Waterford Property Buys Jefferson Platinum Triangle Apartments in Anaheim for $160M, Plans Workforce Housing Conversion

ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Communities Development Authority (CSCDA), has purchased Jefferson Platinum Triangle. The transit-oriented multifamily community is located at 1781 S. Campton Ave. in Anaheim’s Platinum Triangle District. JPI sold the asset for $160 million.The buyers plan to convert the 400-unit property into workforce housing. The acquisition is part of a workforce housing finance program created in 2020 by CSCDA. Using …

Terreno Realty Acquires Parmac Industrial Park in Metro Seattle for $33.7M

KIRKLAND, WASH. — Terreno Realty has purchased Parmac Industrial Park, located at 10822-10858 117th PL NE in Kirkland. An investment group, which owned the property for more than 30 years, sold the asset for $33.7 million, or $266 per square foot.At the time of escrow, a mix of wholesalers, distributors and sports/recreational tenants fully occupied the 126,721-square-foot property. A seven-acre lot with future expansion potential was included in the transaction.Leroy Lutu of Marcus …

Panattoni Development Breaks Ground on 138,240 SF Building to Complete North Valleys Commerce Center in Reno

RENO, NEV. — Panattoni Development has commenced construction of Building J, tenth and the final building of the North Valleys Commerce Center in Reno. Located at 9575 N. Virginia Road, Building J will add 138,240 square feet of space to the park, which totals nearly 3 million square feet.Current tenants at North Valleys Commerce Center include S&S Activewear, Mary’s Gone Crackers, Mary Kay Corp. and Compass Health. The buildings at the park feature 36-foot clear heights, ESFR …

KeyBank Provides $30.8M in HUD-Insured Financing for Two Seniors Housing Properties in Las Vegas

LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures.Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates.Silver Hills, originally built in 1998 …

RanchHarbor, Manhattan West Acquire Value-Add Industrial Property Near Los Angeles

SIGNAL HILL, CALIF. — A joint venture between Newport Beach, Calif.-based RanchHarbor and Los Angeles-based Manhattan West Real Estate has purchased a 0.79-acre, value-add industrial asset located in Signal Hill. Terms of the off-market transaction were not released.The property consists of two single-tenant industrial buildings totaling 18,682 square feet with a shared secured yard. Each building offers a dock-high door and a grade-level door. At the time of acquisition, one building was …

Inland Empire Office Demand Stagnates, Medical Office Leasing Remains Strong

By Drew Sanden, Senior Managing Director, NewmarkThe Inland Empire office market boasted very strong fundamentals heading into 2020. The vacancy rate across the 28.3 million-square-foot base was 9.5 percent, lease rates were reaching peak levels and developers were again exploring larger spec developments. Like many markets across the U.S., COVID-19 has greatly impacted the Inland Empire’s office market. Office usage, demand, absorption and leasing transactions are down year-over-year. …

Sentre Acquires Rancho Bernardo Vista Industrial Facility in San Diego for $50M

SAN DIEGO — Sentre has purchased Rancho Bernardo Vista, a newly constructed Class A industrial facility situated on 10 acres at 16915 Via Del Campo in San Diego’s Rancho Bernardo area. An undisclosed seller sold the asset for $50 million.Delivered last year, the core industrial distribution property features 141,518 square feet of industrial space, including 32-foot clear heights, an ESFR fire protection system, deep truck court, 36 dock doors, four grade-level doors, mezzanine space …

Anton DevCo Breaks Ground on 205-Unit Anton Pacific Apartments in Downtown Santa Cruz

SANTA CRUZ, CALIF. — Anton DevCo has started construction of Anton Pacific, a 205-unit multifamily property located at the corner of Pacific Avenue and Laurel Street in downtown Santa Cruz.The development will feature 48 studio, 98 one-bedroom and 59 two-bedroom layouts, a rooftop deck, spa, fitness center and fire pits. The rooftop deck will offer fireside seating, dining areas and barbecue grills, as well as a 1,300-square-foot indoor lounge with kitchen and bar.The property will …

Confluent Development, Invesco Real Estate Plan 243,950 SF Industrial Park in Central Denver

DENVER — Confluent Development and Invesco Real Estate have unveiled plans for Central Park Business Center, an infill industrial business park located at the intersection of Interstate 70 and Central Park Boulevard. Construction is slated to start in March on the 243,950-square-foot project, located at 9575 E. 40th Ave., with delivery scheduled for fourth-quarter 2021The industrial park will feature two Class A buildings, divisible down to approximately 20,000 square feet, with direct …

Legendary Capital Buys 141-Room Courtyard by Marriott Denver-Aurora Hotel in Colorado for $27.9M

AURORA, COLO. — Legendary Capital has purchased Courtyard by Marriott Denver-Aurora, a newly constructed hotel located at 255 N. Blackhawk St. in Aurora, for $27.9 million. The name of the seller was not released.Completed last year, the four-story hotel features 141 guest rooms, a business center, three meeting rooms, a fitness center, an outdoor patio with seating and firepit, valet laundry service and a two-story, 55,715-square-foot parking deck. Additionally, the first-floor lobby …

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