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Campus-Oaks-Town-Center-Roseville-CA
CaliforniaDevelopmentRetailWestern

Armstrong Development to Build 240,000 SF Shopping Center in Roseville, California

by Amy Works

ROSEVILLE, CALIF. — Armstrong Development has announced plans for Campus Oaks Town Center, a shopping center located at the corner of Blue Oaks Boulevard and Roseville Parkway in Roseville. The Roseville City Council recently unanimously approved the project. Construction for the 240,000-square-foot property is slated to begin in spring 2019, with delivery scheduled for summer 2020. Nugget Markets and 24 Hour Fitness will anchor the property, which is approximately 66 percent leased to date and expected to be 85 percent leased by the start of construction. Additional tenants will include The Learning Experience, MOD Pizza, Posh Nail Salon, Fresh Cleaners, Jasmine Mongolian BBQ, Supercuts and Ben’s Barketplace.

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Vista-Del-Sol-Pleasanton-CA
AcquisitionsCaliforniaMultifamilyWestern

Levin Johnston Negotiates $24.2M Sale of Vista Del Sol Apartments in Bay Area

by Amy Works

PLEASANTON, CALIF. — Levin Johnston of Marcus & Millichap has directed the sale of Vista Del Sol, a multifamily property located at 2451-2529 Santa Rita Road in downtown Pleasanton. A private LLC sold the property to a local investor for $24.25 million. Situated on 3.4 acres, Vista Del Sol features 73 apartments, 50 of which were recently remodeled. The property underwent a $1.4 million capital improvement campaign consisting of extensive exterior and interior upgrades, including a remodeled clubhouse, updated gym and outdoor pool/barbecue area, and new signage. Adam Levin and Robert Johnston of Levin Johnston represented the seller and buyer in the deal.

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Avenues-Crofton-Park-Broomfield-CO
ColoradoLoansMultifamilySeniors HousingWestern

HFF Arranges $21.4M Financing for Independent Living Community in Metro Denver

by Amy Works

BROOMFIELD, COLO. — HFF has arranged $21.4 million in financing for The Avenues Crofton Park, a 90-unit independent living community in the Denver suburb of Broomfield. Developed by McBroom Co. and managed by The Avenues Co., The Avenues Crofton Park features 70 rental apartment homes and 20 cottages. The HFF team led by Leon McBroom secured a 10-year, fixed-rate loan through Freddie Mac’s CME Program. HFF will also service the loan. The community was 98 percent occupied at closing. The planned use of the funds was not disclosed.

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1467-Davril-Circle-Corona-CA
AcquisitionsCaliforniaIndustrialWestern

Voit Real Estate Directs $19.6M Sale of Three-Building Industrial Portfolio in Corona, California

by Amy Works

CORONA, CALIF. — Voit Real Estate Services’ Anaheim office has brokered the sale of a three-building industrial portfolio located in Corona. A private investor sold the assets to TH Real Estate, a real estate investment manager, for $19.6 million. Located at 1467 and 1468 Davril Circle and 1461 Railroad St., the portfolio features 130,474 square feet of industrial space. Thoro Packaging occupies all three buildings under a long-term lease. The packaging company uses the properties for its corporate headquarters, manufacturing and distribution. Thoro Packaging is a wholly owned subsidiary of Autajon, a French company with more than 4,200 employees and 36 subsidiaries worldwide. Mike Hefner of Voit represented the seller and buyer in the deal.

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River-Ranch-Chandler-AZ
AcquisitionsArizonaMultifamilyWestern

Greystar Purchases 188-Unit River Ranch Apartments in Metro Phoenix for $32M

by Amy Works

CHANDLER, ARIZ. — Greystar GP II, an entity formed by Charleston, S.C.-based Greystar, has acquired River Ranch, a multifamily property located at 6152 W. Oakland St. in Chandler. PHX Oakland 2010, a company formed by San Mateo, Calif.-based Acacia Capital Corp., sold the property for $32 million. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal. River Ranch is a two-story, 11-building, garden-style complex that features 188 units in a mix of one- and two-bedroom floor plans, averaging 742 square feet. Built in 1986, the property has undergone $2.5 million of capital improvements over the last seven years, including washers/dryers installed in all units, roof replacement, exterior paint and new black appliance packages in 31 units.

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Rialto-Fulfillment-Center-3-Rialto-CA
CaliforniaDevelopmentIndustrialWestern

Bridge Development Begins Construction of 505,906 SF Industrial Building in Rialto, California

by Amy Works

RIALTO, CALIF. — Bridge Development has started construction of Rialto Fulfillment Center 3, a speculative Class A industrial building in Rialto. Located at 12050 Agua Mansa Road, the 505,906-square-foot building will feature 36-foot clear heights, 67 dock-high loading positions, two ground-level doors, 254 auto parking spaces, 185-foot fully secured concrete truck positions and 151 outside-of-dock trailer storage positions. Completion is slated for fourth-quarter 2019. Peter McWilliams, Mike McCrary, Ruben Goodsell and Sharon Wortmann of JLL’s Ontario, Calif., office are handling the leasing efforts for the property.

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Desert-Marketplace-Las-Vegas-NV
LoansNevadaRetailWestern

Bellwether Enterprise Arranges $36M Loan for Desert Marketplace Shopping Center in Las Vegas

by Amy Works

LAS VEGAS — Bellwether Enterprise Real Estate Capital has closed a $36 million permanent loan for Desert Marketplace, a shopping center located at the intersection of Warm Springs Road and Durango Drive in Las Vegas. Grass River Real Estate Credit Partners REIT provided the financing, which features a $33 million loan placed with 3650 REIT through its CLBS platform and a $3 million mezzanine loan from a third-party lender. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the loan on behalf of the borrower, Durango Warm Springs III. Smith’s, Walgreens, TJ Maxx, Petco and Big 5 Sporting Goods anchor the 200,000-square-foot shopping center.

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Walmart-Palm-Desert-CA
AcquisitionsCaliforniaRetailWestern

Paragon Commercial Group Sells Walmart Property in Palm Desert for $13.5 Million

by Amy Works

PALM DESERT, CALIF. — Paragon Commercial Group has sold a single-tenant, 45,648-square-foot, Walmart-occupied property in Palm Desert. A private investor from Chicago acquired the property for $13.5 million. William Bauman, Kyle Miller and Matthew Schwartz of Newmark Knight Frank represented seller in the transaction while Mike Mintz of Millennium Properties represented the buyer. The property sold at a cap rate of 5 percent and a price per square foot of approximately $296. The triple-net leased asset is situated on 5.37 acres at 72314 Highway 111.

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21200-Oxnard-St-Woodland-Hills-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

Bolour Associates Acquires 50,000 SF Flex Building in Woodland Hills, California

by Amy Works

WOODLAND HILLS, CALIF. — Bolour Associates has purchased a flex commercial building, located at 21200 Oxnard St. in Woodland Hills, for an undisclosed price. Situated on three acres, the property features 50,000 square feet of commercial space. Additionally, the building is part of the Warner Center 2035 Specific Plan, which promotes high-density development in the Warner Center neighborhood of San Fernando Valley. The building is surrounded by development, including a 120,000-square-foot seniors housing facility, 110,000-square-foot medical office building, 170-room hotel and 461-unit apartment complex. Nigel Stout of JLL represented the buyer in the deal. David Harding, Billy Walk and David Josker of CBRE will oversee the leasing of the property.

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Orange County’s Industrial Demand Fuels Rent Growth

by Taylor Williams

The industrial market in Orange County remains strong as demand continues to far outweigh supply. Vacancy throughout the region remains at historic lows, staying below 3 percent for the 13th consecutive quarter through the third quarter of this year. The largest submarket, North Orange County, is also the tightest submarket with a 1.2 percent overall vacancy. As an infill market, we do not anticipate significant increases in vacancy within the Orange County industrial marketplace for the foreseeable future, despite the new developments recently delivered, planned or under construction. There are several significant industrial development projects in various stages in the county. This is welcome news by users seeking to upgrade and expand into modern facilities while maintaining local operations. The first is a 30-acre redevelopment site in Huntington Beach that was purchased by Sares Regis Group earlier this year. Sares Regis is expected to begin construction shortly, with plans to deliver more than 600,000 square feet of new product in late 2019. Shea Properties recently began construction on Shea Business Center in Santa Ana, which is planned for nearly 530,000 square feet and a completion date in 2019. Western Realco is also nearing completion of Beckman Business Center, a 900,000-square-foot, …

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