Western

LLJ Ventures, Citymark Development to Open Kelvin Mixed-Use Community in Lemon Grove, California

by Amy Works March 5, 2024

LEMON GROVE, CALIF. — LLJ Ventures and Citymark Development are nearing completion of Kelvin, a mixed-use community at 7950 Broadway in Lemon Grove in San Diego County. Slated for completion in early March, Kelvin features 66 studio, one-, and two-bedroom apartments ranging from 523 square feet to 1,058 square feet. The five-story building offers 4,043 square feet of first-level commercial space on a 0.92-acre lot near local dining, shopping and entertainment options. Additionally, Kelvin is near Freeway 94, Freeway 125 and the Lemon Grove Trolley Station. Pre-leasing is underway at Kelvin, which San Diego-based Sunrise Management is handling. Move-ins are scheduled the begin mid-March. Studio E Architects served as architect for the project, which is situated on the site of a former Barry’s Athletic Supply store, which operated on the site for 25 years until it relocated to another Lemon Grove location.

March 5, 2024

Acquisitions Colorado Multifamily Western

JTA Real Properties Divests of Multifamily Portfolio in Aurora, Colorado for $9M

by Amy Works March 5, 2024

AURORA, COLO. — JTA Real Properties LLC has completed the disposition of a three-building multifamily portfolio, located at 1377-1397 Laredo St. and 16415 E. 14th Place in Aurora. Runt and Bro Laredo LLC acquired the portfolio for $9 million, or $115,500 per unit. The buyer plans to update and renovate the properties, which offer a unit mix of 69 450-square-foot one-bedroom/one-bath units and nine 400-square-foot studio/one-bath units. Marc Lippitt, Phil Dankner, Justin Herman, Will McCauley and Elliott Polanchyck of Unique Properties / TCN Worldwide handled the transaction.

March 5, 2024

Acquisitions Colorado Industrial Western

Unique Properties/TCN Worldwide Brokers $2.7M Sale of Warehouse in Golden, Colorado

by Amy Works March 5, 2024

GOLDEN, COLO. — Unique Properties / TCN Worldwide has arranged the sale of a freestanding warehouse property located at 13280 W. 43rd Drive in Golden, just west of Denver. Baystone LLC sold the asset to Ted’s Sheds, the long-term tenant of the property, for $2.7 million, or $238.09 per square foot. The 11,240-square-foot building was professionally built-out and maintained as a manufacturing/woodworking shop with professional office space and an outdoor storage component. The building was originally built in 2000 and features a fully sprinklered interior and signage and visibility on Highway 58. Brett MacDougal and Michael DeSantis of Unique Properties / TCN Worldwide represented the seller in the deal.

March 5, 2024

Acquisitions Arizona Retail Western

Red Mountain Group Sells Multi-Tenant Retail Property in Phoenix for $1.6M

by Amy Works March 5, 2024

PHOENIX — Orange County, Calif.-based Red Mountain Group has completed the sale of a shopping center in Phoenix to North Creek LLC for $1.6 million. At the time of sale, the 5,587-square-foot property was fully occupied by four tenants. The asset is located at 12831-12839 N. Cave Creek Road in Phoenix. Jonathan Selznick of Lee & Associates represented the seller in the deal.

March 5, 2024

California Loans Multifamily Western

BWE Arranges $224.7M in Financing for Six-Property Apartment Portfolio in Orange County

by Amy Works March 4, 2024

ORANGE COUNTY, CALIF. — BWE has arranged $224.7 million in financing for a six-property, 1,192-unit multifamily portfolio in Orange County. Five properties in the portfolio were refinanced in order to secure equity for the acquisition of the sixth property, Regency Palms in Huntington Beach. Jason Krupoff and Doug Taylor of BWE’s Irvine office originated the loans on behalf of a long-term investor-operator of Orange County multifamily properties. One of BWE’s correspondent life companies provided financing for three of the properties, totaling $90.6 million in loan proceeds. The other three, including the acquisition, totaled $134 million through Fannie Mae. The six individual loans were all nonrecourse, permanent transactions with fixed rates. The loans have between five- and 10-year terms with 30-year amortization periods, with the agency loans having initial interest-only periods.

March 4, 2024

Arizona Development Industrial Loans Self-Storage Western

Clear Sky Capital Receives $17.5M Construction Loan for Self-Storage Project in Scottsdale, Arizona

by Amy Works March 4, 2024

SCOTTSDALE, ARIZ. — Clear Sky Capital has obtained $17.5 million in construction financing for a self-storage facility at 16136 N. Pima Road in Scottsdale. With completion slated for third-quarter 2025, the four-story, Class A facility will include 1,051 climate-controlled self-storage units and 15 luxury collector car/recreational vehicle storage spaces. Additionally, the property will feature a state-of-the-art security system, including exterior surveillance. Kevin Mackenzie and Jason Carlos of JLL Capital Markets’ debt advisory team secured the loan for the borrower through Enterprise Bank and Trust.

March 4, 2024

Acquisitions California Office Western

Level Asset Capital Buys Tower Office Plaza in Temecula, California for $13.8M

by Amy Works March 4, 2024

TEMECULA, CALIF. — Level Asset Capital has acquired Tower Office Plaza, an office property in Temecula, for $13.8 million. Located at 27555 Ynez Road, the four-story asset is situated within Tower Plaza, a grocery-anchored retail center. The four-story, 71,775-square-foot office building includes a two-story parking structure and an oversized pond water feature. At the time of sale, the property was 94 percent occupied with tenants ranging from medical providers to banking services. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE Investment Properties represented the seller, Providence Real Estate Group. Hugo Cosio of Level Asset Capital represented the buyer in the transaction.

March 4, 2024

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Negotiates $13.1M Purchase of Industrial Building in Los Angeles

by Amy Works March 4, 2024

LOS ANGELES — Lee & Associates – LA North/Ventura has brokered the acquisition of an industrial property located at 10643 Glenoaks Blvd. in the Pacoima neighborhood of Los Angeles. Greater Los Angeles Vector Control District, a local government health entity, acquired the asset from Glenoaks Partners for $13.1 million. Chris McKenzie of Lee & Associates – LA North/Ventura represented the seller in the transaction. The asset features 38,063 square feet of industrial space with 13,086 square feet of office space and high-power capabilities.

March 4, 2024

Acquisitions Colorado Healthcare Office Western

Marcus & Millichap Brokers $2.1M Sale of Medical Office Property in Lakewood, Colorado

by Amy Works March 4, 2024

LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of an office building in Lakewood, a first-ring suburb of Denver. A private investor purchased the asset from a limited liability company for $2.1 million. Located at 3405 Yarrow St., the property offers 7,053 square feet of Class B office space. Built in 2023, the building is fully occupied by Stanbrick Dental and Dental Care Alliance. Erik Enstad, Chadd Nelson and Brandon Kramer of Marcus & Millichap’s Denver office represented the seller, while Chris Lind, Mark Ruble, Zack House and Sean Lenchner of Marcus & Millichap’s Phoenix office represented the buyer in the deal. Adam Lewis of Marcus & Millichap served as Colorado broker of record.

March 4, 2024

Acquisitions Multifamily Nevada Western

Tower 16 Capital Partners Purchases Deco at Victorian Square Apartment Community in Reno, Nevada for $43M

by Amy Works March 1, 2024

RENO, NEV. — San Diego-based Tower 16 Capital Partners has acquired The Deco at Victorian Square, an apartment property located at 955 Avenue of the Oaks in Reno, for $43 million. Built in 2021, The Deco features 209 apartments in a mix of studio, one- and two-bedroom layouts averaging 731 square feet. Tower 16 plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping enhancements. The company has also planned outdoor amenities, including barbecues, seating and game areas. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil Secured arranged debt financing for the buyer.

March 1, 2024

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