Western

5600-5650-W-Centinela-Ave-Culver-City-CA

Rialto Capital Divests of 57,868 SF Flex Campus in Culver City, California

by Amy Works January 31, 2025

CULVER CITY, CALIF. — Rialto Capital has completed the sale of Campus 56, a mixed-use flex property located at 5600-5650 W. Centinela Ave. in Culver City. Montana Avenue Capital Partners acquired the two-building asset for $14.8 million. Situated on 1.7 acres, the campus offers 57,868 square feet of flex space, onsite parking, electric vehicle charging stations, bike storage and several outdoor amenity areas. The property was vacant at the time of sale. Steve Solomon and Kristen Bowman of Colliers represented the seller and buyer in the transaction.

January 31, 2025

Arizona Development Multifamily Student Housing Western

PeakMade Real Estate to Break Ground on 395-Unit Multifamily Community Near University of Arizona

by Amy Works January 30, 2025

TUCSON, ARIZ. — PeakMade Real Estate is set to break ground on Theory Tucson, a 395-unit mixed-use development located near the University of Arizona campus in Tucson. The conventional multifamily project, which will also contain some retail space, is designed to appeal to students as well as the local population. The 19-story community will span 686,000 square feet, offering units in studio, one-, two-, three- and four-bedroom configurations. Shared amenities will include a lounge, fitness area, coworking space and a rooftop swimming pool. The transit-oriented development will also feature access to a local rail line. The development team for the project includes M.A. Mortenson Co., Gensler, Power Design, Suntec Engineering and Rick Engineering. The community is scheduled for completion in fall 2027.

January 30, 2025

Acquisitions Multifamily Nevada Seniors Housing Western

JLL Arranges Sale of 121-Bed Skilled Nursing Facility in Henderson, Nevada for $33M

by Amy Works January 30, 2025

HENDERSON, NEV. — A joint venture between CREC Real Estate and The Calida Group has sold Coronado Ridge Skilled Nursing and Rehabilitation Center, a skilled nursing facility in the Las Vegas suburb of Henderson, for $33 million. JLL’s Seniors Housing Capital Markets team, in conjunction with Mark Wintner of JLL, represented the seller in the transaction. Completed in 2017, the facility totals 121 beds across 90 resident rooms. The 68,873-square-foot property is situated on 2.3 acres across from a 132-unit seniors housing community and a 62-unit memory care facility.

January 30, 2025

Acquisitions Arizona Multifamily Western

Aultas Sells 100-Unit Table Rock Multifamily Property in Flagstaff, Arizona

by Amy Works January 30, 2025

FLAGSTAFF, ARIZ. — Aultas has completed the disposition of Table Rock, an apartment community in Flagstaff, to Investors Capital Group for $25.9 million, or $259,000 per unit. Located at the intersection of interstates 17 and 40, Table Rock features 100 two- and three-bedroom floor plans, averaging 1,032 square feet. The community also features a leasing office, clubhouse and fitness center. The property was built in 1998. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

January 30, 2025

Phase-1-99-Central-Logistics-Center-Tulare-CA

California Development Industrial Western

Outrigger Industrial Completes First Building at 99 Central Logistics Center in Tulare, California

by Amy Works January 30, 2025

TULARE, CALIF. — Outrigger Industrial has completed Phase I of 99 Central Logistics Center in Tulare with the construction of a 544,077-square-foot building at 199 E. Paige Ave. At full build-out, the 160-acre business park will feature four buildings offering a total of 2.4 million square feet. The Phase I building includes a clear height of 36 feet, 56-foot by 50-foot column spacing, speculative offices and trailer parking. Additionally, the facility can accommodate a 550,000-square-foot expansion. 99 Central Logistics Center is Outrigger Industrial’s first development in California’s Central Valley region, which provides easy access to major highways, ports and airports.

January 30, 2025

Acquisitions California Hospitality Western

Marcus & Millichap Brokers Sale of 60-Room Black Forest Lodge in Big Bear Lake, California

by Amy Works January 30, 2025

BIG BEAR LAKE, CALIF. — Marcus & Millichap has arranged the sale of Black Forest Lodge, a hotel located at 41121 Big Bear Blvd. in Big Bear Lake. Terms of the transaction were not released. Christian Apt, Allan Miller, Chris Gomes and Skyler Cooper of the Miller-Gomes Hotel team at Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal. Mario Alvarez of Marcus & Millichap assisted with the transaction, while Tony Solomon of Marcus & Millichap served as the firm’s broker of record in California. Spanning 2.9 acres, Black Forest Lodge features 60 rooms, 2,300 square feet of retail space, a heated pool, spa, sports courts and RV parking. The property has been family-owned since 1976.

January 30, 2025

California Development Multifamily Western

Sudberry Properties Opens 268-Unit Luma at El Corazon in Oceanside, California

by Amy Works January 29, 2025

OCEANSIDE, CALIF. — Sudberry Properties has opened Luma at El Corazon, a 278-unit apartment community located at 3546 Village Commercial Drive in Oceanside’s El Corazon, a multi-phase development that is home to Frontwave Arena and approximately 400 acres of parks, open space and civic uses. Luma at El Corazon consists of 23 three-story buildings with a mix of 113 one-bedroom, 120 two-bedroom and 35 three-bedroom apartments. Ranging from 691 square feet to 1,440 square feet, each of the 11 floor plans includes an outdoor deck, balcony or patio, stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. Community amenities include a clubroom with a demonstration kitchen and adjoining covered patio, a conference room and an indoor/outdoor fitness center with cardio and weights, a pool and spa, a lounge area with ping-pong and facilities for outdoor dining and grilling. Additionally, the property offers an attached or detached garage for each unit, a package reception area, 24-hour emergency maintenance and electric vehicle chargers. The development team included Bassenian Lagoni, Hunsake & Associates, Wermers Construction, Schmidt Design Group and Design Tec.

January 29, 2025

Arizona Development Industrial Loans Western

AEW Provides $68M Construction Loan for Industrial Park in Tempe, Arizona

by Amy Works January 29, 2025

TEMPE, ARIZ. — AEW Capital Management has provided a $68 million construction mortgage for the development of NextWave Tempe, a Class A industrial project in Tempe. A partnership between Overton Moore Properties and Invesco Real Estate broke ground on the project, which is located at 1500 N. McClintock Drive, in mid-January. Slated for completion in the fourth quarter, NextWave Tempe will feature 689,000 square feet of industrial space spread across three buildings.

January 29, 2025

Loans Multifamily Oregon Western

Northmarq Secures $26.4M in Refinancing for Multifamily Complex in Portland

by Amy Works January 29, 2025

PORTLAND, ORE. — Northmarq has secured a $26.4 million loan on behalf of Fairfield for the refinancing of 735 St. Clair, an apartment property in Portland’s Goose Hollow neighborhood. The 24-story building features 212 studio, one- and two-bedroom apartments ranging from 650 square feet to more than 1,000 square feet. Joe Giordani, Scott Botsford, Brendan Golding, Alvin Cao and Stuart Oswald of Northmarq’s Newport Beach, Calif., and Seattle Debt + Equity teams arranged the permanent fixed-rate refinance loan through Northmarq’s direct Freddie Mac lender partnership. The loan features a five-year fixed term with three years of interest-only payments and a 35-year amortization schedule.

January 29, 2025

Mountain-West-Industrial-Park-Las-Vegas-NV

Development Industrial Nevada Western

Milton Consulting Breaks Ground on Phase II of Mountain West Industrial Park in Las Vegas

by Amy Works January 29, 2025

LAS VEGAS — Milton Consulting, led by Jonathan Schwartz, has broken ground on the 324,404-square-foot Phase II of Mountain West Industrial Park in southwest Las Vegas. Situated on 18.8 acres at the intersection of South Tenaya Way and West Patrick Lane, Phase II will include four freestanding buildings with flexible suite configurations ranging from 7,150 square feet to 110,304 square feet. Construction on Buildings 5 and 6 will finish in late 2025, with Buildings 7 and 8 following in early 2026. Site improvements will wrap up alongside the buildings in the second phase. The four-building, 252,000-square-foot first phase is fully leased to a variety of tenants, including Mechanical Products Nevada, US Pharmatech and Spreadshirt. CBRE’s Willmore Industrial and Logistics team is overseeing marketing and leasing for Mountain West Industrial Park.

January 29, 2025

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