Western

Hanley Negotiates $2.9M Sale of Single-Tenant Chase Bank Branch in Bakersfield, California

by Hayden Spiess February 21, 2024

BAKERSFIELD, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $2.9 million sale of a 3,576-square-foot, single-tenant property in Bakersfield, approximately 130 miles north of Los Angeles. Chase Bank occupies the building, which was constructed in 2022 on a 0.9-acre pad, on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the seller, a local private investor, in the transaction. Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the buyer. The property is situated adjacent to a shopping center that is leased to tenants including In-Shape, PetSmart, Banfield Pet Hospital, Domino’s Pizza, Goodwill and U.S. Bank.

February 21, 2024

California Development Multifamily Top Stories Western

Kennedy Wilson Nears Completion of 579-Unit Anacapa Canyon Multifamily Project in Camarillo, California

by Taylor Williams February 21, 2024

CAMARILLO, CALIF. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo. Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter. Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as well as Hearthstone, on the single-family home component of the development. The affordable seniors housing units are fully preleased to qualified renters. The firm also developed various pieces of infrastructure in conjunction with the apartments, which Kennedy Wilson owns in their entirety. Residential amenities at Anacapa Canyon include multiple pools with an accompanying spa, a community garden, game room, event lounge, fitness center, dog parks and various open green spaces and pocket parks. “We are encouraged by the early interest in both leasing and home sales at Anacapa Canyon, which is a testament to the inclusive community we have created, its unique offerings and the continued demand for high-quality homes …

February 21, 2024

Acquisitions Oregon Retail Western

HGP Acquires Lincoln City Outlets in Oregon for $35.3M

by Hayden Spiess February 20, 2024

LINCOLN CITY, ORE.— Horizon Group Properties (HGP) has acquired Lincoln City Outlets in Lincoln City, a coastal city approximately 100 miles southwest of Portland. An entity doing business as LC Outlets JV LLC served as joint-venture partner to HGP in the $35.3 million purchase. The open-air outlet center comprises 50 individual retail, restaurant and venue spaces. Tenants at the property include Nike, Coach, Pendleton, North Face, Eddie Bauer, Scout Northwest Trading Co., Salt and Point Break Fitness. Gilgamesh Brewing also recently opened at the center. HGP will act as the managing member of the joint venture and handle the leasing, management and marketing of the property. The seller was not disclosed. “The addition of Lincoln City Outlets aligns with our long-term strategy of acquiring outlet centers in regions that are strong tourist destinations,” says Gary Skoien, president and CEO of HGP.

February 20, 2024

Arizona Development Leasing Activity Retail Western

Sprouts Farmers Market to Open 23,228 SF Store in Yuma, Arizona

by Hayden Spiess February 20, 2024

YUMA, ARIZ. — Sprouts Farmers Market will open a 23,228-square-foot store in Yuma, marking the second location in the city for the Phoenix-based grocer. In addition to the Yuma Foothills Sprouts store, the property will feature an additional 11,250 square feet of attached, inline retail space. The Spencer Cos. is the landlord and project developer. Regan Amato of JLL’s Phoenix office represented Sprouts in the lease negotiations, and Thomas J. Pancrazi of A.T. Pancrazi Real Estate Services represented The Spencer Cos. A construction timeline was not disclosed.

February 20, 2024

California Industrial Leasing Activity Western

Stream Arranges 142,556 SF Industrial Lease in Ontario, California

by Hayden Spiess February 20, 2024

ONTARIO, CALIF. — Stream Realty Partners has arranged a 142,556-square-foot industrial lease in Ontario, in the Inland Empire West submarket of California. Commercial glass sourcing business H Global Commerce Inc. will fully occupy 5401 E. Jurupa St. beginning in March. Amenities at the property include a fully secured trucking and storage yard and 52 trailer parking spaces. The freestanding building is scheduled for renovation within the first quarter of this year. Stefan Pastor and Brad Yates of Stream represented the landlord in the lease negotiations. Andrew Chaffee, Wes Jones and James Toomarian of CBRE represented H Global.

February 20, 2024

Acquisitions Arizona Multifamily Western

ABI Brokers $2.1M Sale of Multifamily Community in Downtown Phoenix

by Hayden Spiess February 20, 2024

PHOENIX — ABI Multifamily has brokered the $2.1 million sale of a multifamily community located at 614-616 N.10th Ave. in downtown Phoenix. Built in 1936 and 1954 and renovated in 2023, the property features eight apartments in one- and two-bedroom layouts. Dallin Hammond, Mitchell Drake, Carson Griesemer, Tom Palestina, Andrew Arambula and Bryce Neagle of ABI represented the Arizona-based seller in the transaction. Both the buyer and seller were undisclosed.

February 20, 2024

Acquisitions Colorado Industrial Office Western

NavPoint Negotiates $2.2M Sale of Flex Building in Centennial, Colorado

by Amy Works February 20, 2024

CENTENNIAL, COLO. — NavPoint Real Estate Group has negotiated the sale of a flex building, located at 7006 S. Alton Way in the Denver suburb of Centennial. Bill & Paulette Weinberger LLC sold the asset to J&K Capital LLC for $2.2 million. The asset, Building B, is a single-story property offering 9,850 square feet of flex space. Matt Kuble and Jordan Burgess of NavPoint Real Estate Group represented the seller, while Trent Rice of Pinnacle Real Estate Advisors represented the buyer in the deal.

February 20, 2024

Arizona Industrial Market Reports Western Western Market Reports

New Goodyear Industrial Development Targets Fortune 100 Tenants

by Jeff Shaw February 20, 2024

DIV Industrial has seen the demand, and is delivering for Fortune 100 tenants that need to be accommodated in the Phoenix market. The Irvine, Calif.-based investor and developer just closed on 47 acres in Goodyear that will soon serve as the home of Sarival Business Park, a 847,988-square-foot, Class A industrial complex. At completion, the modern, LEED-certified business park will include five free-standing buildings ranging from 135,000 square feet to 235,000 square feet. This transaction marks DIV’s first foray into the Phoenix market. Nicholas Ilagan, the firm’s co-founder and managing partner, notes there were many attributes that attracted him to this region. “The Phoenix MSA continues to be one of the fastest-growing metros in the country,” he says. “The region is propelled by its established infrastructure, business-friendly approach, educated workforce, and accessibility to Southern California’s port markets and the Western U.S. population. Phoenix is attracting large corporations and Fortune 500 companies that are relocating or setting up new, efficient operations, such as data centers, distribution facilities and manufacturing operations.” This includes Taiwan Semiconductor Manufacturing Company, which Ilagan notes has had a “huge boost to the local economy and stimulated employment growth.” Goodyear has also drawn in larger regional and national …

February 20, 2024

California Loans Multifamily Western

Berkadia Arranges $44.5M Refinancing for Fountains of Fair Oaks Multifamily Property in California

by Amy Works February 19, 2024

FAIR OAKS, CALIF. — Berkadia has arranged $44.5 million in refinancing for The Fountains of Fair Oaks, a garden-style apartment property in Fair Oaks, a suburb east of Sacramento. The borrower is The Ezralow Co. Allan Freedman of Berkadia Los Angeles secured the five-year loan, which features five years of interest-only payments, through Freddie Mac. Located at 4800 Sunset Terrace, The Fountains of Fair Oaks features 270 units with electric heaters, hardwood-inspired flooring, contemporary cabinets, patios or balconies, stainless steel appliances, high-speed internet access, microwaves and central heating and air conditioning. Select units offer closets, fireplaces, washers/dryers and storage on the patios. Community amenities include a clubhouse, spa, fitness center, bike rooms, a basketball court, tennis court, 24-hour parcel room, large decks with barbecues and a fire pit, a lounge, 24/7 resident payment portal, gardens with courtyards, a courtesy patrol, business center, controlled access and six laundry facilities. The pet-friendly community was built in 1976 and fully renovated in 2012.

February 19, 2024

Acquisitions Multifamily Washington Western

Family Operator Purchases 32-Unit Stratford Square Apartments in Burien, Washington for $7.3M

by Amy Works February 19, 2024

BURIEN, WASH. — Stratford Square LLC has completed the disposition of Stratford Square Apartments, a 32-unit multifamily property in Burien, approximately 10 miles south of Seattle. A local family operator acquired the asset for $7.3 million. Located at 12707-12733 13th Lane SW, Stratford Square Apartments features three three-story, garden-style buildings, each offering eight two-bedroom/1.5-bath units approximately 1,000 square feet in size, and four duplexes with two-bedroom/1.5-bath townhome-style units featuring parking garages. Originally built in 1988, the property offers covered and uncovered on-site parking, in-unit washers/dryers, dishwashers, fireplaces and balconies in most units. Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter and Matt Kemper of Cushman & Wakefield represented the buyer, while Jon Breiner and Nick Hemming of Paragon Real Estate Advisors represented the seller in the transaction.

February 19, 2024

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