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Mountain-West-Ind-Park-LV-NV
DevelopmentIndustrialNevadaWestern

Miltson Consulting Receives Approval for Second Phase of Mountain West Industrial Park in Las Vegas

by Amy Works

LAS VEGAS — Miltson Consulting has received approval from Clark County to proceed with the second phase of Mountain West Industrial Park in southwest Las Vegas. The second phase of the project will add 19.3 acres and 352,000 square feet of industrial space to the overall project. Construction is slated to start in late 2024, with completion scheduled for late 2025. Phase II will offer spaces ranging from 7,150 square feet to more than 110,000 square feet. When complete, Mountain West Industrial Park will feature more than 605,000 square feet of multi-tenant light distribution space on 36 acres. Buildings at the park will offer dock-high and grade-level loading doors, 24-foot to 30-foot clear heights, abundant parking, heavy power and an ESFR sprinkler system. CBRE’s Willmore Industrial and Logistics Team is overseeing the marketing and leasing of the industrial park.

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9008-Foothill-Blvd-Rancho-Cucamonga-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers $4.9M Sale of Dollar Tree-Occupied Retail Property in Rancho Cucamonga, California

by Amy Works

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant retail property located at 9008 Foothill Blvd. in Rancho Cucamonga. Red Mountain Group sold the asset to Celery Realty Investments LLC for $4.9 million in an all-cash deal. Dollar Tree occupies the 16,560-square-foot property on a triple-net, 10-year, corporate-backed lease. Brad Umansky, Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the seller, while Katherine Quach and Wendy Wong of Treelane Realty Group represented the buyer in the deal.

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Jeff Rinkov Lee Associates Investment Sales
AcquisitionsContent PartnerFeaturesLee & AssociatesMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Is a Rebound in the Cards for Investment Sales Anytime Soon?

by Sarah Daniels

Would-be commercial real estate investors and sellers for the last several months have been waiting for a sign that the Federal Reserve has tamed inflation, therefore giving the central bank reason to officially end its tightening program. October’s better-than-expected consumer price index increase of 3.2 percent — versus the 3.3 percent consensus — may have delivered that signal. The futures markets immediately reduced the probability of a Fed interest rate hike in December to zero, with many capital markets analysts suggesting that it would begin to cut rates midway through 2024. But just an end to rate hikes could fuel investment sales activity, says Jeff Rinkov, CEO of Lee & Associates Commercial Real Estate Services. “Once investors see some positive sentiment from the Fed, I think they’ll start to get interested in deploying what we believe is an enormous amount of capital that has been waiting on the sidelines,” he explains. “I also think that’s when investors will be met by more accommodating sellers. At the moment, price discovery continues to be very challenging and is driving a sluggish transaction environment.” Crashing Sales Indeed, investment sales volume through three quarters of 2023 totaled $276.3 billion, a year-over-year decline of 55 …

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CaliforniaLoansMultifamilyWestern

MWest, BGO Receive $47.5M Refinancing for The View Apartment Building in Los Angeles

by Amy Works

LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the proceeds to refinance debt on The View, a 13-story multifamily building in the Koreatown neighborhood of Los Angeles. Located at 3460 W. 7th St., The View features 158 studio, one- and two-bedroom units in a variety of floorplans. CIM Group acquired The View in August 2013 following the completion of a comprehensive renovation of the property, which was originally built in 1965. MWest and BGO purchased the asset in December 2018 after CIM Group completed a variety of improvements to the residences and the property’s leasing and management. The current owners have continued to invest in upkeep and improvements to the property, including its common areas and community amenities.

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9490-S-300-West-Salt-Lake-City-UT
AcquisitionsLoansOfficeUtahWestern

Alturas Capital Partners Buys 121,197 SF Sandy Commerce Park Office Building in Salt Lake City

by Amy Works

SALT LAKE CITY — JLL Capital Markets has arranged the sale of and financing for Sandy Commerce Park, a Class A creative office property at 9490 S 300 West in Salt Lake City. Nuveen Real Estate sold the asset to Alturas Capital Partners for an undisclosed price. Completed in 2017, the five-story 121,197-square-foot building features 25,000-square-foot average floorplates, floor-to-ceiling glass curtain walls and 360-degree views of the Wasatch and Oquirrh mountains. At the time of sale, the property was fully leased to eight tenants with an average weighted lease term of 3.7 years. Phil Brierly and Cole Macadaeg of JLL’s investment sales and advisory team represented the seller in the deal. Mark Root and Will Haass of JLL’s debt advisory team secured a five-year, fixed-rate acquisition loan through a life insurance company for the buyer.

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11265-11321-Ventura-Blvd-Los-Angeles-CA
CaliforniaLoansRetailWestern

Gantry Arranges $21.6M Construction Loan for Los Angeles Retail Project

by Amy Works

LOS ANGELES — Gantry has arranged $21.6 million in construction-to-permanent financing for the development of a grocery-anchored retail project in the Studio City submarket of Los Angeles. Located at 11265-11321 Ventura Blvd., the project will feature 33,700 square feet of retail space. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the five-year loan, which one of the firm’s correspondent lenders provided, for the private real estate entity borrower.

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620-N-43rd-Ave-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Stos Partners Acquires 49,513 SF Industrial Complex in Phoenix

by Amy Works

PHOENIX — Stos Partners has purchased an industrial complex located on 3.3 acres at 620 N. 43rd Ave. in Phoenix. Auto Body Parts LLC sold the asset for $9 million, or $181.77 per square foot. The 49,513-square-foot property features 20- to 22-foot clear heights, eight dock-high doors, four drive-in, ground-level doors, 1,600 AMPS of 277/440 volt power and 4,000 square feet of office space. The property can accommodate a full-building user, a two-tenant user or three separate tenants ranging from 12,000 square feet to 49,513 square feet. Stos plans to implement a capital improvement program to stabilize and re-tenant the asset.

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South-Pasadena-Storage-South-Pasadena-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Gelt Ventures Sells 677-Unit South Pasadena Storage in California

by Amy Works

SOUTH PASADENA, CALIF. — Gelt Ventures has completed the disposition of South Pasadena Storage, a self-storage facility located at 919 Mission St. in South Pasadena. An institutional buyer acquired the 677-unit asset for an undisclosed price. Built in 1986 on 1.8 acres, the six-building property includes 642 indoor storage units, 34 outdoor rental spaces and a live/work unit, as well as a site office. ExtraSpace Storage provides third-party management of the property. Adam Schlosser, Chico Le Claire and Keith Phillips of Marcus & Millichap represented the seller in the transaction. The buyer was self-represented.

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690-760-W-190th-St-Gardena-CA.jpg
AcquisitionsCaliforniaIndustrialWestern

Harbor Associates, Evergen Equity Buy $55M Industrial Portfolio in Gardena, California

by Amy Works

GARDENA, CALIF. — A joint venture between Harbor Associates and Evergen Equity has purchased an industrial portfolio in Gardena from a local investor for $55 million in an off-market transaction. Gardena is in the South Bay area of greater Los Angeles. Located at 690-760 W. 190th St., the portfolio consists of four adjacent buildings ranging in size from 17,000 square feet to 45,000 square feet. The 7.5-acre site is located within the 34 million-square-foot Gardena/Harbor industrial submarket and is immediately next to the I-405/I-110 interchange. Eric Cox, Barbara Perrier and Darla Longo of CBRE represented the seller in the deal.

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Portola-Seniors-Apts-Lake-Forest-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Community HousingWorks Opens 58-Unit Portola Senior Apartments in Lake Forest, California

by Amy Works

LAKE FOREST, CALIF. — Community HousingWorks (CHW) has opened Portola Senior Apartments, an affordable housing community in Lake Forest.  CHW’s first community in Orange County, Portola Senior Apartments is built as a standalone, four-story building with ground-floor retail space. The property features 58 one-bedroom apartments (including one designated for an onsite property manager) for singles or couples age 62 years and older who are living on 50 percent of the area median income (AMI) or less (approximately $50,000 per year). Over 750 people applied to live in Portola within three months of opening the interest list and the apartments were 100 percent occupied in less than 30 days after opening. Rent is $1,264 per month (after a utility allowance) and the waiting list currently has more than 1,000 applicants. Funding sources for Portola Senior Apartments included Pacific Western Bank as the construction and permanent financing lender; Red Stone Equity Partners as the tax credit equity investor; SunRanch Capital Partners LLC as the soft lender; and tax-exempt bonds issued by California Municipal Finance Authority, California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee.  The development team included general contractor Sunrise Pacific Construction Inc.; architectural firm AVRP Studios; civil …

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