offer the balance for multi-tenant use.

March 9, 2023

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