Saturday, July 19, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Western

2345-Britannia-Blvd-San-Diego-CA.jpg
AcquisitionsCaliforniaIndustrialWestern

EQT Exeter Buys Martin Furniture-Occupied Warehouse Building in San Diego for $23.4M

by Amy Works

SAN DIEGO — EQT Exeter, the real estate division of EQT, has acquired an industrial property located at 2345 Britannia Blvd. in the Otay Mesa submarket of San Diego. Washington Capital Management sold the warehouse for $23.4 million. Martin Furniture, a manufacturer of case good furniture for dining, office and entertainment, fully occupies the 115,520-square-foot building as its headquarters. The property offers 32-foot clear heights, grade- and dock-high loading capabilities and well-designed ingress/egress. Bryce Aberg, Jeff Chiate, Jeffrey Bole, Matthew Leupold and Ryan Demarest of Cushman & Wakefield’s National Industrial Advisory Group-West represented the seller in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
Renaissance-III-Las-Vegas-NV
AcquisitionsLoansNevadaRetailWestern

CommCap Advisors Arranges $23M Acquisition Loan for Las Vegas Shopping Center

by Amy Works

LAS VEGAS — CommCap Advisors has arranged a $23 million bridge loan for the acquisition of Renaissance III, a retail property in Las Vegas, on behalf of an entity doing business as Aspen NV LLC. Situated on 23 acres at 3220-3370 E. Flamingo Road, Renaissance III offers 39 retail units totaling 225,748 square feet. Specific tenants were not released. Provided by Symetra Financial, the loan features a three-year, interest-only term at 8.89 percent. The financing was structured to accommodate the borrower’s plans for property renovations to enhance leasing opportunities.

Continue Reading
FacebookTwitterLinkedinEmail
Rifle-Apts-Rifle-CO
Affordable HousingColoradoDevelopmentMultifamilyWestern

Evergreen Real Estate Breaks Ground on 60-Unit Affordable Housing Community in Rifle, Colorado

by Amy Works

RIFLE, COLO. — Chicago-based Evergreen Real Estate Group has commenced construction on Rifle Apartments, an income-restricted apartment community in Rifle, a city in western Colorado along I-70. Filling a vacant 4.7-acre site at 115, 123 and 131 Park Ave., Rifle Apartments will be the first family-oriented Low-Income Housing Tax Credit (LIHTC) project built in Rifle over the past 20 years. Slated for completion for fall 2025, Rifle Apartments will offer 30 one-bedroom units, 20 two-bedroom units and 10 three-bedroom units spread across three three-story buildings. The apartments are reserved for households earning between 30 percent and 80 percent of the area median income (AMI). Of the 60 total apartments, 14 will be set aside as project-based voucher units for families who are at or below 30 percent AMI. Homes will feature open layouts with market-comparable finishes, including vinyl plank flooring, LED lighting, full kitchens with Energy Star-rate appliances, baths with step-in showers and low-flow plumbing fixtures and in-unit laundry. Onsite amenities will include a community room, fitness room, storage lockers and abundant green space that includes a playground. Additionally, the property will offer 115 free parking spaces, including electric vehicle charging stations. Designed by ej architecture, Rifle Apartments will be …

Continue Reading
FacebookTwitterLinkedinEmail
10333-W-Buckeye-Rd-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Lincoln Property Co., Goldman Sachs Sell Buckeye85 Industrial Building in Phoenix

by Amy Works

PHOENIX — Lincoln Property Co. and Goldman Sachs have completed the sale of Buckeye85, a Class A industrial building in Phoenix, to LaSalle for an undisclosed price. The 321,892-square-foot building features 36-foot clear heights, full concrete truck courts, a 95-door cross-dock configuration, a speculative office suite and an employee-centric outdoor amenity space with shaded and landscaped areas, built-in barbecue equipment and seating for relaxing, outdoor dining and games. Tempur-Pedic, part of Tempur Sealy International, fully occupies the Class A industrial property, located on 20 acres at 10333 W. Buckeye Road. The mattress and pillow maker uses the facility to distribute to the Western United States, from Colorado to the Pacific Coast. Will Strong and Molly Hunt of Cushman & Wakefield represented the sellers in the deal. Marc Hertzberg and Riley Gilbert of JLL served as the investment sales team’s property leasing experts. Gilbert also represented Tempur-Pedic in its lease agreement, bringing Tempur-Pedic’s metro Phoenix industrial footprint to nearly 1.5 million square feet.

Continue Reading
FacebookTwitterLinkedinEmail
Silva-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Berkadia Secures Acquisition Financing for 221-Unit Silva Apartments in Los Angeles

by Amy Works

LOS ANGELES — Berkadia has secured acquisition financing on behalf of a joint venture between California-based Cityview and New York-based Wafra for the purchase of Silva, a mid-rise multifamily community in Los Angeles. Allan Freedman, Ben Harris, Charlie Haggard, Kevin Mignogna and Michael Beach of Berkadia arranged the floating-rate loan through 3650 REIT. Patrick McGlohn and Brian Gould of Berkadia also assisted with the financing. The loan facilitated the acquisition of Silva at the receipt of Temporary Certificate of Occupancy (TCO). Cityview and Wafra began lease-up of the community following closing. Located at 235 N. Hoover St. on the city’s northwest side, Silva features 221 apartments with floor-to-ceiling windows, condo-quality finishes and an average unit size of 1,000 square feet.

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaDevelopmentHospitalityWestern

LEGOLAND, McCarthy Top Off 372,000 SF Parking Structure in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — LEGOLAND California Resorts, with McCarthy Buildings Cos. as design-builder, is developing a 372,000-square-foot parking structure at LEGOLAND California Resort in Carlsbad. The team has topped out the four-story project, which is slated for completion in late 2025. The $20 million project will feature 1,130 stalls, including 57 electric-vehicle (EV) ready stalls with the option to add an additional 56 EV stalls. McCarthy’s design-build services for the project include preconstruction, marketing, scheduling, VDC, McCarthy Mapping, Castle Contracting, self-perform concrete and yard site services.  

Continue Reading
FacebookTwitterLinkedinEmail
LandingHotel-Ketchikan-AK
AcquisitionsAlaskaHospitalityRestaurantRetailWestern

Crystal Investment Property Brokers Sale of 107-Key Landing Hotel in Ketchikan, Alaska

by Amy Works

KETCHIKAN, ALASKA — Crystal Investment Property (CIP), a member of Hotel Brokers International, has arranged the sale of The Landing Hotel, Restaurant & Pub in Ketchikan. CIP’s Joseph Kennedy, along with Mary Wanzer, a licensed Alaska broker, represented the undisclosed seller in the deal. The name of the buyer and acquisition price were not released. Located at 3434 Tongass Ave., The Landing Hotel, Restaurant & Pub is a 107-key, independent mid-scale hotel. The full-service property offers flexible meeting and events space, event planning and catering for onsite and offsite events, a lounge area, fireplace, business center, fitness center and courtesy shuttle service. Additionally, the hotel is home to two dining options: The Landing Restaurant and Jeremiah’s Pub.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsArizonaRetailWestern

Cushman & Wakefield | PICOR Arranges $1.2M Sale of Retail Space in Tucson

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of a retail space at 151 W. Orange Grove Road in Tucson. MH Holding Group LLC, dba Learn & Play Daycare Preschool, acquired the asset from Foothills Business Ventures for $1.2 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the seller, while Cory Lamb and Robert Lamb of Long Realty Co. represented the buyer in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

San Francisco Multifamily Market Stagnates Amid High Rates

by Jeff Shaw

— By Dustin Dolby, executive vice president, Colliers — During the second quarter of 2024, the San Francisco multifamily market endured high interest rates and delayed cuts. Between June and December of 2023, expectations of the Federal Reserve cutting rates spurred an increase in transactional activity following an apparent lull in the first quarter of 2023 as interest rates remained elevated. This two-peat of complacent transactions can be attributed to the looming decision concerning interest rate trajectories and its projections. Upon reaching the second quarter of 2024, we have yet to see any such cuts applied. This — along with the Federal Reserve’s consistent reluctance to cut — has resulted in a plateau of transactional volume within the San Francisco multifamily market. Development within the San Francisco submarket has faced similar stagnation. However, this can be attributed to a lengthy “shot clock” that new developments face regarding the city approval process. Because of this, projects that focus on a large percentage of affordable units have been streamlined and comprise the bulk of new developments in the market. If the Federal Reserve lowers interest rates by the end of the third or fourth quarter of this year — as anticipated in its …

Continue Reading
FacebookTwitterLinkedinEmail
Varsity-Apts-Berkeley-CA
AcquisitionsCaliforniaMultifamilyStudent HousingWestern

Barings Sells 263-Bed Varsity Berkeley Student Housing Community in California

by Amy Works

BERKELEY, CALIF. — Barings has divested of Varsity Berkeley, a purpose-built student housing property in Berkeley. Hawkins Way Capital acquired the asset for an undisclosed price. Within walking distance of the University of California, Berkeley campus, Varsity Berkeley offers 79 units totaling 263 beds in a mix of furnished and unfurnished studio, two- and three-bedroom floor plans with fully equipped kitchens and bathrooms that include washers and dryers. Community amenities include a rooftop terrace and sun deck, a recently renovated resident lounge, ground-floor courtyard with firepit and electric car charge. Peter Katz and Salvatore Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Tony Solomon served as Marcus & Millichap’s broker of record in California.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts