Western

Core Spaces Completes 648-Bed Student Housing Project Near University of Arizona

by Amy Works May 23, 2025

TUCSON, ARIZ. — Core Spaces has completed Hub Tucson First, a 648-bed student housing development serving students attending the University of Arizona in Tucson. The 273,627-square-foot community offers 161 fully furnished units in studio, two-, three-, four-, five- and six-bedroom configurations. Shared amenities include a rooftop deck with a pool, spa, hot tub, cabanas and an outdoor lounge and grill area; state-of-the-art fitness center; wellness spa with a dry sauna and yoga room; clubroom with lounge space; executive business area with printers; group and private study rooms; and a dog run. The development was built in partnership with Findorff and Antunovich Associates.

May 23, 2025

California Leasing Activity Restaurant Retail Western

Five New Restaurant Tenants Join Shops at Hollywood Park in Metro Los Angeles

by Amy Works May 23, 2025

INGLEWOOD, CALIF. — Five new tenants have signed leases to join the Shops at Hollywood Park, the 390,000-square-foot retail district located within the larger Hollywood Park mixed-use development in Inglewood. The new round of leases — which total 13,000 square feet — includes food-and-beverage concepts Raising Cane’s, The Melt, Panini Kabob Grill, Lan Noodle and Rhythm Bar and Lounge. Hollywood Park is owned, developed and operated by Los Angeles Rams owner Stanley Kroenke. Hollywood Park spans 300 acres across 890,000 square feet. In addition to retail, the development features hospitality, residential, office and entertainment space, as well as public parks. Construction of Hollywood Park Studios, a film studio and Olympic broadcast facility, is scheduled to begin at the property this summer. Additional retail tenants include Cinépolis Luxury Cinemas, JD Sports, Iconix Fitness, Cosm and The Meeting Spot, with Phenix Salon Suites, Code Next Lab and Verizon Wireless opening soon.

May 23, 2025

Affordable Housing Development Multifamily Oregon Western

Annex Group Opens 174-Unit Affordable Housing Community in Corvallis, Oregon

by Amy Works May 23, 2025

CORVALLIS, ORE. — The Annex Group has opened Union at Pacific Highway, an affordable housing property in Corvallis. Construction on the $56 million community began in early 2023, with the property — managed by Avenue5 Residential — now 99 percent leased. Union at Pacific Highway features 174 one-, two- and three-bedroom apartments for individuals and households earning up to 60 percent of the area median income. Situated on more than 7 acres, the property offers a community center, fitness center, playground, community gardens, a dog park, dog wash, business center, activity rooms and a picnic area. Partners on the project include Oregon Housing and Community Services, the City of Corvallis, Linn-Benton Housing Authority, Structure Development Advisors as the LIHTC consultant, KTGY as architect and DEVCO Engineering as civil engineer. Additionally, Piper Sandler placed the tax-exempt bonds and NDC provided more than $19 million in tax credit equity.

May 23, 2025

Acquisitions California Office Western

CBRE Brokers $11.5M Sale of Office Building in Newport Beach, California

by Amy Works May 23, 2025

NEWPORT BEACH, CALIF. — CBRE has negotiated the sale of an office property located at 1303 Avocado Ave. in Newport Beach. A local family office acquired the asset from a local private partnership for $11.5 million. Built in 1973, the two-story, 15,200-square-foot property was 96 percent occupied at the time of sale. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su of CBRE represented the seller in the deal.

May 23, 2025

California Industrial Loans Office Western

PSRS Arranges $5.5M Refinancing for Ocean Business Park in Costa Mesa, California

by Amy Works May 23, 2025

COSTA MESA, CALIF. — PSRS has arranged a $5.5 million loan for the refinancing of Ocean Business Park, a flex industrial business park in Costa Mesa. At the time of financing, the property was 100 percent occupied by a diverse tenant mix. Michael Tanner and George Gianoukakis of PSRS secured the financing through one of PSRS’ correspondent life insurance company lenders. The transaction provided the undisclosed borrower with a nonrecourse loan featuring a 10-year term and 30-year amortization.

May 23, 2025

Arizona Development Mixed-Use Multifamily Restaurant Retail Top Stories Western

Creation, Crescent Break Ground on Heritage Park Mixed-Use Development in Downtown Gilbert, Arizona

by John Nelson May 23, 2025

GILBERT, ARIZ. — A partnership between two developers, Creation and Crescent Communities, has broken ground on the first phase of Heritage Park, a mixed-use development that will occupy a full city block in downtown Gilbert. The project will function as the northern gateway of Heritage District, which at full build-out will revitalize 10 acres in the East Valley of the metropolitan Phoenix area. Phase I of Heritage Park will feature 47,000 square feet of shops and restaurants, the 288-unit NOVEL Heritage Park apartments, a public square with water features and more than 300 surface parking spaces. The Arizona Republic reported that the first phase represents a $200 million capital investment, with the entire mixed-use development carrying a price tag of $500 million. Future phases of Heritage Park will include a 125-room hotel, offices and additional parking. “Bringing Heritage Park from vision to reality is a collaborative effort, driven by our exceptional development and construction teams, supportive town leadership and visionary tenants,” says David Sellers, co-founder of Creation, which has offices in Phoenix and Dallas. “Together, we are committed to creating an iconic gateway into Gilbert’s Heritage District — one that enhances quality of life, celebrates local culture and offers an exceptional …

May 23, 2025

Affordable Housing California Development Multifamily Western

EAH Housing to Convert Assisted Living Facility into Affordable Housing Units in Glendale, California

by Amy Works May 22, 2025

GLENDALE, CALIF. — EAH Housing, in collaboration with Egan | Simon Architecture and ICON National, will convert Parkview Glendale, an assisted living facility in Glendale, into an affordable housing property. Originally built in 1973, the former assisted living facility will be adapted to feature 20 studio apartments ranging from 350 square feet to 360 square feet, 47 one-bedroom apartments ranging from 400 square feet to 475 square feet, and a 750-square-foot manager unit. All units will feature energy-efficient appliances, central heat and air and window coverings. Designed to serve older adults earning 30 percent to 60 percent of the area median income, the 43,000-square-foot community will offer a community room, community garden, spacious courtyards, a resident lounge, elevator, onsite laundry, management offices and ample parking. EAH Housing will also provide an onsite resident services coordinator and collaborate with local organizations to offer specialized programs to enhance residents’ well-being.

May 22, 2025

Acquisitions Arizona Industrial Western

Longpoint Partners Buys 222,398 SF Industrial Building in Phoenix’s Southeast Valley

by Amy Works May 22, 2025

TOLLESON, ARIZ. — Boston-based Longpoint Partners has purchased a 222,398-square-foot Class A industrial property in Tolleson from an undisclosed seller for $36 million. Located at 130 S. 83rd Ave., the 222,398-square-foot single-tenant building is fully leased to Exel Inc. (dba DHL Supply Chain). DHL’s client is Bose Corp., a leader in the audio industry. Bose Corp. had previously leased the property for 25 years (since 1999) before recently assigning the lease to DHL in summer 2024. The asset features 30-foot clearance, abundant dock- and grade-level doors, an advanced ESFR sprinkler system and a high-capacity power supply. Additionally, the property offers close proximity to Interstate 10, Loop 202 and Loop 101. Will Strong, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group — Mountain West represented the seller in the deal.

May 22, 2025

Acquisitions California Industrial Western

Pacific Coast Commercial Negotiates $11.5M Sale of Industrial Building in Santee, California

by Amy Works May 22, 2025

SANTEE, CALIF. — Pacific Coast Commercial has arranged the acquisition of a 4.7-acre industrial property located at 8520-8575 Roland Acres Road in Santee. Bailey Roland Acres LP, a local investor, acquired the asset for $11.5 million in an all-cash transaction. The property features five metal warehouse buildings totaling approximately 50,668 square feet, along with large, fenced yards and two overhead cranes. The two-parcel site is fully leased to five tenants. Nick Mane, Ken Robak and Jasmine Golia of Pacific Coast Commercial represented the buyer, while Colliers represented the seller, Mary Jude LLC, in the deal.

May 22, 2025

California Loans Retail Western

PSRS Arranges $8M Refinancing for Retail Property in Westminster, California

by Amy Works May 22, 2025

WESTMINSTER, CALIF. — PSRS has arranged the $8 million refinance of a retail property in Westminster. The 58,834-square-foot asset is situated in the city’s Little Saigon district. Rob Joseph and Ari Zeen of PSRS secured the 25-year loan, which features a 25-year amortization and a 35 percent loan-to-value ratio, through one of PSRS’ correspondent life insurance companies.

May 22, 2025

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