TUCSON, ARIZ. — A joint venture between Vanbarton Group and Tramview Capital Management has purchased a three-property medical office portfolio, totaling 57,600 square feet, in Tucson. Terms of the transaction were not released. The portfolio was acquired through a sale-leaseback transaction with Banner Health, which will continue to lease and occupy each building.
COSTA MESA, CALIF. — CBRE has brokered the sale of Crestview Apartments, a multifamily community in the Orange County city of Costa Mesa. An Orange County-based private investor sold the asset to a local private investor for $5 million, or $264,474 per unit. Dan Blackwell and Mike O’Neill of CBRE represented the seller, while Blackwell, O’Neill and Jack O’Connor of CBRE represented the buyer in the transaction. Located at 859 W. 19th St., the two-story, 8,931-square-foot building features 19 apartments, primarily studio units with patios or balconies. The community also has an onsite laundry facility. Recent capital improvements include new exterior paint, repaved asphalt, new decks, new windows throughout and wood replacement.
TEMPE, ARIZ. — BKM Capital Partners has purchased two multi-tenant industrial parks in Tempe for $48 million, or $178.80 per square foot, from Stockbridge Capital Group. The properties, Gateway University Park I & II, total 268,409 square feet of industrial space. At the time of sale, the asset was 99 percent leased to 77 tenants. Located at 1605-1635 and 1705-1797 W. University Drive, the assets consist of 16 tilt-up buildings offering 81 units that range in size from 1,712 square feet to 22,352 square feet. Built in 1982 and 1983, the properties feature two dock-high and 106 ground-level loading doors, 16-foot to 22-foot clear heights and a parking ratio of 3.73 per 1,000 square feet. BKM plans to implement a $2.4 million capital improvement plan to update the asset’s efficiency and bring the building up to the brand’s standards. Planned improvements include upgrades to the roofs, parking lots, landscaping, HVAC systems, signage and paint scheme. Will Strong, James Carpenter, Kirk Kuller, Robert Buckley, Tracey Cartledge, Michael Matchett and Molly Hunt of Cushman & Wakefield represented BKM in the transaction.
SAN BERNARDINO, CALIF. — Harbor Associates, in joint venture with Taconic Capital Advisors, has completed the disposition of 451 E. Vanderbilt Way, a Class A office building in San Bernardino. An undisclosed buyer acquired the Inland Empire asset for $26.7 million. The sale marks the third and final transaction in a five-property $69.8 million office portfolio disposition. The joint venture originally acquired the 368,000-square-foot portfolio in October 2019 for $41.7 million. All five of the assets, ranging in size from 70,000 square feet to 115,000 square feet, are located within the Tri City Corporate Center, a 153-acre, master-planned, mixed-use office park with 1 million square feet of commercial office space and 390,000 square feet of retail space. Anthony DeLorenzo, Sammy Cemo, Philip Woodford, Kyle Yocum and Michael Longo of CBRE advised the joint venture in the portfolio sale.
CHULA VISTA, CALIF. — Rockefeller Group has sold Heritage Industrial Center, a three-building, 202,760-square-foot industrial project in Chula Vista, just south of San Diego. EQT Exeter purchased the complex for an undisclosed price. Situated on 11.5 acres, the project features a 105,550-square-foot building, a 56,470-square-foot building and a 40,740-square-foot building. Each building was developed on a separate land parcel and was vacant at the time of sale. Construction on Heritage begin in June 2022 and was completed in September 2023. Rockefeller Group acquired the land from Carlsbad-based HomeFed Corp. EQT Exeter’s San Diego office, led by Caitlin Little, will handle leasing and asset management for Heritage. Michael Mossmer and Patrick Connors of Voit Real Estate Services represented Rockefeller Group on the leasing efforts and the sale of the project. Jeffrey Cole, Jeff Chiate, Bryce Aberg, Brad Brandenburg, Zachary Harman and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group represented Rockefeller Group on the investment sale element of the project. The development team included SCA Architects, Kimley-Horn and TFW Construction.
PARKER, COLO. — Avison Young has arranged the sale of Ascent on Main, a boutique hotel at 18595 Mainstreet in Parker, a southeast suburb of Denver. Independent Bank, which oversaw the property in receivership, sold the asset to Eagle Point Hotel Partners for $8.2 million. Opened in 2019, the four-story Ascent on Main features 51 guest rooms, meeting rooms, an open-air promenade and three food-and-beverage outlets. Chris Kilcullen of Avison Young, along with Keen-Summit Capital Partners, represented the seller. Eagle Point Hotel Partners was self-represented in the deal.
SAN RAMON, CALIF. — PSRS has arranged $3.7 million in bridge financing of Pointe West Plaza, a retail property located in San Ramon, east of the Bay Area. Jonny Soleimani and Matthew Farzinpour of PSRS secured the financing for the undisclosed borrower. Built in 1990, the property is a 16,921-square-foot, multi-tenant retail center. Current tenants include a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. A debt fund provided the 12-month loan, which features no prepayment penalty.
Commercial property conversions can offer significant advantages over conventional ground-up real estate developments. Conversions can provide a head start on construction with established entitlements, existing structures, in-place utilities and entry to choice locations in otherwise built-out submarkets. Consider the Universal Buildings, Post Brothers’ conversion of two 1960s-era office buildings into more than 600 residential units and ground-floor retail just north of the District of Columbia’s Dupont Circle. The 15-story complex will feature a two-level, glass-walled fitness and recovery center with more than 10,000 square feet of training zones, equipment and classrooms. The developer is housing the fitness center and other amenities in a new atrium that replaces the upper levels of structured parking originally built within one of the former office buildings. “The location is incredible — there is probably no greater location in any major city in the country for conversion,” says Josh Guelbart, Post Brothers’ Co-Chief Operating Officer. “Having the entire block means we have light, air and hilltop views of Kalorama, Adams Morgan and Dupont Circle, three of the finest residential neighborhoods in the District. There isn’t room for new buildings of scale in those neighborhoods, and that really made this existing, large building attractive to us.” …
LAS VEGAS — Las Vegas Valley Water District (LVVWD) has purchased a vacant office building, located at 330 S. Valley View Blvd. in Las Vegas, from a private seller for $21.2 million. Built in 1983 on 10 acres, the two-story building offers 166,409 square feet of office space. The property, as it currently stands, features an atrium, open floor plan with HVAC control systems, controlled access at exterior and major interior doorways, and 870 parking spaces. Additionally, the facility features call-center-quality networking, including redundant fiber optics, Cat6 ethernet cabling and a backup generator servicing the building’s critical systems. LVVWD currently owns 251.5 acres of property directly across the street from the acquisition. The existing portfolio includes administrative buildings, operations support, utility infrastructure, public education buildings and special land preservation area. Marlene Fujita Winkel, Emily Brun and Cody Seager of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the private seller in the transaction.
PARAMOUNT, CALIF. — PSRS has arranged $25 million in cash-out refinancing for an industrial property in the Los Angeles suburb of Paramount. Built in 1979, the property is a concrete tilt-up, 282,000-square-foot facility with 270 parking spaces. David Semmer of PSRS provided the undisclosed borrower with a nonrecourse loan with an eight-year term and 25-year amortization schedule. The loan was financed with a life insurance company.