PLEASANT GROVE CITY, UTAH — Four Foods Group (FFG) has acquired five acres of land for the development of a new corporate headquarters in Pleasant Grove City. FFG plans to begin construction on the parcel by this fall. In addition to the new headquarters, the company will develop a restaurant cluster housing some of its fast-growing brands, including R&R Barbecue, which is slated to open in July. The restaurant development, operations, finance and management company currently owns or manages 158 restaurants employing more than 5,000 workers in 11 states, 1,500 of those in Utah. The FFG family includes local Utah chains: Kneaders Bakery & Café, Mo’Bettahs Hawaiian Style Food, Swig and R&R Barbecue. Out-of-state restaurants include 74 Little Caesars locations across the south, including Alabama, Louisiana, Mississippi and Florida.
SAN DIEGO — Next Space Development Realty, a residential and multifamily development company, has purchased 25 on Fifth, an apartment complex, for $14.5 million. Located at 3265 Fifth Ave. in San Diego, the property features 25 apartment units. Mayfair initially developed the building in 2007 but lost the property to Bank of America in the 2008 recession. Pacifica Cos. provided acquisition equity for the transaction. Eric Comer, Jim Neil and Merrick Matricardi of Kidder Mathews represented the buyer in the deal.
DENVER — Eight O One LLC has purchased an industrial property located at 620 E. 52nd Ave. in Denver. TC Crossroads #7 LLC sold the property for $7.6 million. The property features 60,468 square feet of industrial space. Mike Wafer, Timothy D’Angelo and Mike Wafer Jr. of Newmark Knight Frank represented the seller in the deal.
The Inland Empire office market got off to a slow start in 2018, continuing a trend of positive momentum with little excitement. The average asking rent registered $1.81 per square foot, down 3.7 percent from the fourth quarter of 2017 and $0.01 below the first quarter of 2017. Preliminary sales and lease volumes are off 39.1 percent over the prior year. However, the Inland Empire is seeing one of the lowest vacancy rates since 2007, with more than 108,000 square feet of new construction added to the market this quarter. As of the first quarter of 2018, vacancy was 7.9 percent, down 30 basis points over the quarter and 90 basis points below last year at this time. Nine projects totaling 201,671 square feet are under construction, with the largest being Rady Children’s Medical Plaza at 60,000 square feet. Much of the new growth in the office sector is being driven by the healthcare industry. Office medical space comprised more than half of the space under construction, as the education and health services sector employment has grown by 4 percent between January 2017 and January 2018. This has accounted for 8,800 of the 13,500 new jobs in the office-occupying sectors. …
LOS ANGELES — Walker & Dunlop (NYSE: WD) has provided approximately $392.4 million in agency financing for three apartment communities in the greater Los Angeles area. The portfolio includes The Medici and The Orsini I in downtown Los Angeles and The Colony Townhomes in Santa Clarita, about 34 miles north of Los Angeles. Walker & Dunlop closed approximately $233.6 million through Freddie Mac’s Green Up program for the two Los Angeles properties. The Bethesda, Md.-based company also provided a $158.8 million loan through Fannie Mae’s Green Rewards program for the 752-unit community in Santa Clarita. G.H. Palmer Associates, the borrower and developer of all three communities, used the funding to refinance the assets. Led by Walker & Dunlop’s Trevor Fase, each transaction provided cash out to the borrower and was structured as a 10-year, non-recourse loan with interest-only payments for the entire term. As part of the green lending programs from the two government-sponsored enterprises (GSEs), G.H. Palmer is also using the proceeds to improve the apartment communities’ energy and/or water efficiency. In order to qualify for the agencies’ green lending programs, borrowers have to plan improvements for at least 25 percent savings in energy or water usage, according to …
DENVER — Developer LMC, A Lennar Co., and general contractor The Weitz Co. have topped out vertical construction for Radiant, a high-rise multifamily property located in downtown Denver. The 18-story, 486,000-square-foot tower will feature 329 apartment units, an amenity deck with a pool and hot tub on the fifth floor, a fitness center and patio on the sixth floor, a club room on the 17th floor, and a four-level parking garage. Situated in Denver’s Welton corridor, the project is located on the L Route of the Regional Transportation District Light Rail System offering a transit-oriented living options for residents. Designed by RNL, the property is slated for completion in June 2019.
HENDERSON, NEV. — Denver-based Fairfield Asset Advisors has arranged the sale of a medical office building located at 10561 Jeffreys St. in Henderson. An undisclosed buyer acquired the property for $20.7 million. The seller was a physician group. Built in 2008, the property features 48,000 square feet of medical office space. The anchor tenant is an orthopedic surgery center operated by USPI and Dignity Health.
REDWOOD CITY, CALIF. — Levin Johnston, a division of Marcus & Millichap, has arranged the purchase of 10 Birch, a multifamily property located at 10 Birch St. in the Mount Carmel neighborhood of Redwood City. A private investor acquired the property for $13.6 million from another private investor, which was the long-time owner of the property. The buyer plans to renovate the exterior of the property, as well as execute a full interior remodel on each of the 27 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the buyer in the transaction.
FREMONT, CALIF. — Rev Projects has purchased a freestanding R&D building, located at 46355 Landing Parkway in Fremont. Oplink Communications, the former occupant, sold the property for $9.6 million, or $183 per square foot. The buyer plans to complete improvements at the 52,321-square-foot building, which is located within Bayside Business Park. Oplink Communications, a United States-based manufacturer of optical components, relocated its operations to a nearby building after being acquired by Koch Industries. Mike Spiro of Newmark Knight Frank Oakland represented the seller in the transaction.
SPARKS, NEV. — NAI Alliance has brokered the sale of Marina Marketplace, a shopping center located in Sparks. An undisclosed buyer purchased the property for $4.4 million. Mark Keyzer negotiated the transaction. The 15,984-square-foot property is occupied by 11 tenants, including Peg’s Glorified Ham ‘N Eggs as the anchor. The name of the seller was not released.