Western Archives - REBusinessOnline

Truist Provides $152M Construction Loan for Marina Shores Multifamily Project in Long Beach

Amy Works — Thu, 29 Oct 2026 13:50:49 +0000

LONG BEACH, CALIF. — Truist has closed a $152 million construction loan for Marina Shores, an apartment community at 6615 E. Pacific Coast Highway in Long Beach. Carmel Properties is developing the asset. The six-story project will convert an office complex and surface lot into a mixed-income community with 390 apartments and approximately 5,400 square feet of ground-floor retail space. Construction began in October, with completion slated for March 2029. Truist served as administrative agent and sole bookrunner on the development loan. Jason Paxton and Walt Reece led the transaction.

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Origin Investments, Mill Creek Residential to Develop 190-Unit Apartment Community in Old Town Scottsdale

Amy Works — Thu, 29 Oct 2026 13:49:31 +0000

SCOTTSDALE, ARIZ. — Origin Investments and Mill Creek Residential have unveiled plans to develop Modera Old Town, a multifamily property in Old Town Scottsdale. Construction on the 190-unit property will begin in October, with completion slated for mid-2029. The new development is the second venture between Origin and Mill Creek Residential and is an expansion of Mill Creek’s Modera brand. Situated on 2 acres at 7120 E. Indian School Road, Modera Old Town will feature 73 one-, 101 two- and 16 three-bedroom apartments averaging 1,076 square feet. Apartment interiors will include stainless steel appliances, quartz countertops, tile backsplashes, vinyl-plank flooring, premium cabinetry, kitchen islands, undermount sinks, under-cabinet lighting, full-size washers/dryers, private patios or balconies, roller shades and smart home features. Community amenities will include a resort-style pool, an outdoor kitchen, poolside cabanas, lounge seating, and outdoor grilling and entertainment areas with a fire feature. Additional amenities will include a resident clubhouse, entertainment lounge, modern dining and bar space, a fitness center, coworking spaces and private conferences rooms. For Origin, Modera Old Town represents the final investment in its Opportunity Zone Fund III and its 22nd overall opportunity zone development. Modera Old Town is Mill Creek’s 12th opportunity zone development.

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Gantry Secures $31M Refinancing for Value-Add Retail Property in Southern California

Amy Works — Thu, 29 Oct 2026 13:46:39 +0000

LANCASTER, CALIF. — Gantry has secured a $31 million permanent refinance for the Valley Central Shoppes, located at 44410-44690 Valley Central Way in Lancaster. Tony Kaufmann, Jake Davis and Ramza Zeiter of Gantry represented the borrower, a private real estate investor. The 10-year, fixed-rate, nonrecourse loan was secured from one of Gantry’s insurance company correspondents. Gantry will service the loan for the lender. The 174,000-square-foot inline center is part of a master-planned retail power center cluster and shadow anchored by a Walmart Supercenter and a Food 4 Less. Additional tenants includes Boot Barn, Staples, Marshalls, Five Below, Planet Fitness, Starbucks Coffee, Jersey Mike’s Subs, Black Angus Steakhouse, Ulta, Sally Beauty Supply, Lenscrafters, Calidental, America’s Tire Co. and additional entertainment, restaurant and necessities retailers.

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Lee & Associates Negotiates Sale of 34,168 SF Industrial Building in Oceanside, California

Amy Works — Thu, 29 Oct 2026 13:45:02 +0000

OCEANSIDE, CALIF. — William Roth Group of Lee & Associates has arranged the sale of 2620 Temple Heights Drive in Oceanside. Temple Heights Property Co. LLC sold the asset to 2620 Temple Heights LLC for $6.1 million. The owner-user buyer plans to expand its operations into the 34,168-square-foot industrial building that features 30 percent of office space and four grade-level loading doors. The property is situated on 2.1 acres. Rusty Williams, Chris Roth and Jake Rubendall of Williams Roth Group represented the seller, while Jim Benson of Kidder Mathews represented the buyer in the transaction.

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Dwight Investment Management Provides $73M Bridge Loan for Reno Multifamily Community

Amy Works — Wed, 28 Oct 2026 13:49:59 +0000

RENO, NEV. — Dwight Investment Management, an affiliate of Dwight Capital, has closed a $73 million bridge refinancing for Ballpark Apartments in Reno. Brandon Baksh, Tommy Ng and Talisse Thompson of Dwight Investment Management originated the loan on behalf of the borrower, a joint venture between Bridge Investment and Pacific Development. Loan proceeds were used to refinance existing senior debt, fund an interest reserve, cover transaction costs and return equity to the borrower. The 486,000-square-foot Ballpark Apartments community spans a city block in downtown Reno. The five-story property features 368 apartments, a pool, spa, 24-hour fitness center and a rooftop lounge overlooking Greater Nevada Field, a minor league baseball venue.

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Scannell Properties Buys 7.5 Acres in Auburn, Washington for Industrial Development

Amy Works — Wed, 28 Oct 2026 13:47:50 +0000

AUBURN, WASH. — Scannell Properties has acquired a 7.5-acre site in Auburn for the development of a speculative industrial building. Terms of the transaction were not released. The planned 185,000-square-foot building will feature a clear height of 36 feet, 31 trailer stalls and 23 dock doors with drive-in capacity. Site work on the land is underway, with vertical construction slated to begin in spring 2027. The speculative building is Scannell Properties’ second project in the greater Seattle area, bringing the company to an investment volume exceeding $300 million and nearly 2 million square feet of development in the Pacific Northwest, including Oregon and Idaho.

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CBRE Brokers $14.3M Sale of Office Property in La Palma, California

Amy Works — Wed, 28 Oct 2026 13:46:39 +0000

LA PALMA, CALIF. — CBRE has brokered the sale of an office building located at 20 Centerpointe Drive in La Palma. A local private investor acquired the property from an institutional seller for $14.3 million, or $255 per square foot. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Jackson Marlow of CBRE represented the seller in the deal. Built in 1988 on 3.5 acres, the single-story property features 56,175 square feet of office space and 194 parking spaces. At the time of sale, the building was 84 percent leased. Current tenants include Convergint Technologies, ISEC Inc. and Telecare Corp.

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Hanley Investment Group, Summit Real Estate Arrange $12.7M Sale of Fullerton Court Retail Center in California

Amy Works — Wed, 28 Oct 2026 13:45:02 +0000

FULLERTON, CALIF. — Hanley Investment Group Real Estate Advisors and Summit Real Estate (RE) have brokered the sale of Fullerton Court, a two-story retail center adjacent to Fullerton College in Fullerton. A Newport Beach, Calif.-based private partnership sold the asset to a Los Angeles-based, private 1031 exchange investor for $12.7 million. Sean Cox and Kevin Fryman of Hanley, in association with Scott Hook of Summit RE, represented the seller, while the buyer was self-represented in the deal. Located at 444 N. Harbor Blvd., Fullerton Court was originally built in 1982 and expanded in 2004 to its current 20,309-square-foot footprint. At the time of sale, the property was fully occupied by multiple tenants, including FedEx Office, which has operated at the property for more than 25 years and extended its lease for additional 10 years, and Pixiu Mala Hongtang, which recently executed a new 10-year lease.

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JLL Arranges $333.3M Refinancing for 1,184-Unit Multifamily Portfolio Near Denver

Amy Works — Tue, 27 Oct 2026 14:47:32 +0000

DENVER — JLL Capital Markets has arranged $333.3 million in bridge financing for Palomino Park, a 1,184-unit multifamily portfolio located in Highlands Ranch, an unincorporated, master-planned community 12 miles south of Denver. Greystar provided the floating-rate loan for the borrower, a real estate fund advised by Crow Holdings Capital. The financing, which includes $325 million at initial funding and $8.3 million in future funding for unit renovations, retired existing loans and provides capital for continued value-add projects across the three-community portfolio. The portfolio includes: The communities are anchored by the Colorado Club, a 26,000-square-foot central amenity facility with a resort-style pool, a gym with regulation basketball court and racquetball courts, a full-service bar and resident gathering areas. Additionally, the facility is surround by a 17-acre park with three tennis courts, two full-size sports fields and a playground. Since acquiring the assets in 2021, the borrower has invested significant capital in various interior and exterior capital improvements across each community. Trey Morsbach, Campbell Roche, Tony Nargi, Jarrod McCabe, Jordan Buck and Scott Cole of JLL represented the borrower in the financing.

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Akara, DEVEN to Break Ground on 305-Bed Student Housing Project Near San Diego State University

Amy Works — Tue, 27 Oct 2026 14:45:45 +0000

SAN DIEGO — A joint venture between Akara Partners and Development Ventures (DEVEN) Group is set to break ground on a 305-bed, transit-oriented development located at 5077 College Ave. near the San Diego State University campus in California. The eight-story community will span 98,500 square feet and offer 110 units. The project is scheduled for completion ahead of the 2028-2029 academic year. The partnership was facilitated by JLL Capital Markets.

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CBRE Secures $32.8M Refinancing for Hilton Garden Inn Hotel in Cupertino, California

Amy Works — Tue, 27 Oct 2026 14:44:01 +0000

CUPERTINO, CALIF. — CBRE has arranged a $32.8 million loan for the refinancing of the Hilton Garden Inn Cupertino, located at 10741 N. Wolfe Road in Cupertino. Mike Walker, Brad Zampa, Andy Gross and Pierson Souza of CBRE arranged the financing on behalf of ownership, a partnership between Heil & Associates and Terracommercial. Built in 1988, the five-story hotel features 164 guest rooms totaling 100,110 square feet on 2.7 acres. Hotel amenities include Pavilion Cafe serving breakfast and dinner, a 24-hour Pavilion Pantry market, an outdoor pool and spa, a fitness center, guest laundry facilities, 1,650 square feet of flexible meeting space, complimentary parking and weekday shuttle service within a three-mile radius. Heil Associates and Terracommercial have owned and operated the Hilton Garden Inn Cupertino since acquiring the asset in 2007.

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Rise Properties Trust Sells Northline Apartments in Seattle for $17.7M

Amy Works — Tue, 27 Oct 2026 14:42:43 +0000

SEATTLE — Rise Properties Trust has completed the disposition of Northline, a multifamily asset in Seattle’s Bitter Lake neighborhood. FPA Multifamily acquired the property for $17.7 million, or $159,910 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Northline features 111 one- and two-bedroom apartments with open-concept layouts, updated kitchens, stainless steel appliances, wood-style flooring, wood-burning fireplaces and in-home laundry. Select units offer vaulted ceilings, sunken living rooms and private patios. Onsite amenities include a resident lounge, dog park and a covered outdoor gathering area with a barbecue, fireplace and seating.

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Kennedy Wilson, Partners Acquire 312-Unit Multifamily Community in San Jose for $176M

Amy Works — Mon, 26 Oct 2026 13:25:30 +0000

SAN JOSE, CALIF. — Kennedy Wilson has partnered with two Japanese investment firms to acquire One South Market, a 312-unit community in downtown San Jose, for $176 million. The investment partners are Tokyo-based real estate company Hulic Co. Ltd. and Fuyo General Lease (USA) Inc., the U.S. subsidiary of Japanese financial services company Fuyo General Lease Co. Ltd. The acquisition marks Beverly Hills, Calif.-based Kennedy Wilson’s fifth joint venture with Hulic and its first with Fuyo. Locally based Lakevision Capital was the seller. Built in 2015, One South Market is located adjacent to San Pedro Square. The high-rise community features 312 units as well as 6,534 square feet of fully leased ground-floor retail. CBRE’s Jon Teel represented the buyers in the transaction.

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Northmarq Arranges $95.8M Refinancing for 1,461-Unit Southern California Multifamily Portfolio

Amy Works — Mon, 26 Oct 2026 13:24:19 +0000

LOS ANGELES — Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring Management Corp. across Southern California. Nathan Prouty, Andrew Slaton and John Holt of Northmarq arranged the financing through Voya Investment Management. The transaction refinances existing debt across the portfolio, including four loans originally placed with Voya in 2007. Structured as six separate, non-cross-collateralized loans, the financing combines fixed- and floating-rate structures, interest-only payments and flexible prepayment provisions. The new financing addresses upcoming maturities while preserving flexibility for E&S Ring across the portfolio. The portfolio includes the 168-unit Case Granada and 183-unit Sunset Barrington Gardens in Brentwood, the 117-unit Meadows South in Culver City, the 400-unit Mountain Vista in Victorville, the 317-unit Rancho Los Feliz and the 276-unit Villa Vicente in Mid-Wilshire.

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EastGroup Buys Three-Building Logistics Park in Thornton, Colorado for $94.5M

Amy Works — Mon, 26 Oct 2026 13:18:26 +0000

THORNTON, COLO. — EastGroup Properties has acquired 25 Commerce Park, a Class A industrial campus in Thornton, from Rockefeller Group for $94.5 million. Jeremy Ballenger and Tyler Carner of CBRE represented the seller in the deal. CBRE’s Todd Witty and Daniel Close fully leased the project prior to being marketed for sale. Completed by Rockefeller Group in 2025, 25 Commerce Park features three buildings offering a total of 453,550 square feet of industrial space. At the time of sale, the property was fully leased to four tenants. The campus features modern building depths, high-clear warehouse space, ESFR sprinkler systems, extensive dock-high loading capabilities, trailer parking and efficient site circulation. Designed by Grey Wolf Architecture and built by Golden Triangle Construction, 25 Commerce Park is located at 15003-15107 Grant St. at the intersection of Interstate 25 and E-470.

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MidPen Housing Completes 176-Unit Ira D. Hall Square Apartments in Silicon Valley

Amy Works — Mon, 26 Oct 2026 13:16:59 +0000

SUNNYVALE, CALIF. — MidPen Housing has completed and opened Ira D. Hall Square in Sunnyvale. The 176-unit property comprises studios, one-, two- and three-bedroom units that are reserved for residents earning up to 30 to 70 percent of the area median income, which is approximately $43,170 to $100,730 for a one-person household. Ira D. Hall Square is adjacent to the Lawrence Caltrain Station and is the first development built under the city’s Lawrence Station Area Plan, which calls for a mixed-use district around the transit hub. MidPen Property Management manages the community, and MidPen Resident Services provides residents with free, onsite services such as adult education, ESL courses, after school and summer programs and case management for supportive housing residents. Amenities include a community room, outdoor play areas, on-site laundry, garden space and an after-school learning center.

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Founders Group Sells 202-Unit Multifamily Community in Tucson

Amy Works — Fri, 23 Oct 2026 13:33:05 +0000

TUCSON, ARIZ. — The Founders Group has completed the disposition of The Place at 2120, an apartment property in Tucson. AndMark acquired the property for $18 million, or $89,356 per unit. Hamid Panahi and Clint Wadlund of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 1986 on more than 7 acres, The Place at 2120 features 202 one-, two- and three-bedroom floor plans, with select units offering vaulted ceilings and linen closets. Community amenities include a swimming pool and spa, a fitness center, dog park, laundry facilities and playground. Previous ownership upgraded approximately 90 percent of the unit interiors.

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RedPeak Acquires 101-Unit Manchester Apartments in Denver

Amy Works — Fri, 23 Oct 2026 13:31:51 +0000

DENVER — Denver-based RedPeak has purchased The Manchester, a multifamily community located at 2030 E. 11th Ave. in Denver’s Cheesman Park neighborhood. This is the first time the property has sold since it was developed in 1973. Terms of the transaction were not released. Craig Stack, Bill Morkes and Nate Moyer of Colliers facilitated the transaction. Originally designed by late architect Roland Wilson, The Manchester features 101 one- and two-bedroom apartments. Each unit offers an expansive balcony, city/mountain views, individual heating and cooling, while each of the six penthouses provide in-unit washers/dryers. Community amenities include laundry rooms on each floor of the building, an indoor pool (a hallmark of Roland Wilson designs), a sun deck, fitness area, lounge and pool tables, as well as racquetball and basketball courts. The Manchester is the sixth Roland Wilson-designed community to be owned and operated by RedPeak.

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Gildred Cos. Buys La Mirada Business Park in Vista, California for $16.1M

Amy Works — Fri, 23 Oct 2026 13:30:34 +0000

VISTA, CALIF. — Gildred Cos. has purchased La Mirada Business Park, a multi-tenant industrial property in Vista, from Catesgarb Holdings for $16.1 million. Williams Roth Group of Lee & Associates represented the buyer, while the team, alongside Jeffrey Bethel of Lee & Associates, represented the seller in the off-market acquisition. Located at 975 and 985 Poinsettia Ave. and 2835 La Mirada Drive, La Mirada Business Park features 76,391 square feet across 4.4 acres. The fully occupied park is divided into six suites ranging from 6,766 to 22,054 square feet, with grade-level loading throughout.

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CentrePoint Properties Divests of 52,743 SF Mixed-Use Property in Wheat Ridge, Colorado

Amy Works — Fri, 23 Oct 2026 13:23:09 +0000

WHEAT RIDGE, COLO. — CentrePoint Properties has completed the sale of Wilmore Center, a mixed-use property in Wheat Ridge, to HCA HealthONE for $14.5 million. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield represented the seller in the transaction. Situated on 5 acres at 7615 W. 38th Ave., Wilmore Center comprises two single-story multi-tenant buildings offering a total of 52,743 square feet of mixed-use space and 236 parking spaces. At the time of sale, the asset was 84 percent occupied by 15 tenants. The tenant mix includes retail, food and medical, with 68 percent of the leased area occupied by medical-related tenants.

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