LOS ANGELES AND LA PALMA, CALIF. — Rexford Industrial Realty has purchased two industrial properties in Southern California in separate off-market transactions for combined $43.5 million. The names of the sellers were not released. In the first transaction, the company acquired an asset located at 9200-9250 Mason Ave. and 9197 Oso Ave. in the Chatsworth neighborhood of Los Angeles for $29.5 million, or $115 per square foot. Situated on 11.1 acres, the industrial complex consists of four buildings containing 256,200 square feet and is fully leased to three tenants in the cosmetics industry. In the second deal, Rexford Industrial purchased a property located at 5593-5595 Fresca Drive in La Palma for $14 million, or $122 per square foot. Situated on 5.7 acres, the two-tenant industrial building features 115,200 square feet of industrial space.
COLORADO SPRINGS, COLO. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant restaurant property, located at 1410 Jamboree Drive in Colorado Springs. A private, Minneapolis-based 1031 exchange investor acquired the asset for $5.7 million. Red Robin Gourmet Burgers occupies the 7,221-square-foot property, which was built in 1987. Brad Gibbs, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller, a Midwest-based institutional investor, in the deal.
PHOENIX — Tremont Mortgage Trust has closed a $12.8 million first mortgage bridge loan to finance the acquisition of Mountainview Marketplace, a retail center located in Phoenix. Located at 3131 E. Thunderbird Road, the shopping center features 123,000 square feet of retail space. The floating-rate loan includes initial funding of $5.8 million and a future funding allowance of $7 million for property improvements and leasing capital. The loan is structured with a two-year initial term and two one-year extension options and has a loan-to-value ratio of 48 percent.
LOS ANGELES — CalBay Development has purchased a restaurant property located in Los Angeles’ Sylmar neighborhood. An undisclosed seller sold the freeway-oriented site for $1.7 million. A Denny’s restaurant occupies the property. Matt LoPiccolo of CBRE brokered the transaction.
The industrial market’s direct vacancy in greater Reno increased by 80 basis points to 4.53 percent at the end of the third quarter of 2018. It was carried by 715,821 square feet of positive net absorption, a relatively below average figure, as well as by an increase in new deliveries. Notwithstanding, pending transactions currently underway in the fourth quarter should mitigate the increase in the market’s overall vacancy. Tenant demand in the third quarter was robust for spaces with less than 50,000 square feet. Transactions that involved Class A space accounted for 84 percent of the total gross absorption. The North Valley was the best performer of all the submarkets, resulting in a 35 percent decrease in availability. The I-80/East submarket, however, recorded a substantially negative quarter due to deliveries/new availability pushing the vacancy to 12 percent. Sublease availability was static for yet another quarter, which demonstrates stability in the market. The average transaction size in Reno decreased slightly to 53,195 square feet. Heading into the fourth quarter, the market witnessed an increase in inquiries and tours involving more than 200,000 square feet. This gave existing landlords confidence that vacancies and new deliveries will be leased in the short term. …
OAKLAND, CALIF. — TMG Partners and KKR have purchased 1221 City Center, an office tower in downtown Oakland that houses the global headquarters of Clorox. The sales price was not disclosed, but the San Francisco Business Times reports the Swiss financial giant UBS AG (NYSE: UBS) sold the office tower for $255 million. The business publication also reports that this is the third time that the 24-story building has traded in the past six years. In 2012, Clorox Co. sold the asset for $110 million. Located at the intersection of Broadway and 12th Street, the 522,000-square-foot office building was 99 percent leased at the time of sale to various tenants, including Union Bank, Stanford Health Care, Wells Fargo Bank and Parsons Brinkeroff. The LEED-Platinum certified building offers direct access to Bay Area Rapid Transit (BART) in its lobby, one of only three Oakland office buildings with that amenity. The property also features panoramic views of the Oakland skyline and the Bay, as well as onsite retail amenities, bike lockers, showers and parking. This acquisition is the second transaction by TMG and KKR in Oakland this year, following the purchase of 1330 Broadway in July. KKR is making the investment through …
LAS VEGAS — San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has purchased Evergreen Apartments, a multifamily property located two miles west of the Las Vegas Strip. Encinitas, Calif.-based The Apartment Co. sold the property for $29.5 million. Located at 2950 S. Decatur Blvd., Evergreen Apartments features 314 units in a mix of one- and two-bedroom layouts with covered parking and private patios. Community amenities include two pools, barbecue and picnic areas, a fitness facility, business center, playground and on-site laundry facilities. Tower 16 will oversee $4 million in renovations and upgrades to the property. Renovations will include upgrades to commons areas, relocating the leasing office, expanding the gym and renovating all apartment interiors with new vinyl flooring, appliances, plumbing, lighting fixtures and paint. Las Vegas-based Pinnacle will manage the property. Brian Anderson and Angela Powers of Berkadia represented the seller in the deal.
SCOTTSDALE, ARIZ. — The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, an independent living apartment community in the company’s hometown. The three-story community is expected to open in late 2020 and will feature 157 units in studio, one- and two-bedroom layouts. Wolff cited an underserved and growing affluent senior population in Scottsdale as the reason for building. The U.S. Census Bureau named Scottsdale, a suburb of Phoenix, as the fourth-fastest-growing metropolitan area in the country. Revel Scottsdale joins a portfolio of 18 other senior living communities from The Wolff Company that are either under development or currently open.
LAKEWOOD AND TACOMA, WASH. — Hunt Real Estate Capital has provided three Freddie Mac Small Balance Loans totaling $11.1 million for a multifamily portfolio in Washington. The company funded two cash-out refinances, which provided liquidity for the acquisition of the third property. The loans have a five-year fixed-rate term, with no interest-only period, amortized over 30 years. The name of the borrower was not released. Hunt Real Estate provided a $6.7 million loan to acquire Springtree Apartments, a 103-unit multifamily property located at 4810 127th Street Court SW in Lakewood. The 13-building complex features 14 one-bedroom, one-bathroom units and 89 two-bedroom, one-bath apartments. On-site amenities include a laundry facility, sport court, playground, barbecue/picnic area and on-site manager, as well as 41 surface parking spots. Additionally, the company funded $1.7 million in refinancing for Southcrest Apartments, located 5410, 5416, 5420 and 5422 Boston Ave. SW in Lakewood. Built in 1970, the five-building property features 35 one-bedroom/one-bath units and one two-bedroom/two-bath unit. The community also features 46 surface parking spots. In the third transaction, Hunt Real Estate Capital provided a $2.7 million loan for the refinancing of Colonial Village Apartments, located at 9220 Pacific Ave. S. in Tacoma. Built in 1961, the …
DENVER — Newmark Knight Frank has brokered the sale of an office property, located at 3650 E. First Ave. in Denver. Great Western Bank acquired the property from 4N LLC for $5.6 million. The building features 17,189 square feet of office space. Riki Hashimoto, Daniel Grooters and John Gustafson of Newmark Knight Frank represented the seller in the transaction. Cushman & Wakefield, Kentwood Commercial and Land Title Guarantee Co. assisted in the deal.