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Promenade-Shops-Orchard-Valley-Manteca-CA

Grupe Huber Acquires 400,000 SF Promenade Shops at Orchard Valley in Manteca, California

by Amy Works August 29, 2024

MANTECA, CALIF. — Grupe Huber has purchased The Promenade Shops at Orchard Valley, a regional shopping center in Manteca, located east of the Bay Area and south of Sacramento. Terms of the transaction were not released. Guper Huber plans to revitalize the retail property. Situated on 54 acres, the asset offers nearly 400,000 square feet of retail space. Current tenants include Bass Pro Shop, AMC Theatre, JC Penney and Valley Fitness. Sutter Health recently leased 17,500 square feet of space and will open in early 2025. Built in 2008, The Promenade Shops at Orchard Valley is located off Highway 120 at Union Road. JLL handles leasing and management of the property.

August 29, 2024

Acquisitions Arizona Healthcare Office Western

Cushman & Wakefield Brokers Sale of 77,386 SF Gateway Medical Center in Phoenix

by Amy Works August 29, 2024

PHOENIX — Cushman & Wakefield has negotiated the sale of a medical office building, located at 690 N. Cofco Center Court in Phoenix. An entity managed by a subsidiary of LNR Partner sold the asset to an undisclosed buyer for $7.2 million. Built in 2002 on 4.8 acres, the two-story, 77,386-square-foot property is commonly known as Gateway Medical Center. At the time of sale, the multi-tenant property was 35 percent leased. The asset features a newly renovated, two-story lobby with a staircase, elevator service and covered canopy parking. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller in the deal.

August 29, 2024

California Industrial Loans Western

Gantry Arranges $15.5M Recapitalization for Fullerton Brea Business Park in Fullerton, California

by Amy Works August 29, 2024

FULLERTON, CALIF. — Gantry has arranged a $15.5 million permanent loan to recapitalize the Fullerton Brea Business Park in Fullerton following the recent all-cash purchase of the asset. Located at 4010-4080 N. Palm St. in the Orange County city, the industrial park offers 111,000 square feet of rentable space spread across eight multi-tenant buildings. Andy Bratt, Peter Welsh and Sean Kuang of Gantry secured the loan on behalf of the borrower, a private real estate investor. One of Gantry’s life company correspondents provided the five-year, fixed-rate loan with full-term interest-only payments and prepayment flexibility.

August 29, 2024

Acquisitions California Retail Western

Progressive Real Estate Brokers Sales of Four Car Wash Properties in California’s Inland Empire

by Amy Works August 29, 2024

APPLE VALLEY, HESPERIA, POMONA AND SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of four non-operating car wash properties in Apple Valley, Hesperia, Pomona and San Bernardino, all located in the Inland Empire region. Three different Southern California-based private investors acquired the properties in four separate transactions for undisclosed prices. Victor Buendia of Progressive Real Estate Partners represented the seller, an Arizona-based institutional investor, in all four transactions. The assets include: The car washes in Pomona, Hesperia and Apple Valley have re-opened under the new ownerships, and the San Bernardino car wash is slated to re-open in 2025.

August 29, 2024

Acquisitions California Office Western

Fashion Nova Buys 175,000 SF Office Campus in Beverly Hills, California for $118M

by Amy Works August 28, 2024

BEVERLY HILLS, CALIF. — Fashion Nova has purchased an office campus in the posh Los Angeles suburb of Beverly Hills that will serve as the new global headquarters for the innovative, tech-enabled fashion retailer. Fashion Nova founder and CEO Richard Saghian acquired the asset from Tishman Speyer for $118 million in an off-market transaction. Located at 407 N. Maple Drive, the 175,000-square-foot office campus offers four floors of office space and three stories of subterranean parking. The Fashion Nova HQ will house Nova Social Club, a private, by-invitation-only collaborative space where creators, influencers, celebrities and VIP guests can enjoy curated amenities and bespoke partnerships. The buyer will also introduce Nova Founders Lab, an incubator-accelerator for emerging brands, designers, creatives and founders across fashion, marketing and technology to become market-ready in a fashion-vertical setting. The office campus will also offer a fitness studio, wellness spa, content and podcast studios, a screening room, meditation and yoga garden, cosmetic micro-treatment bar, an organic culinary outpost and showroom.

August 28, 2024

Acquisitions Affordable Housing California Multifamily Western

CPP, Hampstead Cos. Acquire Lexington Green Affordable Apartments in El Cajon, California for $52.8M

by Amy Works August 28, 2024

EL CAJON, CALIF. — Community Preservation Partners (CPP) and The Hampstead Cos., as co-developer, have purchased Lexington Green Apartments, an affordable housing complex in the San Diego suburb of El Cajon, for $52.8 million. Details of the transaction were not released. Originally built in 1970, the 144-unit property last underwent a tax credit renovation in 2007, which replaced some of the original building systems. The property consists of 12 residential buildings. CPP’s total planned development investment is approximately $80 million, with estimated renovation costs exceeding $80,000 per unit. The renovations will exceed the 10 percent energy savings requirement from the California Tax Credit Allocation Committee through new energy-efficient vinyl retrofit windows, water heaters, Energy Star appliances and energy-efficient LED light fixtures. Additional upgrades will include dry rot repair, floor replacement, new cabinets and countertops. ADA-complaint upgrades will be made for units and path of travel throughout the property. Renovations are scheduled for completion by August 2025. With CPP’s involvement, the property’s previously expired affordability status will be extended until 2044 under a renewed Section 8 Housing Assistance Payment contract. CPP and The Hampstead Cos. are partnering with LifeSTEPS to provide instructor-led adult educational classes, including financial literacy, computer training, resume building, …

August 28, 2024

California Hospitality Loans Western

PSRS Arranges $35M Refinancing for Portofino Hotel & Marina in Redondo Beach, California

by Amy Works August 28, 2024

REDONDO BEACH, CALIF. — PSRS has secured $35 million in refinancing for The Portofino Hotel & Marina in Redondo Beach, just south of Los Angeles. The asset includes a 161-room, independent hotel with a full-service restaurant and lounge and lobby bar, and a 181-slip full-service marina and fuel dock with a 19-unit apartment building and a marina shop that is hotel-operated. Michael Thorp and Ari Zeen of PSRS arranged the non-recourse loan, with a seven-year, interest-only term. Financed with a debt fund execution, the structured loan consists of both senior and mezzanine financing to allow the sponsor to refinance out of expensive short-term debt.

August 28, 2024

Acquisitions Office Utah Western

Dakota Pacific Real Estate Sells Two Office Buildings in Park City, Utah

by Amy Works August 28, 2024

PARK CITY, UTAH — Dakota Pacific Real Estate has completed the disposition of two office buildings in Park City’s Kimball Junction community. A local real estate investment firm and operator acquired the assets for an undisclosed price. Park City is a suburb located east of Salt Lake City. Totaling 122,000 square feet, the transaction includes NewPark One at 1441 Ute Blvd. and NewPark Three at 1389 Center Drive. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal.

August 28, 2024

Acquisitions Arizona Industrial Western

Longpoint Realty Partners Purchases 68,790 SF Industrial Building in Gilbert, Arizona

by Amy Works August 28, 2024

GILBERT, ARIZ. — Boston-based Longpoint Realty Partners has acquired a single-tenant industrial facility, located at 1503 W. San Pedro St. in Gilbert, from Stonelake Capital Partners for $17 million. Situated on 1.2 acres in the suburbs southeast of Phoenix, the 68,790-square-foot property was originally developed in the mid-1980s and underwent an extensive interior and exterior renovation in 2023. At the time of sale, the property was fully leased to a supplier of aftermarket aviation assets. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s private capital group in Phoenix represented the seller in the deal. Mike Haenel and Andy Markham of Cushman & Wakefield provided leasing advisory for the transaction.

August 28, 2024

Acquisitions Arizona Retail Western

First Washington Realty Sells Casas Adobes Plaza Shopping Center in Tucson, Arizona for $51M

by Amy Works August 27, 2024

TUCSON, ARIZ. — First Washington Realty has completed the disposition of Casas Adobes Plaza, a shopping center located 7001-7139 N. Oracle Road in Tucson, to an undisclosed buyer for $51 million. Situated on 9.5 acres, the 92,300-square-foot Casas Adobes Plaza was originally built in 1953 and remodeled in 2014. At the time of sale, the retail center was 97 percent occupied by a variety of tenants including Whole Foods Market, Starbucks Coffee, Pure Barre, Orangetheory Fitness and Chico’s. Patrick Dempsey and Geoff Tranchina of JLL Capital Markets Investment Advisory handled the transaction. Greg Brown and Jason Carlos of JLL Debt Advisory facilitated acquisition financing through a correspondent life insurance company for the buyer. Quin Madden of JLL assisted with the sale and financing.

August 27, 2024

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