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Lexington-Green-Apts-El-Cajon-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

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

by Amy Works

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, …

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Portofino-Hotel-Marina-Redondo-Beach-CA
CaliforniaHospitalityLoansWestern

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

by Amy Works

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.

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NewParkThree-Park-City-UT
AcquisitionsOfficeUtahWestern

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

by Amy Works

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.

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1503-W-San-Pedro-St-Gilbert-AZ
AcquisitionsArizonaIndustrialWestern

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

by Amy Works

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.

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Casas-Adobes-Plaza-Tucson-AZ
AcquisitionsArizonaRetailWestern

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

by Amy Works

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.

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Phase1-Virgin-Industrial-Park-Glendale-AZ
ArizonaDevelopmentIndustrialWestern

IndiCap, Invesco Real Estate Complete 1 MSF Phase I of Virgin Industrial Park in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — IndiCap and Invesco Real Estate have completed Phase I of Virgin Industrial Park, an industrial development at 15748 W. Hatcher Road in the Phoenix suburb of Glendale. Totaling more than 1 million square feet, Virgin Industrial Park Phase I features Building A, a 564,320-square-foot, cross-dock facility; Building B, a 212,160-square-foot, rear-loading asset; and Building C, a 243,360-square-foot, rear-load space. All buildings offer divisibility options down to 75,000 square feet. Buildings feature 32- to 36-foot clear heights, dock-high and grade-level doors, generous power, extensive car and trailer parking, up to 70-foot speed bays and fully secured concrete truck courts. Make-ready improvements include speculative office space, LED lighting, warehouse HVAC and mechanical pit levelers. The project team includes Graycor Construction Co. as general contractor and Deutsch Architecture as project architect. Anthony Lydon, Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL are handling leasing of the property. At full build-out, Virgin Industrial Park will add 1.5 million square feet of industrial space spread across five Class A buildings to metro Phoenix’s Loop 303 Corridor.

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Dove-Valley-Logistics-Centre-II-Englewood-CO
AcquisitionsColoradoIndustrialWestern

BlueScope Properties Divests of 304,620 SF Dove Valley Logistics Centre II in Englewood, Colorado

by Amy Works

ENGLEWOOD, COLO. — BlueScope Properties Group has completed the sale of Dove Valley Logistics Centre II, a Class A warehouse located at 7800 S. Fairplay St. in the Denver suburb of Englewood, to LBA Realty for an undisclosed price. Sean Devaney and Rob Key of JLL Investment Sales and Advisory represented the seller in the deal. Built in 2023, the 304,620-square-foot cross-dock warehouse offers 89 dock-high doors, 36-foot clear heights, 60-foot column spacing and ESFR sprinklers. Additionally, the property offers 6,700 square feet of office space, including an employee break area, wellness room, conference room and security station. At the time of sale, the asset was fully leased by an e-commerce giant.

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AcquisitionsArizonaIndustrialWestern

Cushman & Wakefield Brokers $9.5M Sale of Industrial Facility in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has arranged the sale of an industrial property, located at 2424 S. 21st St. in Phoenix. The 40,930-square-foot asset traded for $9.5 million. The names of the seller and buyer were not disclosed. Cushman & Wakefield’s Phoenix Industrial Private Capital Group handled the transaction.

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AcquisitionsArizonaOfficeWestern

Arizona Diagnostic Pathology Associates Purchases 4,324 SF Office Space in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Arizona Diagnostic Pathology Associates has acquired an office space at Rillito Crossing Corporate Centre in Tucson from Rale Offices LLC for $1 million. The 4,324-square-foot office space is located at 3987 E. Paradise Falls Drive. Jason Shaltiel of Cushman & Wakefield | PICOR represented the buyer, while Georgina Plante of RISING Real Estate Services represented the seller in the deal.

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3-Hutton-Centre-Dr-Santa-Ana-CA
CaliforniaMarket ReportsOfficeWesternWestern Market Reports

How to Motivate Employees Back to the Office in California’s South Coast

by Jeff Shaw

— By Nellie Day — Employers all over the nation are looking for ways to bring employees back into the office. In many cases, it’s been a large ask, as employees have adapted to the work-from-home environment and its perceived perks.  One of the biggest strategies employers have undertaken is creating an enticing environment where employees want to be. This can include intriguing office spaces, useful amenities, opportunities for socializing and beautiful outdoor spaces. This strategy can go even further when local businesses and municipalities work together. Such is the case with South Coast Metro Alliance, a non-profit corporation of Orange County, Calif.-based property owners and major businesses that have a long-term investment in the area through ownership and/or long-term leases. The economic development organization, which encompasses north Costa Mesa and south Santa Ana, has worked to ensure employers are proud of the spaces they can offer their employees — and that, in turn, employees are excited to return to the office.  WREB spoke to Diane Pritchett, executive director of the South Coast Metro Alliance, to discuss the specific strategies employed by businesses and the South Coast Metro Alliance to reactive the local office environment. WREB: How has the introduction …

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