Western

Sequoia-Housing-Fullerton-CA

FULLERTON, CALIF. —California State University, Fullerton has broken ground on Sequoia, a $160 million student housing project located on the university’s campus. The six-story community will span 155,000 square feet and offer 510 beds for graduate students and students completing their senior year of undergraduate study. Four students will occupy each two-bedroom unit, which will include two bathrooms, a kitchen and a living area. The community will also include student resident adviser apartments, one staff apartment, a laundry area, mail room, market and outdoor eating and seating areas. A portion of the project’s units will be deemed affordable housing, offered at rental rates below the standard rate for students facing housing insecurity. Financing for the state-funded project includes $89 million for the affordable housing units, according to Sarab Singh, the university’s associate vice president for capital programs and facilities management. The community is scheduled for completion in fall 2026.

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Central-Industrial-Center-Stockton-CA

STOCKTON, CALIF. — The co-development team of Conor Commercial Real Estate and Dayton Street Partners, along with an affiliate of Heitman as a partner, has completed the 1.1-million-square-foot Central Industrial Center in Stockton. Situated on a 56-acre infill site, Central Industrial Center consists of three speculative industrial buildings. The 135,200-square-foot, front-load Building 1 features 32-foot clear heights, 50- by 52-foot column spacing, 28 dock doors, two drive-in doors, 76 parking spaces and 24 trailer stalls. The 121,680-square-foot, front-load Building 2 offers 32-foot clear heights, 50- by 52-foot column spacing, 25 dock doors, two drive-in doors, 76 parking spaces and 26 trailer stalls. The 833,280-square-foot Building 3 features a cross-dock configuration with 40-foot clear heights, 50- by 60-foot column spacing, 141 dock doors, four drive-in doors, 310 parking spaces and 198 trailer stalls. All three buildings offer skylights, ESFR sprinklers, high-capacity natural gas and electrical infrastructure, 60-foot speed bays and offices. Each building is designed to accommodate a multi-tenant configuration as small as 60,000 square feet. McShane Construction Co. provided design-build services and Ware Malcomb provided construction and architectural services for the project.

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MarLam-Industrial-Portfolio-Phoenix-AZ

PHOENIX — CBRE has facilitated the sale-leaseback of the MarLam Industries Manufacturing portfolio in Phoenix. A joint venture led by Wentworth Property Co. acquired the asset from MarLam Industries for $17.5 million. Located at 2425 S. 10th St. and 834 E. Hammond Lane, the two adjacent buildings offer a total of 106,174 square feet. The 48,504-square-foot building on South 10th Street features 5,403 square feet of office space, 22-foot clear heights and 11 grade-level doors. The 47,438-square-foot facility on East Hammond Lane offers 20-foot clear heights, 11 grade-level doors and a 4,829-square-foot mezzanine office level. MarLam Industries, a manufacturer of laminate and cultured marble tops and tubs and fabricator of Corian and granite kitchen and bath countertops, leased back the portfolio as part of the transaction. Geoffrey Turbow, Anthony DeLorenzo and Matt Pourcho of CBRE represented the seller in the deal.

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EL MONTE, CALIF. — PSRS has secured $10.8 million in refinancing for an owner-user Nissan dealership in El Monte. The 65,000-square-foot property consists of three buildings across individual parcels, housing a showroom, parts and service departments and corporate offices. Grady Seldin and Thomas Rudinsky of PSRS arranged the financing for the undisclosed borrower.

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DENVER — CenterSquare has purchased Shops at Highpointe, an essential service retail (ESR) shopping center in Denver. Terms of the transaction and the name of the seller were not released. Located at the northeast corner of Grant Street and 97th Avenue, Shops at Highpointe offers 18,938 square feet of retail space that was 88 percent occupied at the time of sale. T-Mobile, Dickey’s BBQ and Red Wing Shoes, along with several long-term local tenants, occupy the property, which was built in 2008.

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Torrey-View

SAN DIEGO — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has completed the development of Torrey View, a 520,000-square-foot life sciences campus located in the Del Mar Heights neighborhood of San Diego.  The 10-acre property was fully preleased and is home to the oncology division of biopharmaceutical company Pfizer, which occupies 230,000 square feet across two buildings; and the innovation center for the biosciences division of BD, a global medical technology company, which occupies a 220,000-square-foot-building. Additional tenants include Charles River Laboratories, Actio Biosciences and Architect Therapeutics. Torrey View offers expansive ocean views and a full suite of amenities, including a client clubhouse, multiple dining options, a fitness center and pickleball court, 400-person conference facility, bike and surfboard storage and a partially below-grade parking garage covered by open green spaces and gardens.  The joint venture acquired the development site for the campus, which has achieved LEED Gold certification, in October 2020. Equity partners in the project included Mitsui Fudosan America, Investment Management Corp. of Ontario and AP2. The development team included life sciences architectural firm Flad Architects and general contractor Clark Construction, and leasing for the project was handled by JLL.  Formed in 2019, Breakthrough Properties …

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Mart-Frozen-Foods-Rupert-ID.jpg

RUPERT, IDAHO — Mart Frozen Foods, a subsidiary of The Mart Group, has opened a $65 million high-tech food manufacturing facility in Rupert. Situated in Southern Idaho’s Magic Valley region, which leads the state’s agribusiness industry, the 100,000-square-foot plant produces and packages frozen, fully baked Idaho potatoes known as OH!Tatoes. The new facility is adjacent to The Mart Group’s headquarters, bringing the company’s total employment in Rupert to more than 230 people. The new Mart Frozen Foods facility will directly create 80 full-time jobs and have an estimated annual economic impact of $11.5 million.

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Sr-Housing-Live-Oak-Silverdale-WA

SILVERDALE, WASH. — Live Oak Bank has provided a $47.5 million bridge loan for the refinancing of an undisclosed seniors housing community located in Silverdale, roughly 25 miles northwest (approximately 70 miles by vehicle) of Seattle. Built in 2022, the property comprises 172 independent living, assisted living and memory care units. The borrower is a Florida-based owner of seniors housing communities. The financing features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to retire the existing debt, with $4 million in potential future earnout proceeds.

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Simi-Valley-Town-Center-Simi-Valley-CA

SIMI VALLEY, CALIF. — Archway Capital has provided a $22.8 million loan for the purchase of Simi Valley Town Center, a 637,728-square-foot, open-air retail center situated on more than 42 acres in Simi Valley. Archway closed the non-recourse, two-year loan within 30 days of origination on behalf of the undisclosed borrower. Marshalls, Ulta Beauty, Studio Movie Grill, Five Below, California Pizza Kitchen, Red Robin, Verizon Wireless, Corner Bakery and Starbucks Coffee are tenants at the center, which is located at 1403-1685 Simi Town Center Way and was built in 2005. According to Archway Capital, the new ownership has a strategic plan to reposition the property to lifestyle retail over the next 12 months.

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TORRANCE, CALIF. — Berkadia has negotiated the sale of Anza South Apartments, a garden-style multifamily property in Torrance. Gardena, Calif.-based Swami International acquired the asset from Paladin Co. for $11.7 million. Located at 21010 Anza Ave., Anza South Apartments offers 34 residences, averaging 1,121 square feet. The gated community was built in 1964. Steffan Braunlich and Trent Gardner of Berkadia’s El Segundo office represented the seller, while John Barbie of Bro-Deals Los Angeles represented the buyer in the transaction.

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