LAS VEGAS — CommCap Advisors has arranged $7.2 million in refinancing for Spencer Street Industrial in the Las Vegas Airport submarket. The borrower was Spencer Street Investors LLC. The property consists of two single-story multi-tenant warehouse and distribution facilities totaling 162,342 rentable square feet. CommCap Advisors secured the full-term interest-only loan through one of CommCap’s correspondent life insurance companies.
SANTA MONICA, CALIF. — Gortikov Capital has acquired Samo Collection, a portfolio of income- and rent-restricted affordable housing units in Santa Monica, for $120 million. Spanning 11 buildings, the portfolio offers a total of 399 units. Built between 1997 and 2009, Samo Collection features studio, one-, two- and three-bedroom units with stainless steel appliances, hardwood-style flooring and central heating and air conditioning. The name of the seller was not released.
TUCSON, ARIZ. — Atlanta-based TPA Group has broken ground on Butterfield Logistics Center, an industrial project in Tucson. Situated within Butterfield Business Center, the logistics center is slated for completion by third-quarter 2025. The 194,879-square-foot building will feature 32-foot clear heights, ESFR fire-sprinkler systems, 50-foot column spacing and 135-foot truck courts. The Class A facility will offer lease opportunities from 32,232 square feet and larger. The project team includes Atlas Collaborative Architects and FCL Builders.
FRESNO, CALIF. — Faris Lee Investments has arranged the $5.3 million presale of a newly constructed, single-tenant retail property in Fresno. The Learning Experience daycare occupies the property on a long-term 20-year net-lease basis. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee represented the seller in the transaction. The names of the buyer and seller were not released.
DENVER — NorthPeak Commercial Advisors has brokered the sale of an apartment building located at 4630 E. Ashbury Circle in Denver. The 12-unit asset traded for $2.4 million, or $197,916 per unit. The names of the seller and buyer were not released. Jack Sherman and Hunter Schaefer of NorthPeak Commercial Advisors represented the seller, while Kevin Calame and Matt Lewallen, also with NorthPeak, represented the buyer in the deal.
WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a 12-unit multifamily property in Westminster. The asset traded for $2 million, or $169,583 per unit. Chris Knowlton of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the transaction.
INGLEWOOD, CALIF. — KPC Development Co. has announced its newest project, Kali Hotel and Rooftop, Autograph Collection, at Hollywood Park in Inglewood. Located at 3737 Stadium Drive, the 300-key hotel is adjacent to SoFi Stadium (home of the Los Angeles Rams and Los Angeles Chargers) and YouTube Theater, within walking distance to Intuit Dome (home of the Los Angeles Clippers) and Kia Forum and four miles from Los Angeles International Airport (LAX). The 13-story hotel will offer 34 suites, a pool and yoga deck, spa, fitness center, three food-and-beverage concepts and nearly 20,000 square feet of meeting and event space. The property will also offer 315 onsite parking stalls. The hotel will join Autograph Collection Hotels, part of Marriott Bonoy’s global portfolio of more than 30 brands. The development team includes Clayco as general contractor and design firms Lamar Johnson Collaborative and Sixteenfifty Creative Intelligence.
TEJON RANCH, CALIF. — Tejon Ranch Co. has signed a joint venture agreement with Dedeaux Properties to develop and lease a 510,500-square-foot, industrial warehouse at Tejon Ranch Commerce Center (TRCC) in Tejon Ranch. TRCC is a mixed-use master-planned community that operates as a logistics hub serving all of California and the western United States. The facility will be located on 25 acres just east of Interstate 5. The Class A warehouse will offer Class A divisible cross-dock space with 185-foot truck courts and 36-foot clear heights. Mac Hewett, Mike McCrary and Brent Weirick of JLL will serve as listing agents for the industrial facility. As master developer of TRCC, Tejon has realized 8.2 million square feet of industrial development with an additional 11.1 million square feet of entitled property remaining. TRCC also has 674,000 square feet of existing commercial development, including the Outlets at Tejon. Tejon Ranch Co.’s first residential offering, the 228-unit first phase of Terra Vista at Tejon, a 495-unit apartment community, will open in spring 2025.
MILPITAS, CALIF. — CBRE has arranged the sale of Ascend Apartments, a multifamily community in Silicon Valley. Keith Manson of CBRE represented the buyer in the off-market transaction. Details of the deal were not released. Located at 1821 S. Milpitas Blvd. in Milpitas, Ascend Apartments features 266 studio, one- and two-bedroom floor plans, courtyards, a rooftop terrace with a skyline swimming pool and spa and a fitness center with an outdoor yoga lounge. Built in 2021, the community is situated across from the Milpitas BART and VTA Light Rail stations.
ALAMEDA, CALIF. — CalBay Development has completed the sale of a single-tenant restaurant property in Alameda to a Thousand Oaks, Calif.-based private investor for $4 million. Jack in the Box occupies the 2,583-square-foot building, which includes a drive-thru. Located at 1257 Park St., the property was originally renovated in 1991. Bill Asher, Jeremy McChesney and Jeff Lefko of Hanley Investment Group, along with Cherie Huillade of Colliers, represented the seller in the deal. Jake Kim of Westlake Village, Calif.-based Pinnacle Estate Properties represented the buyer.
