Monday, June 23, 2025
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CaliforniaLoansOfficeWestern

Stillwater Investment Group, CrossHarbor Capital Partners Obtain $34M Loan for QLogic Office Campus in California

by Nellie Day

ALISO VIEJO, CALIF. — A joint venture between Stillwater Investment Group and CrossHarbor Capital Partners has obtained a $34 million loan to renovate and lease Element, a 165,028-square-foot office campus in the Orange County submarket of Aliso Viejo. The Class A campus is located at 26600, 26650 and 26700 Aliso Viejo Parkway. The property formerly served as the headquarters for QLogic. Element is situated near the 73 Freeway, close to the Aliso Viejo Town Center, Renaissance Clubsport and John Wayne Airport. HFF secured the loan through Amherst Capital Management.

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MultifamilyUtahWestern

Keller Investment Properties Buys 330-Unit Apartment Complex in Utah

by Nellie Day

SANDY, UTAH — Keller Investment Properties has purchased the Park at City Center, a 330-unit apartment complex in Sandy. Though the price was not disclosed, this was the “largest total dollar sale price for a single multifamily asset this year,” according to CBRE’s Patrick Bodnar and Eli Mills, who executed the transaction. The Park at City Center is located at 213 W. Civic Center Drive. Resort-style amenities include a swimming pool, hot tubs, golf simulator, executive-style lounge, expansive fitness center, designer clubhouse and mixed media room. Kaplan Development opened the property in July 2017.

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CaliforniaRetailWestern

Panda Express Opens 2,000th Restaurant

by Nellie Day

ROSEMEAD, CALIF. — Panda Express, which first opened on the West Coast in 1983, has opened its 2,000th location, with the newest location in New York City. Located in Manhattan, where Panda Express marked its East Coast expansion in 2015, the new restaurant is at the corner of Broadway and 111th Street. The 1,500-square-foot restaurant will provide seating for up to 38 guests. Since launching its first traditional New York City location two years ago, Panda Express has opened five additional New York City restaurants, with an upcoming opening in Brooklyn before the end of the year.

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CaliforniaRetailWestern

Robert Redford’s Sundance Debuts New Apparel Store in San Diego

by Nellie Day

SAN DIEGO — Sundance, a retailer of women’s and men’s apparel, footwear, jewelry, accessories, art and home décor, has opened its newest store in Westfield University Town Center in San Diego. Since August 2015, Sundance has opened stores in Edina, Minn.; Dallas; Southlake, Texas; Scottsdale, Ariz.; Tigard, Ore.; Atlanta; and Leawood, Kan., adding to its existing legacy stores in Park Meadows, Colo., and Corte Madera, Calif. Robert Redford, the famed actor, director and visionary of independent filmmaking, founded Sundance Catalog in 1989 to promote the works of artists and craftspeople from across the country and around the world. Sundance headquarters are located in Salt Lake City.

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CaliforniaMultifamilyTop StoriesWestern

MG Acquires 456-Unit Apartment Community in Vista, Calif. for $117.5M

by Taylor Williams

VISTA, CALIF. — San Diego-based multifamily investment firm MG Properties Group has acquired Waterleaf Apartments, a 456-unit multifamily community located at 333 Emerald Drive in Vista, about 40 miles north of San Diego, for $117.5 million. Built in 1986, the garden-style property offers convenient access to I-15 and I-5, as well as U.S. Highways 76 and 78. Amenities include two clubhouses, two pools, two fitness centers, two sports courts, a playground and a business center. MG Properties Group will continue the interior renovation plan currently in place, which will focus on upgrading the property’s common areas. “We are pleased to grow our existing San Diego portfolio, particularly in the North County region,” says Mark Gleiberman, CEO of privately owned MG Properties Group. “Waterleaf is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.” Ed Rosen and John Chu of Berkadia represented the undisclosed sellers in the transaction. In addition, Brian Eisendrath of CBRE arranged $76.4 million in Fannie Mae financing for the acquisition. Over the past 12 months, MG Properties Group has acquired 11 properties totaling more than 4,000 units and $817 million in capital investment. — Taylor Williams

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IndustrialWashingtonWestern

Peregrine Realty Partners Buys 205,554 SF Industrial Property in Seattle for $36.5M

by Nellie Day

SEATTLE — Peregrine Realty Partners has purchased North Creek Parkway Center, a 205,554-square-foot flex industrial/office park in the North Creek submarket east of Seattle, for $36.5 million. The six-building center is located at 11804-18916 North Creek Parkway. Almost half of North Creek Parkway Center’s tenants have leased space in the park for 10 plus years, including anchor Alder Biopharmaceuticals. HFF represented both the buyer and seller, an affiliate of KBS Capital Advisors, in this transaction.

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ColoradoMultifamilySeniors HousingWestern

Avenida Partners Starts Construction of 230-Unit Active Adult Community Near Denver

by Nellie Day

LAKEWOOD, COLO. — Avenida Partners has started the construction of Avenida Lakewood, a 230-unit age-restricted community in the Denver suburb of Lakewood. KTGY Architecture + Planning designed the project, which is located six miles from downtown Denver. The four-story community is located on 6.1 acres and is restricted to residents age 55 and older. Avenida Lakewood is part of the Oak Station Marketplace mixed-use development serving the newly-constructed W Light Rail Oak Station. The apartments at Avenida Lakewood range in size from 793 square feet to 1,238 square feet and include a mix of 92 one-bedroom apartments and 138 two-bedroom apartments. The presale office is slated to open in May 2018. The community grand opening is planned for spring 2019. Avenida Partners LLC is a real estate development, investment and property management firm focused solely on building active adult, market-rate rental communities. Headquartered in Newport Beach, Calif., the company has current developments in Oklahoma, Tennessee, Colorado and Illinois.

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ArizonaMultifamilyWestern

Gelt Baseline Holdings Sells Mission Springs Apartments in Tempe for $33.8M

by Nellie Day

TEMPE, ARIZ. — 29th Street Management II LLC has acquired the 306-unit Mission Springs apartment complex in Tempe for $33.8 million. The community is located at 1311 W. Baseline Road. Mission Springs was built in 1987. Each unit includes modern appliances, hardwood flooring, washer and dryer, oversized closets, private balcony or patio, and vaulted ceilings. The community offers a swimming pool with a sun deck and spa, picnic area with barbecues, business center with WiFi and covered parking. Jim Crews of Cushman & Wakefield represented the seller, Gelt Baseline Holdings LLC, in this transaction.

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CaliforniaHospitalityWestern

Brighton Management Acquires 50-Room Hyatt Place in Vista, California

by Nellie Day

VISTA, CALIF. — Brighton Management has purchased the 50-room Hyatt Place hotel in the San Diego submarket of Vista for an undisclosed sum. The hotel is located at 2645 S. Melrose Drive. The four-story hotel opened in 2012. It offers 1,200 square feet of meeting space, a 24/7 guest kitchen, gallery market and bakery café. CBRE Hotels represented the seller, an affiliate of Irvine-based CoreCapital that purchased the hotel in 2014. Brighton Management represented itself in the transaction. The company will also manage the hotel.

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