DENVER — John Propp Commercial Group has arranged the sale of an office building located at 15 E. Iowa Ave. in Denver. South Gate Masonic Building Association acquired the asset from 25W BKM LLC for $2.3 million. The two-story, 21,258-square-foot building features ground-floor retail space, second-story office space and a single apartment. The buyer plans to renovate and reposition the property both for its own business occupy and to retain existing retail tenants. Joshua Cohen of John Propp Commercial Group represented the seller in the deal.
— By Juan Huizar, President, Sage Real Estate — Nationwide, multifamily sales are declining, while interest rates are rising. Buyers are adopting a patient approach, leading to properties lingering on the market for extended periods. This, of course, is accompanied by noticeable price reductions. Buyers are anticipating further price drops, while some sellers are slowly becoming more realistic in their pricing. Long Beach has perennially attracted multifamily investors with more than 7,500 individual apartment buildings. This is mainly composed of older housing stock, which creates a fertile ground for investors and syndicators. Often regarded as the last affordable beach city, Long Beach — despite being overshadowed by other Southern California communities or grouped with Los Angeles — stands as a significant population and employment hub, ranking as the sixth-largest city in California. Existing apartment sales for properties with five or more units have plummeted by more than 65 percent. Notably, 2021 was an exceptional year due to a confluence of factors, including rising real estate values and a low cost of capital. The current decline is more a reflection of increased capital costs than a trend over the past decade, with some properties selling for less than their 2019 prices. …
EUGENE, ORE. — A joint venture between Core Spaces and Harrison Street has acquired Identity Eugene, a 686-bed student housing community located near the University of Oregon campus in Eugene. The property has been rebranded The Rive Eugene and offers 209 units in studio through five-bedroom configurations. Shared amenities at the community include a resort-style, rooftop swimming pool and hot tub; state-of-the-art fitness center; roof deck with fire pits and outdoor grilling space; and a clubroom with games and private workspaces. Accounts managed by KKR provided financing for the transaction. The seller and price were not disclosed. “The University of Oregon fits well within our strategy and The Rive Eugene checks all the boxes in terms of location, quality, amenities and leasing performance,” says Brendan Miller, chief investment officer of student housing at Core Spaces.
SAN FRANCISCO — Harbert Management Corp. has completed the disposition of Concord Corporate Centre, an office campus in San Francisco’s East Bay area. Sierra Pacific acquired the asset for an undisclosed price. Located at 1320 and 1390 Willow Pass Road, the 346,731-square-foot, two-building campus was 73 percent leased at the time of sale. The property also includes a 1,167-stall parking garage. The buyer plans to add updated amenities and renovate the common areas of the property. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal.
SCOTTSDALE, ARIZ. — The Dinerstein Cos. (TDC) is developing Atlas Kierland, a multifamily property in Scottsdale, and the latest addition to its Atlas-branded properties. Located at 7007 E. Marilyn Road, Atlas Kierland will feature 261 one-, two- and three-bedroom apartments, ranging in size from 809 square feet to 1,456 square feet. Residences will have vinyl plank flooring and contemporary kitchens equipped with quartz countertops, islands and premium appliances, as well as bathrooms with full-height tiled showers, soaking tubs and illuminated mirrors. Units will also feature full-size, stackable washers/dryers and keyless electronic door locking systems. The community will include a rooftop with resort-style pool, lounging areas and outdoor kitchens with grills. A sky lounge on the fifth floor will offer space for residents to host gatherings and a gourmet kitchen. Additionally, amenities include a fitness center, lounge center, golf simulator and pet spa. Construction is slated to begin in December, with completion scheduled for 2026. TDC Construction, the in-house construction arm of TDC, will serve as general contractor. Leasing for the property is set to begin in summer 2026.
PHOENIX — Cushman & Wakefield has brokered the sale of a freestanding flex industrial building, located at 2655 E. Magnolia St. in Phoenix. MHS Magnolia LLC acquired the asset for $7.1 million. Constructed in 1984 and renovated in 2021, the 35,385-square-foot property is fully leased to a major local HVAC company on a triple-net-lease basis. The property features a training center, warehouse/showroom with 16-foot clear heights and 145 parking spaces. Chris Hollenbeck, Shane Carter, Tracy Cartledge and Bob Buckley of Cushman & Wakefield represented the undisclosed seller in the deal.
INGLEWOOD, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.2 million sale of a retail center located in Inglewood. Dollar General anchors the 12,750-square-foot property, which was built in 1961 and renovated in 2004. Kevin Fryman, Carlos Lopez, Sean Cox and Alexander Moore of Hanley represented the seller, a Los Angeles-based private investor. Robert Toofer of Exclusive Realty represented the buyer.
TEMPLE CITY, CALIF. — Begonia Real Estate Development and C.W. Driver Cos., as builder, have completed Begonia Place, a four-story, mixed-use project in Temple City. Located at 5570 Rosemead Blvd., the $37.8 million property features 74 one- and two-bedroom apartments, ranging from 732 square feet to 1,251 square feet. Nineteen of the units are multi-floor penthouses and two units are ground-level, townhome-style, live-work layouts. All apartments feature private balconies or patios, with some larger units offering built-in barbecues and fire pits. Community amenities include a clubhouse, business conference center, 24-hour access to a fitness facility, an outdoor courtyard and multiple lounge areas with water features. The first floor of Begonia Place features 14,000 square feet of retail and commercial space with a secured subterranean garage for visitors and residents. The pet-friendly community is C.W. Driver Cos.’ first partnership with Begonia Real Estate Development. Creative Design Associates served as architect for the project.
SAN JOSE, CALIF. — Urban Catalyst, in partnership with a trust affiliated with the late local architect Thang Do, has completed the disposition of an approved multifamily development site in San Jose. The Santa Clara Valley Transportation Authority (VTA) acquired the asset for $23.4 million. The deal enables the buyer and a group of local government and transit agencies to redevelop the Diridon Station area. The transaction includes 1.2 acres spanning two adjacent parcels at 32 and 60 Stockton Ave., situated between a Whole Foods Market and SAP Center. Urban Catalyst acquired the site in two separate transactions for $15.1 million in 2021 and last year. Working with Do and his firm, Aedis Architects, Urban Catalyst received entitlements for a 20-story, 472-unit development project called Apollo. The project involved demolishing existing structures on the Stockton Avenue and replacing them with apartments ranging from studios to three-bedroom units. The planned development was unilaterally approved last year by the city. After Apollo received planning approval in November 2022, it was discovered that the site is within an area anticipated for future rail infrastructure, as a designated property among the right-of-way parcels needed for the first phase of California’s bullet train. VTA and the …
SAN JOSE, CALIF. — Brixton Capital has purchased Monterey Plaza, a shopping center in southeast San Jose, from a joint venture between Kimco Realty and Prudential Global Investment Management for an undisclosed amount. A FoodMaxx grocery store anchors the 178,204-square-foot, open-air property. Additional tenants include City Sports Club (an LA Fitness affiliate), Dollar Tree, McDonald’s and Taco Bell, as well as other restaurants, retailers, entertainment companies and medical-service providers. Brixton plans to re-tenant a former Walmart storefront and revitalize the shopping center, including new exterior aesthetics and landscaping. Nicholas Bicardo of Newmark represented the New York-based seller, while Brixton Capital was self-represented in the deal.