BAKERSFIELD, CALIF. — Colliers has arranged the sale of Abby’s Mini Storage, a self-storage facility in Bakersfield. Terms of the transaction were not released. Tom de Jong and Jacob Becher of Colliers’ de Jong | Becher Self Storage Group represented the seller in the deal. Situated on seven acres at located at 3311 Truxtun Ave., Abby’s Mini Storage features 22 single-story buildings plus a caretaker’s apartment, 1.1-acre yard for parking and U-Haul truck rentals. The 97,600-square-foot facility offers 927 self-storage units.
— By Jason Fine, Managing Director, JLL — Situated along the Southern California coast between Los Angeles and Orange County, the City of Long Beach continues to be a strong option for businesses and residents. The city has recently delivered low- and median-income housing, in addition to luxury product, with more of each in the planning stages. This has allowed Long Beach to continue experiencing growth from aerospace, port-related businesses, oil and professional services. A few companies that have recently relocated to Long Beach include Blue Shield, Fluor, Relativity Space, SpinLaunch and Vast. Additionally, the city’s economic development department and newly elected mayor have taken a proactive stance, implementing strategies and marketing the city as a business-friendly destination. While the regional and national office leasing trend is seeing many tenants going to a hybrid model, the Long Beach office market has seen a steady increase in vacancy and rental rates despite no new office building supply being added to the market since the pandemic. For the third quarter, the total Class A and B office vacancy (including sublease space) for downtown Long Beach is at 33 percent, with rents sitting at $2.71 per square foot, per month (full-service gross). Suburban …
BOULDER, COLO. — Landmark Properties has acquired a 15-acre site at 1345 28th St. near the University of Colorado Boulder in Boulder. The firm plans to construct The Standard at Boulder, a 936-bed student housing community, on the site. The project caps off approximately $700 million in year-end transactions for Landmark in 2023. The 447,000-square-foot building will include 303 student apartments. Landmark expects to begin abatement and demolition of the vacant building on the site, former home to the Harvest House Hotel, early this year. Landmark Construction, the construction arm of Landmark Properties, will be the general contractor. Completion is slated for fall 2027. The four-story Standard at Boulder will offer a mix of floor plans, ranging from studios to four-bedroom units, some with private balconies. The community will include 29,000 square feet of amenities including multiple rooftop decks with views of the surrounding campus and the Flatirons; an outdoor pool and pool deck; a clubroom; several study lounges’ as well as; and parking for 348 vehicles with several electric vehicle charging stations. As part of the planned development, Landmark Properties will incorporate nearly six acres of active and passive green spaces fronting Boulder Creek and make improvements to the portion …
DENVER — Griffis Residential has acquired Platform at Union Station, a multifamily community in downtown Denver, for $125.5 million in an all-cash transaction. The asset is located at 1650 Wewatta St. Built in 2015, the 21-story Platform at Union Station features 287 apartments in a mix of studio, one- and two-bedroom floor plans with an average size of 814 square feet. Community amenities include a resort-style rooftop terrace and pool; a 24-hour fitness center and yoga studio; an indoor dog run and pet wash station; and business and coworking centers. Tupelo Honey Southern Kitchen & Bar occupies the building’s ground-floor retail space. Terrance Hunt, Shane Ozment, Chris Cowan, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE’s multifamily investment properties team in Denver represented the undisclosed seller in the deal.
SEATTLE — Stream Real Estate, a developer/investor, has purchased Queen Anne Plaza, a four-story office building and two levels of parking in Seattle’s Lower Queen Anne neighborhood, from East West Investment Co. for $7 million. The buyer plans to convert the asset into a residential property. Located at 201 Queen Anne Ave. N, the property is situated across from Climate Pledge Arena, home to the National Hockey League’s Seattle Kraken and Women’s National Basketball Association’s Seattle Storm. Official details for Stream Real Estate’s new apartment redevelopment have not yet been released. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield represented the buyer, while Andrew Shultz and Brandon Burmeister of Cushman & Wakefield represented the seller in the transaction.
FULLERTON, CALIF. — Voit Real Estate Services has arranged the sale of Cedarwoods Business Park, a five-building industrial property located at 2461-2495 E. Orangethorpe Ave. in the Orange County city of Fullerton. Chino Hills-based HK Ventures acquired the asset from a private investor for $19.4 million, or $226.95 per square foot. Situated on 4.8 acres, the 85,700-square-foot distribution buildings offers space for multiple tenants. HK Ventures plans to hold the property for investment and may redevelop the asset in the future. Michael Hefner of Voit Real Estate Services’ Anaheim office represented the buyer and seller in the deal. Barry Walshe of Voit Real Estate Services’ Anaheim office is the leasing agent for Cedarwoods Business Park and acted as local market advisor in the transaction.
DRIGGS, IDAHO — MAG Capital Partners has purchased a 60,056-square-foot agricultural industrial facility in Driggs, a tiny city of fewer than 2,000 residents east of Idaho Falls and near the Wyoming border. Potandon Produce sold the asset for an undisclosed price in a sale-leaseback transaction. Situated on 20 acres at 2540 S. 5000 West, the multi-building site serves as warehouse and storage space for Idaho Falls-based Potandon, the largest marketer of fresh potatoes and onions in North America. Jeff Lizzo and Daniel Macks of STREAM Capital Partners represented the seller.
LOS ANGELES — The University of California, Los Angeles (UCLA) has acquired One Westside and Westside Two, located two miles from its Westwood campus in Los Angeles. A joint venture between Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) sold the assets for $700 million. The 700,000-square-foot property — located at 10800, 10830 and 10850 W. Pico Blvd.— was formerly occupied by Westside Pavilion mall, a city landmark that served as the backdrop for a number of movies and television shows since its opening in 1985. Hudson Pacific and Macerich began redevelopment efforts at the property in March 2018, converting the mall into a Class A office campus. Google inked a lease in January 2019 to occupy the entire campus under a 14-year term, which was to commence upon completion of the project in 2022. Details of the termination of Google’s lease at the property were not disclosed. The university plans to convert the property into UCLA Research Park, which will house the California Institute for Immunology and Immunotherapy at UCLA and the UCLA Center for Quantum Science and Engineering. The acquisition was made possible by a $500 million investment from the state of California, $200 million of which …
The term “adaptive reuse” in real estate circles typically conjures images of repurposing old, obsolete commercial buildings. Meanwhile, academic buildings, administrative offices and other properties on college campuses rarely come to mind. But NAI has noted a growing need among higher learning institutions with vacant or underused assets, particularly as a result of growing online learning options, says Larry Gautier, senior vice president of NAI Miami | Fort Lauderdale. As a result, the brokerage is focused on finding solutions for schools. “NAI hasn’t historically been involved with higher institutions of learning — we’ve typically focused on conventional real estate transactions,” Gautier acknowledges. “But a few years ago, when students weren’t going in to class, colleges and universities were facing a challenge: what do you do with facilities — that were built for thousands of students — in a remote-learning setting? For many schools, remote learning is here to stay.” Options include leasing buildings to commercial users or entering a joint venture with, for example, an aerospace or engineering company for educational programs, he adds. Colleges that suddenly have vast unused parking lots could also enter into long-term leases with multifamily, office or mixed-use developers. “Our position is to help these schools create …
HILLSBORO, ORE. — CBRE has directed the sale of Tessera at Orenco Station, an apartment property located at 6523 NE Cherry Drive in Hillsboro, a suburb west of Portland. Seattle-based Security Properties sold the asset to an undisclosed buyer for $99 million. Built in 2014, Tessera at Orenco Station features three residential buildings offering a total of 304 one-, two- and three-bedroom floorplans, averaging 807 square feet. Unit amenities include stainless steel appliances, granite countertops, European-style cabinetry, walk-in closets and in-unit washers and dryers. Community amenities include an outdoor pool and spa, a fully equipped fitness center, game lounge, business center with work-from-home studios, a fire pit, barbecues and a bark park with a dog run. Additionally, the property features 369 resident, visitor and retail parking spaces. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the transaction.