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AcquisitionsArizonaNet LeaseRetailWestern

Private Investor Buys 12,900 SF Retail Building Occupied by Dunn-Edwards Paints in Peoria, Arizona

by Amy Works

PEORIA, ARIZ. — A private investor has acquired a net-leased property, located at 9156 W. Peoria Ave. in Peoria, from an undisclosed seller for $3.1 million. Dunn-Edwards Paints occupies the 12,900-square-foot building. The sale included a triple-net lease with corporate guarantee and eight percent rental increases every five years. The tenant has operated at the site for more than 20 years and recently extended its lease. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller.

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CaliforniaDevelopmentHospitalityRestaurantRetailTop StoriesWestern

Hard Rock, Steinhaur to Co-Develop 31-Story Hard Rock Hotel Long Beach in Southern California

by John Nelson

LONG BEACH, CALIF. — Global hotelier Hard Rock International has partnered with development firm Steinhauer Properties to develop Hard Rock Hotel Long Beach, a 31-story hotel in downtown Long Beach. The hotel will be situated adjacent to the Long Beach Convention & Entertainment Center along East Ocean Boulevard. Hard Rock Hotel Long Beach will include approximately 427 rooms and suites, including a Rock Star Suite. The hotel will also feature the tallest open rooftop bar on the Southern California coast, as well as an outdoor swimming pool with an amenities deck. The co-developers plan to break ground on the hotel in summer 2024 with plans to open the property in spring 2027. The new development is expected to create approximately 3,100 construction jobs and approximately 500 permanent positions once operations begin in 2027. The hotel represents the first new full-service hotel to be built in Long Beach in 30 years and the first new Hard Rock hotel in Southern California in almost a decade, according to Hard Rock. Amenities will also include Body Rock Fitness Studio, two onsite restaurant options and a Rock Shop that will sell Hard Rock merchandise and other items. The new property will also feature a …

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Cabana-North-Valley-Phoenix-AZ
Affordable HousingArizonaDevelopmentMultifamilyWestern

Greenlight Communities Breaks Ground on 159-Unit Cabana North Valley Affordable Apartments in Phoenix

by Amy Works

PHOENIX — Scottsdale-based Greenlight Communities has broken ground on Cabana North Valley, a 159-unit affordable multifamily community in Phoenix. Located at 33455 N. North Valley Parkway, Cabana North Valley will feature 59 studios, 66 one-bedroom units and 34 two-bedroom units, as well as three courtyards with a wide array of amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by providing housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024.

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AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Brokers $9.1M Sale of Three-Property Multifamily Portfolio in Los Angeles

by Amy Works

LOS ANGELES — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio totaling 50 units in the Panorama City neighborhood of Los Angeles. The asset traded for $9.1 million, or $182,000 per unit. The portfolio includes 14808 Blythe St., 14820 Blythe St. and 7918 Kester Ave. Rick Raymundo and Phil Rodgers of Marcus & Millichap represented the undisclosed buyer, while Jeff Louks and Elliot Sabag, also of Marcus & Millichap, represented the undisclosed seller in the deal. JP Morgan Chase Bank provided acquisition financing for the buyer.

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CaliforniaIndustrialLoansWestern

CBRE Arranges $9M in Financing for Industrial Asset in Alameda, California

by Amy Works

ALAMEDA, CALIF. — CBRE has arranged $9 million in refinancing for a multi-tenant industrial building located at 800 W. Tower Ave. in the Bay Area city of Alameda. Situated on 6.8 acres, the fully occupied facility features 32-foot clear heights and 20 hanger-style doors, which form the east and west facades of the building. Bob Ybarra, Jim Korinek, Bruce Francis, Shaun Moothart, Doug Birrell and Nick Santangelo of CBRE Capital Markets Debt and Structured Finance secured the 25-year loan, which is fully amortizing with a rate reset at the end of every five years of the loan. The borrower and use of the funds were not disclosed.

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AcquisitionsArizonaIndustrialWestern

Stos Partners Sells 28,520 SF Industrial Facility in Phoenix

by Amy Works

PHOENIX — Stos Partners has completed the disposition of an industrial property in Phoenix. The Sacket Family purchased the asset for $7.2 million. Situated on 1.9 acres at 2757 E. Chambers St., the 28,520-square-foot building features 22-foot clear heights, a secured yard, abundant power, wrap-around access and signage. The seller originally acquired the asset in March 2022 for $4.4 million and implemented a capital improvement program that stabilized and re-tenanted the property. David Wilson and Carter Wilson of Daum Commercial represented the seller, while Alexey Zabolotskikh of Lee & Associates represented the buyer in the transaction.

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1751-Cabrillo-Ave-Torrance-CA
AcquisitionsCaliforniaMultifamilyWestern

Private Exchange Investor Buys Apartment Building in Torrance, California for $4.8M

by Amy Works

TORRANCE, CALIF. — CBRE has arranged the purchase of a multifamily property located at 1751 Cabrillo Ave. in Torrance, just south of Los Angeles. A Torrance-based private exchange buyer acquired the asset from a Los Angeles-based seller for $4.8 million. Built in 1964, the two-story, 8,555-square-foot building features 11 units in a mix of one-, two- and three-bedroom layouts. Community amenities include an on-site laundry facility. Dan Blackwell and Trey Mitchell of CBRE represented the buyer in the transaction.

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AcquisitionsCaliforniaIndustrialTop StoriesWestern

Ocean West Acquires Five Industrial Properties in California’s Inland Empire for $100M

by Taylor Williams

El SEGUNDO, CALIF. — Ocean West Capital Partners, an investment firm based in the Los Angeles suburb of El Segundo, has acquired five industrial properties totaling roughly 1.8 million square feet in California’s Inland Empire. The sellers were not disclosed. The sales price was approximately $100 million. The acquisition includes a portfolio of four industrial outdoor storage (IOS) sites that total 921,729 square feet across 21.2 acres in the Inland Empire’s San Bernardino and Fontana submarkets. The facilities were all delivered this year and feature concrete pavement, new fencing and lighting and a combined 604 total trailer stalls. All four of the properties recently received the necessary permits and approvals from the municipalities in which they are located to allow for outdoor storage uses, including trailer storage use. Each of the facilities is currently available for lease. The seller was not disclosed. Additionally, Ocean West acquired an advanced manufacturing facility totaling 908,000 square feet in Hanford. The facility, which was purchased off-market, houses the headquarters of luxury electric vehicle manufacturer Faraday Future, which recently upgraded the property and will continue to lease the space. “The Inland Empire is one of the most sought-after markets within the IOS sector given the …

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ColoradoDevelopmentMultifamilyWestern

MBK, Hines to Develop 284-Unit Retreat at Mountainside Multifamily Community in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — A partnership between MBK Rental Living and Hines is developing Retreat at Mountainside, a Class A apartment property situated on 9.7 acres in the Briargate neighborhood of Colorado Springs. Spread across multiple three- and four-story buildings, Retreat at Mountainside will feature 284 one-, two- and three-bedroom apartments ranging from 628 square feet to 1,429 square feet. Community amenities will include a clubhouse with a resort-style swimming pool, contemporary coworking spaces, a fitness center and dog park. Completion for the development is slated for 2025.

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AcquisitionsArizonaRetailWestern

ACP Management Buys 89,389 SF South Mountain Crossing Shopping Center in Laveen, Arizona

by Amy Works

LAVEEN, ARIZ. — Colliers has arranged the sale of South Mountain Crossing, a neighborhood shopping center located at 3510-3648 W. Southern Ave. and 5806-5950 S. 35th Ave. in Laveen. Santa Ana, Calif.-based ACP Management acquired the property from Fairfield, N.J.-based Lamar Cos. for an undisclosed price. Built in 2007, South Mountain Crossing features 89,389 square feet of retail space on 6.9 acres. The asset is part of a 200,000-square-foot community center that includes 15 businesses, medical facilities and a charter school. Seven tenants occupy the asset, including SkyZone Trampoline Park, Goodwill and Kids Empire. Mindy Korth and JK Jackson of Colliers in Arizona, in conjunction with El Warner and Caitlin Zirpolo of Colliers in Irvine, Calif., handled the transaction.

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