Western

FAMH Group Acquires The BW Apartment Property in Los Angeles for $58.1M

by Amy Works April 4, 2025

LOS ANGELES — FAMH Group Ltd. has acquired The BW, a multifamily property located in the Brentwood neighborhood of Los Angeles, from California Landmark Group for $58.1 million, or $744,872 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2013, The BW features 78 studio, one-, two- and three-bedroom units with stainless steel appliances, washers/dryers, deep soaking tubs, walk-in closets and floor-to-ceiling double-pane windows. The property also offers 2,300 square feet of ground-floor retail space, a rooftop lounge with Jacuzzi, a fitness center, business center, electric vehicle charging stations and onsite garage parking.

April 4, 2025

Acquisitions Arizona Development Industrial Western

ATLAS Capital Partners, Hawkins Development Buy 38 Acres in Mesa, Arizona for Industrial Project

by Amy Works April 4, 2025

MESA, ARIZ. — ATLAS Capital Partners, along with development partner Hawkins Development Co., has acquired 38 acres in Mesa for $13.8 million. The partnership plans to develop ATLAS Exchange, a four-building Class A industrial project, on the site at 4140 S. Signal Butte Road. ATLAS Exchange’s buildings will range from 40,000 square feet to 100,000 square feet. Design plans include an amenity-rich environment with shaded ramadas and pickleball courts. Construction is slated to begin in third-quarter 2025. Early lease negotiations are underway at ATLAS Exchange. Pat Harlan and Steve Larsen of JLL are handling leasing for the project. The JLL team also represented ATLAS and the seller, Brookfield Properties, in the sale transaction.

April 4, 2025

California Loans Multifamily Seniors Housing Western

Gantry Secures $25M Refinancing for Seniors Housing Community in Cupertino, California

by Amy Works April 4, 2025

CUPERTINO, CALIF. — Gantry has secured a $25 million permanent loan to refinance a seniors housing community in Cupertino. Restricted to residents age 55 or older, the independent senior property features 160 studio, suite and two-bedroom floor plans. Community amenities include meal service, social activities, housekeeping and laundry, valet parking, concierge services, 24/7 staffing, a swimming pool, fitness center, meditation garden and landscaped courtyards with seating. Mitch Zeemont, Jeff Wilcox, Robert Slatt and Erinn Cooke of Gantry represented the borrower, a private real estate investor. One of Gantry’s insurance company correspondents provided the 10-year, fixed-rate loan, which features a 30-year amortization. Gantry will service the loan.

April 4, 2025

Acquisitions Hospitality New Mexico Western

Marcus & Millichap Brokers Sale of 101-Room Sleep Inn Albuquerque Airport Hotel in New Mexico

by Amy Works April 4, 2025

ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of Sleep Inn Albuquerque Airport, a hotel at 2300 International Ave. in Albuquerque. The 101-room hotel was built in 1996. The fully stabilized turn-key hotel has no Property Improvement Plan (PIP) required and double-digit year-round market RevPAR growth. John Casler and Josh Tammen of Marcus & Millichap represented the seller, while Tammen also represented the buyer in the transaction. Terms of the transaction were not released.

April 4, 2025

Acquisitions California Multifamily Western

LaTerra Development Sells 28-Unit Charlie La Mirada Multifamily Building in La Mirada, California

by Amy Works April 4, 2025

LA MIRADA, CALIF. — Marina Del Rey, Calif.-based LaTerra Development has completed the disposition of The Charlie La Mirada, an apartment building in La Mirada. Dunbar Real Estate Investment Management acquired the asset for $11.1 million. Developed by LaTerra Development in 2021, The Charlie La Mirada offers 28 apartments. LaTerra built the asset, which is located at 1628 La Mirada Blvd., as part of its Charlie Collection. Joe Leon and Nick Ingle of Voit Real Estate Services represented the seller, while Dean Zander of Newmark represented the buyer in the deal.

April 4, 2025

California Loans Office Western

KBS Receives $480M Refinancing for National Office Portfolio

by Amy Works April 3, 2025

NEWPORT BEACH, CALIF. — California-based investment firm KBS has received loan facilities totaling approximately $480 million for the refinancing of a portfolio of office buildings in Texas, Minnesota and California. The Texas component includes Legacy Town Center, a three-building, 522,043-square-foot complex in Plano, and Sterling Plaza, a 313,609-square-foot building that was originally built in 1984 in the Preston Center submarket of Dallas. The Minnesota building is 60 South Sixth, a 40-story complex in downtown Minneapolis. In California, the facility covers Ten Almaden, a 17-story building in downtown San Jose, and two of the three buildings within the Towers at Emeryville development, which is also located in the Bay Area. The facility extends the loan commitment to January 2027, with two additional 12-month extension options and provides for $15 million in new funding for leasing costs and related capital improvements and other property-level expenses.

April 3, 2025

Acquisitions California Industrial Western

Burlington Distribution Buys 889,445 SF Warehouse in Riverside, California from BlackRock for $257M

by Amy Works April 3, 2025

RIVERSIDE, CALIF. — Burlington Distribution has purchased an industrial warehouse located at 21600 Cactus Ave. in Riverside from BlackRock for $257 million. Mark Zorn and Cory Whitman of Colliers represented the buyer, while CBRE represented the seller in the deal. Constructed in 2019, the 889,445-square-foot warehouse features a clear height of 40 feet and 220 dock doors. Burlington has been the sole tenant since the asset’s construction. Burlington Distribution opened 101 new stores and relocated 31 older oversized locations in fiscal 2024 and plans to open approximately 100 net new stores in 2025.

April 3, 2025

Acquisitions California Office Western

Kingsbarn Acquires Eight-Story Office Property Along Hollywood’s Walk of Fame

by Amy Works April 3, 2025

LOS ANGELES — Kingsbarn Realty Capital has purchased 1601 Vine Street, an office building in Los Angeles’ Hollywood submarket, for an undisclosed price. Developed by J.H. Synder Co. and designed by Ware Malcomb, the eight-story building offers 115,000 square feet of office space and five levels of underground parking. Skims Body Inc., an American shapewear and clothing brand, has occupied the building as its corporate headquarters since mid-2023, with leasing through mid-2028. The transaction team included Los Angeles-based Hankey Capital, IBI Volcano Investments and Newmark.

April 3, 2025

Acquisitions Loans Retail Washington Western

Gantry Secures $21.4M Acquisition Loan for Retail Center in Tacoma, Washington

by Amy Works April 3, 2025

TACOMA, WASH. — Gantry has arranged a $21.4 million mortgage for the sale of James Center, a 140,240-square-foot retail center located in Tacoma. The loan, which carries a fixed rate, 10-year term and 30-year amortization schedule, was funded by a life insurance company. Gantry will service the loan. A partnership affiliate of Bellevue, Wash.-based Rosen Harbottle Commercial Real Estate purchased the property, which is situated on roughly 16 acres and anchored by Fred Meyer. Additional tenants at the center include Rite Aid, U.S. Bank, IHOP, Taco Bell, MultiCare Health System and FedEx. Alan Hergert and Tim Brown of Gantry’s Seattle office represented the borrower.

April 3, 2025

California Loans Multifamily Western

Priority Capital Advisory Arranges $21M Land, Predevelopment Loan for 241-Unit Multifamily Project in Los Angeles

by Amy Works April 3, 2025

LOS ANGELES — Priority Capital Advisory has arranged a $21 million land and predevelopment loan for the recapitalization of a 2.1-acre site on behalf of Grubb Properties. Located at 1000 S. Vermont St. in Los Angeles’ Koreatown neighborhood, the fully entitled development is the site of Link Apartments Kora, a planned mixed-use multifamily project. Once completed, the seven-story project will offer 241 apartments and 50,630 square feet of ground-floor retail space. Grubb Properties acquired the parcel in February 2022 and has performed demolition and preparation on the site that is now shovel-ready with vertical construction slated to begin in September and completion scheduled for July 2028. Link Apartments Kora will feature 36 studio units (two affordable), 123 one-bedroom/one-bath units (six affordable) and 82 two-bedroom/two-bath units (four affordable). Community amenities will include a half-acre deck, pool, spa, fitness center, coworking space, two lounges, two rooftop decks and a dog run and wash. Grubb Properties’ Link Apartments brand is aimed at servicing the essential housing crisis in the United States. Link Apartments are focused on intelligent design and desired resident amenities that provide a lower cost, urban infill living opportunity.

April 3, 2025

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