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Encino-Country-Club-Apts-Encino-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $10M Sale of Encino Country Club Apartments in California

by Amy Works

ENCINO, CALIF. — CBRE has negotiated the $10 million sale of Encino Country Club Apartments, a 43-unit multifamily property located at 17000 Burbank Blvd. in Encino. Built in 1966, the three-story, 37,000-square-foot property features 36 one-bedroom units and seven two-bedroom units. Priscilla Nee and Dan Blackwell of CBRE represented the undisclosed seller and the buyer, a private investor that plans to implement a value-add program, in the deal. Gianna Novo, also with CBRE, arranged an acquisition loan for the buyer that covered 83 percent of the cost.

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728-W-Vernon-Ave-Los-Angeles-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers $3.5M Sale of 7-Eleven-Anchored Retail Center in Los Angeles

by Amy Works

LOS ANGELES — Progressive Real Estate Partners has brokered the $3.5 million sale of a 6,300-square-foot retail strip center located at 728 E. Vernon Ave. in Los Angeles. The center is anchored by 7-Eleven, with Boost Mobile and a laundromat serving as the other tenants at the property, which was built in 2000. The buyer and seller were both Los Angeles County-based private investors that requested anonymity. Brad Umansky and Lance Mordachini of Progressive Real Estate represented both parties in the deal.

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1002-S-54th-Ave-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Stos Partners Sells 94,186 SF Industrial Building in Phoenix to ViaWest Group

by Amy Works

PHOENIX — Stos Partners has sold a 94,186-square-foot industrial building located at 1002 S. 54th Ave. in Phoenix to ViaWest Group for an undisclosed price. Copper State Bolt & Nut Co. fully occupies the building, which was originally built on 4.2 acres in the early 1990s and most recently renovated in 2023. The property features 7,000 square feet of office space, 24-foot clear heights, 17 dock-high doors, two grade-level doors, a fenced and secured yard, LED lighting and ample parking. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield, along with Anna Josephson of KBC Advisors, represented the seller in the transaction. Mike Haenel and Andy Markham of Cushman & Wakefield also advised on the deal.

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Promenade-Highlands-Ranch-CO
AcquisitionsColoradoRetailWestern

IPA Brokers $26.6M Sale of Promenade at Highlands Ranch Retail Center Near Denver

by Amy Works

HIGHLANDS RANCH, COLO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Promenade at Highlands Ranch, a 136,521-square-foot community shopping center in Highlands Ranch, approximately 15 miles south of Denver. JCR Cos. acquired the asset from a California-based private seller for $26.6 million. Ryan Bowlby and Drew Isaac of IPA represented the seller and procured the buyer in the transaction.

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North-Chandler-Place-Chandler-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

SLIB Negotiates Sale of 198-Unit Seniors Housing Property in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of North Chandler Place, a 198-unit seniors housing property located in the Phoenix suburb of Chandler. Built in 1966 on 15.2 acres and expanded in 2002 and 2007, the property consists of 119 independent living units, 16 assisted living units, 28 memory care residences and 35 skilled nursing residences. The seller was a group of investors that will reinvest the proceeds in other core assets in the portfolios. The buyer is a national, publicly traded company that plans to implement capital improvements. Both parties requested anonymity. Jason Punzel, Nick Cacciabando, Ryan Saul and Brad Goodsell of SLIB handled the transaction.

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Rancho-Las-Palmas-Rancho-Mirage-CA
AcquisitionsCaliforniaRetailWestern

DRA Advisors, Paragon Commercial Sell 162,380 SF Shopping Center in Rancho Mirage, California

by Amy Works

RANCHO MIRAGE, CALIF. — A partnership between DRA Advisors and Paragon Commercial Group has sold Rancho Las Palmas, a 162,380-square-foot shopping center in Rancho Mirage, about 120 miles east of Los Angeles. The center sits on 15 acres and was 96.5 percent leased at the time of sale to tenants such as CVS, Hobby Lobby, Starbucks, In-N-Out Burger and a soon-to-be-open Amazon Fresh grocery store. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Tim Kuruzar and Tess Berghoff of JLL represented the partnership in the transaction. Albanese Cormier acquired the asset for an undisclosed price.

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The-Superior-Building-Pasadena-CA
CaliforniaLoansOfficeRetailWestern

PSRS Arranges $7M Loan for Refinancing of Retail, Office Building in Pasadena, California

by Amy Works

PASADENA, CALIF. — Locally based financial intermediary PSRS has arranged a $7 million loan for the refinancing of The Superior Building, a 43,916-square-foot historic retail property in Pasadena. Built in 1896 and renovated in 1990, The Superior Building features ground-floor retail space and office suites on the upper two floors. Michael Tanner and Tony Messiah of PSRS arranged the financing for the borrower, Edgewood Realty Partners. The direct lender was not disclosed.

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Canoga-Park-Apts-Los-Angeles-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

Community Preservation Partners Acquires Affordable Housing Complex in Los Angeles

by Amy Works

LOS ANGELES — Community Preservation Partners (CPP) has acquired Canoga Park Apartments, a 14-unit affordable housing complex in Los Angeles, for $6 million. Built in 1983, the three-story building features 12 two-bedroom units and two three-bedroom apartments that are reserved for households earning 60 percent or less of the area median income. CPP’s total development investment is approximately $11.3 million, which includes the purchase price and an estimated per-unit renovation cost of $142,000. Renovations will includes replacement of HVAC systems, water heaters, lighting, appliances, interior and exterior paint, countertops, cabinetry, flooring and seismic upgrades, along with ADA-compliance upgrades throughout the property. Renovations are slated for completion by December. Partners on the project include the California Tax Credit Allocation Committee, which issued 9 percent Federal Low-Income Housing Tax Credits and CA State Low-Income Housing Tax Credits. WNC & Associates will be providing the tax credits.

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7975-7977-8001-Melrose-Ave-Los-Angeles-CA
CaliforniaMarket ReportsRetailWesternWestern Market Reports

Subdued Retail Demand Persists Throughout Los Angeles

by Jeff Shaw

— By Gary Baragona, Vice President of Research, Kidder Mathews — Home to an eclectic mix of local retailers, award-winning restaurants and the world’s most prestigious brands, Los Angeles has long been one of the most dynamic retail markets in the country. However, sector dynamics significantly shifted during the pandemic as retailers began to rely heavily on their online sales to stay in business and remain profitable. While consumer preferences further evolved in 2022 and 2023, there has been a noticeable slowdown in consumer spending, largely due to ongoing economic challenges, reduced buying power, decreased savings and increased credit card debt.  On the surface, overall market fundamentals within the commercial real estate retail sector appear to be relatively stable. Some key indicators illustrate market resiliency, but other trends demonstrate the recent struggles felt by the retail sector and the challenges that may lie ahead. For example, total leasing activity across the Los Angeles region was down 15 percent in 2023 compared to the previous year, and down 25 percent compared to pre-COVID averages.  The total vacancy rate across Los Angeles increased to 5.3 percent during the first quarter of 2024 and has consistently hovered between 5 percent and 5.3 percent …

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410-17th-St-Denver-CO
AcquisitionsColoradoOfficeWestern

Cress Capital Acquires 24-Story Office Building in Downtown Denver

by Amy Works

DENVER — Cress Capital has acquired The 410, a 24-story office building in downtown Denver, for an undisclosed price. Situated at 410 17th St., the property consists of 440,000 square feet of office space and a detached eight-story parking structure. The building underwent a major renovation in 2021 and offers amenities such as a fitness center, conference and training facilities, an outdoor tenant lounge and a coffee bar. Cress, in collaboration with Denver-based E2M Ventures, acquired the loan on the property earlier this year and subsequently negotiated a deed-in-lieu of foreclosure with the prior owner.

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