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AcquisitionsCaliforniaIndustrialWestern

DRA Advisors, Rising Realty Partners Buy Six-Building Industrial Portfolio in California’s Central Valley

by Amy Works

TRACY AND STOCKTON, CALIF. — DRA Advisors and Rising Realty Partners have acquired a six-building industrial portfolio in Tracy and Stockton. Terms of the transaction, including the name of the seller and acquisition price, were not released. Situated on 40.9 acres, the portfolio includes a mix of single and multi-tenant warehouse/distribution buildings, all on triple-net leases. The properties total 531,308 square feet. The buildings offer 14-foot to 26-foot clear heights, concrete tilt-up construction, ample auto parking and a combined 107 dock-high and 39 grade-level doors. The portfolio is 98 percent leased to 14 tenants, including Altium Packaging LP, Southwest Traders Inc. and Allen Distribution, which each lease one of the three single-tenant properties that contribute 85 percent of the portfolio’s rentable square footage. Ryan Sitov and Mark Detmer of JLL Capital Markets’ investment sales and advisory team represented the seller and procured the buyers. Tim Mustin, John Fondale and Courtney Cranston of JLL handle leasing for the portfolio.

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AcquisitionsCompany NewsMultifamilySeniors HousingWestern

Transforming Age, Elder Care Alliance Complete Affiliation Agreement

by Jeff Shaw

BELLEVUE, WASH. — Transforming Age, a Bellevue-based nonprofit operator, has completed its affiliation with Elder Care Alliance (ECA).  By combining their expertise, the two organizations aim to strengthen and grow their mission impact and better address the evolving needs of older adults across the economic spectrum, according to Transforming Age. Transforming Age is one of the nation’s largest nonprofit senior living providers, serving more than 125,000 older adults by integrating housing, community services, technology, philanthropy and partnerships.  Guided by a similar set of values and rich culture, San Francisco Bay Area-based Elder Care Alliance is a nonprofit system serving almost 10,000 older adults across five communities and a system of community programs throughout California. The organization came together more than 25 years ago and has founding roots dating back to the 1870s with the Sisters of Mercy.  Under this new partnership, both organizations will leverage their combined strengths to broaden their service offerings, providing older adults with an expanded array of programs, care options and sustainable housing solutions. The ECA affiliation also bolsters Transforming Age’s presence in California, the state with the highest population of residents over the age of 65. The Transforming Age network of affiliates, which recently announced …

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CaliforniaLoansMultifamilyWestern

Colliers Arranges $27.8M Refinancing for Edgeway Apartments in Bellflower, California

by Jeff Shaw

BELLFLOWER, CALIF. — The Colliers Structured Finance Group (SFG) has arranged a $27.8 million Fannie Mae loan for the refinancing of Edgeway, a 91-unit multifamily property in Bellflower, a suburb south of Los Angeles. The loan features a 5.5 percent interest rate for five years. Jonathan Lee, Bill Hyatt, and Shahin Yazdi of SFG arranged the loan for the borrower, Serrano Development Group. Colliers SFG closed the Fannie Mae loan prior to property stabilization. Built in 2023, the Edgeway luxury apartment community offers one-, two- and three-bedroom units with open floor plans. Unit features include quartz countertops, stainless steel appliances, in-unit washer and dryer, private balconies, modern technology features and ample storage. Community amenities include a resort style pool, spa and cabana lounge; business center and co-working lounge; dog run and pet wash; fitness center with spin studio; and multiple outdoor lounges with BBQs. Located near the intersection of highways 91 and 605, Edgeway is centrally located with ready access to Los Angeles, Long Beach and Orange County.

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ColoradoDevelopmentLoansMultifamilySeniors HousingWestern

Bayview Provides $6M in C-PACE Financing for 124-Unit Mesa Verde in Durango, Colorado

by Jeff Shaw

DURANGO, COLO. — Bayview PACE has provided $6 million in C-PACE financing for key improvements for the 124-unit Mesa Verde senior living community in Durango, a small city in the southwest corner of the state. The C-PACE financing helped fund primary building systems including HVAC, electrical, plumbing and roofing. The 105,000 square-foot Mesa Verde will offer 92 assisted/transitional living units spread across studio, one-bedroom and one-bedroom configurations, as well as 32 memory care studio units. Mesa Verde is directly adjacent to Centura Mercy Hospital, the only major hospital in the area. Mesa Verde is a project of Mission Senior Living, a developer, operator and owner of senior living communities across Arizona, New Mexico, Nevada and Montana. The Durango market is underserved with currently only one existing assisted living facility and no memory care units within city limits, according to Mission Senior Living.

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ArizonaDevelopmentMultifamilyWestern

McShane Completes 242-Unit Livano Deer Valley Apartment Community in Phoenix

by Amy Works

PHOENIX — McShane Construction Co., on behalf of owner Jomax Residences, has completed the development of The Livano Deer Valley, a multifamily property in Phoenix. Humphreys & Partners Architects designed the project. Situated on 10.8 acres, the three-story community features 242 apartments in a mix of studio, one- and two-bedroom layouts with wood-style flooring, granite countertops, stainless steel appliances, designer ceramic tile backsplashes and abundant natural light. On-site amenities include a 4,000-square-foot designer clubhouse, 60,000-gallon resort-style pool, a dog park and courtyards with ample seating, fire pits and barbecues.

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5245-Pacific-Concourse-Dr-Los-Angeles-CA
CaliforniaDevelopmentLoansOfficeWestern

Gantry Arranges $28.5M Loan for Office Redevelopment in Los Angeles

by Amy Works

LOS ANGELES — Gantry has arranged a $28.5 million construction-to-permanent loan for the redevelopment of an existing office building located at 5245 Pacific Concourse Drive in Los Angeles. The 66,000-square-foot property is 100 percent pre-leased to the U.S. General Services Administration as a new facility for the Executive Office of Immigration Review, a subsidiary agency of the U.S. Department of Justice. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s Los Angeles office represented the borrower, a private real estate company. One of Gantry’s correspondent life company lenders provided the multi-decade loan, which features a long-term fixed interest rate.

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5858-W-Lower-Buckeye-Rd-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

CapRock Partners Buys 249,844 SF Industrial Building in Southwest Phoenix

by Amy Works

PHOENIX — CapRock Partners has acquired an industrial facility located at 5858 W. Lower Buckeye Road in Phoenix, for an undisclosed price. The name of the seller was not released. During the acquisition process, CapRock secured two undisclosed tenants resulting in the property being 100 percent pre-leased at the close of escrow. Situated on 13.6 acres, the 249,844-square-foot, Class A distribution and manufacturing facility features 36-foot clear heights, 28 dock-high loading doors, two motorized oversized grade-level loading doors, ESFR sprinklers and heavy power (3,600 amps). The property’s exterior offers a fully secured, 245-foot concrete truck court, double-row trailer parking for 76 stalls and space for 166 auto stalls. Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the acquisition and leasing of the property. Josh Wyss of Cushman & Wakefield and Pat Harlan, James Panczykowski and Kyle Westfall of JLL represented the new tenants. The newly acquired asset is approximately two miles south of Loop 202 from CapRock West 202 Logistics, an eight-building, Class A industrial warehouse complex totaling 3.4 million square feet.

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CaliforniaLoansMultifamilyWestern

Thorofare Capital Provides $26M Refinancing for Chapman Place Apartments in San Diego

by Amy Works

SAN DIEGO — Thorofare Capital, an affiliate of asset management platform Callodine Group, has provided a $26 million loan to Chapman Place LLC for the refinancing and lease-up of Chapman Place Apartments. Located in San Diego’s Point Loma submarket, Chapman Place Apartments features 82 units in a mix of 40 studios, 36 one-bedroom units and six two-bedroom units with an average size of 584 square feet. The three-story multifamily property is located at 3910 Chapman St. and was built to condominium-level finishes with a variety of amenities. Southwest Equity Partners manages the community. Thorofare’s floating-rate, short-term bridge loan will provide the borrower, a private investor, with runway to lease up and stabilize occupancy. The property was 25 percent leased at the time of loan closing, with most of the loan proceeds utilized to retire the original construction loan. Andrew Kim, Paul Hachigian and Jacob Yi of Thorofare originated the loan.

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3400-W-Yosemite-Lathrop-CA
CaliforniaIndustrialLeasing ActivityWestern

Macy’s Leases 272,000 SF Logistics Building in Lathrop, California

by Amy Works

LAHTROP, CALIF. — Macy’s has executed a long-term lease for a logistics and distribution facility located at 3400 W. Yosemite Ave. within Phelan Lathrop Gateway industrial park. Terms of the transaction were not released. Phelan Development owns the 272,000-square-foot facility, which is south of Sacramento and east of the Bay Area. Jay Hagglund and Tyson Vallenari of Cushman & Wakefield represented Macy’s in the lease transaction.

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CaliforniaMarket ReportsWesternWestern Market Reports

Growth Continues in the Mojave River Valley

by Jeff Shaw

— By Joseph W. Brady, CCIM, SIOR, President, The Bradco Companies — A population boom has brought houses, companies and retailers to the High Desert also known as the Mojave River Valley. The “High Desert” used to be a term that referred to one area: the northern region of San Bernardino County that is beyond the Cajon Pass. As such, many other “High Desert” popped up, including the nearby Joshua Tree Area, in addition to namesakes in Arizona, Nevada and Oregon. That led this particular area to be rebranded as the Mojave River Valley, notes Joseph W. Brady, president of The Bradco Companies in Victorville, Calif. As a long-time, 35-year resident, of the Mojave River Valley, he is the longest serving commercial broker in the region.  What is the current state of commercial real estate in the Mojave River Valley?  Retail is rather steady, with each of the cities — Apple Valley, Adelanto, Hesperia, and Victorville — all seizing new opportunities for commercial. Sprouts grocery stores (remodel of the former Toys”R”Us) are coming into Victorville and the Town of Apple Valley. We also have many smaller national tenants that continue to expand in the retail marketplace. Retail vacancy levels continue …

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