Western

Burlington Distribution Buys 889,445 SF Warehouse in Riverside, California from BlackRock for $257M

by Amy Works April 3, 2025

RIVERSIDE, CALIF. — Burlington Distribution has purchased an industrial warehouse located at 21600 Cactus Ave. in Riverside from BlackRock for $257 million. Mark Zorn and Cory Whitman of Colliers represented the buyer, while CBRE represented the seller in the deal. Constructed in 2019, the 889,445-square-foot warehouse features a clear height of 40 feet and 220 dock doors. Burlington has been the sole tenant since the asset’s construction. Burlington Distribution opened 101 new stores and relocated 31 older oversized locations in fiscal 2024 and plans to open approximately 100 net new stores in 2025.

April 3, 2025

Acquisitions California Office Western

Kingsbarn Acquires Eight-Story Office Property Along Hollywood’s Walk of Fame

by Amy Works April 3, 2025

LOS ANGELES — Kingsbarn Realty Capital has purchased 1601 Vine Street, an office building in Los Angeles’ Hollywood submarket, for an undisclosed price. Developed by J.H. Synder Co. and designed by Ware Malcomb, the eight-story building offers 115,000 square feet of office space and five levels of underground parking. Skims Body Inc., an American shapewear and clothing brand, has occupied the building as its corporate headquarters since mid-2023, with leasing through mid-2028. The transaction team included Los Angeles-based Hankey Capital, IBI Volcano Investments and Newmark.

April 3, 2025

Acquisitions Loans Retail Washington Western

Gantry Secures $21.4M Acquisition Loan for Retail Center in Tacoma, Washington

by Amy Works April 3, 2025

TACOMA, WASH. — Gantry has arranged a $21.4 million mortgage for the sale of James Center, a 140,240-square-foot retail center located in Tacoma. The loan, which carries a fixed rate, 10-year term and 30-year amortization schedule, was funded by a life insurance company. Gantry will service the loan. A partnership affiliate of Bellevue, Wash.-based Rosen Harbottle Commercial Real Estate purchased the property, which is situated on roughly 16 acres and anchored by Fred Meyer. Additional tenants at the center include Rite Aid, U.S. Bank, IHOP, Taco Bell, MultiCare Health System and FedEx. Alan Hergert and Tim Brown of Gantry’s Seattle office represented the borrower.

April 3, 2025

California Loans Multifamily Western

Priority Capital Advisory Arranges $21M Land, Predevelopment Loan for 241-Unit Multifamily Project in Los Angeles

by Amy Works April 3, 2025

LOS ANGELES — Priority Capital Advisory has arranged a $21 million land and predevelopment loan for the recapitalization of a 2.1-acre site on behalf of Grubb Properties. Located at 1000 S. Vermont St. in Los Angeles’ Koreatown neighborhood, the fully entitled development is the site of Link Apartments Kora, a planned mixed-use multifamily project. Once completed, the seven-story project will offer 241 apartments and 50,630 square feet of ground-floor retail space. Grubb Properties acquired the parcel in February 2022 and has performed demolition and preparation on the site that is now shovel-ready with vertical construction slated to begin in September and completion scheduled for July 2028. Link Apartments Kora will feature 36 studio units (two affordable), 123 one-bedroom/one-bath units (six affordable) and 82 two-bedroom/two-bath units (four affordable). Community amenities will include a half-acre deck, pool, spa, fitness center, coworking space, two lounges, two rooftop decks and a dog run and wash. Grubb Properties’ Link Apartments brand is aimed at servicing the essential housing crisis in the United States. Link Apartments are focused on intelligent design and desired resident amenities that provide a lower cost, urban infill living opportunity.

April 3, 2025

Acquisitions California Life Sciences Western

Diversified Healthcare Trust Sells 186,000 SF Life Sciences Campus in San Diego for $159M

by Amy Works April 2, 2025

SAN DIEGO — Diversified Healthcare Trust, which is managed by The RMR Group, has completed the sale of MUSE, a three-building life sciences campus in San Diego, to Breakthrough Properties for $159 million. Substantially renovated between 2020 and 2022, the 186,000-square-foot asset consists of two fully leased wet lab buildings and one vacant office building. Overall, MUSE is 49 percent leased to Merck, Aegis Life, Organogenesis and Halloran. The renovation included the addition of a fitness center, full-service cafe and an indoor/outdoor conference center. MUSE is located at 3030, 3040 and 3050 Science Park Road in the Torrey Pines submarket of San Diego. JLL Capital Markets Investment Sales and Advisory team led by Kurt Luedkte and Zac Saloff represented the seller. JLL also arranged post-closing financing for the two buildings and will continue to handle leasing for the entire MUSE campus.

April 2, 2025

Loans Multifamily Seniors Housing Washington Western

IRA Capital Receives $58M in Financing for Quail Park of Lynnwood Seniors Housing Property in Washington

by Amy Works April 2, 2025

LYNNWOOD, WASH. — IRA Capital has received $58 million in financing for Quail Park of Lynnwood, a 253-unit seniors housing community located at 4015 164th St. in Lynnwood. Alanna Ellis, John Chun and Zach Brantley of JLL Capital Markets Seniors Housing team placed the three-year, floating-rate senior loan with a regional bank. Additionally, Dean Ferris of JLL handled the sale of the property to IRA Capital in June 2024. Built in two phases in 2013 and 2020, the first phase consists of 131 independent living, assisted living and memory care units, and the second phase features 122 independent living and assisted living units, including 26 cottages and 16 enhanced assisted living units for a full continuum of care. Units offer studio, one- and two-bedroom floor plans, averaging 720 square feet with full kitchens. Community amenities include a fitness center, movie theater, putting green, walking trails, bistro and pub, meditation room, sustainable gardening and a host of activities, outings and social celebrations.

April 2, 2025

Acquisitions California Multifamily Western

Northmarq Brokers $45M Sale of 200-Unit Apartment Community in El Cajon, California

by Amy Works April 2, 2025

EL CAJON, CALIF. — Northmarq has arranged the sale of Terraza Hills Apartments, a multifamily property in El Cajon. Terreza TI CI LLC sold the asset to Sunstone Two Tree Acquisitions LLC for $45 million. Located on East Bradley Avenue, Terraza Hills Apartments offers 200 one- and two-bedroom apartments, a swimming pool, laundry facilities, gated access, garage parking, on-call maintenance and onsite management. Tyler Sinks, Ed Rosen and John Chu of Northmarq’s San Diego Multifamily Investment Sales team represented the seller in the transaction.

April 2, 2025

Acquisitions California Industrial Western

Faropoint Acquires Multi-Tenant Industrial Building in Torrance, California for $9.9M

by Amy Works April 2, 2025

TORRANCE, CALIF. — Faropoint has entered the Los Angeles market with the purchase of a multi-tenant industrial property at 605-655 Hawaii Ave. in Torrance, a suburb 20 miles south of Los Angeles. The asset traded for $9.9 million. The name of the seller was not released. Built in 1963, the 36,491-square-foot facility is leased to four tenants. The property features tilt-up construction, a clear height of 18 feet and six double dock-high loading doors. Faropoint plans to implement a value-add strategy for the property, including targeted capital improvements and lease optimization.

April 2, 2025

Acquisitions Colorado Multifamily Western

Kaufman Hagan Negotiates $2M Sale of Multifamily Property in Englewood, Colorado

by Amy Works April 2, 2025

ENGLEWOOD, COLO. — Kaufman Hagan has negotiated the sale of a 16-unit multifamily building located at 1690 W. Girard Ave. in Englewood. The asset traded for $2 million, or $125,000 per unit. Andrew Vollert of Kaufman Hagan represented the undisclosed buyer and undisclosed seller in the deal.

April 2, 2025

Arizona California Loans Multifamily Seniors Housing Western

JLL, HJ Sims Arrange $239.7M in Tax-Exempt, Taxable Bond Financing for Three-Property Seniors Housing Portfolio in Arizona, California

by Amy Works April 1, 2025

BUCKEYE AND YUMA, ARIZ., AND SANTA CLARITA, CALIF. — JLL and HJ Sims have arranged $239.7 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation — Ativo Portfolio, a seniors housing portfolio in Arizona and California. The portfolio includes 430 independent living, assisting living and memory care units. There are two ground-up development communities and one acquisition — Ativo of Sundance in Buckeye, Ativo of Yuma in Yuma and Ativo of Santa Clarita within the Sand Canyon Plaza master-planned community in Santa Clarita. On behalf of Integrated Senior Foundation, JLL’s Seniors Housing Capital Markets team, in collaboration with the bond underwriting team of HJ Sims and JLL Securities, secured fixed-rate financing with a final maturity of 40 years. The financing consisted of $218.2 million of publicly offered tax-exempt senior series 2025A bonds, $5.9 million of taxable senior series 2025B bonds and $15.5 million of tax-exempt subordinate 2025C bonds. Slated for completion in 2027, Ativo of Sundance will feature 102 independent living units, 75 assisted living units and 30 memory care beds, while Ativo of Santa Clarita will feature 51 independent living units, 65 assisted living units and 28 memory care beds, with completion scheduled for later this year. Ativo …

April 1, 2025

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