Western

Malman Commercial Arranges $3M Purchase of Industrial Facility in Denver

by Amy Works July 22, 2024

DENVER — Malman Commercial Real Estate has brokered the acquisition of an industrial property located at 2153 S. Wabash St. in Denver. Vera Wabash LLC acquired the asset from 2153 South Wabash Street LLC for $3 million. Situated on a 1.2-acre parcel, the 25,356-square-foot property features eight dock-high doors and one drive-in loading door. Taylor Roy of Malman Commercial Real Estate represented the seller, while CJ Toohey, Patrick Henry and Boston Wier of The Henry Group represented the buyer in the deal.

July 22, 2024

Acquisitions California Retail Western

ROIC Sells Marketplace del Rio in Oceanside, California for $56.6M

by Amy Works July 19, 2024

OCEANSIDE, CALIF. — ROIC has completed the disposition of Marketplace del Rio, a neighborhood shopping center in Oceanside, approximately midway between Los Angeles and San Diego. A Southern California-based high-net-worth investor acquired the asset for $56.6 million. Situated on more than 20 acres at 3762-3774 Mission Ave., the 183,292-square-foot center is anchored by Stater Bros. Market, which recently signed a long-term lease extension and expansion. The buyer hired 1st Commercial Management Group – San Diego Inc., a subsidiary of West Coast Retail Management, headed by Roberta Degener, to provide management services. Phil Lyons and Chad Iafrate of Cushman & Wakefield represented the buyer, while Jimmy Slusher, James Tyrell and Preston Fetrow of CBRE represented the seller in the deal.

July 19, 2024

Acquisitions Arizona Industrial Western

CRG Divests of 1.2 MSF The Cubes at Glendale Warehouse Facility in Arizona

by Amy Works July 19, 2024

GLENDALE, ARIZ. — CRG has completed the sale of The Cubes at Glendale – Building B, an industrial warehouse facility in Glendale. Funds and accounts managed by BlackRock acquired the asset for an undisclosed price. Located at 15301 W. Northern Ave., The Cubes at Glendale – Building 3 features 1.2 million square feet of Class A industrial warehouse space, 40-foot clear heights, loading, trailer parking, gated and secured concrete truck courts, substantial power, K25.2 ESFR sprinklers, moment framing, heavy industrial zoning and two existing groundwater wells within the park. At the time of sale, the facility was fully occupied. Clayco, CRG’s parent company, served as design-builder and Lamar Johnson Collaborative, CRG’s subsidiary, served as architect. Situated on 335 acres, The Cubes at Glendale features 4.8 million square feet of industrial space. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the transaction.

July 19, 2024

Acquisitions California Multifamily Seniors Housing Western

Coldwell Banker Brokers $33.7M Sale of Seville Gardens Active Adult Community in Huntington Park, California

by Amy Works July 19, 2024

HUNTINGTON PARK, CALIF. — Coldwell Banker Commercial West has arranged the sale of Seville Gardens Apartment Community, a seniors housing property located at 2701 Randolph St. in Huntington Park. Seville Gardens LLC sold the asset to Equity Consultants Equity Inc. for $33.7 million. The buyer plans to maintain the property as seniors housing. Built in 1989, Seville Gardens features 225 apartments in a mix of 108 studios, 114 one-bedroom/one-bath and three two-bedroom/one-bath units. Community amenities include secure parking and access, balconies, a recreation room, elevators and on-site laundry. The property is currently under a building covenant that mandates it be used as 55-plus housing with 20 percent of units rented to low-income tenants until 2038. Tom Papoulias of Coldwell Banker Commercial West represented the seller in the transaction.

July 19, 2024

Loans Multifamily Washington Western

Gantry Arranges $40M Refinancing for Mercer Apartments in Mercer Island, Washington

by Amy Works July 19, 2024

MERCER ISLAND, WASH. — Gantry has secured a $40 million permanent loan for the refinancing of Mercer Apartments on Mercer Island, a Puget Sound community between Seattle and Bellevue. Located at 7650 SE 27th St. and 2558 76th Ave. SE, Mercer Apartments features 235 apartments and 20,000 square feet of ground-floor retail space. The unit mix includes studio, one- and two-bedroom floorplans. Community amenities include barbecue areas, an outdoor heated pool and spa, community clubhouse, fitness facilities and concierge services. A restaurant, nail salon and interior design studio and showroom occupy the retail space. Mike Wood and Alicia Sabanero of Gantry secured the loan on behalf of the borrower, a private real estate investor. The 10-year, non-recourse loan features a fixed rate with full-term interest-only payments. A life insurance company provided the capital.

July 19, 2024

Acquisitions Loans Multifamily Washington Western

Graystoke Receives $16.9M Acquisition Loan for The Landing at Saddlerock Multifamily Property in Wenatchee, Washington

by Amy Works July 19, 2024

WENATCHEE, WASH. — Graystoke Capital Partners has received $16.9 million in acquisition financing for The Landing at Saddlerock, a garden-style apartment property located at 1105 Red Apple Road in Wenatchee, approximately midway between Seattle and Spokane. Tony Nargi and Brock Knapp of JLL’s debt advisory team originated the seven-year, fixed-rate, near-stabilization. Fannie Mae loan, which JLL Real Estate Capital will service. Formerly known as Eleven01 at Saddlerock, The Landing at Saddlerock features 84 one-, two- and three-bedroom units featuring quartz countertops, stainless appliances and nine-foot ceilings. Community amenities include a leasing office, dog run, gazebo, gas grills and access to local trail systems. At the time of sale, the property was 82 percent occupied and 85 percent leased. The community opened in December 2023. Fortified Property Solutions, Graystoke’s integrated property management company, will manage the asset. The seller and price were not disclosed.

July 19, 2024

Acquisitions California Multifamily Western

Dinerstein Cos. Sells Millennium PQ Multifamily Community in San Diego for $167M

by Amy Works July 18, 2024

SAN DIEGO — The Dinerstein Cos. has completed the disposition of Millennium PQ, a multifamily property located in San Diego’s Rancho Penasquitos neighborhood, to GID Real Estate Investments for $167 million, or $504,532 per unit. Millennium PQ features 331 apartments with high-end finishes and resort-style amenities in a low-density, garden-style setting. Hunter Combs led the Walker & Dunlop investment sales team that represented the seller and buyer in the transaction.

July 18, 2024

Acquisitions California Multifamily Western

Gelt Venture Partners Buys Rancho Hills Apartments in Vista, California for $53.5M

by Amy Works July 18, 2024

VISTA, CALIF. — Gelt Venture Partners has purchased Rancho Hills Apartments in Vista, approximately 40 miles north of San Diego. An undisclosed party sold the asset for $53.5 million. The 148-unit apartment community is located at 856 Heatherwood Lane. Built in 1986, the garden-style property features 10 two-story buildings on 7.3 acres. The community includes a mix of 56 one-bedroom units and 92 two-bedroom units with floor plans ranging from 553 square feet to 909 square feet. Recently upgraded apartments include washers/dryers, quartz countertops, stainless steel appliances and private balconies/patios. On-site amenities include a clubhouse, fitness center, pool, spa and a gas barbecue area. Rachel Parsons, Derrek Ostrzyzek and Mike Murphy of CBRE represented the buyer and seller in the deal.

July 18, 2024

Acquisitions Arizona Industrial Western

EQT Exeter Acquires 326,018 SF Falcon Park Phase II Industrial Property in Glendale, Arizona

by Amy Works July 18, 2024

GLENDALE, ARIZ. — EQT Exeter, a real estate division of EQT, has purchased Falcon Park 303 – Phase II, a 326,018-square-foot, Class A industrial building on more than 21 acres in Glendale. US Capital Development (USCD) and an institutional investor sold the asset for $50 million. A single tenant occupies the freestanding building, which was completed on a speculative basis in 2023. Totaling 925,504 square feet, Falcon Park 303 – Phase I and II are located at 15132 and 15152 W. Camelback Road, respectively. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the sellers in the disposition. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy provided market leasing advisory in the sale, as well as brokered the full-building lease with the existing tenant in fourth-quarter 2023. In 2023, the Cushman & Wakefield team brokered the sale of Falcon Park – Phase I to Cohen Asset Management for $81.7 million, while the Cushman & Wakefield equity debt structured finance team arranged the financing for the buyer.

July 18, 2024

California Civic Development Office Retail Western

GPI Cos. Completes 114,000 SF Academic Facility for UC San Diego

by Amy Works July 18, 2024

SAN DIEGO — GPI Cos., in partnership with the University of California, San Diego, has completed the development of 8980 Villa La Jolla Drive, an academic facility in at the corner of La Jolla Village and Villa La Jolla drives in San Diego. The nine-story, 114,000-square-foot building is directly across from the university and serves as a gateway to the main campus. The building includes academic, administrative and research space and will be a hub for students, faculty and patients, as well as the home for various programs offered by UC San Diego Health Sciences and UC San Diego Division of Extended Studies. Additionally, Bird Rock Coffee Roasters will occupy ground-floor retail space at the building. The project team included Gensler’s San Diego office as architect and Swinerton Builders as general contractor. JLL will manage the building.

July 18, 2024

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