Property Type

PG&E Moves to Oakland, Sells San Francisco Headquarters to Hines Atlas for $800M

by Amy Works May 25, 2021

SAN FRANCISCO — PG&E Corp., parent company of Pacific Gas and Electric Co., has agreed to sell the company’s San Francisco headquarters complex, located at 77 Beale St. and 245 Market St., to Hines Atlas US for $800 million. Under the terms of the sale agreement, the transaction closing is contingent on California Public Utilities Commission’s (CPUC) approval of the sale. PG&E will propose distributing approximately $390 million to $420 million to customers resulting from the gain on sale over a five-year period to offset future customer rates. CBRE’s San Francisco Capital Markets team represented PG&E in the transaction. PG&E is on track for a phased move to its new headquarters at 300 Lakeside Drive in Oakland, beginning in the first half of 2022. The company expects the move to Oakland to result in substantially lower headquarters costs over a long-term period. The company also plans to consolidate two other East Bay satellite offices – 3410 Crow Canyon Road in San Ramon and 1850 Gateway Blvd. in Concord – into the new Oakland headquarters.

May 25, 2021

Acquisitions Arizona Loans Multifamily Western

Walton Street Capital Provides $71.6M Acquisition Loan for Multifamily Community in Phoenix

by Amy Works May 25, 2021

PHOENIX — An affiliate of Walton Street Capital has originated a $71.6 million loan to Knightvest Capital for the purchase of Portrait at Hance Park, an apartment community located at 1313 N. Second St. in downtown Phoenix. Terms of the acquisition were not released. Built in 2019, the mid-rise property features 340 apartments averaging 863 square feet with nine- to 10-foot ceilings; quartz counter and vanity tops; designer backsplashes; brushed nickel fixtures; in-unit washers/dryers; tile plank flooring in the kitchen and bathrooms; and stainless steel appliances. Community amenities include two swimming pools with spas; fireplaces; private seating areas; a second-floor, open-air terrace and game room; an aqua lounge with a gourmet demonstration kitchen; a TKO fitness center’ business center; resident lounge; and landscaped courtyard with outdoor grills.

May 25, 2021

Tapo-Canyon-Commerce-Center-Simi-Valley-CA

California Development Industrial Western

Stream Realty to Develop Five-Building Tapo Canyon Commerce Center in Simi Valley, California

by Amy Works May 25, 2021

SIMI VALLEY, CALIF. — Stream Realty, in a joint venture with QuadReal Property Group, is developing Tapo Canyon Commerce Center, a five-building industrial complex located at 1800 Tapo Canyon Drive in Simi Valley. Slated for delivery in fall 2022, Tapo Canyon Commerce Center will offer buildings ranging from 25,786 square feet to 135,759 square feet and leasing options from 19,239 square feet to the entire 344,056-square-foot campus. Situated on 18 acres, the buildings will feature 28- to 36-foot clear heights; high-image, window-lined office space; above-regional-standard dock-high loading; five different access points to the complex; and immediate access to Freeway 118. Patrick DuRoss, John DeGrinis and Jeff Abraham of Newmark are handling leasing for the property.

May 25, 2021

Acquisitions California Restaurant Retail Western

Wood Investments Buys Kings Canyon Pavilion Shopping Center in Fresno, California for $11.8M

by Amy Works May 25, 2021

FRESNO, CALIF. — Wood Investments Cos. has purchased Kings Canyon Pavilion, a 152,354-square-foot shopping center at 4965 E. Kings Canyon Road in Fresno. Los Angeles-based Decrom Properties sold the asset for $11.8 million. 99 Cents Only anchors the retail center, which was 91 percent occupied at the time of sale. Other tenants at the property include O’Reilly Auto Parts, Cricket Wireless Authorized Retailer, Corina’s Taqueria, an indoor family entertainment complex, No Surrender Unlimited and Fallas Paredes. By the close of escrow, Wood Investments has secured signed leases with Raising Cane’s Chicken Fingers and Dutch Bros. Coffee to occupy two single-tenant pad buildings. The new tenants are expected to open in mid-2022. Nick Frechou of Retail California represented the buyer in the transaction.

May 25, 2021

Acquisitions Multifamily Nevada Western

Camino Verde Group Acquires Sherwood Palms Apartment Property in Las Vegas

by Amy Works May 25, 2021

LAS VEGAS — Camino Verde Group has purchased Sherwood Palms, a multifamily property located at 2635-2655 Sherwood St. within the Convention Center District of Las Vegas. Built in 1963, the 24-unit property features two levels of two- and three-bedroom floor plans. The community offers an enclosed outdoor courtyard, community laundry facility and updated apartment spaces with high-speed internet access. Camino Verde Group plans to renovate the units with new appliances, countertops and floor coverings along with other fixtures and finishings.

May 25, 2021

Acquisitions Industrial Texas

CBRE Negotiates Sale of 1 MSF Interstate Crossing Industrial Facility in Fort Worth

by Taylor Williams May 25, 2021

FORT WORTH, TEXAS — CBRE has negotiated the sale of Interstate Crossing, a 1 million-square-foot fulfillment center in Fort Worth. Dallas-based Hunt Southwest developed the property, which provides immediate proximity to Interstates 820 and 35, on a speculative basis. Building features include 40-foot clear heights, 195-foot truck court depths and ample trailer and automobile parking. Jack Fraker, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE represented Hunt Southwest in the transaction. The buyer was an undisclosed, publicly traded REIT.

May 25, 2021

Development Industrial Self-Storage Texas

Signorelli Opens 750-Unit Valley Ranch Self-Storage Facility in Porter, Texas

by Taylor Williams May 25, 2021

PORTER, TEXAS — The Signorelli Co., the locally based developer behind the 1,400-acre Valley Ranch master-planned community, has opened Valley Ranch Self Storage, a 750-unit facility located in the northeastern Houston suburb of Porter. The three-story property has a gross square footage of 100,000 square feet and offers climate-controlled space. Units range in size from five-by-five feet to 10-by-30 feet, with units on higher levels accessible by elevator.

May 25, 2021

Development Florida Industrial Southeast

Parkway Property Investments, Silverpeak Break Ground on 5 MSF Industrial Park in Lakeland, Florida

by Julia Sanders May 25, 2021

LAKELAND, FLA. — Parkway Property Investments LLC and Silverpeak Real Estate Partners have broken ground on Lakeland Central Park, a 740-acre, Class A industrial development near the intersection of Interstate 4 and Polk Parkway in Lakeland. When complete, the property will contain more than 5 million square feet of industrial space suitable for manufacturing and distribution users. The site features one-and-a-half miles of frontage along Polk Parkway. Charles Foschini, Christopher Apone, Michael Weinberg and Alec Fox of Berkadia arranged the $38.3 million construction financing. The first phase of Lakeland Central Park’s construction will include a 708,000-square-foot industrial building and the infrastructure to deliver development-ready sites throughout the project. The first phase is scheduled to open in the fourth quarter of 2022. The project is expected to take two phases, with the entire build out to be complete in seven years. This property is a private investment vehicle managed by Silverpeak, which is jointly capitalized by Silverpeak and an unnamed institutional investor with over $130 billion of real estate assets under management. Parkway will develop and manage Lakeland Central Park. The ownership has tapped JLL to lease the industrial park.

May 25, 2021

Loans Multifamily Texas

Berkadia Arranges $33.9M Bridge Loan for Timberhill Commons Apartments in San Antonio

by Taylor Williams May 25, 2021

SAN ANTONIO — Berkadia has arranged a $33.9 million bridge loan for Timberhill Commons, a 340-unit apartment community in northwest San Antonio. Built in 2020, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a clubhouse. Charles Foschini of Berkadia arranged the financing through KeyBank Real Estate Capital on behalf of the borrower, an entity doing business as Timberhill Commons Ltd. The loan, proceeds of which will be used to repay construction debt, carried a three-year term, floating interest rate and a 70 percent loan-to-value ratio.

May 25, 2021

Loans Multifamily Texas

Dwight Capital Provides $26.7M HUD Loan for Refinancing of Central Texas Multifamily Asset

by Taylor Williams May 25, 2021

SAN MARCOS, TEXAS — New York City-based Dwight Capital has provided a $26.7 million HUD loan for the refinancing of Sadler House, a 240-unit multifamily asset in San Marcos, located roughly midway between Austin and San Antonio. The property was built between 2016 and 2018 and consists of seven residential buildings, seven garages and a leasing center/clubhouse. Amenities include a pool, fitness center, dog park and an outdoor courtyard and entertainment pavilion. Josh Hoffman and Alex Shoenfeld of Dwight Capital originated the financing on behalf of the undisclosed borrower.

May 25, 2021

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