Thursday, July 17, 2025
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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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4080-N-Palm-St-Fullerton-CA
CaliforniaIndustrialLoansWestern

Gantry Arranges $15.5M Recapitalization for Fullerton Brea Business Park in Fullerton, California

by Amy Works

FULLERTON, CALIF. — Gantry has arranged a $15.5 million permanent loan to recapitalize the Fullerton Brea Business Park in Fullerton following the recent all-cash purchase of the asset. Located at 4010-4080 N. Palm St. in the Orange County city, the industrial park offers 111,000 square feet of rentable space spread across eight multi-tenant buildings. Andy Bratt, Peter Welsh and Sean Kuang of Gantry secured the loan on behalf of the borrower, a private real estate investor. One of Gantry’s life company correspondents provided the five-year, fixed-rate loan with full-term interest-only payments and prepayment flexibility.

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AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers Sales of Four Car Wash Properties in California’s Inland Empire

by Amy Works

APPLE VALLEY, HESPERIA, POMONA AND SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of four non-operating car wash properties in Apple Valley, Hesperia, Pomona and San Bernardino, all located in the Inland Empire region. Three different Southern California-based private investors acquired the properties in four separate transactions for undisclosed prices. Victor Buendia of Progressive Real Estate Partners represented the seller, an Arizona-based institutional investor, in all four transactions. The assets include: The car washes in Pomona, Hesperia and Apple Valley have re-opened under the new ownerships, and the San Bernardino car wash is slated to re-open in 2025.

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407-N-Maple-Dr-Beverly-Hills-CA
AcquisitionsCaliforniaOfficeWestern

Fashion Nova Buys 175,000 SF Office Campus in Beverly Hills, California for $118M

by Amy Works

BEVERLY HILLS, CALIF. — Fashion Nova has purchased an office campus in the posh Los Angeles suburb of Beverly Hills that will serve as the new global headquarters for the innovative, tech-enabled fashion retailer. Fashion Nova founder and CEO Richard Saghian acquired the asset from Tishman Speyer for $118 million in an off-market transaction. Located at 407 N. Maple Drive, the 175,000-square-foot office campus offers four floors of office space and three stories of subterranean parking. The Fashion Nova HQ will house Nova Social Club, a private, by-invitation-only collaborative space where creators, influencers, celebrities and VIP guests can enjoy curated amenities and bespoke partnerships. The buyer will also introduce Nova Founders Lab, an incubator-accelerator for emerging brands, designers, creatives and founders across fashion, marketing and technology to become market-ready in a fashion-vertical setting. The office campus will also offer a fitness studio, wellness spa, content and podcast studios, a screening room, meditation and yoga garden, cosmetic micro-treatment bar, an organic culinary outpost and showroom.

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Lexington-Green-Apts-El-Cajon-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

CPP, Hampstead Cos. Acquire Lexington Green Affordable Apartments in El Cajon, California for $52.8M

by Amy Works

EL CAJON, CALIF. — Community Preservation Partners (CPP) and The Hampstead Cos., as co-developer, have purchased Lexington Green Apartments, an affordable housing complex in the San Diego suburb of El Cajon, for $52.8 million. Details of the transaction were not released. Originally built in 1970, the 144-unit property last underwent a tax credit renovation in 2007, which replaced some of the original building systems. The property consists of 12 residential buildings. CPP’s total planned development investment is approximately $80 million, with estimated renovation costs exceeding $80,000 per unit. The renovations will exceed the 10 percent energy savings requirement from the California Tax Credit Allocation Committee through new energy-efficient vinyl retrofit windows, water heaters, Energy Star appliances and energy-efficient LED light fixtures. Additional upgrades will include dry rot repair, floor replacement, new cabinets and countertops. ADA-complaint upgrades will be made for units and path of travel throughout the property. Renovations are scheduled for completion by August 2025. With CPP’s involvement, the property’s previously expired affordability status will be extended until 2044 under a renewed Section 8 Housing Assistance Payment contract. CPP and The Hampstead Cos. are partnering with LifeSTEPS to provide instructor-led adult educational classes, including financial literacy, computer training, resume building, …

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