LOS ANGELES — Marcus & Millichap has arranged the sale of a multifamily portfolio in San Fernando Valley. Heitman LLC, Invesco LTD and ETHOS Real Estate sold the portfolio to Florida-based Material Comforts Inc. for $85 million, or $142,617 per unit. Totaling 596 units, the portfolio consists of 16 parcels in the Van Nuys, Panorama City, North Hills and Canoga Park neighborhoods of Los Angeles. The portfolio offers gross building areas ranging from 6,030 square feet to 160,858 square feet. Tony Azzi of Marcus & Millichap represented the sellers, while Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer in the deal.
ALHAMBRA, CALIF. — Raintree Partners has acquired Woodside Terrace, an apartment property in Alhambra, for $26.2 million, or $312,500 per unit. Built in 1972, Woodside Terrace features 85 apartments, a swimming pool, lounge deck, laundry facilitates and assigned parking. Apartments have original cabinetry, floor-to-ceiling pantries and private balconies or patios. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.
SAN MATEO, CALIF. — Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization have acquired Bridgepointe Shopping Center, a 231,700-square-foot retail center in San Mateo. Tenants at the property, which was fully leased at the time of sale, include Total Wine & More, Nordstrom Rack, Ross Dress for Less and Marshalls. This marks the third joint-venture acquisition for CNSREIT and Sterling.
LONGMONT, COLO. — Thompson Thrift plans to develop Heritage on Hoover, a Class A apartment property in Longmont, a suburb of Boulder. Construction of the 324-unit community is slated for completion in winter 2026. Located near the intersection of Mountain Brook Drive and South Hover Street, Heritage on Hover will feature three-story buildings with one-, two- and three-bedroom layouts averaging nearly 1,000 square feet. Apartments will include quartz countertops, stainless steel appliances, side-by-side refrigerators, full-size washers and dryers, large walk-in closets and multiple smart home capabilities. Additionally, select residences will feature cabinetry with soft-close doors, deluxe closet systems with shelving, premium lighting, dry bars and advanced smart home capabilities. Private patios, balconies, yards and detached garage options will also be available. Community amenities will include an outdoor entertainment kitchen and grilling areas, a fully equipped 24-hour fitness center, resort-style heated swimming pool and spa, electric firepits with seating areas, a billiards and shuffleboard area, a dog park, bike storage and a Starbucks Coffee bar. Additionally, the community will include focus suites and community-wide Wi-Fi, as well as an on-site service team, valet trash service and a user-friendly mobile app. Thompson Thrift 2024 Multifamily Development Fund LP provided equity for the development.
MONTCLAIR, CALIF. — Progressive Real Estate Partners has arranged the sale of a fully built-out restaurant located at 9345 Monte Vista Ave. in Montclair. A San Gabriel, Calif.-based private investor sold the asset to a local private buyer for $2.5 million. The buyer owns and operates a chain of Southern California sit-down Mexican restaurants. Built in 1981, the 6,200-square-foot restaurant features a fully equipped kitchen and bar, plenty of parking and freeway monument signage. The buyer plans to renovate the property and open a sit-down restaurant. A timeline or specific plans for the concept have not been released. Red Lobster previously occupied the asset. Paul Galmarini of Progressive Real Estate Partners and Jereme Snyder of Colliers represented the seller, while Cristina Hsieh of Sperry Van Ness represented the buyer in the deal.
UTAH — Salt Lake City-based Fort Street Partners and Chestnut Healthcare Real Estate have formed a programmatic joint venture that can acquire and develop up to $150 million in assets over the next four years. The venture will focus on core/core-plus and value-add investments in outpatient medical and surgery center properties in Utah. The partnership has already closed on two medical outpatient developments in Syracuse and Eagle Mountain, Utah. CJ Kodani and Mark Root of JLL Capital Markets arranged the joint venture.
AURORA, COLO. — Brinkmann Constructors, in partnership with United Properties, has broken ground on a speculative industrial project situated on 169 acres in Aurora. Spanning 817,500 square feet, the Aero70 project will include two speculative warehouses, over-lot grading and pad preparation for two future buildings, as well as associated private site civil infrastructure. Additionally, Brinkmann will build nearly two miles of public off-site infrastructure, including roads and utilities, to connect the site to the city’s existing systems.
SEATTLE — Jay Bhullar has acquired the Colman Building, a historic retail and office building in downtown Seattle, through a receivership partnership. Kidder Mathews’ Darren Tappen, Andy Miller, Pete Beauchamp and Nathan Thinnes represented John A. Rothschild of Newmark, the court-appointed receiver, in facilitating the sale. Terms of the transaction were not released. Constructed more than 125 years ago, the 143,922-square-foot Colman Building is located at 811 1st Ave. The property offers proximity to the ferry terminal, Marion Street Pedestrian Bridge and Seattle Waterfront. The buyer plans to reactivate the property’s street-level retail spaces, which were vacated during the pandemic, and lease out the vacant office suites across the building’s upper five floors.
PHOENIX — Discount Tire, through its affiliate real estate division Halle Properties LLC, has purchased Desert Ridge Corporate Center I and II in Phoenix. Terms of the transaction were not released. Desert Ridge includes 275,208 square feet of multi-tenant office space across two four-story office buildings originally constructed in 2005 and 2007. The asset also offers a three-level parking structure. Discount Tire currently occupies an entire floor at Desert Ridge, which houses a part of the national retailer’s corporate functions. Founded in 1960 by Bruce T. Halle, Discount Tire operates more than 1,200 tire retail stores across the United States, as well as an online tire and wheel shopping platform. The 12.2-acre Desert Ridge site is located 4.7 miles from the Discount Tire headquarters and one mile from the 35-acre site Discount Tire acquired in December 2022.
SEATTLE — CBRE has facilitated the $13.9 million sale of a multi-tenant retail property in North Seattle. A private investor acquired the property from Madison Development, which originally developed in the asset in 2007. Dino Christophilis and Daniel Tibeau of CBRE represented seller in the deal. Situated on 3.7 acres at 13244 Aurora Ave. N., the 51,329-square-foot property consists of two components — a 45,000-square-foot building leased to LA Fitness and a 6,329-square-foot pad building that is fully leased to Jersey Mike’s Subs, IRG Physical Therapy and T-Mobile.