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224-SE-2nd-St-Portland-OR
AcquisitionsIndustrialOfficeOregonWestern

Sherpa Design Acquires 14,589 SF Flex Building in Portland, Oregon

by Amy Works

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.

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Portico-Oakland-CA
CaliforniaDevelopmentMultifamilyWestern

Cityview Plans 378-Unit Portico Apartment Community in Oakland, California

by Amy Works

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 …

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AcquisitionsCaliforniaRetailWestern

Family Health Centers Purchases 20,987 SF Retail Building in San Diego

by Amy Works

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.

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Exceptional-HC-Hospital-Eloy-AZ
ArizonaDevelopmentHealthcareWestern

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.

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Edge-DTC-Denver-CO
ColoradoLoansMultifamilyWestern

KeyBank Arranges $16.7M Refinancing for Edge DTC Multifamily Property in Denver

by Amy Works

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.

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3040-E-Ana-St-Rancho-Dominguez-CA.jpg
CaliforniaIndustrialLeasing ActivityWestern

DAUM Commercial Negotiates 115,734 SF Warehouse Lease in Rancho Dominguez, California

by Amy Works

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.  

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Hylo-Park-North-Las-Vegas-NV
DevelopmentMixed-UseMultifamilyNevadaRestaurantRetailWestern

Agora Realty Receives Financing for 73-Acre Hylo Park Mixed-Use Project in North Las Vegas, Nevada

by Amy Works

NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.

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Los-Robles-Apts-Thousand-Oaks-CA
AcquisitionsCaliforniaMultifamilyWestern

FPA Multifamily Buys Two-Property Multifamily Portfolio in Thousand Oaks, California for $171.2M

by Amy Works

THOUSAND OAKS, CALIF. — FPA Multifamily, on behalf of its Core Plus Fund V, has acquired a two-property multifamily portfolio totaling 399 units in Thousand Oaks, a suburb west of Los Angeles. Decron Properties sold the assets for $171.2 million. The portfolio consists of Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit property built in 1966. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Los Robles Apartments features studio, one- and two-bedroom apartments, averaging 882 square feet, spread across 32 residential buildings. Units have ductless heating and cooling systems, washers/dryers and new plank flooring. Community amenities include a new leasing office, resort-style pool, fitness center and outdoor lounge areas. The Retreat at Thousand Oaks offers a mix of one- and two-bedroom apartments, three-bedroom townhomes and four-bedroom flats, with an average unit size of 1,260 square feet. The property is within walking distance of Janss Marketplace, an outdoor retail center.  

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Point-Central-Denver-CO
ArizonaColoradoDevelopmentIndustrialMultifamilyWestern

StarPoint Properties Plans Two Opportunity Zone Projects in Arizona, Colorado

by Amy Works

MESA, ARIZ., AND DENVER — StarPoint Properties is developing two Opportunity Zone projects totaling $115 million. StarPoint has started vertical construction on Lotus Point, a $79.2 million multifamily development in Mesa, and Point Central, a $36.7 million industrial project in Denver. Located at 139 N. Dobson Road, the four-story Lotus Point will offer 245 apartments. The community will benefit from a property tax abatement agreement with the City of Mesa for eight years after construction, which will generate significant property tax savings. Point Central, located at 1051 and 1161 E. 73rd Ave. in Denver, will offer 157,473 rentable square feet split across two industrial buildings with access to Denver’s major highways. Completion of both properties is slated for 2025. StarPoint expects Lotus Point to be stabilized by fourth-quarter 2025 and Point Central by the second quarter of 2025.

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12966-Euclid-St-Garden-Grove-CA
AcquisitionsCaliforniaOfficeWestern

City of Garden Grove, California Acquires Office Building for $12.1M

by Amy Works

GARDEN GROVE, CALIF. — The City of Garden Grove, located in Orange County, has purchased Garden Grove Plaza, located at 12966 Euclid St. in Garden Grove. A private seller sold the asset for $12.12 million, or $188 per square foot. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Peter Wells of CBRE represented the seller in the deal. Situated on two acres, the five-story glass-and-steel building offers approximately 64,468 square feet of office space. The property was recently renovated and is currently 77 percent occupied.

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