TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a medical investment property located at 4881 E. Grant Road in Tucson. Elliott Bay Medical Properties Holdings LLC acquired the asset from a private investment group for $5.5 million. Pain Institute of Southern Arizona occupies the 15,000-square-foot property on a long-term lease. Bryce Horner of Cushman & Wakefield | PICOR represented the seller in the deal.
HEMET, CALIF. — Avison Young has negotiated the sale of a single-tenant retail property located at 1735 W. Florida Ave. in Hemet. A California-based limited partnership sold the asset to a California-based private investor for $2.2 million. Harbor Freight Tools occupies the 20,571-square-foot building, which was renovated in 2023. The tenant has approximately 11 years remaining on its absolute triple-net lease. Chris Maling and David Maling of Avison Young represented the seller in the transaction.
LAS VEGAS — Panattoni Development Co. has purchased two industrial buildings situated on 7.2 acres in southwest Las Vegas. Terms of the transaction were not disclosed. Located at 3300, 3564 and 3515 Birtcher Drive, Southwest Vegas Innovation Center consists of the 138,817-square-foot Building 1, which includes 83,127 square feet of warehouse space and 55,690 square feet of office space, and Building 2, a 9,100-square-foot industrial building with a fenced yard. The property is currently leased to Aristocrat Technologies Inc., a global, publicly traded gaming and tech company based in Las Vegas.
LAKE FOREST, CALIF. — C&C Development and Riverside Charitable Corp. have opened The Meadows Senior Apartments in Lake Forest, an affordable housing community for residents 62 years and older. Located within Toll Brothers’ Meadows master-planned community, The Meadows Senior Apartments offers 65 units designed for seniors earning 30 percent to 60 percent of the area median income (AMI). The two-story building offers units ranging in size from 600 square feet to 800 square feet, all of which are ADA-accessible and adaptable. The property offers community space with grassy areas, verandas and pickleball courts and a common amenity space with a kitchen, laundry room, leasing office, supportive services manager office and outdoor verandas with a barbecue pavilion. The property is also located adjacent to a community park and dog park. Residents will receive onsite supportive services from LifeSTEPS. Services will consist of educational classes and health-and-wellness programs. Financing for The Meadows consists of LIHTC (low-income housing tax credit) funding through the California Tax Credit Allocation Committee, California Debt Limit Committee and California Statewide Communities Development Authority. Bank of America also provided a construction and permanent loan. Additional financing was provided by the City of Lake Forest, The County of Orange, Calif., OC …
LOS ANGELES — Community Preservation Partners (CPP) has purchased Witmer Manor, an affordable housing property in Los Angeles. Located at 1501 Miramar St. in Los Angeles’ Westlake neighborhood, Witmer Manor comprises eight three- and four-story, elevator-served buildings containing 142 studio and 96 one-bedroom units. Common area amenities include a laundry room and an onsite property management office. CPP is partnering with LifeSTEPS to provide onsite adult education, health-and-wellness and skill-building classes and services to residents. Originally built in 1930, the property was most recently renovated in 2005. CPP’s total development investment is approximately $64 million, which includes the purchase price of $48.4 million and estimated renovation costs of approximately $65,000 per unit. Planned renovations include extensive ADA upgrades; exterior upgrades with new roofing, energy-efficient windows, upgraded heat pumps and LED lighting; and interior upgrades with kitchen updates, new vanities, new flooring, LED interior lighting, fresh paint and essential drywall repairs. Additionally, bathrooms will be upgraded with modern fixtures and replacements and new blinds. Renovations are slated for completion in early 2026. Dedicated to serving residents through the Section 8 program, all units will be income-restricted to family households earning between 30 percent to 60 percent of the area median income (AMI). …
LIVERMORE, CALIF. — Gantry has secured a $15 million permanent loan for the purchase of North Canyons Business Center, located at 3025-3095 Independence Drive in Livermore. The six-building business offers 105,000 square feet of industrial and office space. Tony Kaufmann and Joe Foley of Gantry arranged the 10-year, fixed-rate loan for the borrower, a private real estate investor. The loan was structured with one of Gantry’s correspondent insurance company lenders with an interest-only period transitioning to 30-year amortization. Gantry will service the loan. The borrower plans to reposition the asset, including increasing industrial use ratios at the property and activating a leasing program.
WEST HOLLYWOOD, CALIF. — EAH Housing has commenced construction for Lexington Gardens, an affordable housing property in West Hollywood. Located at the corner of Detroit Street and Lexington Avenue, Lexington Gardens offers 47 studio apartments ranging in size from 383 square feet to 447 square feet and one two-bedroom, 869-square-foot manager’s unit, all with energy-efficient appliances, window coverings and walk-in closets. The five-story community will serve families and individuals earning 30 percent and 60 percent of local area median income (AMI). Designed by DE Architects and built by Walton Construction, Lexington Gardens will offer a range of indoor and outdoor amenities, including onsite vehicle and bicycle parking, a community room, shared open spaces, laundry and a dedicated management office. EAH Housing will also provide resident services through an onsite resident services coordinator and collaborate with local organizations to offer specialized programs aimed at enhancing residents’ well-being.
PASADENA, CALIF. — On behalf of Welcome Group Inc., R.D. Olson Construction has completed the development of AC Hotel Pasadena located at 19 S. Madison Ave. in Pasadena. Completed in 21 months, the 100,000-square-foot AC Hotel Pasadena features 194 guest rooms and a bar and cafe serviced by an onsite kitchen. The project also includes 5,000 square feet of leasable space on the first floor along with an event space for planned gatherings. The project team for the $60 million hotel included AXIS, Saiful Bouquet and Wild Muse (formerly known as Design Force).
PORTLAND, ORE. — AEW Capital Management has completed the disposition of Machine Works, a Class A mixed-use asset in Portland. Melvin Mark Investors and Orion Investment Partners acquired the property for an undisclosed price. Located at 1414 NW Northrup St. in Portland’s Pearl District, the nine-story property offers 115,138 square feet of retail and office space, as well as three levels of parking. Built in 2009, the property is fully leased to a variety of tenants in the engineering, medical, government services and fitness industries, with LA Fitness occupying space on the ground floor. Buzz Ellis, Mark Katz, Zach Kersten and David Williams of JLL Capital Markets Investment Sales and Advisory team represented the seller and procured the buyer in the deal.
COVINA, CALIF. — Lee & Associates has negotiated the sale of Arrow Grand Business Park, an industrial property at 753-759 Arrow Grand Circle in Covina. CTT Tools Inc. sold the asset to 2Trees LLC for $20.8 million, or $290.52 per square foot. The 71,762-square-foot property offers 10,000 square feet of office space. Nathan Lara and Jack Nersesian of Daum listed the property, while Justin Chiang and Kevin Ching of Lee & Associates served as procuring agents for the transaction.