Western

LeClaire-Schlosser Group Brokers Sale of 668-Unit Astrozon Self Storage in Colorado Springs

by Amy Works July 25, 2024

COLORADO SPRINGS, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Astrozon Self Storage, a self-storage facility in Colorado Springs. Terms of the transaction were not released. Located at 3710 Astrozon Blvd., the 53,200-square-foot facility features 668 single-story, drive-up access units. Charles LeClaire and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller, a local limited liability company, and secured the buyer, a New York-based, privately held real estate investment company, in the deal.

July 25, 2024

California Loans Retail Western

MMCC Arranges $5.6M Refinancing for Retail Property in El Cajon, California

by Amy Works July 25, 2024

EL CAJON, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.6 million loan for the refinancing of a retail property located at 13578 Camino Canada in El Cajon, a suburb of San Diego. Tenants at the property include Wells Fargo, Subway, Panda Express, The UPS Store and H&R Block. Chad O’Connor of MMCC’s San Diego office secured the financing with a local credit union on behalf of a private client. Terms of the 10-year loan include a 6.5 percent fixed interest rate with 30-year amortization and a loan-to-value ratio of 65 percent.

July 25, 2024

Acquisitions California Mixed-Use Office Retail Top Stories Western

Tinder Founder Justin Mateen Leads $211M Acquisition of Wilshire Rodeo Plaza Office/Retail Property in Beverly Hills

by Katie Sloan July 25, 2024

BEVERLY HILLS, CALIF. — Tinder founder Justin Mateen, his brother Tyler Mateen and their brother-in-law Pouya Abdi have acquired Wilshire Rodeo Plaza, a Class A office and retail complex located at the corner of Rodeo Drive and Wilshire Boulevard in the posh Los Angeles suburb of Beverly Hills. Nuveen sold the asset for $211 million. The 300,000-square-foot property includes three six-story office and retail buildings along Wilshire Boulevard and a three-story office building along Rodeo Drive. The buyers plan to rebrand the property as One Rodeo, as well as upgrade and re-program the buildings to cater to luxury retail and office tenants. Current tenants include Merrill Lynch/Bank of America, USB, William Morris Endeavor and Encore Recordings. The Mateen brothers and Abdi view the acquisition as a generational property, and hope to take advantage of the “flight to quality” in a struggling office sector with limited new Class A supply. “Iconic buildings such as One Rodeo will continue to benefit from increased demand as the trend toward high-quality assets continues to unfold in a post-COVID world,” says Tyler Mateen, who is CEO of Cannon TTM, a Los Angeles-based real estate investment firm. “We are grateful to be acquiring these buildings at …

July 25, 2024

Development Industrial Mixed-Use Montana Office Retail Western

Venture West Development Underway on 196-Acre Jackrabbit Crossing Mixed-Use Project Near Bozeman, Montana

by Amy Works July 24, 2024

BELGRADE, MONT. — Venture West Development is underway on Jackrabbit Crossing, a 196-acre mixed-use project in Belgrade, roughly 10 miles northwest of Bozeman. Rosauers Supermarkets, which recently signed a long-term lease, will anchor the property. Plans for the development, which is located three miles from the Bozeman Yellowstone International Airport, also include a proposed 53,000-square-foot Amazon distribution center.

July 24, 2024

Acquisitions Arizona Multifamily Western

Bridge Investment Group Divests of 288-Unit Equestrian Multifamily Property in Tucson, Arizona

by Amy Works July 24, 2024

TUCSON, ARIZ. — Bridge Investment Group has completed the disposition of Equestrian, a multifamily property in Tucson. Investors Capital Group acquired the asset for an undisclosed price. Built in 2008, Equestrian features 288 apartments with fully equipped kitchens, granite countertops, in-unit washers and dryers, nine-foot ceilings, large walk-in closets and private patio or balconies. Community amenities include a leasing office, business center, resort-style swimming pool, clubhouse, fitness center, covered parking and 70 private detached garages. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 24, 2024

Acquisitions California Lee & Associates Office Western

NAI Capital, Lee & Associates Negotiate $28.2M Acquisition of Two Office Buildings in San Gabriel Valley, California

by Amy Works July 24, 2024

DIAMOND BAR AND MONTEREY PARK, CALIF. — NAI Capital Commercial has arranged the sale of two separate office buildings in Diamond Bar and Monterey Park, both located in the San Gabriel Valley east of Los Angeles. The assets sold for a total consideration of $28.2 million. Ryan Campbell of NAI Capital Commercial’s Investment Services Group and Tony Naples of Lee & Associates represented the buyer, a private investor, in the transactions. In the first deal, the 80,753-square-foot building at 21680 Gateway Center Drive in Diamond Bar sold for $18.9 million, or $234 per square foot. Situated on a 13.3-acre campus, the fully renovated asset is fully leased to 13 diverse tenants. In the second transaction, a 39,233-square-foot facility at 1100 Corporate Center Drive in Monterey Park sold for $9.3 million, or $237 per square foot. The two-story standalone building features ample parking. The seller or sellers were not disclosed.

July 24, 2024

Acquisitions California Industrial Western

Lee & Associates Brokers $2.4M Sale of Industrial Building in Vista, California

by Amy Works July 24, 2024

VISTA, CALIF. — Lee & Associates – North San Diego County (NSDC) has arranged the sale of an industrial property located at 1204 Avenida Chelsea in Vista, approximately 40 miles north of San Diego. Hyatt Die Cast & Engineering Corp. sold the asset to an undisclosed buyer for $2.4 million. Situated within Vista Business Park, the single-tenant, 7,424-square-foot building features two grade-level doors, 18-foot clear heights and approximately 25 percent office space. Rusty Williams, Chris Roth, Jake Rubendall and Stephen Crockett of Lee & Associates – NSDC represented the seller, while Brandon Powell and Jeff Gan of RE/MAX Direct represented the buyer in the deal.

July 24, 2024

Acquisitions Development Multifamily Washington Western

Marcus & Millichap Arranges $1.8M Sale of Apartment Development Site in Seattle

by Amy Works July 24, 2024

SEATTLE, WASH. — Marcus & Millichap has brokered the sale of a 5,178-square-foot land parcel at 849 NW Market St. in Seattle. A private investor acquired the asset for $1.8 million, or $51,000 per unit. Jake Morse, Ryan Dinus and Sidney Warsinske of Marcus & Millichap’s Seattle office represented the buyer in the deal. The 5,178-square-foot parcel is fully entitled for a 35-unit multifamily development.

July 24, 2024

Affordable Housing California Development Loans Multifamily Western

Berkadia Arranges $151M in Financing for Sea Breeze Gardens Affordable Housing Community in San Diego

by Amy Works July 23, 2024

SAN DIEGO — Berkadia, on behalf of sponsor Lincoln Avenue Communities, has arranged $151 million in financing for Sea Breeze Gardens, an affordable multifamily property in San Diego. The financing includes a $53.5 million Low-Income Housing Tax Credit (LIHTC) equity investment and $97.5 million in bonds that were credit enhanced by Freddie Mac. Situated within the Lincoln Park neighborhood of San Diego, Sea Breeze Gardens is a rehabilitation project and once complete will feature 268 units across 36 two-story walk-up residential buildings. The unit mix consists of 100 two-bedroom units and 168 three-bedroom units. Twenty-seven units will be designated for residents earning up to 30 percent area median income (AMI), 27 units at 50 percent AMI and 212 units at 60 percent AMI. Additionally, the property will offer three employee units, and the community will meet the requirements for mobility and sensory access with a total of 27 units for mobility impairment and 11 units for sensory impairment. Tim Leonhard and Chris McGraw of Berkadia secured the financing for the borrower.

July 23, 2024

Affordable Housing California Development Multifamily Western

IHO, C&C Open $56M Pacific Wind Affordable Housing Community in Carlsbad, California

by Amy Works July 23, 2024

CARLSBAD, CALIF. — Innovative Housing Opportunities (IHO) and C&C Development have opened Pacific Wind, an affordable housing community in Carlsbad, approximately 30 miles north of San Diego. Located at 3875 Sydney Way, the 89-unit property replaced 22 1950s-era duplexes. Pacific Wind features five two- and three-story garden-style walk-up buildings with two play areas for low-income working families and individuals who make between 30 to 80 percent of area median income. The community is already fully leased to more than 300 residents. The property features a clubhouse with leasing and resident service offices, a multi-purpose room with a kitchen and a learning center. Funding sources for the $56 million project include Bank of America, California Municipal Finance Authority, City of Carlsbad and National Equity Fund, as well as federal tax credits. The project team included Bassenian Lagoni Architects, M Zaki Design, JAG Interiors, C&C Construction Services as general contractor, Candela Engineering as electrical engineer, Gouvis Engineering Consultants Group as structural engineer, SWS Engineering as civil engineer, TAD Engineering as MEP and VBK Consulting as project manager.

July 23, 2024

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