Western

Tower 16, Raith Capital Partners Buy Ascend on Glendale Apartments in Arizona

by Amy Works August 2, 2024

GLENDALE, ARIZ. — Tower 16 Capital Partners, in partnership with Raith Capital Partners, has acquired Ascend on Glendale, a multifamily community in Glendale’s Westgate Entertainment District. Glendale is a suburb northwest of Phoenix. The price was not disclosed, but the property was purchased for “well below today’s replacement cost,” according to the buyers. The buyers plan to invest $1 million in upgrades and rebrand the Class A property as Obsidian on Glendale. Built in 2023, the two-story, garden-style community features 216 one-, two- and three-bedroom, averaging 921 square feet. Amenities include a swimming pool, fitness center and clubhouse. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the transaction. Brian Share and Craig Branton of Cushman & Wakefield secured debt financing for the buyer.

August 2, 2024

Acquisitions Colorado Multifamily Western

Brixton Capital Acquires 114-Unit Parkside at Littleton Village Multifamily Community in Colorado

by Amy Works August 2, 2024

LITTLETON, COLO. — Brixton Capital has purchased Parkside at Littleton Village, a multifamily property at 300 E. Fremont Place in Littleton, a suburb south of Denver. Terms of the transaction were not released, but Brixton plans to rebrand the property. Built in 2022, the community offers 114 units, with an average unit size of 1,215 square feet and ceiling heights from nine to 13 feet. Community amenities include a clubhouse, café, outdoor fireplaces, secure controlled entry doors and elevators, and an entertainment and game room. Additionally, the property offers a pet park, playground, co-working spaces with Wi-Fi, garage parking with electric vehicle charging stations, a fitness center, package lockers and outdoor barbecue areas. Brixton will partner with Sares-Regis to manage daily operations at the property. Matt Barnett of Walker & Dunlop represented the seller, while Brixton was self-represented in the deal.

August 2, 2024

Acquisitions California Industrial Western

Marcus & Millichap Brokers Sale of 33,183 SF Industrial Building in Cameron Park, California

by Amy Works August 2, 2024

CAMERON PARK, CALIF. — Canada-based Can-Windoor Hardware USA LLC has entered the United States market with the acquisition of an industrial headquarters property in Cameron Park, approximately 30 miles east of Sacramento. Reynolds Family Trust sold the asset for $5.3 million. The seller originally built the 33,183-square-foot property, located at 4261 Business Drive, as headquarters for its business, Snowline Engineering. The property includes a full rooftop solar array. Mark Hefner of Marcus & Millichap represented the seller, while David Campbell of Marcus & Millichap Capital Corp. advised the buyer and seller in the deal.

August 2, 2024

Acquisitions California Retail Western

Progressive Real Estate Arranges $3.6M Sale of Retail Strip Center in Riverside, California

by Amy Works August 2, 2024

RIVERSIDE, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail strip center located at 3948-3964 University Ave. in the Inland Empire city of Riverside. A Los Angeles-based seller sold the asset to an Orange County-based private investor for $3.6 million, or $503 per square foot. Fully leased to six tenants at the time of sale, the 7,250-square-foot property offers suites ranging from 750 square feet to 1,750 square feet. The asset was recently remodeled. Greg Bedell of Progressive Real Estate Partners represented the seller, while Girges Gad of Pacific Realty & Finance represented the buyer in the transaction.

August 2, 2024

Acquisitions California Industrial Self-Storage Western

Merit Hill Capital Purchases 726-Unit Bear Valley RV Park and Self Storage in Hesperia, California

by Amy Works August 2, 2024

HESPERIA, CALIF. — New York-based Merit Hill Capital has acquired Bear Valley RV Park and Self Storage, a self-storage facility at 18435 Bear Valley Road in the Inland Empire city of Hesperia. The price was not disclosed. Brian Somoza of JLL Capital Markets Self Storage team represented the undisclosed seller and procured the buyer in the deal. Built in 1996 on 49.6 acres, Bear Valley RV and Self Storage features 726 units spread across a single-story structure, RV parking units, surface parking units and portable storage units. Additionally, the facility offers electronic gate access, 24-hour video surveillance, climate-controlled units and an on-site office. Right Move Storage manages the property, which is 87 percent occupied.

August 2, 2024

Industrial Loans Nevada Western

Tolles Development Receives $114M in Financing for 890,000 SF Airway Commerce Center in Reno, Nevada

by Amy Works August 1, 2024

RENO, NEV. — CBRE has arranged $114 million in financing for Airway Commerce Center in Reno on behalf of Tolles Development Co. Mike Walker and Brad Zampa of CBRE’s debt and structured finance team secured the three-year, nonrecourse loan from Barings, a Massachusetts-based global investment management firm. Eric Bennett of CBRE is handling leasing, while CBRE’s Brett Hartzell facilitated the sale. Located at 3000-3030 Airway Drive, Airway Commerce Center features four buildings offering a total of 890,000 square feet of Class A industrial space. The buildings feature high clear heights, ample car and trailer parking, 152 dock-high doors, 28 drive-in doors and multiple points of ingress/egress. Airway Commerce Center is adjacent to the Reno-Tahoe International Airport and is within five miles of the regional and national freeways, including interstates 580 and 80, McCarren Boulevard, downtown Reno and the California-Nevada border.

August 1, 2024

Acquisitions California Civic Western

City of Oakland Sells Share of Athletics Coliseum to African American Sports and Entertainment Group for $105M

by Amy Works August 1, 2024

OAKLAND, CALIF. — The City of Oakland has agreed to sell its share of the Oakland-Alameda County Coliseum complex to African American Sports and Entertainment Group (AASEG) for $105 million. Mayor Sheng Thao signed off on the city’s sale of the property, where the MLB’s Oakland Athletics currently play. Revenue from the sale to AASEG will be used to close part of the city’s budget deficit — $117 million this year and $175 million next year. Payments for the sale of Oakland’s 50 percent stake in the Coliseum site to AASEG will be made in installation over the next several years. AASEG is also in talks to purchase the portion of the Coliseum owned by the Athletics, which is still paying off the team’s 2019 purchase of Alameda County’s share of the site. The Athletics plan to finish the season at the Coliseum before moving to Sacramento for at least three seasons. The team’s long-term plan remains to build a stadium in Las Vegas.

August 1, 2024

Acquisitions Arizona Industrial Western

Creation Divests of 301,994 SF Midway Commerce Center in Chandler, Arizona for $57M

by Amy Works August 1, 2024

CHANDLER, ARIZ. — Creation has completed the disposition of Midway Commerce Center, a master-planned industrial park in the Phoenix suburb of Chandler. Boston-based Longpoint Realty Partners purchased the asset for $57 million. Located at the northeast corner of Germann Road and Hamilton Street, Midway Commerce Center consists of three buildings offering a total of 301,994 square feet of light industrial space on 18.3 acres. Will Strong and Molly Hunt of Cushman & Wakefield handled the transaction. Ken McQueen, Chris McClurg and Blake Peters of Lee & Associates supported leasing efforts and will remain involved following the sale. LGE Design Build completed construction of Midway Commerce Center earlier this year.

August 1, 2024

California Loans Retail Western

Keystone Mortgage Arranges $25.7M Bridge Loan for Neighborhood Retail Center in Upland, California

by Amy Works August 1, 2024

UPLAND, CALIF. — Keystone Mortgage Corp. has arranged a $25.7 million fixed-rate bridge loan to fund the repositioning of a 140,000-square-foot neighborhood retail center in Upland, approximately 35 miles east of Los Angeles. Amazon Fresh, Ross Dress for Less and Burlington are tenants at the property, which is situated on 12.3 acres. Tim Winton of Keystone’s Orange County office arranged the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the 36-month, high-leverage, nonrecourse loan.

August 1, 2024

Acquisitions California Restaurant Retail Western

CBRE Brokers Sales of Two Restaurant Properties in Metro Los Angeles

by Amy Works August 1, 2024

MANHATTAN BEACH AND OXNARD, CALIF. — CBRE has arranged the sale of two restaurant properties in Manhattan Beach and Oxnard, both suburbs of Los Angeles, for a total consideration of $9.7 million. Alex Kozakov, Patrick Wade, Matthew Greenberg, Jack Webber and Bo Henderson of CBRE represented the sellers in both the transactions. In the first deal, 800 Manhattan acquired a 2,572-square-foot building at 800 N. Sepulveda Blvd. in Manhattan Beach from local private investors for $5.1 million. El Pollo Loco occupies the property and has for more than 40 years. In the second deal, a private family trust purchased a building at 110 Riverpark Blvd. in Oxnard from a private family trust for $4.6 million. McDonald’s occupies the 3,500-square-foot property, which includes a double drive thru and 27 parking spaces.

August 1, 2024

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