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4100-Central-Ave-Riverside-CA
AcquisitionsCaliforniaRestaurantRetailWestern

SRS Brokers $6.8M Ground Lease Sale of Restaurant Property in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — SRS Real Estate Partners has brokered the ground lease (land ownership) sale of a restaurant property located at 4100 Central Ave. in Riverside. A Southern California-based developer sold the asset to a Washington-based private investor for $6.8 million. Raising Cane’s occupies the 3,267-square-foot property, which was built in 2024 on 1.3 acres, on a corporate-guaranteed, absolute triple-net, 15-year ground lease. Patrick Luther and Matthew Mousavi of SRS Capital Markets represented the seller in the transaction.

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CalPoly-FullStack-Apts-San-Luis-Obispo-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

California Polytechnic State University to Begin 4,200-Bed Residence Hall Project

by Amy Works

SAN LUIS OBISPO, CALIF. — California Polytechnic State University (Cal Poly) is set to begin construction on a 4,200-bed residence hall project on the university’s campus in San Luis Obispo. The development will include nine buildings offering suite-style units for second-year students. The project is being developed by FullStack Modular utilizing modular construction methods off-site. The development will be the first large-scale use of modular construction within the California State University system, according to FullStack. Manufacturing on the project is set to begin early this year with the first phase of buildings expected for completion in fall 2026. “Affordable housing is such a big problem — especially on the West Coast — and we need to think differently about how we approach housing and continue to improve the process,” says Mike McCormick, vice president of facilities management and development at Cal Poly. “We’ve assembled a team of professionals committed to rethinking how we deliver housing and FullStack Modular’s innovative approach is a huge part of that.”

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BevMo! and Staples are tenants at the 600,000-square-foot The Plaza at Golden Valley in Santa Clarita, Calif.
CaliforniaLoansRetailWestern

Gantry Arranges $46.5M in Refinancing for Shopping Center in Santa Clarita, California

by Amy Works

SANTA CLARITA, CALIF. — Gantry has arranged $46.5 million in permanent loans for the refinancing of The Plaza at Golden Valley, a regional power center in Santa Clarita, a northern suburb of Los Angeles. Located at 19001-19415 Golden Valley Road, the property offers more than 600,000 square feet of total leasable space. Current tenants include Trader Joe’s, Staples, BevMo!, TJ Maxx, Panera Bread, Chili’s, PetSmart, Popeyes, McDonald’s, Chipotle, Bath & Body Works, Daiso, The Habit Burger and The Kebab Shop. The asset is shadow anchored by Target, Lowe’s Home Improvement and Kohl’s. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry represented the borrower, a single private real estate investor, in the financing. The 10-year, fixed-rate loans were placed with two of Gantry’s insurance company correspondents and feature interest-only introductory periods, nonrecourse terms and 30-year amortizations. Gantry will service the loans.

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Red-Table-Apts-Gypsum-CO
ColoradoLoansMultifamilyWestern

JLL Provides $18.7M Loan for Red Table Apartments in Gypsum, Colorado

by Amy Works

GYPSUM, COLO. — JLL Capital Markets has provided an $18.7 million Freddie Mac loan for Red Table Apartments, a multifamily property in Gypsum. Tony Nargi of JLL Capital Market’s Debt Advisory led the team that arranged the 10-year, fixed-rate loan on behalf of the borrower, Brikwell. Located at 765 Red Table Drive, Red Table Apartments offers 77 studio, one- and two-bedroom units in a three-story building. Units feature hard surface LVP flooring, stainless steel appliances and butcher box countertops. Situated on 3.5 acres, the community offers commercial laundry facilities, a basketball court, community grills, a picnic patio area and 45 attached and detached garages. The property was built in 2009 and expanded in 2018.

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AcquisitionsArizonaMultifamilyWestern

Goodegg Investments Acquires 71-Unit North Edge Apartments in Phoenix

by Amy Works

PHOENIX — Goodegg Investments has purchased North Edge Apartments, a 71-unit, Class B apartment complex in Phoenix.  Terms of the transaction were not released. North Edge Apartments has undergone significant value-add renovations over the last two years, with most of its units, as well as common areas, renovated and upgraded. The asset is the 38th multifamily acquisition that Goodegg Investments has undertaken since the company’s inception in 2018.

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AcquisitionsCaliforniaDevelopmentIndustrialLee & AssociatesWestern

Silagi Development Buys 3-Acre Industrial Development Site in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Silgai Development & Management has acquired a 3-acre development parcel located at the southwest corner of Meridian Parkway and Authority Road in Riverside for an undisclosed price. Mario Calvillo of Lee & Associates Riverside represented the buyer, while Finn Comer of Lee & Associates represented the undisclosed seller in the deal. At the time of sale, the site was entitled with construction drawings for two industrial buildings totaling 45,751 square feet. The buyer plans to develop the 21,139-square-foot and the 24,612-square-foot facilities. Groundbreaking is slated to begin in the second quarter of 2025. The buildings will be available for sale or lease.

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Town-Deer-Valley-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Rockpoint, Related Sell Town Deer Valley Apartments in Phoenix for $131.1M

by Amy Works

PHOENIX — A venture between Rockpoint and The Related Group has completed the disposition of Town Deer Valley, a multifamily community in Phoenix, to Goodman Real Estate for $131.1 million, or $337,887 per unit. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2024 on 18 acres, Town Deer Valley offers 388 apartments with stainless steel refrigerators, single-door access to patios and balconies with exterior storage, and smart home automation packages. Community amenities include a 5,900-square-foot clubhouse with an arts and crafts room, a poker room and La Galere sundry shop; a 3,800-square-foot fitness center building; and a pool area with a swimming pool and a wading pool with submerged loungers.

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AcquisitionsDevelopmentRetailWashingtonWestern

SimonCRE Acquires 89,002 SF Retail Center in Washington, Plans Redevelopment 

by Amy Works

SPANAWAY, WASH. — SimonCRE has acquired an 89,002-square-foot retail center located in Spanaway, with plans to redevelop the property. Plans for the center include the addition of a grocery anchor, as well as other new tenants. According to SimonCRE, redevelopment efforts at the property will be focused on updating existing structures. 

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Quick-Quack-Car-Wash-Grand-Terrace-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Negotiates Sales of Two Car Wash Properties in California Totaling $5.4M

by Amy Works

GRAND TERRACE AND LODI, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two newly constructed, single-tenant properties for a total of $5.4 million in California. Quick Quack Car Wash occupies each property on a 20-year, triple-net lease basis. The Quick Quack Car Wash located in Grand Terrace sold for $2.7 million. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, 5th Street Development, in the transaction. Patrick Toomey of IPA represented the buyer, a Pasadena-based private investor. The car wash is an outparcel to a Stater Bros. Market-anchored shopping center. Other tenants at the center include AutoZone, Miguel’s Jr., and McDonald’s. The Quick Quack Car Wash located in Lodi also sold for roughly $2.7 million. A private partnership between MEE Capital Investments and Adval Properties Inc. was the developer. Asher and Lefko represented the undisclosed seller in the transaction. John Kourafas of Visintainer Group represented the buyer, a central California-based private investor. The property is an outparcel to a Raley’s grocery-anchored shopping center. Additional tenants at the center include Vista Oaks Charter School, Great Clips, Batteries Plus, Huntington Learning Center and Speedway. Hanley has completed the sale of $406 million in car …

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38960-Trade-Center-Dr-Palmdale-CA
AcquisitionsCaliforniaIndustrialWestern

NAI Capital Arranges Sale of 22,448 SF Industrial Property in Palmdale, California

by Amy Works

PALMDALE, CALIF. — NAI Capital Commercial has negotiated the sale of an industrial property located at 38960 Trade Center Drive in Palmdale. A private trust acquired the asset from 38960 Trade Center Drive LLC for $4.4 million. Bimbo Bakeries USA fully occupies the 22,448-square-foot facility, which was built in 2004. The tenant produces some of America’s most widely recognized baked goods, including Sara Lee, Thomas’ English Muffins, Oroweat, Entenmann’s, Boboli, Ball Park and Nature’s Harvest. Chris Jackson and Todd Lorder of NAI Capital Commercial represented the seller, while Lucy Hartford of NAI Capital Commercial represented the buyer in the transaction.

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