TEMPLE CITY, CALIF. — Begonia Real Estate Development and C.W. Driver Cos., as builder, have completed Begonia Place, a four-story, mixed-use project in Temple City. Located at 5570 Rosemead Blvd., the $37.8 million property features 74 one- and two-bedroom apartments, ranging from 732 square feet to 1,251 square feet. Nineteen of the units are multi-floor penthouses and two units are ground-level, townhome-style, live-work layouts. All apartments feature private balconies or patios, with some larger units offering built-in barbecues and fire pits. Community amenities include a clubhouse, business conference center, 24-hour access to a fitness facility, an outdoor courtyard and multiple lounge areas with water features. The first floor of Begonia Place features 14,000 square feet of retail and commercial space with a secured subterranean garage for visitors and residents. The pet-friendly community is C.W. Driver Cos.’ first partnership with Begonia Real Estate Development. Creative Design Associates served as architect for the project.
Western
SAN JOSE, CALIF. — Urban Catalyst, in partnership with a trust affiliated with the late local architect Thang Do, has completed the disposition of an approved multifamily development site in San Jose. The Santa Clara Valley Transportation Authority (VTA) acquired the asset for $23.4 million. The deal enables the buyer and a group of local government and transit agencies to redevelop the Diridon Station area. The transaction includes 1.2 acres spanning two adjacent parcels at 32 and 60 Stockton Ave., situated between a Whole Foods Market and SAP Center. Urban Catalyst acquired the site in two separate transactions for $15.1 million in 2021 and last year. Working with Do and his firm, Aedis Architects, Urban Catalyst received entitlements for a 20-story, 472-unit development project called Apollo. The project involved demolishing existing structures on the Stockton Avenue and replacing them with apartments ranging from studios to three-bedroom units. The planned development was unilaterally approved last year by the city. After Apollo received planning approval in November 2022, it was discovered that the site is within an area anticipated for future rail infrastructure, as a designated property among the right-of-way parcels needed for the first phase of California’s bullet train. VTA and the …
SAN JOSE, CALIF. — Brixton Capital has purchased Monterey Plaza, a shopping center in southeast San Jose, from a joint venture between Kimco Realty and Prudential Global Investment Management for an undisclosed amount. A FoodMaxx grocery store anchors the 178,204-square-foot, open-air property. Additional tenants include City Sports Club (an LA Fitness affiliate), Dollar Tree, McDonald’s and Taco Bell, as well as other restaurants, retailers, entertainment companies and medical-service providers. Brixton plans to re-tenant a former Walmart storefront and revitalize the shopping center, including new exterior aesthetics and landscaping. Nicholas Bicardo of Newmark represented the New York-based seller, while Brixton Capital was self-represented in the deal.
CBRE Arranges $13.5M Construction Loan for Last-Mile Industrial Facility in Billings, Montana
by Amy Works
BILLINGS, MONT. — CBRE has secured a $13.5 million participating construction loan for the development of a last-mile industrial facility in Billings. Situated on 9.77 acres, the 39,600-square-foot building will feature 32-foot clear heights. Upon completion, a single tenant will occupy the facility on a long-term basis. Bob Ybarra, Bruce Francis, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korineck of CBRE Capital Markets Debt and Structured Finance negotiated the loan at a fixed interest rate on behalf of the undisclosed client.
PORTLAND, ORE. — Beam Development and Urban Development + Partners have completed the disposition of 224 S.E. 2nd Street, a Class B flex building in Portland. Sherpa Design acquired the property in an off-market transaction for an undisclosed price. The sellers recently renovated the 14,589-square-foot former coffee production facility for the new owner, which plans to occupy the space itself. The 22-year-old product development, engineering services and manufacturing firm relocated and expanded to the 2nd Street space from another Portland location. Originally built in 1936, the three-story flex building offers creative office and light industrial space with large windows, 4,700-square-foot floorplates and high ceilings. Buzz Ellis of JLL Capital Markets and Annalore Rodman of JLL Agency Leasing represented the seller in the deal.
OAKLAND, CALIF. — Cityview is developing Portico, a 378-unit multifamily community located in an Opportunity Zone in Oakland’s Brooklyn Basin neighborhood. Slated for completion December 2023, the eight-story project will feature studio, one-, two- and three-bedroom apartments, as well as townhomes, with more than 80 percent of the units overlooking the waterways separating Oakland from Alameda. All units will feature stainless steel appliances, smart thermostats, large closets, air conditioning, full-sized washers/dryers, keyless entry, luxury vinyl plank flooring, and kitchens with fully tiled backsplashes and quartz countertops. Community amenities will include 331 parking spaces for residents and guests, a rooftop sky lounge, pool and spa deck, courtyard, an outdoor pet spa, indoor and outdoor fitness areas, a movement studio, clubroom, wine cellar, game room and leasing lobby lounge. Managed Wi-Fi will be available throughout the community and a coworking space will provide private and community workspaces for residents. Designed to meet LEED Silver standards, Portico will feature low-flow fixtures, Energy Star-certified appliances, a solar thermal system that helps provide hot water for units and energy efficient windows. The project team includes James E. Roberts Obayashi and Webcor as general contractors, AC Martin as architect and Nadia Gellar Designs as interior designer. Portico …
SAN DIEGO — Family Health Centers has acquired a retail property, located at 4650 Mission Bay Drive in San Diego, from an undisclosed seller for $11 million. Located on the corner of Garnet Avenue and Mission Bay Drive, the two-story building features 20,987 square feet of retail space. The building was built in 1977 on a 1.7-acre lot. Reg Kobzi, Michael Peterson, Joel Wilson and Rosie Cooper of CBRE represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal.
Exceptional Healthcare Buys 10-Acre Parcel, Plans Hospital Development in Eloy, Arizona
by Amy Works
ELOY, ARIZ. — Exceptional Healthcare has acquired 10 acres in Eloy, approximately midway between Phoenix and Tucson. The company plans to develop a hospital on the site to serve the growing community and surrounding areas. Walton International Group sold the site for $1.1 million. The planned hospital, located at the northeast corner of Interstate 10 and Sunshine Boulevard, will have eight inpatient rooms, an 11-room emergency department and a wide range of medical services. A groundbreaking ceremony will be held on Jan. 24, with a planned opening in late 2024.
DENVER — KeyBank Real Estate Capital has arranged a $16.7 million Fannie Mae fixed-rate loan to refinance existing debt secured by Edge DTC, an apartment community in Denver. Brian Caudel and Allison Loftsgordon of KeyBank Real Estate Capital structured the five-year loan featuring full-term interest-only payments through Fannie Mae for the borrower, Grand Peaks Properties. Built in 1986, Edge DTC features 204 apartments spread across eight two-story residential buildings. Community amenities include a swimming pool, fitness center, business center, dog park and picnic area.
RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has negotiated the lease of an industrial warehouse facility at 3040 E. Ana St. in Rancho Dominguez. JCQ Industrial leased the asset to DCW Inc., a warehousing, fulfillment, distribution and transportation services company. The site was leased for a total consideration of $10.1 million. The 115,734-square-foot property features 35 trailer or container spaces, 18 dock-high doors, 20-foot to 22-foot warehouse ceiling heights and loading access across the front of the building. The building’s office space allows for configurations that range from 6,500 square feet to 21,000 square feet. Additionally, the asset offers ample parking and reception and kitchen areas. Chuck Brill, Casey Mungo and Nat Ortega of DAUM represented the lessor, while Tyler Rollema of Klabin Co. represented the lessee in the deal.