Western

4025-Camino-del-Rio-S-San-Diego-CA

SAN DIEGO — CES Remington has acquired Aerofund Financial Plaza, a multi-tenant office building situated on 1.3 acres in San Diego’s Mission Valley neighborhood, for $9.8 million. The seller was not disclosed. Located at 4025 Camino del Rio S., the three-story, u-shaped building offers 48,571 square feet of space. At the time of sale, the property was fully leased to nine tenants across a diversified mix of industries and sizes. Jeffrey Cole, Nico Napolitano, Mark Avilla and Brooks Campbell of Cushman & Wakefield’s capital markets and private capital groups in Southern California collaborated to represent the seller, while Brandon Keith of Voit Real Estate Services represented the buyer in the deal.

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3110-R-St-Merced-CA

MERCED, CALIF. — Matthews Real Estate Investment Services has arranged the sale of 3110 R Street, a retail strip center in the San Joaquin Valley city of Merced. The asset traded for $5.8 million, or $828 per square foot. The retail center is occupied by corporate-guaranteed tenants, with Chipotle and Panera Bread occupying the end-cap storefronts. Chipotle recently extended its lease for an additional 10 years. Clay Smith of Matthews represented the seller in the transaction.

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TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of 40,078 square feet of industrial space at 2106 N. Forbes Blvd. in Tucson. North Forbes LLC sold the asset to Block “C” Properties LLC for $3.9 million. Stephen Cohen of Cushman & Wakefield | PICOR represented both parties in the transaction.

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Wellness-Village-Mead-Valley-CA.jpg

MEAD VALLEY, CALIF. — PMB and Riverside University Health System (RUHS) have broken ground on The Wellness Village, a $580 million behavioral health campus in Mead Valley, located in the Inland Empire region. The 18-acre campus will be located at the intersection of Harvill and Placentia avenues. Slated for completion in 2026, the 445,000-square-foot Wellness Village will include a Youth and Family Care Center; Wellness and Education Center; Recovery Center; and The Residences and Restorative Care adult residential facility and mental health rehabilitation center. The center will also offer green spaces and gardens for relaxation and meditation; sports courts and an activity lawn for physical activity and recreation; public market and café for community gatherings; community meeting space for local events and activities; and boarding for pets while their owners receive treatment. The project team includes PMB as developer, Boulder Associates as architect, Snyder Langston as design-builder and PMB Real Estate Services as property manager.

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Broadwood-Business-Centre-Mesa-AZ

MESA, ARIZ. — Newport Beach, Calif.-based BKM Capital Partners has completed the sale of Broadwood Business Centre, a multi-tenant light industrial property in Mesa. A joint venture between Bendetii and Westport Capital Partners acquired the asset for $32.9 million. Originally built in mid-1980s and extensively renovated to be competitive in the upper tier of business parks, Broadwood Business Centre features 156,154 square feet of space spread across eight freestanding buildings at 2452 W. Birchwood Ave. and three multi-tenant buildings at 2450 W. Broadway Ave. and 2451 W. Birchwood Ave. At the time of sale, the property was fully leased. The industrial park can accommodate a broad range of user types, including showroom users, quasi retailers, manufacturers and distributors. Bob Buckley and Tracy Cartledge of Cushman & Wakefield Capital Markets, along with Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield National Industrial Advisory Group – Mountain West, represented the seller in the deal.

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Quail-Park-Lynnwood-WA

LYNNWOOD, WASH. — IRA Capital, a California-based private equity firm, has acquired Quail Park of Lynnwood, a 253-unit, Class A property in the Seattle suburb of Lynnwood. Quail Park is spread across 15 acres and was developed in two phases in 2013 and 2020. The property offers independent living, assisted living, “enhanced assisted living” and memory care. IRA made the acquisition in an all-cash deal alongside an institutional joint-venture partner. The new owners plan to invest in updates to common areas and amenities. The seller and price were not disclosed.

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4141-N-Scottsdale-Rd-Scottsdale-AZ

SCOTTSDALE, ARIZ. — A joint venture between Phoenix-based developer George Oliver and Ascentris has purchased an office building located at 4141 N. Scottsdale Road in Scottsdale’s Old Town district. Terms of the transaction were not released. Situated on three acres, the 162,227-square-foot property offers three stories of office space and two levels of subterranean parking. Georgie Oliver Design is leading a redevelopment at the property. Concepts are underway now and renovations are slated to begin in 2025.

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18217-Aurora-Ave-N-Shoreline-WA.jpg

SHORELINE, WASH. — Marcus & Millichap has arranged the sale of a retail property, located at 18217 Aurora Ave. North in Shoreline, a suburb north of Seattle. A private investor sold the asset to an undisclosed buyer for $2.9 million. AutoZone occupies the 6,030-square-foot property on a net-lease basis. The tenant recently inked an early 10-year extension with scheduled rental increases every five years for the property. Carson Breshears and Hank Wolfer of Marcus & Millichap represented the seller in the deal.

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— By Kelly Reenders — The California coastal city of Dana Point sought to redevelop its underutilized Town Center, with the goal being to create a pedestrian-friendly live-work-play neighborhood that encouraged further reinvestment and development.  Now called the Lantern District, the four-block downtown is anchored by Prado West, a three-building mixed-use complex with 109 apartments and nearly 30,000 square feet of ground-floor restaurants, shops and public outdoor space. Though the endeavor is now something the city and residents can be proud of, the project had its share of challenges. These included gaining community support for proposed changes, in addition to overcoming a leasing timeline that included a pandemic shutdown. Embracing the Local Community For Dana Point and Prado West’s developer, Raintree Partners, the solution was to embrace local entrepreneurs. Raintree recognized the value of encouraging other owners to reinvest in their properties early on as the downtown plan took shape.  This caught the attention of Max Fisher, owner of the Shwack Beach Grill, which sits across the street from Prado West. Soon enough, Fisher and his partners agreed to open HomeSlice, an Italian- and pizza-focused restaurant, in Prado West across from their existing grill. As local owners, the partners felt the …

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Falls-Canyon-Rim-Ogden-UT

OGDEN, UTAH — Investor Capital Group has completed the disposition of The Falls at Canyon Rim, a multifamily property in the Salt Lake City suburb of Ogden. TruAmerica Multifamily purchased the asset for an undisclosed price. Built in 2001 on more than 14 acres, the 12-building community features 288 one-, two- and three-bedroom apartments ranging in size from 937 square feet to 1,420 square feet. Each unit offers full-size washers/dryers, plank flooring and a private patio or balcony. Community amenities include two playground areas, a swimming pool and tennis court. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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