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8140-S-Hardy-Tempe-AZ
AcquisitionsArizonaIndustrialOfficeWestern

Cushman & Wakefield Brokers Sale of 61,997 SF Industrial/Flex Office Building in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of a freestanding flex office building in Tempe. Enzed LLC, a private individual investor, acquired the asset from a global investment advisor for an undisclosed price. Located at 8140 S. Hardy, the 61,997-square-foot building is fully leased to a single tenant. The property features a 11.2/1,000-square-foot parking ratio, 10-foot clear heights and large floor plans. The current tenant’s lease is set to expire in spring 2024. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital markets teams in Phoenix represented the seller, while Marcus Muirhead of Lee & Associates represented the buyer. Jerry Roberts and Pat Boyle of Cushman & Wakefield provided leasing advisory for the transaction.

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Affordable HousingCaliforniaDevelopmentMultifamilyTop StoriesWestern

Thrive Living to Transform Industrial Site in Los Angeles into 376-Unit Mixed-Income Apartment Community

by Jeff Shaw

LOS ANGELES — Thrive Living, with the financial support of JPMorgan Chase, has announced plans to redevelop a former industrial storage facility into an affordable and workforce housing community at 1457 N. Main St. north of downtown Los Angeles. Completion is slated for December 2024. The six-story multifamily complex will feature 376 apartments for low- and moderate-income residents earning up to 80 percent of the area median income and individuals utilizing the Housing Choice Voucher program.  On-site community amenities will include a landscaped roof deck, barbecue and dining area with seating, a gym, recreation room, package delivery room and business center. The property is located near public transportation and will offer parking below the building with electric vehicle charging stations. JPMorgan Chase, through its Workforce Housing Solutions group (formerly Capital Solutions), is providing a $68.5 million construction loan to Thrive Living for the project. This is JPMorgan Chase’s first construction loan to a 100 percent rent- and income-restricted multifamily community. Thrive already secured entitlements for the site. The project aligns with Thrive’s mission to acquire and redevelop strategically located sites in urban markets that are experiencing significant housing affordability gaps. Like other Thrive communities, the project is privately financed without the …

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Rafi Golberstein PACE Loan Group CPACE quote
Content PartnerDevelopmentFeaturesHospitalityLoansMidwestNortheastSoutheastTexasWestern

Capital Markets Warm to C-PACE Financing Amid Growing Stress

by Sarah Daniels

The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in commercial property assessed clean energy (C-PACE) financing. The program, which emerged more than a decade ago, pays for building upgrades to improve energy and water efficiency as well as seismic resilience in new construction and rehabs. In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications. “We are seeing a ton of opportunities right now in deals that were built over the past three years, and C-PACE can provide a liquidity infusion to get many folks through a maturity logjam,” he declares. “When confronted with other options, they’re going to prefer C-PACE all day long.” Cost-Effective Debt Indeed, the cost of those other options, such as mezzanine financing or preferred equity, can be upwards of 500 basis points higher …

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CaliforniaDevelopmentHospitalityMixed-UseMultifamilyRetailWestern

Caribou Industries to Develop Mixed-Use Property in Downtown Santa Ana, California

by Amy Works

SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to begin construction on 3rd & Broadway Promenade, a mixed-use project in downtown Santa Ana. Located in the southeastern suburbs of Los Angeles, 3rd & Broadway Promenade will feature a 16-story multifamily building, a 10-story hotel and an event center. The residential component will offer studio, one- and two-bedroom floorplans and 198 secured homeowner garages. The three-star hotel will feature 75 guest rooms, a rooftop conference facility, restaurant, bar and more than 13,500 square feet of retail and residential space. Additionally, 3rd & Broadway Promenade will feature a 204-space parking structure for the public. Construction is slated to begin in second-quarter 2024. Gensler is serving as architect for the project.

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The-Aviatrix-Fairfield-CA
AcquisitionsBuild-to-RentCaliforniaDevelopmentSingle-Family RentalWestern

Kidder Mathews Brokers Sale of 188-Unit Aviatrix Build-to-Rent Development Site in Fairfield, California

by Amy Works

FAIRFIELD, CALIF. — Kidder Mathews has arranged the sale of The Aviatrix, an 18.9-acre build-to-rent development site in the Bay Area city of Fairfield. Republic Urban Properties acquired the asset for an undisclosed price. Located at 5005 Peabody Road, The Aviatrix will offer 188 build-to-rent townhomes, a clubhouse, pool, spa, multi-use sport court and trail system. Matthew Clark of Kidder Mathews represented the buyer and undisclosed seller in the deal.

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2400-Conejo-Spectrum-Thousand-Oaks-CA
AcquisitionsCaliforniaOfficeWestern

County of Ventura Buys Vacant 98,841 SF Office Building in Thousand Oaks, California

by Amy Works

THOUSAND OAKS, CALIF. — The County of Ventura has acquired a vacant office building located at 2400 Conejo Spectrum in Thousand Oaks for $14.9 million. The county plans to utilize the 98,841-square-foot building for its fire department administrative headquarters. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented the undisclosed the transaction. Built in 2001, the building features 16-foot ceiling heights, a 100-pound live load capacity on the second story and a 4:1,000-square-foot parking ratio with easy truck ingress/egress. The building was originally developed as a two-building office campus with 2380 Conejo Spectrum, which the seller plans to retain.

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1730-1900-Grass-Valley-Hwy-Auburn-CA
AcquisitionsCaliforniaLoansRetailWestern

Gantry Arranges $9.6M Acquisition Loan for The Plaza Retail Center in Auburn, California

by Amy Works

AUBURN, CALIF. — Gantry has secured a $9.6 million permanent loan for the purchase of The Plaza, a retail center in the Sacramento suburb of Auburn. Situated on 3.4 acres at 1730-1900 Grass Valley Highway, The Plaza features 74,000 square feet of retail space. Current tenants include Best Buy, Mel’s Original Diner, Little Caesars Plaza, Mattress Firm, Sola Salon Studios, Garden of Eat’n, Lyon Real Estate, Miracle Ear, Salon Centric and T-Mobile. Tony Kaufmann and Erinn Cooke of Gantry arranged the financing for the borrowers, a private real estate company. One of Gantry’s correspondent life company lenders provided the 30-year loan, which features a fixed rate for the life of the loan.

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1609-1713-Park-St-Castle-Rock-CO.jpg
AcquisitionsColoradoIndustrialWestern

NavPoint Negotiates $3.2M Sale of Multi-Parcel Industrial Asset in Castle Rock, Colorado

by Amy Works

CASTLE ROCK, COLO. — NavPoint Real Estate Group has brokered the sale of 1609 and 1713 Park St. in Castle Rock. JGC2M LLC sold the asset to Four Square Properties II LLC for $3.2 million. The asset consists of four commercially zoned parcels totaling 1.6 acres. Two of the parcels are fenced outdoor storage and two parcels have buildings, totaling approximately 12,000 square feet combined. Matt Call of NavPoint represented the seller, while Jeff Brandon of NavPoint represented the buyer in the deal.

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Margo-The-Society-San-Diego-CA
AcquisitionsCaliforniaMultifamilyWestern

Decron Properties Buys Margo at The Society Multifamily Community in San Diego for $125.5M

by Amy Works

SAN DIEGO — Decron Properties has acquired Margo at The Society, an apartment property located at 201 Del Sol Drive in San Diego, for $125.5 million. The name of the seller was not released. The acquisition was fueled through a 1031 exchange, with Decron selling two properties in Thousand Oaks — Los Robles Apartments for $102.5 million and Retreat at Thousand Oaks for $69 million — and reinvesting a portion of those funds into Margo at The Society. Part of a mixed-use development that includes four multifamily communities, Margo at The Society features 240 one-, two and three-bedroom apartments with quartz countertops, stainless steel appliances, designer backsplashes, soft-close cabinets and drawers, keyless entry and Nest thermostat systems. Community amenities include a resort-style pool area, fitness center and common area lounge and meeting rooms.

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Fairfield-Industrial-Fairfield-CA
CaliforniaDevelopmentIndustrialWestern

TCC, Clarion Partners Complete First Phase of Fairfield Industrial Center in Northern California

by Amy Works

FAIRFIELD, CALIF. — Trammell Crow Co. (TCC) and its joint venture partner Clarion Partners have completed the construction of the first phase of development at Fairfield Industrial Center in Northern California. Located at 2725 Low Court in Fairfield, the first phase includes a Class A, 205,223-square-foot industrial facility, which is currently available for lease by a single user or multiple smaller tenants. Situated on 11 acres, the property features 36-foot clear heights; 56-foot by 47.5-foot column spacing; a 4,000-square-foot turnkey office space; 32 dock doors including 16 docks equipped with 40,000-pound levelers and seals; two grade-level doors; ESFR sprinklers; and 156 auto parking stalls and 44 trailer parking spaces. Additional features at the facility include enhanced exterior glass entries, canopies, façade accents and a landscaped site highlighting water-efficient planting. The joint venture has secured municipal approval for the second phase of development at the project, which will be located at 300 Chadbourne Road and include two Class A industrial buildings totaling 328,553 square feet. Construction for the second phase is expected to begin next year. Kevin Hatcher of CBRE, along with Brooks Pedder and Tony Binswanger of Cushman & Wakefield, are handling leasing for the property.

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