CLACKAMAS AND TIGARD, ORE. — Gantry has placed two $20 million permanent loans for a single sponsor to refinance maturing debt for a pair of apartment communities near Portland, Ore. Blake Hering and Kristin Lapinskas of Gantry’s Portland office arranged the loans on behalf of the undisclosed borrower. The five-year, fixed-rate, nonrecourse permanent loans were provided by one of Gantry’s correspondent life company lenders. The loans feature full-term, interest-only payment schedules. Gantry will also service the loans. The properties are Squires Court in Clackamas and Riverwood Heights in Tigard. Totaling 475 units, the garden-style assets feature a mix of one-, two- and three-bedroom floor plans. Community amenities include pools, clubhouses and “well-maintained” structures and landscaping.
OAKLAND, CALIF. — Marcus & Millichap has negotiated the $9.7 million sale of Garden Villas, an affordable housing property located at 1256 99th Ave. in Oakland. Adam Levin of Marcus & Millichap’s Levin Johnston team represented the undisclosed seller and procured undisclosed buyer in the deal. Constructed in 1943, Garden Villas consists of 18 four-plex buildings offering a total of 73 one- and two-bedroom units. Community amenities include a leasing office, laundry facility, recreation space, onsite manager’s residence and private parking. More than half of the units have been renovated with updated kitchens and interiors, dishwashers, vinyl plank flooring, tiles and other modern finishes.
LOS ANGELES — Marcus & Millichap Capital Corp. (MMCC) has arranged $5.7 million in financing for an office building located at 9221 Corbin Ave. in the Northridge neighborhood of Los Angeles. Situated near the California State University, Northridge campus, the 48,954-square-foot building is occupied by a tutoring service, internet service provider, computer repair service, consulting firm, real estate agency and an accounting firm. Dean Giannakopoulos of MMCC’s Chicago office originated the three-year loan at 65 percent loan-to-value through a regional bank on behalf of the undisclosed borrower. Other terms of the loan include a 6 percent interest rate and a 25-year amortization schedule.
EL MIRAGE, ARIZ. — Cushman & Wakefield has brokered the $2.4 million sale of a newly developed restaurant building located at 12443 NW Grand Ave. in El Mirage, located west of Glendale. The sales price was $2.4 million. Black Rock Store Operations LLC occupies the 620-square-foot building via one of its 181 Black Rock Coffee Bar locations across seven states. The coffee bar offers specialty coffee, energy drinks, breakfast sandwiches, bagels, egg bites and grab-and-go pastries. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller in the deal. Both parties were limited liability companies.
IRVINE, CALIF. — Northwestern Mutual has sold Barranca Business Park, a 281,999-square-foot industrial property in Irvine. Borstein Enterprises acquired the asset for an undisclosed price. Situated on 16.2 acres at 15281-15399 Barranca Parkway, the mid-bay industrial park features 13 buildings with units ranging in size from 8,523 to 30,495 square feet. At the time of sale, the asset was 87 percent occupied. Jeff Chiate, Rick Ellison, Matt Leupold and Aubrie Monahan of Cushman & Wakefield represented the seller and buyer in the transaction.
CHINO, CALIF. — An undisclosed auto parts distribution company has signed a lease to occupy Building 3 within Chino South Industrial Center. Originally constructed in 2014 at 16380 Euclid Ave., the 522,267-square-foot property features 32-foot clear heights, dock-high loading and a large truck court. The facility is located Gus Andros of DAUM Commercial and Nathan Lara, Andrew Lara, Rudy Lara and Jack Nersesian of Lara CRE represented the tenant in the lease negotiations. Steve Bellitti, Tom Taylor, Joey Jones and Evelyn Manning of Colliers represented the landlord.
TUCSON, ARIZ. — An entity doing business as Brandon Investments LLC has acquired a 51,786-square-foot industrial building at 6701 S. Midvale Park Road in Tucson, from an entity doing business as 6701 S. Midvale Park LCC for $5.5 million. Stephen Cohen of Cushman & Wakefield | PICOR represented the buyer in the transaction, while Jesse Blum of CBRE represented the seller.
VICTORVILLE, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the $4.6 million sale of a two-tenant retail property in Victorville. A Los Angeles-based private investor sold the asset to an undisclosed buyer. Located at 13720 Bear Valley Road, the 19,300-square-foot building was formerly occupied by Rite Aid and renovated in 2024. The property is currently leased to AutoZone and Dollar Tree on new 10-year triple-net leases. Bill Asher and Kevin Fryman of Hanley Investment Group represented the seller in the transaction.
— By Mike Mixer of Colliers — Recent headlines have pointed to a “cooling” of the Las Vegas Strip, with RevPAR down, visitation below peak levels and growth moderating from 2022 and 2023 highs. On paper, the numbers look softer. But before drawing conclusions, it’s important to consider how the data is being viewed as the comparisons most often used are distorted. The Pandemic was Not a Normal Cycle COVID-19 shut down the Strip in March 2020, an unprecedented event in modern history. Southern Nevada visitor volume dropped by more than 50 percent. Resorts closed, occupancy collapsed and revenues fell sharply. The 2021 to 2023 rebound that followed was equally unusual. Pent-up demand, stimulus liquidity and limited new supply drove record ADR growth and historic RevPAR levels. Both the downturn and the surge were outliers. When those years are used as a benchmark, today’s performance appears negative. In reality, it reflects normalization. Rates Remain Elevated Even with recent moderation, Strip ADR remains materially above pre-pandemic levels. Operators have maintained rate discipline and are not aggressively discounting to chase occupancy. That suggests stability rather than weakening demand. Capital Signals Confidence If the Strip were in decline, capital would be retreating. Instead, …
STEAMBOAT SPRINGS, COLO. — Serac Capital Partners, in partnership with hospitality development firm WalshDupart, has completed construction of a 180-unit, dual-branded hotel at at 1750 Central Park Drive in Steamboat Springs. The hotels carry the SpringHill Suites by Marriott and TownePlace Suites by Marriott flags. SpringHill Suites offers suites and complimentary breakfast, while TownePlace Suites offers apartment-style accommodations, in-suite kitchens and flexible living spaces. The two hotels are connected via The Crawford Lounge, which features a fireplace, billiards and a curated selection of local bites and craft cocktails. St. Louis-based Midas Hospitality will manage the properties.
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