Monday, June 16, 2025
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CaliforniaMarket ReportsWesternWestern Market Reports

Southern California’s Imperial Valley Has an Innovative Future

by Jeff Shaw

— By Matt Davis — Imperial County is deeply intertwined with agriculture, experiencing significant growth in both farmable acreage and the value of its agricultural outputs. The region has had a 20 percent increase in the number of farms, a 40 percent expansion in farmed acreage and a nearly 65 percent rise in the market value of agricultural products sold over the past five years. However, agriculture is not the only growing industry in the Valley. It will also soon be recognized for its lithium extraction and geothermal energy production, as well as its role as a strategic logistics hub.  As newer industry sectors continue to grow and evolve in the region, their demand for land will also increase. Fortunately, Imperial County boasts ample available land to meet these needs. Investor interest in Imperial Valley land has surged as agricultural areas — despite continued growth — are increasingly transitioning to higher and better uses in key areas of the Valley.  From Farming To Energy Forward-thinking investors and developers have begun to purchase and reposition legacy agricultural land to support emerging lithium mining operations in northern Imperial County and logistics users near the Calexico-East port of entry in the south. They …

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1600-S-Azusa-Ave-City-of-Industry-CA
AcquisitionsCaliforniaLoansRetailWestern

RCB Equities, REDA Receive $115M Acquisition Loan for Puente Hills Mall in City of Industry, California

by Amy Works

CITY OF INDUSTRY, CALIF. — A joint venture between RCB Equities and Real Estate Development Associates (REDA) has received a $115 million loan for the acquisition of Puente Hills Mall in City of Industry. Located at 1600 S. Azusa Ave., the 56.4-acre Puente Hills Mall is a redevelopment opportunity. The buyers plan to work closely with the City of Industry to formulate a redevelopment plan for the property. Mark Wintner of JLL Capital Markets Debt Advisory obtained the non-recourse, three-year, floating-rate loan through Hankey Capital on behalf of the borrower.

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Schoolhouse-District-Woodinville-WA.jpg
LoansMixed-UseMultifamilyRetailWashingtonWestern

MainStreet Property, HAL Real Estate Obtain $77M Refinancing for Mixed-Use Property in Woodinville, Washington

by Amy Works

WOODINVILLE, WASH. — MainStreet Property Group and HAL Real Estate have received $77 million in refinancing for The Schoolhouse District, a mixed-use asset in downtown Woodinville, a suburb of Seattle. Located at 17409 133rd Ave. NE, The Schoolhouse District consists of four separate buildings, including District Flats offering 254 one-, two- and three-bedroom apartments, and 44,800 square feet of retail space. Apartments offer keyless entry, a balcony or patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. Amenities at District Flats include a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, cafeteria lounge, an enclosed dog park, controlled-access garage and electric vehicle charging stations. The retail section features a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the fixed-rate loan through AXA IM Alts., acting on behalf of its client, for the borrowers.

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17215-W-Camelback-Rd-Goodyear-AZ
ArizonaDevelopmentIndustrialWestern

ViaWest Completes 599,351 SF Sub-Zero Warehouse Facility in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — Phoenix-based ViaWest Group has completed the development of a manufacturing and warehouse facility in Goodyear for kitchen appliance manufacturer Sub-Zero Group. Situated on 36.4 acres at 17215 W. Camelback Road, the 599,351-square-foot property features ultra-high-efficiency HVAC units and 34 truck bays. The warehouse is Sub-Zero’s third facility in the West Valley market. Scottsdale Investment Management is the partner on the industrial build-to-suit project. DLR Group served as architect, Kimley-Horn provided engineering services and Willmeng Construction led the building team.

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AcquisitionsCaliforniaMixed-UseOfficeRestaurantRetailWestern

BH Properties Acquires 405,250 SF Mixed-Use Hazard Center in San Diego’s Mission Valley

by Amy Works

SAN DIEGO — BH Properties has purchased Hazard Center, a mixed-use campus in San Diego’s Mission Valley submarket, for an undisclosed price. Adam Edwards, Justin Shepherd, Michael Kathrein and Bailey Bland of Eastdil Secured represented the undisclosed seller in the transaction. Situated on 14.5 acres, Hazard Center consists of a 15-story, 270,000-square-foot office tower that was completed in 1990 and a more than 135,000-square-foot retail component that was completed in 1989. The office tower is more than 77 percent leased to long-tenured tenants. Current retail tenants include Barnes & Noble, Orangetheory Fitness, BJ’s Brewhouse, Wood Ranch BBQ & Grill, Which Wich Superior Sandwiches and FedEx Office.

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Tempo-Nine-Mile-Station-Aurora-CO
ColoradoDevelopmentMultifamilyWestern

Joint Venture Develops 255-Unit Tempo Nine Mile Station Apartments in Aurora, Colorado

by Amy Works

AURORA, COLO. — A joint venture between Draper and Kramer Inc., Koebel and Co., Mile High Development and Urban Roots Development is developing Tempo Nine Mile Station, a multifamily community with 3,000 square feet of ground-floor retail space at the northeast corner of Parker Road and Peoria Street in Aurora. The property is part of The Point, a 22-acre master-planned development with walkable grocery, restaurant, retail and green spaces. Preleasing now, Tempo Nine Mile Station features 255 apartments in a mix of one-, two- and three-bedroom layouts, ranging in size from 542 square feet to 1,321 square feet. Monthly rental rates for available units were not disclosed. Community amenities include an outdoor pool and landscaped courtyard, a community room, coworking spaces, high-speed Wi-Fi, a bike/ski/kayak storage room, yoga studio, rooftop fitness center and a party deck. The project team includes KTGY Architects and Brinkmann Constructors. The project was financed by a HUD 221(d)(4) loan originated by PGIM Real Estate.

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The-Orion-Orange-CA
CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

Despite Challenges, OC’s Multifamily Sector Sees Light at the End of the Tunnel

by Jeff Shaw

— By Pat Swanson — Orange County’s multifamily housing market is still facing challenges. These include rising operating expenses, such as escalating insurance costs and new regulatory standards like SB 721. However, I am optimistic that the county will experience a soft landing compared to other parts of the country. Inflationary pressures and stringent rent control measures in areas like Santa Ana have heightened financial burdens for property owners, impacting profitability and investment decisions. Investors are increasingly favoring higher-quality, long-term assets in premier coastal locations like Newport Beach where properties have shown robust rent growth, averaging 5 percent annually over the past five years. Our team of multifamily advisors works closely with clients to navigate this evolving landscape, emphasizing opportunities in high-demand, flight-to-quality assets. Seller-carry financing and loan assumptions have emerged as highly sought-after options, appealing to buyers seeking reduced upfront costs and flexible financing terms, while allowing sellers to maximize property value without heavy down payment requirements. There is pent-up demand in Orange County’s multifamily housing market, particularly for properties in the right areas. Our expertise lies in identifying and leveraging these opportunities for our clients. By understanding the nuances of market demand and regulatory changes, we can help …

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Old-River-Place-Bakersfield-CA
AcquisitionsBuild-to-RentCaliforniaSingle-Family RentalWestern

Bascom Group Buys Old River Place Build-to-Rent Community in Bakersfield, California for $56.6M

by Amy Works

BAKERSFIELD, CALIF. — Bascom Group has acquired Old River Place, a build-to-rent single-family multifamily property in Bakersfield’s Southwest submarket, from an undisclosed seller for $56.6 million, or $227,444 per unit. Annette Rice and Jamie Kline of JLL arranged the debt financing for the acquisition with TPG Real Estate Finance Trust as the lender. Mark Bonas of The Mogharebi Group led the firm’s investment sales team that represented the undisclosed seller. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management. Old River Place features 249 two- and three-bedroom apartments in a low-density, single-family residential-style community.

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Promenade-Shops-Orchard-Valley-Manteca-CA
AcquisitionsCaliforniaRetailWestern

Grupe Huber Acquires 400,000 SF Promenade Shops at Orchard Valley in Manteca, California

by Amy Works

MANTECA, CALIF. — Grupe Huber has purchased The Promenade Shops at Orchard Valley, a regional shopping center in Manteca, located east of the Bay Area and south of Sacramento. Terms of the transaction were not released. Guper Huber plans to revitalize the retail property. Situated on 54 acres, the asset offers nearly 400,000 square feet of retail space. Current tenants include Bass Pro Shop, AMC Theatre, JC Penney and Valley Fitness. Sutter Health recently leased 17,500 square feet of space and will open in early 2025. Built in 2008, The Promenade Shops at Orchard Valley is located off Highway 120 at Union Road. JLL handles leasing and management of the property.

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690-N-Cofco-Center-Ct-Phoenix-AZ
AcquisitionsArizonaHealthcareOfficeWestern

Cushman & Wakefield Brokers Sale of 77,386 SF Gateway Medical Center in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has negotiated the sale of a medical office building, located at 690 N. Cofco Center Court in Phoenix. An entity managed by a subsidiary of LNR Partner sold the asset to an undisclosed buyer for $7.2 million. Built in 2002 on 4.8 acres, the two-story, 77,386-square-foot property is commonly known as Gateway Medical Center. At the time of sale, the multi-tenant property was 35 percent leased. The asset features a newly renovated, two-story lobby with a staircase, elevator service and covered canopy parking. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller in the deal.

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