UPLAND, CALIF. — MJW Investments has purchased Coventry Square Apartments, located at 1012 W. Arrow Highway in Upland, from the Tsang & Chan family for $21 million. Endri Hoxha of Coldwell Banker Commercial Realty and Philip Batlin of Marcus & Millichap represented the buyer, while Sarah Hillhouse of Coldwell Banker Commercial Realty represented the seller in the deal. Constructed in 1990, Coventry Square includes 92 two-bedroom/two-bath apartments with enclosed patios and in-unit washers/dryers. The approximately 1,178-square-foot apartments are spread across 46 single-story buildings, totaling 68,400 square feet. The community features 92 carport parking spaces, a central pool with community activities and park-like grounds with mature trees and landscapes.
SANTA ANA, CALIF. — Kearny Real Estate Co. and Dune Real Estate Partners have completed the construction of Harbor Logistics Center, a Class A warehouse and distribution complex at 3100 S. Harbor Blvd. in Santa Ana. The project was delivered nine months after demolition of the site’s existing 200,000-square-foot office campus. Accessible from three public streets, the 163,000-square-foot Harbor Logistics Center features a clear height of 36 feet, 17 dock-high doors, ESFR sprinklers and a 185-foot-deep truck court, as well as 7,000 square feet of built-out office space. The asset also offers rooftop solar panels and tenant parking stalls with electric vehicle charging. Additionally, the project is divisible to 98,000 square feet. Ben Seybold, Sean Ward and Keith Greer of CBRE’s Orange County, Calif., office is handling leasing for Harbor Logistics Center.
NEW YORK AND SAN DIEGO — Blackstone (NYSE: BX) and Retail Opportunities Investments Corp. (ROIC) have announced that Blackstone Real Estate Partners X has completed its previously announced acquisition of all outstanding common shares of ROIC for $17.50 per share in an all-cash transaction valued at $4 billion, including outstanding debt. J.P. Morgan acted as ROIC’s financial advisor. Clifford Chance US LLP served as ROIC’s legal counsel. Morgan Stanley & Co., BofA Securities, Citigroup, Wells Fargo, Newmark and Eastdil Secured acted as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel. The transaction was announced on Nov. 6, 2024.
ONTARIO, CALIF. — Clear Capital has completed the disposition of Rancho Vista Apartments in Ontario to Convenient Holdings for $46.3 million, or $370,200 per unit. Built in 1984, the community offers 125 two- and three-bedroom apartments, averaging 1,022 square feet. Unit amenities include direct access to two-car garages with washer and dryer connections, private balconies off the primary bedrooms, central conditioning and heat. Community amenities include a cardio and weight training center, swimming pool, picnic area, private yards, fully furnished sundecks, a children’s park and on-site maintenance. Additionally, the previous owner installed a solar panel electric system that offsets residents’ energy bills. Alexander Garcia Jr., Kyle Pinkalla, Chris Zorbas, Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
LOS ANGELES — JLL Capital Markets has secured a $32 million senior loan for Crenshaw Plaza, a shopping center located at 3210 W. Slauson Ave. in Los Angeles. The borrower is a joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate. Originally built in 1967 and renovated in 2004, Crenshaw Plaza offers 146,901 square feet of retail space. The asset is currently 97 percent leased and anchored by a new 15-year lease with Vallarta Supermarkets. Additional tenants include Planet Fitness, Foot Locker and AutoZone. Spencer Bergthold, Charles Halladay and Daniel Skerrett of JLL Capital Markets Debt Advisory arranged the three-year, floating-rate loan through Forbright Bank. Loan proceeds will be used to refinance the existing loan, cover closing costs and fund future leasing expenses.
RIVERSIDE, CALIF. — SRS Real Estate Partners has brokered the ground lease (land ownership) sale of a restaurant property located at 4100 Central Ave. in Riverside. A Southern California-based developer sold the asset to a Washington-based private investor for $6.8 million. Raising Cane’s occupies the 3,267-square-foot property, which was built in 2024 on 1.3 acres, on a corporate-guaranteed, absolute triple-net, 15-year ground lease. Patrick Luther and Matthew Mousavi of SRS Capital Markets represented the seller in the transaction.
SAN LUIS OBISPO, CALIF. — California Polytechnic State University (Cal Poly) is set to begin construction on a 4,200-bed residence hall project on the university’s campus in San Luis Obispo. The development will include nine buildings offering suite-style units for second-year students. The project is being developed by FullStack Modular utilizing modular construction methods off-site. The development will be the first large-scale use of modular construction within the California State University system, according to FullStack. Manufacturing on the project is set to begin early this year with the first phase of buildings expected for completion in fall 2026. “Affordable housing is such a big problem — especially on the West Coast — and we need to think differently about how we approach housing and continue to improve the process,” says Mike McCormick, vice president of facilities management and development at Cal Poly. “We’ve assembled a team of professionals committed to rethinking how we deliver housing and FullStack Modular’s innovative approach is a huge part of that.”
SANTA CLARITA, CALIF. — Gantry has arranged $46.5 million in permanent loans for the refinancing of The Plaza at Golden Valley, a regional power center in Santa Clarita, a northern suburb of Los Angeles. Located at 19001-19415 Golden Valley Road, the property offers more than 600,000 square feet of total leasable space. Current tenants include Trader Joe’s, Staples, BevMo!, TJ Maxx, Panera Bread, Chili’s, PetSmart, Popeyes, McDonald’s, Chipotle, Bath & Body Works, Daiso, The Habit Burger and The Kebab Shop. The asset is shadow anchored by Target, Lowe’s Home Improvement and Kohl’s. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry represented the borrower, a single private real estate investor, in the financing. The 10-year, fixed-rate loans were placed with two of Gantry’s insurance company correspondents and feature interest-only introductory periods, nonrecourse terms and 30-year amortizations. Gantry will service the loans.
RIVERSIDE, CALIF. — Silgai Development & Management has acquired a 3-acre development parcel located at the southwest corner of Meridian Parkway and Authority Road in Riverside for an undisclosed price. Mario Calvillo of Lee & Associates Riverside represented the buyer, while Finn Comer of Lee & Associates represented the undisclosed seller in the deal. At the time of sale, the site was entitled with construction drawings for two industrial buildings totaling 45,751 square feet. The buyer plans to develop the 21,139-square-foot and the 24,612-square-foot facilities. Groundbreaking is slated to begin in the second quarter of 2025. The buildings will be available for sale or lease.
GRAND TERRACE AND LODI, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two newly constructed, single-tenant properties for a total of $5.4 million in California. Quick Quack Car Wash occupies each property on a 20-year, triple-net lease basis. The Quick Quack Car Wash located in Grand Terrace sold for $2.7 million. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, 5th Street Development, in the transaction. Patrick Toomey of IPA represented the buyer, a Pasadena-based private investor. The car wash is an outparcel to a Stater Bros. Market-anchored shopping center. Other tenants at the center include AutoZone, Miguel’s Jr., and McDonald’s. The Quick Quack Car Wash located in Lodi also sold for roughly $2.7 million. A private partnership between MEE Capital Investments and Adval Properties Inc. was the developer. Asher and Lefko represented the undisclosed seller in the transaction. John Kourafas of Visintainer Group represented the buyer, a central California-based private investor. The property is an outparcel to a Raley’s grocery-anchored shopping center. Additional tenants at the center include Vista Oaks Charter School, Great Clips, Batteries Plus, Huntington Learning Center and Speedway. Hanley has completed the sale of $406 million in car …