Western

Koelsch Construction Completes 188-Unit Karlo Apartments in Lacey, Washington

by Amy Works May 28, 2025

LACEY, WASH. — Koelsch Construction, on behalf of Koelsch Communities, has completed Karlo Apartments, a $66.5 million, 227,587-square-foot multifamily development in the Hawks Prairie neighborhood of Lacey. Karlo Apartments offers 188 one-, two- and three-bedroom units designed with a focus on modern craftsmanship and resident-centered living. The development caters to a mix of military families, professionals and long-term residents. Situated on 8.7 acres, the property offers a clubhouse, fitness center, pickleball and basketball courts, a children’s playground and pet play areas.

May 28, 2025

Acquisitions Industrial Utah Western

Steel Peak Acquires Industrial Outdoor Storage Property in Salt Lake City for $7.6M

by Amy Works May 28, 2025

SALT LAKE CITY — Steel Peak has purchased an industrial outdoor storage (IOS) property located at 1876 W. Fortune Road in Salt Lake City from Stalsberg Properties for $7.6 million. Philip Eilers of Cushman & Wakefield represented the buyer, while Charlie Davis of Cushman & Wakefield represented the seller in the transaction. Situated on 5.4 acres, the asset consists of two warehouse buildings totaling 31,460 square feet. The zoning allows for various industrial uses, including outdoor storage, commercial parking, contractor yards, heavy equipment, tire distribution/retail, truck freight terminals, auto and truck repair, industrial services and sales, and railroad repair/rail freight terminals.

May 28, 2025

Acquisitions California Retail Western

Hanley Investment Group Arranges $6.1M Sale of Single-Tenant Childcare Facility Near Sacramento

by Amy Works May 28, 2025

ELK GROVE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant childcare facility in Elk Grove, a suburb of Sacramento. Armstrong Development Properties sold the asset to a private investor for $6.1 million. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller, while Mason Canter of The Mason Canter Group of Los Angeles represented the buyer in the deal. The Learning Experience occupies the 9,990-square-foot building, which was built in 2022, on a new 17-year corporate lease with 6 percent rent increases every five years throughout the base term and option periods, along with a $1 million corporate guarantee. The property is located at 8330 Elk Grove Florin Road.

May 28, 2025

California Hospitality Loans Western

Red Oak Capital Holdings Provides $6M Refinancing for Catalina Island Hospitality Property

by Amy Works May 28, 2025

AVALON, CALIF. — Red Oak Capital Holdings has provided a $6 million bridge loan for the Hermosa Hotel & Apartments in Avalon, a city on Santa Catalina Island. The loan proceeds will retire existing debt at the century-old property, located at 131-171 Metropole Ave. Hermosa Hotel & Apartments contains 46 buildings offering a total of 44 hotel rooms, a commercial unit occupied by a spa and 26 multifamily units. Since acquiring the property in 2019, the sponsor has invested approximately $3 million into renovations, reorienting the hotel as a boutique alternative to large-scale resorts while maintaining the multifamily component as stable, year-round housing for service workers. The interest-only loan was structured under Red Oak’s Core-Plus Bridge Loan Program and carries a two-year initial term and a loan-to-servicing value of 55.2 percent. David Christensen of Red Oak originated the loan, with underwriting led by Thomas Gorski and loan administration by James Myatt. Deryl Deese of Tauro Capital Advisors arranged the financing on behalf of the borrower, a subsidiary of value-add investment firm McKinney Capital.

May 28, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Brokers Sale of Cypress Villa Apartment Property in Covina, California

by Amy Works May 28, 2025

COVINA, CALIF. — Marcus & Millichap has arranged the sale of Cypress Villa, a multifamily community at 19529 E. Cypress St. in Covina. Forgette Family Trust sold the asset to SRI Properties LLC for $2.8 million. Built in 1984, Cypress Villa offers 11 two-bedroom/one-bath units with central air conditioning and heat, two parking spaces per unit and access to an onsite laundry room. Additionally, each unit is individually metered for gas and electricity. Douglas McCauley and David Covarrubias of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 28, 2025

California Development Industrial Western

Outrigger Industrial, MetLife Investment to Develop Kennedy Logistics Center in Oakland

by Amy Works May 27, 2025

OAKLAND, CALIF. — Outrigger Industrial, in partnership with MetLife Investment, has unveiled plans to redevelop a property at 727 Kennedy St. in Oakland into Kennedy Logistics Center. Construction is slated to begin in third-quarter 2025 with a completion date of second-quarter 2026. The initial phase of construction involves the reduction of the existing building footprint by 57,000 square feet to allow for loading dock reconfiguration — 30 new dock-high positions along with a 130-foot truck court. The 177,000-square-foot upgraded building will include numerous structural re-enforcements and visual enhancements, including new structural columns, a clear height of 32 feet, updating existing building systems to meet current codes compliance and creating a dedicated office space. The building is located immediately adjacent to the Interstate 880 between Port of Oakland and OAK Airport.

May 27, 2025

Acquisitions California Industrial Western

MSI Computers Corp. Buys 200,000 SF Industrial Property in City of Industry, California

by Amy Works May 27, 2025

CITY OF INDUSTRY, CALIF. — MSI Computers Corp. has acquired an industrial property located at 18045 Rowland St. in City of Industry from LINK for $65.2 million, or $326 per square foot. Built in 1985, the 200,000-square-foot asset features a clear height of 26 feet, 18 dock-high loading doors, two grade-level doors and a newly constructed 4,735-square-foot office build-out. Additionally, the property offers a private, fenced yard that can accommodate 60 trailers and 56 autos. Jason Chao of CBRE represented the buyer in the transaction.

May 27, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $18.9M Sale of Apartment Community in San Jose, California

by Amy Works May 27, 2025

SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Lakewood Court Apartments, a 48-unit multifamily property in San Jose. A private investor sold the property to an undisclosed buyer for $18.9 million. Adam Levin, Robert Johnston, Eymon Binesh and Mark Kis of Levin Johnston of Marcus & Millichap handled the transaction, including sourcing the buyer. Built in 1989 on 1.6 acres, Lakewood Court Apartments features 22 one-bedroom/one-bath units, four one-bedroom/one-bath lofts, 12 two-bedroom/one-bathroom units and six two-bedroom/two-bath units. In-unit amenities include granite countertops, stainless steel appliances, fireplaces, walk-in closets, balconies, patios and porches. The community includes a pool, spa, rooftop terrace and laundry facilities. Lakewood Court Apartments is located at 1953 Via Reggio Court.

May 27, 2025

Acquisitions California Industrial Office Western

BH Properties Acquires 110,669 SF Office, R&D Building in Silicon Valley

by Amy Works May 27, 2025

SAN JOSE, CALIF. — BH Properties has expanded its Bay Area footprint with the acquisition of 2125 O’Nel Drive, a Class A office and research-and-development building located in North San Jose. The recently renovated two-story building offers visibility along Highway 101 and is situated minutes from Mineta San Jose International Airport. Originally built in 1985 and modernized in 2022, the 110,669-square-foot building features a remodeled contemporary lobby, cafe-style kitchen with a NanaWall system, expanded glass lines, new exterior landscaping with outdoor collaborative areas and upgraded building systems. Andy Zighelboim, Kevin Moul, Brad Idleman and Bob Giley of Colliers represented the seller, while Peter Horn led the acquisition for BH Properties. Terms of the transaction were not released.

May 27, 2025

Acquisitions Colorado Retail Western

Pinnacle Real Estate Brokers Sale of Two-Property Liquor Store Portfolio in Castle Rock, Colorado

by Amy Works May 27, 2025

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a two-property portfolio of operating liquor stores in Castle Rock. The portfolio includes Bubbles Liquor World, a 27,395-square-foot flagship store located off Interstate 25 and Meadow Parkway in Castle Rock, and Tiny Bubbles, a 4,000-square-foot satellite store on the east side of Castle Rock. The portfolio generates around $15 million in annual revenue. Levi Saxen and Jack Eberwein of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the off-market deal. The Pinnacle team secured SBA financing for both locations and structured long-term leases for the new operators, ensuring stability and continued success for all parties involved.

May 27, 2025

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