RIVERSIDE, CALIF. — Le Investment Group has arranged the sale of an industrial portfolio in Riverside, located in the Inland Empire region. The asset traded for $36.6 million, or $179.27 per square foot. Located at 1660-1880 Iowa Ave., the multi-building portfolio offers 203,939 square feet of industrial space. Le Investment Group represented the undisclosed seller in the deal. The name of the buyer was also not released.
VALLEJO, CALIF. — Northmarq has facilitated the sale of a two-property multifamily portfolio in Vallejo, across San Pablo Bay from San Francisco. Reliant Group Management sold the portfolio to Abacus Capital Group for $27.5 million. The portfolio includes the 80-unit The Valencia, located at 1101 N. Camino Alto, and the 64-unit Valencia Terrace, located at 154 Richardson Drive. The Valencia was built in 1986 and Valencia Terrace was built in 1982. Zachary LeBeouf and Anthony Pappageorge of Northmarq’s Northern California multifamily investment sales team represented the seller in the transaction.
ESCONDIDO, CALIF. — Steel Peak has acquired an industrial outdoor storage (IOS) property, located at 2213 Meyers Ave. in the San Diego suburb of Escondido, for $3.7 million. The IOS property features an 8,000-square-foot industrial building and large, secured, fenced yard on 1.7 acres. The building features 18-foot clear heights, six oversized ground-level loading doors, abundant power and office space. Mike Erwin, Tucker Hohenstein and Hank Jenkins of Colliers San Diego represented the seller, Act Property Acquisition Partners II LLC, and the buyer in the transaction.
WEST SACRAMENTO, CALIF. — Dwight Capital has provided a $21.6 million HUD 223(f) loan for Meadowbrook Apartments, a newly renovated multifamily community in West Sacramento. Proceeds from the loan will be used to retire existing debt and fund property improvements for the borrower, Tesseract Capital Group. The loan also benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points, as Meadowbrook Apartments holds National Green Building Standard Bronze certification. Meadowbrook Apartments features 92 one-, two-, three- and four-bedroom units with patios and balconies spread across 10 two-story residential buildings. Community amenities include two communal buildings, a fitness center, game room, dog park, pool, barbecue/picnic area and pool house with bathroom and kitchenette facilities.
CHULA VISTA, CALIF. — Paragon Real Estate Investments has completed the disposition of Heritage Towne Center, a retail property in the San Diego suburb of Chula Vista. Palomar Heritage LLC acquired the asset for $14.7 million. Situated on 1.9 acres, the 36,161-square-foot property consists of four retail buildings that were built in 2002. At the time of sale, the asset was fully occupied by 21 tenants. Reg Kobzi, Joel Wilson, Michael Peterson, Lane Robertson, Philip Voorhees and Joe Yetter of CBRE represented the seller in the deal.
RIVERSIDE, CALIF. — Hanley Investment Group has arranged the sale of a three-tenant retail pad building located at 22430 Van Buren Blvd. in the Inland Empire city of Riverside. A Los Angeles-based 1031 exchange investor acquired the asset from Irvine-based Greens Development Inc. for $5.8 million. Completed in 2020, the 6,300-square-foot property is occupied by Chipotle Mexican Grill, MA Dental and BHC Chicken, which is slated to open in October. The pad building is part of Veteran’s Plaza, a community shopping center and hotel complex developed by Greens Development. Tenants at the shopping center include In-N-Out Burger, Starbucks Coffee, Hampton Inn + Home2 Suites and Circle K with a 76 gas station. Eric Wohl and CJ Kiehler of Hanley Investment Group represented the seller, while Justin Altemus of The Altemus Co. represented the buyer in the deal.
LOS ANGELES — DAUM Commercial Real Estate Services has arranged the sale of an industrial building in Los Angeles. A private investor acquired the asset from an undisclosed buyer for $14.1 million. Located at 200-202 W. 140th St., the building features 60,457 square feet of industrial space. At the time of sale, the property was fully occupied by local manufacturing tenants. Anthony Bergeman, Michael Chase and Krishna Shegran of DAUM represented the buyer in the deal.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of a six-unit apartment property in San Jose. The asset traded between two individual/personal trusts for $1.4 million. Located at 640 North 3rd St., the property features six two-bedroom/one-bath units. The building was built in 1962. Adam Levin, Robert Johnston, Eymon Binesh and Jake Clyne of Marcus & Millichap represented the seller and buyer in the transaction.
NEWPORT BEACH, CALIF. — JLL has arranged $52 million in refinancing for Atria Newport Beach, a seniors housing community located at 393 Hospital Road in Newport Beach. The borrower is a partnership between a national REIT and Atria Senior Living. Aaron Rosenzwieg and Dan Baker of JLL Capital Markets arranged the financing. MidCap Financial provided the floating-rate, first-mortgage loan. Built in two phases with the north building fully renovated in 2023 and the south building purpose-built and opened in 2021, the three-story buildings offer a total of 168 studio, one- and two-bedroom independent living, assisted living and memory care units. Community amenities include 24-hour support staff, all-day dining, valet and concierge services, fitness classes, car services, housekeeping, a salon and spa, yoga studio, theatre, library, game room and underground parking garage.
SAN DIEGO — San Diego-based EZ Fit Movers LLC has purchased an industrial building located at 2548 Cactus Road in the Otay Mesa submarket of San Diego. A local development company sold the asset for $11.4 million. EZ Fit Movers entered into a build-to-suit agreement in 2021 with the seller with the intent of occupying the 44,278-square-foot building. EZ Fit Movers will occupy more than half of the office and warehouse space of the facility. Todd Holley of Voit Real Estate Services represented the buyer, while CBRE represented the seller in the transaction.
