CHESAPEAKE, VA. — Dollar Tree has acquired designation rights for 170 leases of 99 Cents Only Stores across Arizona, California, Nevada and Texas. This deal was completed through two transactions in May that were approved by the U.S. Bankruptcy Court for the District of Delaware. As part of the transactions, Dollar Tree also purchased the intellectual property of 99 Cents Only Stores and select on-site furniture, fixtures and equipment. In April, California-based 99 Cents Only Stores filed for Chapter 11 bankruptcy and initiated a process to dispose of its assets, including its inventory, owned real estate and store leases. Dollar Tree anticipates beginning to open some of the shuttered 99 Cents Only Stores under the Dollar Tree brand as early as this fall.
SAN BERNARDINO, CALIF. — Affinius Capital has provided $58.2 million in financing to Dalfen Industrial for the acquisition of Hallmark Distribution Center, a Class A industrial building in the Inland Empire city of San Bernardino. Situated on 15 acres at 4982 Hallmark Parkway, the 340,000-square-foot facility features 32-foot clear heights, two drive-in doors, 47 dock-high doors, 135 truck courts and 62 dedicated trailer parking spaces, as well as additional trailer parking. The rear-loading industrial building was built in 2018. The seller and price were not disclosed.
SAN JOSE, CALIF. — PMB and Santa Clara Valley Healthcare (SCVH) have announced plans for Valley Health Center San Jose (VHC San Jose), a 10-story medical office building in San Jose. The development is slated for completion in late 2025. Located at 1410 S. Bascom Ave., the 230,000-square-foot facility will have 16 departments offering healthcare for adult medicine, OB/Gyn subspecialties, adult urgent care, behavioral health, dental, diagnostic imaging, facility support services, maternal and fetal medicine, patient support services, pediatric primary care, pediatric subspecialties, pediatric urgent care, pharmacy, specimen collection lab and administration. VHC San Jose is located near Valley Transport Authority’s forthcoming Bascom Station and an under-construction, 590-unit residential project. The project team for VHC San Jose includes WRNS Studio and Boulder Associates as architects, South Bay Construction as general contractor, Harrison Street as equity partner and Capital One as the lead bank.
OCEANSIDE, CALIF. — JLL Capital Markets has arranged a $5.1 million loan for a joint venture between Westview Real Estate and Pace Properties for the refinancing of an apartment property in Oceanside, approximately midway between Los Angeles and San Diego. Chris Collins and Emily Pohlman of JLL Capital Markets’ debt advisory team secured the three-year, fixed-rate loan through a regional bank. Located at 330 S. Horne St., the 21-unit property consists of 17 original units that were built in 1970 and renovated in 2023, as well as four newly constructed accessory dwelling units. Averaging 715 square feet, the units offer new kitchens with modern appliances and renovated bathrooms with high-end fixtures. On-site amenities include a surf shower, secure electric bike parking, a common area grill and Los Angeles-inspired artwork throughout the community.
LAS VEGAS — M&R Office has completed the sale of an office building, located at 10781 W. Twain Ave. in Las Vegas, to a private investor for $2.4 million. Marc Magliarditi, Travis Landes and Michael Hsu of CBRE represented the seller in the transaction. Built in 2006, the 4,176-square-foot office building is situated in the master-planned community of Summerlin. The building’s existing floor plan provides efficiency and flexibility for a variety of uses.
KAHUKU, HAWAII — Blackstone Real Estate has agreed to sell Turtle Bay Resort, a 450-room hotel in Kahuku on Hawaii’s Oahu island, to Host Hotels & Resorts Inc. for $725 million. The deal included the hotel property, as well as a 49-acre parcel that is entitled for further development. Turtle Bay Resort is situated on 1,300 acres along the north shore of Oahu. The resort offers bungalows, suites, guest rooms and three- or four-bedroom villas. Rooms feature private bathrooms, complimentary Wi-Fi, air conditioning, coffee makers and refrigerators. Blackstone originally acquired Turtle Bay Resort in 2018 for $332 million and subsequently renovated the property. Capital improvements to the hotel included updates to the guestrooms, bungalows, lobby, pools, meeting space, spa, building systems, exterior, arrival experience and club lounge. The restaurants and retail space on the property also received renovations. Blackstone expects to complete the sale in the third quarter of this year. Simpson Thacher & Bartlett LLP is serving as Blackstone’s legal counsel. Eastdil Secured, Jones Lang LaSalle and Sumitomo Mitsui Banking Corp. are acting as Blackstone’s financial advisors. In a separate deal completed earlier this year, Blackstone sold 65 acres of land at Turtle Bay to Areté Collective. The land …
— By Jason Dittenber, Senior Vice President, ABI Multifamily — Las Vegas has attracted residents and real estate investors from around the world with its legendary nightlife, favorable climate and affordable living. In the post-COVID era, the multifamily market in Las Vegas has undergone significant changes. The city has seen a resurgence in an economy heavily reliant on tourism, but challenges persist. They include the current lending environment, increasing operational and construction costs, increased vacancy rates and declining rental rates. These factors have influenced developers and investors in the multifamily sector, creating opportunities and obstacles. Developers like Matter, Southern Land Co. and Grand Canyon Development Partners are helping to change the city’s multifamily dynamic by contributing to its economic and social advancements. Their innovation spans job creation, community development and sustainability initiatives. Moreover, their mixed-use properties foster business expansion, enhancing the city’s commercial landscape and key employment drivers. The Las Vegas MSA witnessed the delivery of 3,318 units in 2023, surpassing the five-year average of 3,069 units. The large number of new multifamily completions has created a more tenant-friendly market. Rental rates have softened but remain relatively high compared to average incomes. Over the past five years, rental rates surged …
LAS VEGAS — A joint venture between CEDARst Cos. and Bridge Investment Group has broken ground on Flats Arts District, a $112 million multifamily project on 2.2 acres in Las Vegas. Constructed is slated to take 24 months, with delivery of the first units expected around mid-year 2026. Located at 123 W. Imperial Ave., Flats Arts District will feature 311 studio, one-, two- and three-bedroom units, 5,100 square feet of ground-floor commercial space and 317 parking spaces within a structured garage. Apartments will include in-unit laundry, balconies, state-of-the-art appliances, smart-home systems and keyless entry. Community amenities will include a large fitness center, resort-style spa facilities with water circuitry and saunas, coworking spaces and a sunset deck/lounge.
PHOENIX — GMH Communities has unveiled plans for Central Station, a 1 million-square-foot, mixed-use, transit-oriented community in Phoenix. The project will consist of two residential towers that will offer market-rate, student and workforce housing, two levels of below-grade parking, a transit hub, retail space and office space. Adjacent to Civic Space Park and Arizona State University’s downtown Phoenix campus, the 22-story student housing tower will offer 655 beds, and the 33-story residential building will offer 338 units. The project team includes Medistar, Layton Construction, Multistudio and CBRE Investment Management.
GRAND JUNCTION, COLO. — Ziegler has acted as exclusive financial advisor to Bethesda Senior Living on the sale of an assisted living community located in Grand Junction, near the Utah border. Bethesda Senior Living is a faith-based, nonprofit operator of over 20 seniors housing communities spanning the Midwest and West regions. Cornerstone Management purchased the community in conjunction with a private real estate fund and took over operations. The price was not disclosed.