GOLDEN, COLO. — Unique Properties/TCN Worldwide has negotiated the sale of 2801 Youngfield Street, an 97,992-square-foot office building in Golden, a western suburb of Denver. HGN Realty sold the asset to an undisclosed buyer for $6.5 million. Rachel Colorosa and Zach Schuchman of Unique Properties/TCN Worldwide represented the seller in the off-market transaction.
SAN FRANCISCO — Marcus & Millichap has brokered the sale of a portfolio of two multifamily properties at 1159-1169 and 1067-1071 Union St. in San Francisco’s Russian Hill neighborhood. The properties sold for a combined $6.3 million after approximately 50 years under the same family ownership. Philip Batlin, Clinton Textor, Sam Runco and Jordan Tong, investment specialists in Marcus & Millichap’s San Francisco office, represented seller in the transaction and procured the buyer, local firm Ballast. Built in 1925, the 9,123-square-foot property at 1159-1169 Union St. consists of six two-bedroom, one-bath units on a 0.12-acre parcel. The property features two flats per floor across three residential levels, six garage spaces and rear access from Warner Place. Built in 1908, the 6,075-square-foot property at 1067-1071 Union St. consists of five two-bedroom, one-bath units and is situated on a 0.07-acre parcel. The property includes two buildings on a single lot with frontage on Union Street and Macondray Lane.
North Palisade Partners Underway on 290,618 SF Multi-Tenant Industrial Project in Santee, California
SANTEE, CALIF. — North Palisade Partners is underway on development of Palisade Santee Commerce Center, a new industrial project in Santee, located in San Diego County. The company acquired the 13.4-acre site at 10990 N. Woodside Ave. from an undisclosed seller for $22.7 million. Slated for completion in third-quarter 2027, Palisade Santee Commerce Center will offer 290,618 square feet of multi-tenant industrial space. Evan McDonald of Colliers represented the buyer in the transaction. Additionally, McDonald and Mark Lewkowitz of Colliers will serve as the property’s leasing advisors.
HUNTINGTON BEACH, CALIF. — Westwood Financial has acquired Peninsula Marketplace, a 95,416-square-foot shopping center located in Huntington Beach in Southern California. Grocer Ralphs anchors the property, which was 99 percent leased at the time of sale. Other tenants at the center include Planet Fitness, Carl’s Jr., Woof Gang Bakery & Grooming, Sourdough & Co., Rubio’s Baja Gril, Peninsula Orthodontics, Aim Mail Center and 602 Coffee & Acai.
APPLE VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Apple Valley Towne Center, a regional shopping center in San Bernardino County. Kevin Fryman, Bill Asher and Sean Cox of Hanley Investment Group represented the seller and developer, San Pedro, Calif.-based Rich Development Enterprises, in the transaction. The buyer and sales price were not disclosed. Completed earlier this year o a 7.9-acre site at 19390 Bear Valley Road, Apple Valley Towne Center features 87,042 square feet of retail space that was fully leased at the time of sale to three national junior box tenants: Hobby Lobby, Marshalls and Five Below. The tenants operate under new initial long-term triple-net leases with scheduled rental increases every five years. Additionally, the property is shadow anchored by Stater Bros. Markets, Lowe’s and Walgreens.
LOS ANGELES — Berkadia has arranged the $6.8 million sale of Altezza, a 16-unit apartment building in the Westchester neighborhood of Los Angeles. Steffan Braunlich of Berkadia El Segundo led the transaction on behalf of the seller, Revere Investments of Rolling Hills Estates, California. The buyer was Edud Investments, based out of Corona, California. The deal closed on Sept. 21. Located at 6925 Kittyhawk Ave., the property was built in 1993 and features 16 two-bedroom, two-bathroom apartments, including upper-level, two-story loft layouts. The property also includes in-unit stackable washers and dryers, central heating and air conditioning, controlled access and 32 subterranean parking spaces.
NEWPORT BEACH, CALIF. — JLL has arranged two loans totaling $276 million for the refinancing of a two-property seniors housing portfolio in the Newport Beach area of Southern California. The portfolio totals 395 units. The borrower is an affiliate of owner-operator Nexus Development. The first piece of the transaction involves a $140 million loan for Vivante Newport Center, a six-story, luxury community that features 99 independent living, assisted living and memory care units. Vivante Newport Center also offers a theater, bowling alley and a golf simulator, in addition to multiple onsite food-and-beverage options. The second component of the deal features $136 million in agency financing for Vivante Newport Mesa, a 296-unit community that was built in phases between 2013 and 2020. Vivant Newport Mesa comprises two buildings on a 6.8-acre site that also offer independent living, assisted living and memory care services. An undisclosed national bank provided the loan for Vivante Newport Center, and the name of the agency that originated the financing for Vivante Newport Mesa was also not disclosed. Greg Brown and Aaron Rosenzweig of JLL acted as intermediaries on both deals.
LOS ANGELES — KeyBank Community Development Lending and Investment (CDLI) has provided $92.9 million in financing for Broadway & Imperial, a new affordable housing development in South Los Angeles. The financing package includes a $43.8 million construction loan and an $18.1 million federal Low-Income Housing Tax Credit (LIHTC) equity investment from KeyBank CDLI. Key Commercial Mortgage Group arranged a $31 million Fannie Mae permanent loan, and KeyBanc Capital Markets underwrote a $31 million public bond issuance as part of the financing structure. Developed by SoLa Impact, Broadway & Imperial will feature 164 affordable apartments and two manager units that will be housed within four- and five-story buildings. Residents will have access to a range of amenities, including a lobby, rooftop deck, community room and three landscaped courtyards. Supportive services will be provided onsite by LifeSTEPS and will include educational, financial literacy, health and wellness and counseling services. Additionally, residents will have access to programs offered by the SoLa Foundation, including opportunities available through the SoLa Tech & Entrepreneurship Center Powered by Riot Games. Matthew Haas and Eileen Tran of KeyBank CDLI, along with Shana Daby of Key Commercial Mortgage Group, arranged the financing. Alex Stekler of KeyBanc Capital Markets marketed …
BLUFFDALE, UTAH — JLL Capital Markets has arranged an equity placement for a multifamily development at 15580 Plentiful Way in Bluffdale, located south of Salt Lake City. Chris Gandy, Kevin Barron and Ellie Savage of JLL Capital Markets’ Equity Advisory represented the developer, Six Ridge Partners, in the equity placement. Situated within the master-planned Independence at the Point community, the five-story, midrise building will feature 217 apartments in studio, one-, two- and three-bedroom layouts, with an average unit size of 792 square feet. Community amenities will include a pool, spa, clubhouse, fitness center, coworking lounge, theater, game room and a rooftop deck. The average monthly rent is projected at $1,558.
EL CAJON, CALIF. — DPI Retail has sold Main Street Marketplace, a grocery-anchored shopping center in El Cajon, located in San Diego County, for $17.5 million. The buyer, an entity doing business as First Corner LLC, is the owner of Manolo Farmers Market, which has anchored the property since 1988. Enrique Wong of Marcus & Millichap, along with Tom Lagos, Patrick Toomey and Jose Carrazana of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal. Built in 1979 at 1045-1099 E. Main St., Main Street Marketplace offers 75,328 square feet of retail space. Other tenants includes Bellus Academy, D C Cleaners, Fresh Up Barber Shop, Total Vision El Cajon, Boost Mobile, Freeway Insurance and El Cajon Eco Laundry. At the time of sale, Main Street Marketplace was 94.7 percent occupied, with dd’s Discounts accounting for two-thirds of the gross leasable area.