VAN NUYS, NORTH HILLS, PANORAMA CITY AND GARDENA, CALIF. — Northmarq has arranged $64.6 million in financing for the acquisition of a 596-unit, seven-property multifamily portfolio in the San Fernando Valley. The borrower is a Moorpark, Calif.-based private owner. Zalmi Klyne of Northmarq’s Los Angeles office secured the 76 percent loan-to-value acquisition financing through numerous correspondent relationships with banks. The fixed-rate transaction was priced in the high 5 percent range and structured with interest-only payments. The portfolio includes:
HERMOSA BEACH, CALIF. — Bolour Associates has completed the $33.5 million sale of a beachfront retail portfolio in Hermosa Beach. Situated on nearly one acre, the asset is located at 11-29 Pier Avenue and 1250-1272 The Strand. At the time of sale, the property was 88 percent occupied by beach-centric tenants, including Hermosa Cyclery, Oakberry, Hermosa Beach Trading Co., Waves, Playa Hermosa Fish & Oyster and Heavenly Couture. Tim Kuruzar, Bryan Ley, Brendan McArthur and Tess Berghoff of JLL served as investment advisors in the Strand and Pier transaction. Jeff Sause and Chad Morgan of JLL served as debt advisors.
SAN RAFAEL, CALIF. — CBRE has arranged the $5.6 million purchase of Pacifica Apartments, a market-rate multifamily asset in San Rafael. 55 Canal Street LLC acquired the asset from an undisclosed seller for $5.6 million. Ben Mollahan and Adam Foley of CBRE represented the buyer in the deal. Located at 55 Canal St., Pacific Apartments offers 20 two-bedroom units. Onsite amenities include a large community laundry facility, covered parking and storage for each tenant, an enclosed courtyard with kids play area and a large garden.
ROSEVILLE, CALIF. — USA Properties Fund has started construction on The Crawford, an affordable multifamily community in Roseville. Located at Fiddyment Road and Harvey Way, The Crawford will offer 265 one-, two- and three-bedroom apartments, with some available as early as fall 2026. Completion is slated for spring 2027. Community amenities will include a community room, fitness room, swimming pool and dog park. Additionally, residents will have access to LifeSTEPS, a social-services provider that offers numerous services for residents. The Crawford residents must meet income requirements, earning 30 percent to 70 percent of the area median income of Placer County, Calif., about $35,370 to $82,530 per year for a four-year household. The City of Roseville Housing Authority provided eight project-based vouchers, securing apartments for very low-income residents, for the project. Bank of America is the tax credit investor and construction lender, while Citi Community Capital is the permanent lender on the $112 million project. Safehold is the leaseholder of the property.
IRVINE, CALIF. — J+R Group has completed the sale of 2525 Main Street, an office building in Irvine, to Pacific Tree Capital for $37.6 million, or $262 per square foot. Situated on 3.7 acres, 2525 Main Street offers 143,269 square feet of office space. At the time of sale, the property was 98 percent leased to nine tenants. Prior to sale, J+R Group invested significant capital into all aspects of the building, including all common areas, tenant spaces, a brand new six-story parking garage and approved residential entitlements on excess land. Jeffrey Cole, Nico Napolitano, Kevin Nolen, Jason Kimmel and Kristen Schottmiller of Cushman & Wakefield represented the seller in the transaction.
GLENDALE, ARIZ. — Echo Real Estate Capital, in joint venture with Grandview Partners, has completed the sale of Echo Park 303 – Building A in Glendale to LBA Logistics for an undisclosed price. Will Strong, Molly Hunt, Michael Matchett, Madeline Warren and Jack Stamets of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the transaction. Located at 9701 N. 151st Ave., the freestanding building offers 220,240 square feet of industrial space on 13.7 acres. The asset is park of a larger 38.6-acre industrial business park that also includes a 455,936-square-foot building. Echo Park 303 was originally designed by LGE Design Build.
LAS VEGAS — CBRE has brokered the sale of an industrial building located at 3670 W. Oquendo Road in Las Vegas. HS Property NV LLC acquired the asset from NOR Oquendo Road LLC for $7.9 million. The 28,420-square-foot building features a high-image, 6,534-square-foot two-story HVAC office space with an elevator, 12 covered parking spaces (34 total), 3,000 amps, three-phase power and a 28-foot clear height. Tyler Ecklund of CBRE represented the seller in the deal.
DENVER — NorthPeak Commercial Advisors has arranged the sale of Brunetti Lofts, an apartment property located at 1316-1328 26th St. in Denver. The 23-unit asset traded for $3.1 million, or $135,652 per unit. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors worked with the seller in the transaction.
MILWAUKE, ORE. — Northmarq has brokered the $39 million sale of Milwaukie Marketplace, a multi-tenant retail center located in Milwaukie, approximately six miles outside Portland. Built in 1989, the center comprises four buildings across nine parcels and totals 185,760 square feet. New Seasons Market anchors the center. Additional tenants at the property include Planet Fitness, Ace Hardware, Dollar Tree, Pietro’s Pizza, UPS, Subway, Taco Bell and Starbucks Coffee. Multiple Letters of Intent (LOI) have been signed on the vacant tenant spaces. Kevin Adatto, Sean Tufts, Scott Frank and Joe Dugoni of Northmarq’s Pacific Northwest Commercial Investment Sales team represented the seller in the transaction. The buyer and sales price were not disclosed.
SAN DIEGO — Driftwood Capital has obtained $37.9 million in construction financing for the development of Element by Westin Mission Valley, an extended stay hotel in San Diego’s Mission Valley neighborhood. Upon completion, the hotel will feature 148 suite-style rooms, more than 5,000 square feet of meeting and event space, a fitness center, courtyard, lobby bar and lounge and a restaurant. Situated on 1.5 acres, The Element by Westin Mission Valley is slated for completion by the end of 2026. Driftwood Capital currently owns the adjacent hotel, Marriott Mission Valley, which was purchased in 2019 with the adjacent development parcel with the plans to renovate the existing property and later develop an extended-stay hotel that would benefit from Marriott’s amenities, resort-style pool and parking. Jordan Ray, Jamie Matheny, Steven Buchwald and Rachael Krawiecki of IPA Capital Markets secured the financing from Fifth Third Bank for the sponsor, a vertically integrated commercial real estate investment, development and lending platform specializing in hospitality properties.