REBusinessOnline

Presidio Bay Ventures Takes Overs Construction of Mixed-Use Development in Menlo Park, California

MENLO PARK, CALIF. — San Francisco-based Presidio Bay Ventures has taken over construction, lease-up and stabilization of the 6.4-acre mixed-use development, located at 1300-1302 El Camino Real and 550 Oak Grove Ave. in Menlo Park. The strategic operation of the project, renamed Springline, was transitioned to Presidio Bay mid-construction in June. Since then, the firm’s development team has overhauled nearly all aspects of the project.Situated in Menlo Park’s pedestrian-oriented …

Trailbreak Partners Acquires Confluence at Three Springs Apartments in Durango, Colorado for $35.2M

DURANGO, COLO. — Trailbreak Partners, a Denver-based private equity firm, has purchased Confluence at Three Springs Apartments, located at 150 Confluence Ave. in Durango. GF Properties Group sold the asset for $35.2 million.Built in 2016 and 2018, Confluence at Three Springs features 171 units in a mix of one- and two-bedroom apartments and three commercial tenants, including a Mexican restaurant, a yoga studio and a bridal boutique. Community amenities include direct hiking trail access, …

Berkadia Arranges $33M Sale of Villas de Azul Multifamily Property in Phoenix

PHOENIX — Berkadia has arranged the sale of Villas de Azul, a garden-style multifamily in Phoenix. North Carolina-based Sterling Real Estate Partners sold the property to Vancouver, Canada-based Western Wealth Capital for $33 million.Located at 2627 N. 45th Ave. on 17 acres, Villas de Azul features 301 apartments in a mix of one- and two-bedroom apartments and three-bedroom townhouse units. Community amenities include a swimming pool, basketball court, soccer field, playground and laundry …

Carlsen Investments Divests of 63,206 SF Office Building in Gold River, California

GOLD RIVER, CALIF. — Carlsen Investments has completed the disposition of Gold Pointe Corporate Center Building E, an office property located at 11919 Foundation Place in Gold River. Davies Torrance Trust acquired the property for $14.3 million.eHealth Inc. occupies the 63,206-square-foot property, which Panattoni Development Co. built in 2003.  Building E is part of the larger Gold Pointe Corporate Center, which totals five buildings and 455,000 square feet. Campus amenities include a …

T-Mobile Leases 1,300 SF Retail Space in Yucca Valley

YUCCA VALLEY, CALIF. — T-Mobile has signed a lease to occupy 1,300 square feet of retail space at 57750 Twentynine Palms Highway in Yucca Valley.The end-cap location is within a shopping center anchored by Starbucks Coffee and Applebee’s Neighborhood Bar and Grill. The corporate T-Mobile store is expected to open by year-end.Roxy Klein of Progressive Real Estate Partners represented the undisclosed landlord in the

Yelp: 61 Percent of Restaurants Closed Due to Pandemic Won’t Open Again

SAN FRANCISCO — A majority of restaurants and cafés that closed their doors in response to the COVID-19 pandemic will remain closed for good, according to crowd-source review giant Yelp.In its September economic impact report, the San Francisco-based firm tallied 32,109 restaurants that were open and operating on March 1 were closed on Aug. 31. Of that total, 19,590 (61 percent) were indicated to be closed permanently.Yelp tracks business closures via business owners marking their …

TCC Completes 356,000 SF Park Aldea Industrial Project in Phoenix

PHOENIX — Trammell Crow Co. (TCC) and its partner, CBRE U.S. Development Partners 5, a fund sponsored by CBRE Global Investors, have completed Park Aldea. The 356,000-square-foot industrial development is located in Phoenix.Situated on 27 acres west of the intersection of 99th Avenue and Cardinals Way, the property features the 74,164-square-foot Building A, the 76,322-square-foot Building B, the 87,296-square-foot Building C and the 118,241-square-foot Building D. The buildings offer …

Avison Young Negotiates Acquisition of Moreno Corporate Center in Inland Empire

MORENO VALLEY, CALIF. — Avison Young has arranged the purchase of Moreno Corporate Center, an industrial park located in Moreno Valley. A Southern California-based private investor acquired the property from a Bay Area-based investment company for an undisclosed price.Built in 1989 on nine acres, the five-building, 139,150-square-foot Moreno Corporate Center features 17-foot clear heights and a 2.85 parking ratio. The buildings are located at 14300, 14320 and 14340 Elsworth St. and 22620 …

Local Developer Divests of Westminster Towers Multifamily Complex Near Seattle for $28M

TACOMA, WASH. — A local developer has completed the disposition of Westminster Towers, an apartment community in Tacoma. A private investor in a 1031 exchange acquired the asset for $28 million, or $201,439 per unit.Built in 1997, the property features 139 units in a mix of studio, one-, two- and three-bedroom layouts with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, garage and covered space …

MAG Capital Partners Sells Southern California Retail Property to Japanese REIT

LOMPOC, CALIF. — Fort Worth, Texas-based MAG Capital Partners has completed the disposition of a single-story retail property located at 1600 N. H St. in Lompoc. Jinushi USA Inc., a real estate investment trust listed on the Tokyo Stock Exchange as Nippon Commercial Development Co., acquired the 62,500-square-foot end-cap property for an undisclosed price.The separately parceled property is situated on 5.3 acres within Mission Plaza, a shopping center with 26 tenants including Starbucks …

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