LAGUNA BEACH, CALIF. — CBRE has negotiated the sale of Sterling Plaza Apartments, a multifamily property in Laguna Beach. Located at 2607 Solana Way, Sterling Plaza features 12 one- and two-bedroom apartments, including a two-bedroom penthouse. The three-story, 9,823-square-foot property was built in 1962 and 1963. The property offers 14 parking spaces (11 carports plus three open spaces), an onsite laundry facility and the units are individually metered for electricity. Dan Blackwell and Mike O’Neill of CBRE represented the San Francisco Bay Area-based seller and the Los Angeles County-based buyer in the deal.
Western
MESA, ARIZ. — Marcus & Millichap has arranged the sale of AMR Mesa – 222 E Main, a flex building in Mesa. A Spokane, Wash.-based limited liability company sold the asset to an undisclosed buyer for $5 million. Located at 222 E. Main St., the 22,722-square-foot building is used as flex/office space and is an AMR tenant under a nine-year lease with annual CPI adjusted rent escalations. The property was renovated in 2023. Brandon Kramer and Maxwell Rist of Marcus & Millichap represented the seller in the deal. Ryan Sarbinoff of Marcus & Millichap assisted in the closing, and Rob Cronenberg of Marcus & Millichap Capital Corp. provided up-to-date financing quotes.
Some commercial real estate developers work primarily with architects and engineers to establish a project’s scope and expected cost, leaving the selection of a general contractor or project manager until they are nearly ready to break ground. And by following this traditional approach, they may be leaving money on the table. A better practice is to engage contractors during project planning, industry experts advise. That’s because experienced contractors can provide practical insight into pricing and availability of materials and labor, informing critical planning decisions. Those same builders can be a sounding board for site civil engineers mapping out site preparation, utility installation, access and sequencing for the various tradespeople working on a project. “Involving a general contractor early is particularly beneficial for large-scale or phased construction projects,” says Daniel Hines, a principal in Bohler’s Charlotte office. “It enables us to approach the design more strategically, reduce costs and deliver more accurate timelines.” “The overall goal of getting a general contractor and an engineer working together is to maintain your schedule and your budget,” agrees Jeff Mitchell, director in the Charlotte, North Carolina office of Duffey Southeast Construction Inc. “Engineers are the experts at designing projects, but ultimately it is the …
PASADENA, CALIF. — Pasadena, Calif.-based ExchangeRight has purchased 13 net-leased properties as a sale-leaseback transaction with Tractor Supply. Totaling more than 425,000 square feet, the properties are in Arizona, Florida, Georgia, Indiana, Maryland, Ohio, Pennsylvania, South Carolina and Texas. With this acquisition, ExchangeRight has expanded its portfolio of assets net leased to Tractor Supply to more than 100 properties as of Oct. 31, 2024.
PANORAMA CITY AND HAWTHORNE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $13.5 million in refinancing for two multifamily properties in Panorama City and Hawthorne. Michael Derk of MMCC secured the agency financings on behalf of a private client. MMCC secured a 10-year, $7 million loan with full-term interest-only payments at 5.67 percent and a loan-to-value ratio of 50 percent for Canyon Crest Apartments. Located at 7833 Ventura Canyon Ave. in Panorama City, Canyon Crest features a mix of one-, two- and three-bedroom units, a spa, swimming pool, fitness center, parking garages, a dog park and picnic area. MMCC arranged a 10-year, $6.5 million loan with full-term interest-only payments at a rate of 5.9 percent and a loan-to-value ratio of 65 percent for Hawthorne Chateau Apartments. Located at 3505 W. 139th St. in Hawthorne, the property offers a mix of one- and two-bedroom apartments, laundry facilities, a fitness center and an underground gated parking garage.
BUCKEYE, ARIZ. — Canada-based Highstreet Ventures has acquired a 17.8-acre parcel adjacent to Summit Community Church, which is located at 20555 W. Roosevelt St. in Buckeye, for $9.3 million. Highstreet Ventures plans to develop a 510-unit multifamily property on the site. The proposed three-story community will offer 144 studio units, 150 one-bedroom units and 216 two-bedroom layouts, as well as a clubhouse and pool. Michael Farrar and Art Rullo of Marcus & Millichap’s Phoenix office represented the buyer, while Bret Rinehart and Wesley Campbell of Land Advisors Organization represented the seller, Summit Community Lutheran Church, in the transaction.
SAN DIEGO — JLL Capital Markets has negotiated the sale of a fully vacant flex office building located at 16980 Via Tazon in San Diego. Montana Avenue Capital Partners sold the asset to a private investor for $9.9 million in an all-cash, off-market transaction. Built in 1984, the single-story, 35,312-square-foot property can accommodate a variety of uses, including wet/dry lab, manufacturing and creative office space. The building features 14- to 16-foot clear heights and roll-up doors for grade-level loading. Bob Prendergast, Lynn LaChapelle and Zac Saloff of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.
Lee & Associates Brokers Sale of 20,574 SF Office, Medical Building in Monrovia, California
by Amy Works
MONROVIA, CALIF. — Lee & Associates has arranged the sale of Huntington Professional Center, an office and medical center in Monrovia. The asset traded for $7.6 million. The names of the seller and buyer were not released. Located at 831 E. Huntington Drive, the two-story, 20,574-square-foot property offers 76 surface parking stalls. At the time of sale, the building was fully occupied by a variety of tenants, including Optum Healthcare, Tomdan (parent of Tommy Burgers) and Select Physical Therapy.
— By Shawn Jaenson, executive vice president, Kidder Mathews — Reno’s industrial market has demonstrated remarkable resilience in the face of challenging economic conditions. Despite such uncertainties, the region has maintained a strong industrial presence, showcasing its ability to adapt and thrive. Overall, the market delivered more than 22 million square feet of new construction since the start of 2020 and has experienced more than 50 percent rent growth over the same period, rising from $0.55 (triple net) in fourth-quarter 2019 to $0.84 at mid-year 2024. As the nation grapples with inflation, supply chain disruptions and shifting consumer behaviors, Reno’s industrial sector has managed to effectively weather these challenges. The city’s strategic location and pro-business environment have positioned it as a critical logistics and distribution hub. These factors have allowed local businesses to remain competitive, even as national economic pressures mount. Sales activity has seen a recent uptick with four major sales occurring in the second quarter of this year. Prospect Ridge bought the four-building, 893,632-square-foot Airway Commerce Center from Tolles Development; CapRock bought a 707,010-square-foot building from Manulife; and Pure Development sold two buildings – one with 354,640 square feet and the other with 322,400 square feet – to Exeter …
BERKELEY, CALIF. — The University of California, Berkeley has completed Anchor House, a 772-bed residence hall for transfer students. The 14-story community spans 450,000 square feet and offers 244 units in studio, two- and four-bedroom configurations. Apartments are fully furnished and offer private bedrooms with built-in desks, full kitchens and in-unit washers and dryers. Shared amenities include a central courtyard with multiple outdoor terraces and balconies; outdoor space for work and gathering; maker space run by the Berkeley Art Studio, which hosts classes for students and the community; a culinary classroom and rooftop vegetable garden for the Rausser College of Natural Sciences; two event spaces with catering kitchens; and an 8,600-square-foot fitness center with a yoga and meditation room. The community offers flexible rent prices to help transfer students with low-income backgrounds and first-generation college students. The development team for the project included Morris Adjmi Architects, BDE Architecture, BCV Architecture, Andrea Cochran Landscape Architecture, PAE Engineers, BKF Engineers and Luma Lighting Design. The development was funded by philanthropic donations and opened ahead of the 2024-2025 academic year. The development team is also targeting LEED Gold certification for the property.