Multifamily residents want to take their internet connections with them beyond their unit’s four walls and throughout the complex. The National Multifamily Housing Council has found for years that 90 percent of renters say good internet access is a necessity. But the meaning of good connectivity has changed. “Ten, fifteen or twenty years ago, the most popular trend was cocooning — where people would go to work, come home and run into their apartment. They’d close the door, and you wouldn’t hear or see from them again until the next day,” says Bryan Rader, president of MDU at internet service provider Pavlov Media. “Today, multifamily renters spend more time around the community,” he continues. “Developers are playing to that lifestyle change by building amenities and encouraging residents to spend time together. Having a really strong managed Wi-Fi network that is safe, secure and authenticates the user is very valuable.” Put more simply, Wi-Fi within amenities is important to renters. Take fitness centers, for example. When was the last time you saw anyone on a treadmill without headphones relaying music from the internet through a phone or tablet? The move toward property-wide internet demand started in universities as students needed internet …
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CERRITOS, CALIF. — Logos Missions has purchased Plaza Tower, a nine-story Class A office building located at 18000 Studebaker Road in Cerritos, approximately 20 miles southeast of downtown Los Angeles. An institutional seller sold the asset for an undisclosed price. Developed in 1986 and renovated in 2016, the elevator-served building features 191,939 rentable square feet. At the time of sale, the property was 84 percent leased. Current tenants include The Oncology Institute of Hope & Innovation, Thermal Engineering, Premier Workspaces and Fremont University. Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark represented the seller in the deal.
Pierce Education Properties Completes 169-Bed Topaz Apartments Near San Diego State University
by Amy Works
SAN DIEGO — Pierce Education Properties has completed Topaz Apartments, a 169-bed student housing development located near San Diego State University. The property offers a mix of one-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include study rooms, a game room, vertical tanning bed, spa and fitness center. The community also features ground-floor retail space, which is currently leased to McDonald’s, Handel’s Ice Cream, Jimmy John’s, Dunkin and The Alley.
WINDSOR, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of a 7.5-acre parcel in Windsor. The city has already approved plans for a 78,550-square-foot storage facility on the site. A local land developer sold the asset to a local investment group for an undisclosed price. The purchase includes a fully entitled, light industrial-zoned site at 340 Crossroads Blvd. with plans for an enclosed single-story self-storage facility. Thomas Parsons and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the transaction.
Gantry Arranges $7.5M Refinancing for Sun Shadow Square Retail Center in Sun City, Arizona
by Amy Works
SUN CITY, ARIZ. — Gantry has secured a $7.5 million permanent loan to refinance Sun Shadow Square, a neighborhood retail center in Sun City, a suburb of Phoenix. Tim Storey of Gantry arranged the financing for the borrower, a private real estate entity. One of Gantry’s correspondent life companies provided the 10-year loan. Situated on 8.8 acres at 10050 W. Bell Road, Sun Shadow Square features 84,000 square feet of retail space. Current tenants include Ace Hardware, H&R Block and Archwell Health.
FULLERTON, CALIF. — Mullen Automotive, an electronic vehicle manufacturer, has signed a lease to occupy a 121,615-square-foot industrial building at 1500 E. Walnut Ave. in Fullerton, from landlord Link Industrial. Situated on 5.4 acres, the industrial facility features 6,234 square feet of office space, 32-foot clear heights in the warehouse space, 17 dock-high doors and two grade-level doors, as well as a large, secured, fenced yard. Ben Seybold and Sean Ward of CBRE represented the landlord in the lease negotiations.
Thompson Thrift to Develop 224-Unit Refinery at Pointe17 Multifamily Community in Phoenix
by Amy Works
PHOENIX — Thompson Thrift has released plans for Refinery at Pointe17, a Class A apartment property to be located near the $40 billion Taiwan Semiconductor Plant in northern Phoenix. Construction is set to begin this month, with completion slated for the latter half of 2025. Refinery at Pointe17 will feature 224 one-, two- and three-bedroom apartments that average 1,000 square feet. Apartments will feature nine-foot ceilings, stainless steel appliances, tile backsplashes, designer fixtures and finishes, hardwood-style flooring, walk-in closets, patio and balcony options and full-size washers/dryers, as well as a suite of Alexa-compatible smart home technology. Community amenities will include a fully equipped, 24-hour fitness center; yoga and spin studio; bike storage; resort-style swimming pool; fire pits with seating areas; community grilling areas; pickleball courts; 24-hour business center; private focus rooms and offices for rent; rooftop deck; event lounge; over 80 on-site electric vehicle charging stations; dog park and pet spa; billiards; and a shuffleboard court. Refinery is the multifamily component of Pointe17 mixed-use development. Retail tenants at Pointe17 include Oregano’s, Twisted Sugar, Over Easy, Foothills Grille, Heartland Dental, Yoga Six, BFT fitness studio, The Bar and a nail salon.
MIG Real Estate Buys Six-Building Mission Viejo Business Center in Orange County, California
by Amy Works
MISSION VIEJO, CALIF. — MIG Real Estate has acquired Mission Viejo Business Center, a multi-tenant industrial park located at 23811-23891 Via Fabricante in Mission Viejo. A global investment advisor sold the asset for an undisclosed price. Situated on 7.65 acres, the six-building property offers 100,295 square feet of industrial, distribution and warehouse space. At the time of sale, the park was 99 percent leased. The property was originally constructed in 1975. The buildings offer a variety of bay sizes, 10- to 16-foot clear heights, grade- and dock-high loading doors and concrete truck courts. Jeff Chiate, Bryce Aberg, Jeffrey Cole, Rick Ellison, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group in Southern California represented the seller in the deal.
PHOENIX — Matthews Real Estate Investment Services has arranged the sale of a retail property located at 4836 E. Chandler Blvd. in Phoenix. The asset traded for $9.5 million. The names of the buyer and seller were not released. Built in 2002 on 5.13 acres, the building features 45,000 square feet of flex space. LA Fitness has occupied the property for 18 years. The gym’s current lease term runs through 2025. Brandon Perez of Matthews represented the seller in the deal.
GOLD RIVER, CALIF. — Cushman & Wakefield has negotiated the sale of a two-story office building located at 11931 Foundation Place in Gold River in the Sacramento Valley. Visions In Education acquired the asset from Rpro152n3 LLC for $6.7 million. The buyer plans to relocate to the 63,387-square-foot property in summer 2024. At the time of sale, the building was vacant. Kris Kalmbach of Cushman & Wakefield represented the buyer, while Kevin Partington of Cushman & Wakefield represented the seller in the deal.