TORRANCE, CALIF. — Anchor Point Capital has arranged the sale of Pacific Plaza, a multi-tenant retail center located at 2382, 2390 and 2396 Crenshaw Blvd. in Torrance. A private family fund acquired the property from an undisclosed seller for $16.9 million. Woori Bank, Subway and The UPS Store are tenants at the 28,000-square-foot property. Eric Vu of Newport Beach-based Anchor Point Capital handled the transaction.
BISHOP, CALIF. — Marcus & Millichap Capital Corp. has secured $5.2 million in acquisition financing for a retail building located at 1320 N. Main St. in Bishop. Grocery Outlet occupies the 20,000-square-foot, single-tenant property, which was built in 2019. Richard Knorr of Marcus & Millichap Capital Corp. arranged the 10-year fixed-rate loan, which has a 60 percent loan-to-value ratio and a 3.25 percent interest rate. The name of the borrower was not released.
By Elizabeth Capati, Associate, Colliers Greater Los Angeles A new trend has emerged across Greater Los Angeles’ industrial market that has developers waiting for under-construction projects to capture the highest possible rent near the final development stages or closer to their target completion dates. With rents increasing at historical rates, a certain hesitancy exists, and companies are less likely to sign a lease during earlier development stages. In some instances, landlords ask listing agents to place certain buildings or projects on the market months in advance to build momentum and pique interest. Still, those landlords elect not to review offers until a month or two before their target completion date. Los Angeles is a land-constrained market where all new developments come from knocking down older, functionally obsolete buildings or conversions from other property types. The more contemporary, state-of-the-art facilities with the tallest warehouses and functional loading set the high water mark for new lease rates. With a 0.6 percent vacancy across an 862-million-square-foot market, tenants will continue to aggressively bid for any new big box space that comes to market. The South Bay and San Gabriel Valley markets are the only areas with more than 1 million square feet of development activity. Activity and Incentives …
CHARLOTTE, N.C. — During the closing panel at France Media’s InterFace I-85 Industrial Corridor conference, brokers from the major markets along the 666-mile interstate gave updates about developments and opportunities in their territories. Brockton Hall, vice president of Colliers’ Upstate South Carolina office, said that the Greenville-Spartanburg industrial market in South Carolina had 16 million square feet of industrial space under construction, which represents an inventory growth of approximately 7.4 percent. Graham Stoneburner, senior vice president of Cushman & Wakefield, said that the Richmond, Va., market currently had 11 million square feet underway, which represents an inventory growth of 11 percent. Similarly Robbie Perkins, shareholder and market president at NAI Piedmont Triad, said North Carolina’s Triad region had 8.7 million square feet in the development pipeline, a nearly 11 percent growth rate compared to the market’s 80 million-square-foot inventory. During nearly every panel throughout the conference, which was held on Wednesday, April 13 at the Hilton Uptown Charlotte, brokers, investors and developers described the industrial growth along the I-85 Industrial Corridor as “unprecedented.” “There’s a real lack of supply at the moment, but we have a lot coming,” said John Montgomery, managing director of Colliers’ Upstate South Carolina office, during …
PHOENIX — A joint venture between Medistar Corp., GMH Communities and CBRE Investment Management has broken ground on Central Station, a 1 million-square-foot mixed-use development in downtown Phoenix. Situated adjacent to Civic Space Park and Arizona State University’s Downtown Phoenix Campus, Central Station will feature two residential towers, 30,000 square feet of retail space, 70,000 square feet of creative office space and two levels of below-ground parking with 430 spaces. One tower, a 22-story student housing building, will be fully furnished and comprise 655 beds ranging from micro studios to four-bedroom units catering to undergraduate and graduate students, as well as young professionals. The apartments will feature smart technology, amenities and service designed to meet the needs of urban residents. The second building, a 33-story residential tower, will include 362 units with smart-tech amenities. All residents will have access to an outdoor amenity deck that includes barbecue grills, fire pits and a resort-style pool. Central Station is slated to open in late 2024. The project is a public-private partnership with the City of Phoenix retaining ownership of the land and the development partners entering into a long-term lease for the project. Gould Evans designed the project and Layton Construction will …
SCOTTSDALE, ARIZ. — Greystone has arranged a $140 million loan package for both the refinancing and expansion of Maravilla Scottsdale, a seniors housing community in Scottsdale. Phase I of the community comprises a fully stabilized, 217-unit independent living, assisted living and memory care property. Opened in 2012, the community has received multiple awards, including being named Best 50+ CCRC Community by the National Association of Home Builders (NAHB), Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), and Ten Best Places to Live by Arizona Foothills Magazine. Phase II of Maravilla Scottsdale is a planned 193-unit independent living community on the same parcel as Phase I that will overlook the TPC Scottsdale Golf Course. Spread over 11 acres with multiple common area spaces, the latest phase is scheduled for completion in mid-2023. Greystone’s seniors housing capital markets team, led by Cary Tremper and Matt Miller, arranged the financing from a national bank on behalf of Senior Resource Group LLC.
SUISUN CITY, CALIF. — Salt Lake City-based Bridge Investment Group has acquired ReNew on Sunset, an apartment community located in Suisun City. FPA Multifamily sold the asset for $72 million, or $321,430 per unit. Situated on more than 10 acres at 831 Pintail Drive, ReNew on Sunset features 224 apartments in a mix of 68 one-bedroom/one-bath units, 136 two-bedroom/one-bath units and 20 two-bedroom/two-bath units. During its ownership, FPA Multifamily invested more than $3 million, or $13,500 per unit, in capital improvements since June 2019, which includes the renovation of 87 units, deck and balcony upgrades, a leasing office transformation and exterior work. Community amenities include in-suite washers/dryers, a pool/spa, fitness center, barbecue/picnic area, pet spa, controlled access and covered parking. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
LOS ANGELES — Kidder Mathews has arranged the sale of a 17,228-square-foot retail center located at 400-430 S. San Vicente Blvd. in Los Angeles. A Los Angeles-based private investor sold the asset to Oklahoma Rock Holdings and The Abraham Cos. for an undisclosed price. The buyers plan to build a mixed-use development with more than 100 multifamily units and ground-level retail and restaurant space on the 28,497-square-foot lot. Janet Neman of Kidder Mathews represented the buyer in the deal.
SUNNYVALE AND MENLO PARK, CALIF. — JLL Capital Markets has arranged a $21.5 million loan for two memory care communities totaling 48 units in California’s Bay Area. The portfolio includes Crescent Oaks in Sunnyvale and Silver Oaks in Menlo Park. JLL worked on behalf of the borrower, Calson Management, to secure an 18-month, fixed-rate loan through Thorofare Capital. Crescent Oaks offers 22 one- and two-bed units with a total of 33 beds. The community is located near a variety of retail, dining and entertainment amenities. In addition, the property is located one mile from Valley Health Center and less than a mile from Highway 82. Silver Oaks offers 26 one- and two-bed units, totaling 43 beds. The property is directly across from the Menlo Park VA Medical Center and is less than a mile from Highway 101. Bercut Smith, Lauren Sackler and Ace Sudah led the JLL Capital Markets debt advisory team representing the borrower.
ATLANTA — Aztec Group has secured $31.8 million in acquisition financing for Residences at City Center, a 182-unit apartment community in downtown Atlanta. The financing is a non-recourse, 75 percent loan-to-value loan. Brell Tarich and Charles Penan of Aztec Group secured the loan on behalf of the borrower, South Florida-based AWP Real Estate. Built in 1993, Residences at City Center is situated adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. The new ownership group plans to make significant upgrades to the apartment community.
