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6260-W-Pebble-Rd-Las-Vegas-NV
AcquisitionsIndustrialNevadaWestern

Avison Young Brokers $10.3M Sale of El Camino Industrial Center in Las Vegas

by Amy Works

LAS VEGAS — Avison Young has negotiated the sale of El Camino Industrial Center, an industrial facility at 6260 W. Pebble Road in Las Vegas. A Las Vegas-based developer sold the asset to a California-based private investor for $10.3 million, or $290 per square foot. Built in 2023, the 35,446-square-foot El Camino Industrial Center features four dock doors, a clear height of 24 feet, two grade-level doors, ESFR sprinklers and a build-to-suit office. At the time of sale, the property was fully occupied. Chris Lexis and Joe Leavitt of Avison Young represented the seller, while James Griffis of Avison Young represented the buyer in the deal.

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DiRienz Opportunities for borrowers Talonvest pull quote
AcquisitionsContent PartnerDevelopmentFeaturesLoansMidwestNortheastSoutheastTexasWestern

Part 2: Elective Refinances, New Business Plans: What’s Driving Activity Today?

by Sarah Daniels

By David DiRienzo, director — business development, at Talonvest Capital, Inc. This is part two of a two-part series discussing the key drivers behind transaction volume and the steps owners can take to ensure they are well positioned going forward. As highlighted in part one, despite substantial changes in the market over the past few years, the capital markets continue to offer quality financing solutions for real estate owners. Part two of this article series delves into two key drivers of current financing activity: elective refinancing to optimize the capital stack and the initiation of new business plans. Given the plethora of value-add projects in the pipeline and the interest in undertaking new business plans as equity capital returns to the market, these financing strategies are taking on greater importance than in past years. Interestingly, elective refinancing and starting a new business plan are two scenarios where the borrower’s actions are optional because an impending maturity is not a consideration. For this reason, it is important that borrowers understand the nuances behind these strategies as well as the approach that a capital expert might take. Elective Refinancing to Maximize Investment Performance While loan maturities trigger many refinancings, owners run into a …

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2200-Faraday-Ave-Carlsbad-CA
AcquisitionsCaliforniaIndustrialWestern

Hill Cos. Sells 233,194 SF Industrial Building in Carlsbad, California for $49.5M

by Amy Works

CARLSBAD, CALIF. — Greenwood Village, Colo.-based Hill Cos. has completed the disposition of Studio 2200, a Class A, freestanding industrial flex building in Carlsbad. IDEC Corp. acquired the asset for $49.5 million. IDEC, a manufacturer of industrial automation and control products, is relocating its existing operation from Silicon Valley to occupy a majority of the two-story 233,194-square-foot building, which is located at 2200 Faraday Ave. Situated on nearly 14 acres, Studio 2200 features private balconies and outdoor amenity spaces, prominent signage, ample dock- and grade-loading positions, a freight elevator, clear heights ranging from 15.5 to 17 feet and heavy power. Aric Starck and Drew Dodds of Cushman & Wakefield represented the seller, while Peter Curry of Cushman & Wakefield and CBRE’s Dennis Visser and Weston Yahn represented the buyer in the deal.

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Crossroads-Village-Apts-Fremont-CA
CaliforniaLoansMultifamilyWestern

Gantry Arranges $18.3M in Financing for Two California Bay Area Apartment Communities

by Amy Works

MILPITAS AND FREMONT, CALIF. — Gantry has arranged a total of $18.3 million in two permanent loans for the Spinnaker Pointe Apartments in Milpitas and Crossroads Village Apartments in Fremont. Totaling 540 units, the properties are fully stabilized and professionally managed. Gantry’s Tom Dao and Erinn Cooke represented the borrower, a private real estate investor, in arranging the financing. One of Gantry’s correspondent life company lenders provided the two five-year loans, which feature 30-year amortization schedules. The loans also feature no prepayment fees after the first 12 months from loan closing with rates in the mid-5 percent range, nonrecourse terms and a turnkey loan closing.

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3750-Nome-St-Denver-CO
AcquisitionsColoradoIndustrialWestern

IOV Acquires 10th Industrial Outdoor Storage Facility in Denver Market

by Amy Works

DENVER — Industrial Outdoor Ventures (IOV) has acquired its 10th property in the Denver area with the purchase of 3750 Nome Street, a 4.9-acre industrial outdoor storage site in Denver’s Airport Central submarket. Terms of the transaction were not released. The property includes a 24,000-square-foot warehouse with a clear height of 22 feet, two drive-in doors and four dock-high positions, as well as a 7,000-square-foot standalone office with additional storage and a private garage. At the time of acquisition, the property was vacant and on the market for lease. Sam Dragan and Mike Camp of CBRE represented the buyer and undisclosed seller in the deal.

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LoansMultifamilyOregonWestern

Red Oak Capital Holdings Provides $4.5M Loan for Apartment Community in North Bend, Oregon

by Amy Works

NORTH BEND, ORE. — Red Oak Capital Holdings has provided $4.5 million in financing for Eagle Crest Village Apartments in North Bend. The loan will be used to retire the existing debt and complete renovations on the garden apartment community. The three-building property features 60 studio units, 37 one-bedroom apartments and a freestanding single-family home. Written under Red Oak’s Opportunistic Bridge Loan Program, the debt carries an 11 percent interest rate, three-year term and represents 53.4 percent of the property’s stabilized value. Dave Christensen, Hermann Wendorff and Jesus Martinez of Red Oak originated and underwrote the loan. The undisclosed sponsor acquired the vacant former residential care facility in 2021 and is nearly finished converting the asset into 100 percent multifamily. At full stabilization, the sponsor intends to exit the Red Oak loan via a conventional refinance and manage the community in the long term.

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AcquisitionsColoradoRetailWestern

Boulder Group Brokers $1.9M Sale of Star Buds Dispensary Property in Fort Collins, Colorado

by Amy Works

FORT COLLINS, COLO. — The Boulder Group has brokered the sale of a single-tenant retail property located at 5740 S. College Ave. in Fort Collins. A Midwest-based real estate development and investment company sold the asset to a local Colorado-based investor for $1.9 million. Star Buds, a cannabis dispensary, occupies the 4,861-square-foot property on a long-term, triple-net lease with rental increases every five years. The lease is guaranteed by Medicine Man Technologies, a publicly traded company that does business as Schwazze. The company is a vertically integrated cannabis company with approximately 35 dispensaries, six grow facilities and two manufacturing plants. Zach Wright and Brandon Wright of The Boulder Group represented the seller in the transaction.

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The-James-Irvine-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

JLL, HJ Sims Arrange $473M in Financing for Development of Seniors Housing Community in Irvine, California

by Amy Works

IRVINE, CALIF. — JLL Capital Markets and HJ Sims have arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. The transaction is the largest tax-exempt senior living financing of the year and the largest nonprofit, single-site senior living bond issue in history, according to JLL. JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing with HJ Sims hired as sole underwriter of the bonds. The financing consisted of $442.1 million of publicly offered tax-exempt senior series 2024A bonds, $12.9 million in taxable senior series 2024B bonds, and $18 million in subordinate tax-exempt series 2024c and 2024d bonds. JLL also handled the land sale to the partnership on behalf of the seller. The groundbreaking for The James — the first new senior living community in the Irvine market in 28 years — will take place later this month and the target date for completion is June 2027. The community will offer 210 independent living units, 110 assisted living units and 30 memory care units with a mix of …

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Bake-Freeway-Biz-Park-Irvine-CA
CaliforniaDevelopmentIndustrialWestern

Tishman Speyer Begins Construction on 380,000 SF First Phase of Bake Freeway Business Park in Irvine, California

by Amy Works

IRVINE, CALIF. — Tishman Speyer and Mitsui Fudosan America (MFA) have started construction on the 380,000-square-foot first phase of Bake Freeway Business Park in Irvine. When fully completed, Bake Freeway will encompass 600,000 square feet of Class A industrial space with direct access to Interstate 5 and greater Orange County, Calif. The first phase will feature a 176,337-square-foot building with 186 parking stalls on 9.5 acres at 15700 Bake Parkway, and a 202,831-square-foot building with 287 parking stalls on 10 acres at 15800 Bake Parkway. The buildings will each feature 36-foot clear warehouse space, 25 dock-high doors and two ground-level doors. KPRS is serving as general contractor on the initial phase, which is slated for completion in third-quarter 2025. The joint venture acquired the fully entitled, 31.9-acre development site in December 2023. At full build-out, the park will offer four buildings ranging in size from 73,000 square feet to 203,000 square feet. To help finance the first two buildings of Bake Freeway, Tishman Speyer and MFA secured an $84.7 million construction loan from JPMorgan Chase.

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Irvine-Ranch-Market-Costa-Mesa-CA
CaliforniaDevelopmentRestaurantRetailWestern

Space Investment Partners Completes $11M Renovation of Retail Property in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — Space Investment Partners has completed an $11 million renovation of The Ranch at Newport Bay, a 60,000-square-foot, grocer-anchored mixed-use retail property in Costa Mesa. The asset is located at 2651-2675 Irvine Ave. With the addition of Verde, a restaurant and bar concept, The Ranch is fully occupied. Verde, which opened in November, occupies two spaces in the neighborhood center encompassing 5,000 square feet. Created by Koire Rogers and Anthony Laborin, Verde features a highly developed beverage program in its lower-level Verde Bar and ingredient-driven seasonal California cuisine in its upper level restaurant. Additional tenants include Nike Training Studio (4,100 square feet), XPT Studio (900 square feet), Del Mar Wellness (1,350 square feet), Coffee Dose (1,300 square feet) and Tiny Tooth Pediatric Dentistry (2,091 square feet). Irvine Ranch Market, as the anchor tenant, occupies 17,500 square feet at the center.

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