Sunday, July 13, 2025
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CaliforniaRetailWestern

Scripps Ranch Marketplace Phase II Sells for $20.4M

by Nellie Day

SAN DIEGO — A private investor has purchased Scripps Ranch Marketplace Phase II, a 28,700-square-foot shopping center located in San Diego, for $20.45 million. Philip Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Brad Rable, Matt Burson, Jimmy Slusher and John Read of CBRE and Mike Moser of Retail Insite represented the seller, a San Diego-based private asset management and investment company, in the transaction. A Santa Barbara-based private investor purchased the fully occupied property. The center is shadow anchored by Vons and CVS/pharmacy, and home to tenants including Chase, Verizon and Which Wich.

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CaliforniaRetailWestern

Hanley Investment Group Arranges $15.2M Sale of Single-Tenant LA Fitness

by Nellie Day

RIVERSIDE, CALIF. — Hanley Investment Group has arranged the $15.2 million sale of a newly built, 45,000-square-foot, single-tenant LA Fitness located in Riverside. Pat Kent and Bill Asher of Hanley Investment Group worked on behalf of the seller, GRAE La Sierra LLC, and George Ragheb of Entrance Homes Inc. represented the buyer, a Lakewood, Calif.-based private investor, in the transaction.

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ColoradoMultifamilyStudent HousingWestern

Cardinal Group to Manage 9Seventy Near the University of Colorado at Boulder

by Nellie Day

BOULDER, COLO. — Cardinal Group Management will manage 9Seventy in Boulder, located on the east side of the University of Colorado at Boulder. The property is comprised of 138 units across five four-story buildings. Beginning in November 2015, 9Seventy will offer studio, one-, two- and three-bedroom apartment homes. The community will have a resident clubroom with kitchen, outdoor grilling area, views overlooking Chautauqua Park and the Flatirons, swimming pool, fitness center, business center, billiards table and guest patio. Cardinal Group Management will now manage more than 11,000 units in 20 states.

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CaliforniaIndustrialWestern

Westcore Properties Buys MetLife’s SoCal Industrial Portfolio for $69.4M

by Nellie Day

SAN DIEGO — Westcore Properties has acquired an eight-building industrial portfolio from MetLife for $69.4 million. The properties contain a total of 634,289 square feet throughout four projects in Southern California. The acquisition includes a 300,896-square-foot business park in Buena Park that is leased to tenants like Isuzu Motors and Hochiki America Corp.; a 165,070-square-foot, single-tenant warehouse/distribution building in San Dimas that’s leased to Western Pacific Storage; an 88,323-square-foot, multi-tenant industrial building in Ontario leased to NGOC Hoang Gia LLC and Kelleher Corporation; and an 80,000-square-foot, single-tenant industrial building leased to Spartech Polycom. CBRE’s Darla Longo and Barbara Emmons represented MetLife in the transaction. San Diego-based Westcore Properties now owns more than 2.5 million square feet of commercial space throughout Southern California.

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NevadaRetailWestern

Life Time Fitness Building Near Las Vegas Sells for $51M

by Nellie Day

LAS VEGAS — A 145,000-square-foot retail property in the Las Vegas submarket of Summerlin has sold to an unnamed buyer for $51 million. The space is triple-net leased to Life Time Fitness. It is located at 10721 W. Charleston Blvd. The building was constructed in 2011. It is situated near Red Rock Casino & Resort, Downtown Summerlin Mall and Canyon Pointe. The private, high-end fitness center chain recently signed a new 20-year, triple-net, corporate-guaranteed lease with scheduled rental increases during the term. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented both the buyer and institutional seller in this transaction.

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CaliforniaOfficeWestern

WealthCap Acquires Two Silicon Valley Office Campuses

by Nellie Day

LOS GATOS, CALIF. — WealthCap has purchased two newly built office campuses in the Silicon Valley submarket of Los Gatos for an undisclosed sum. The Class A properties are located at 121 and 131 Albright Way. Both buildings are leased to Netflix. They will serve as the global headquarters for the on-demand digital movie and television show streaming company. The acquisition also includes an interest in the surrounding 15-acre campus, including 664 surface parking spaces and shared use of a 930-space structured parking garage. CBRE Global Investors represented WealthCap in the transaction. This is the German-based company’s second acquisition in Silicon Valley over the past 12 months.

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IndustrialNevadaWestern

MCA Realty Buys Las Vegas Industrial Portfolio

by Nellie Day

LAS VEGAS — MCA Realty has purchased a four-property industrial portfolio in Las Vegas for an undisclosed sum. The acquisition includes the 58,240-square-foot, two-building Aabacus Industrial Center; a 31,000-square-foot, multi-tenant industrial building in North Las Vegas; a 26,000-square-foot, single-tenant industrial property near McCarran International Airport; and a 21,807-square-foot, single-tenant industrial property that is also near the airport. MCA Realty’s portfolio now includes a total of 14 properties and more than 600,000 square feet of industrial space in Las Vegas.

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ColoradoMultifamilySeniors HousingWestern

Welbrook, Embree Starts Construction of Skilled Nursing Facility in Colorado

by Nellie Day

GRAND JUNCTION, COLO. — Welbrook Senior Living and Embree Healthcare Group have started construction of a new transitional rehabilitation facility in Grand Junction, and have secured final financing for the project from CNL Healthcare Properties, a real estate investment trust (REIT) based in Orlando, Fla. The facility, the name of which was not released, will feature 50 private suites. Texas-based Embree is developing the facility, which California-based Welbrook will operate when complete. The companies expect to admit the first resident in the second half of 2016.

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ColoradoLoansRetailWestern

Greystone Provides $36M CMBS Loan for Mixed-Use Property in Colorado

by Nellie Day

AVON, COLO. — Greystone has provided a $36 million CMBS loan for Chapel Square and Benchmark Shopping Center, two adjoining mixed-use properties comprising 200,000-square feet of retail and office space in the resort community of Avon. The property, located at the base of Beaver Creek ski resort, is currently 99.7 percent leased to 44 tenants. Ted Nasca of Greystone originated the 10-year loan with interest-only payments for the first three years and a 30-year amortization schedule.

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