Western

TWG to Convert Former Hotel into $35M Affordable Housing Property in Durango, Colorado

by Amy Works November 2, 2023

DURANGO, COLO. — TWG has started the development of Residences at Durango, a $35 million affordable multifamily community at 21382 US 160 W. in Durango, a small city in southwestern Colorado. Partners on the project include the Colorado Housing and Finance Authority, R4 Capital, Colorado Division of Housing, the City of Durango, Project Moxie and RCH Jones. Residences at Durango is an adaptive reuse of a former hotel, which will be converted into 72 studio, one- and two-bedroom units. The new construction will add two three-story buildings, with two- and three-bedroom options, adding an additional 48 apartments. Each unit is restricted to families with incomes ranging from 30 to 60 percent of the area median income or less. Community amenities will include a business center, exercise facility, central laundry facility, playground, picnic area and common area Wi-Fi. Construction is slated for completion by early 2025.

November 2, 2023

Acquisitions California Retail Western

West Village Sells Rancho Santa Fe Plaza in Encinitas, California for $26M

by Amy Works November 2, 2023

ENCINITAS, CALIF. — West Village has completed the disposition of Rancho Santa Fe Plaza, a shopping center located at 162 S. Rancho Santa Fe Road in Encinitas, a northern suburb of San Diego. Corona del Mar-based Space Investment Partners acquired the asset for $26 million. Harvest Ranch Market anchors the 60,492-square-foot retail center. The new owners are planning major enhancements and aesthetic improvements to the property. Mike Moser of Retail Insite represented the seller in the deal.

November 2, 2023

University of Washington Bothell Phase 1 Residential Village

Development Multifamily Student Housing Washington Western

P3 Completes Phase I of Residential Village at the University of Washington Bothell

by Amy Works November 2, 2023

BOTHELL, WASH. — A public-private partnership between the University of Washington (UW) Bothell, Capstone Development Partners and Harrison Street has completed the development of Phase I of its on-campus Residential Village project. The initial phase of the project included the delivery of two new buildings: Summit Hall and Terrace Dining Pavilion. Summit Hall offers 380 beds of housing for first-year students in double-occupancy units, alongside 14,000 square feet of office space on the ground level for university enrollment services. The 15,000-square-foot dining pavilion seats 485 students and offers multiple dining options for students, as well as faculty and staff. Phase II of the development is currently under construction and will include a 300,000-square-foot residence hall offering 1,055 beds for undergraduate and graduate students. The project is scheduled for completion in summer 2024. The development team includes Mahlum Architects and Andersen Construction. Capstone Management Partners will provide operations and management services for the facilities in conjunction with UW Bothell’s residential life team. Bothell is a suburb north of Seattle.

November 2, 2023

Acquisitions California Industrial Western

Harbor Associates, F&F Capital Buy Industrial Portfolio in Carlsbad, California for $21.2M

by Amy Works November 2, 2023

CARLSBAD, CALIF. — A joint venture between Harbor Associates and F&F Capital Group has acquired two industrial buildings at 5801 and 5807 Van Allen Way in Carlsbad, approximately 30 miles north of San Diego. An undisclosed seller sold the portfolio for $21.2 million, or $208 per square foot. Situated within Carlsbad Research Center, the 102,360-square-foot portfolio features passive solar cooling with operable windows, two dock-high doors, three grade-level doors and street frontage along Faraday Avenue. The sale included a leaseback with the seller at 5807 Van Allen Way. The buyers will market 5801 Van Allen Way to traditional industrial and life science users. Dennis Visser and Matt Pourcho of CBRE advised the seller in the deal.

November 2, 2023

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers Sale of 3,200 SF Retail Property in Glendale, Arizona

by Amy Works November 2, 2023

GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a ground lease at SWC Loop 101 and Northern Avenue in Glendale. A limited liability company sold the asset to a limited liability company for $2.3 million. The asset includes a 3,200-square-foot Slim Chickens location, which has an absolute triple-net ground lease with 20 years remaining. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.

November 2, 2023

Acquisitions California Restaurant Retail Western

CRC Buys 292,000 SF South Coast Collection Retail Center in Costa Mesa, California

by Amy Works November 1, 2023

COSTA MESA, CALIF. — Continental Realty Corp. (CRC) has entered the California market with the acquisition of South Coast Collection (SoCo), a lifestyle retail center focused on home furnishing and design in the Orange County city of Costa Mesa. CRC purchased SoCo with funds from Continental Realty Opportunistic Retail Fund I, a closed-end fund for which $261 million has been raised since 2021. Constructed in 2007 on 20 acres, SoCo features 292,000 square feet of retail space. At the time of sale, the property was 97 percent leased to 60 tenants. Current tenants include COCO Republic, Design Within Reach, Roche Bobois, Pirch, Paul Mitchell the School, Brown Jordan, Natuzzi Italia, Room & Board, Arc Food and Libations, Butcher’s House, Greenleaf Kitchen & Cocktails, Moulin, Paragon and Portola Coffee. SoCo also features The OC Mix, a 15,000-square-foot shopping and dining space with more than 20 sit-down restaurants, coffee shops and quick-service restaurants, as well as a fine cheese retailer and an art gallery. Christopher Hoffman, Mark Damiani of Eastdil Secured represented the undisclosed seller in the deal. Terms of the transaction were not released.

November 1, 2023

Acquisitions California Multifamily Western

Transwestern Brokers $15M Sale of Summerhill Place Apartments in Union City, California

by Amy Works November 1, 2023

UNION CITY, CALIF. — Transwestern Real Estate Services has arranged the sale of Summerhill Place Apartments, a multifamily property in Union City, located between Oakland and San Jose. An undisclosed seller sold the asset to Interstate Equities Corp. for $15 million, or $250,000 per unit. Located at 3900 Horner St., Summerhill Place was built in 1986 and originally acquired by the seller in 1993. The property features 60 one- and two-bedroom apartments. Community amenities include ample parking, onsite laundry and a pool. Shivu Srinivasan of Transwestern handled the transaction.

November 1, 2023

Acquisitions Arizona Industrial Office Western

CBRE Negotiates $12.7M Sale of Arrowhead Ranch Business Park in Peoria, Arizona

by Amy Works November 1, 2023

PEORIA, ARIZ. — CBRE has arranged the $12.7 million sale of Arrowhead Ranch Business Park, located at 21461-21509 N. 78th Ave in the Phoenix suburb of Peoria. Pacifica Real Estate Group sold the asset to a California-based private buyer in a 1031 exchange. Situated on 9.5 acres, the six-building business park features 18 suites, each with its own private secured yard. The transaction included 11 of the 18 units within the park, totaling nearly 50,000 square feet. Geoffrey Turbow, Gary Cornish, Anthony DeLorenzo and Nick Williams of CBRE Investment Properties, alongside CBRE’s Evan Koplan and Serena Wedlich, represented the seller in the transaction.

November 1, 2023

Acquisitions California Net Lease Retail Western

Private Investor Sells Retail Building in Rancho Cucamonga, California for $7.3M

by Amy Works November 1, 2023

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has brokered the sale of a 21,918-square-foot retail property located at 10582 Foothill Blvd. in the Inland Empire city of Rancho Cucamonga. A Michigan-based private investor sold the asset to a San Gabriel Valley-based private investor for $7.4 million in an all-cash transaction. Part of the 645,000-square-foot Terra Vista Town Center, the nine-tenant retail building was fully occupied at the time of sale. Current tenants include multiple beauty service providers, a jeweler, an escape room and a children’s indoor playground. All leases are triple net with staggered lease expirations, embedded annual rent increases and below-market rents. Greg Bedell and Paul Su of Progressive Real Estate Partners represented the seller, while Raymond Ho with GE Property represented the buyer in the deal.

November 1, 2023

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Arranges Sale of 20,714 SF ABC Mini Storage in Aberdeen, Washington

by Amy Works November 1, 2023

ABERDEEN, WASH. — Marcus & Millichap has negotiated the sale of ABC Mini Storage, a self-storage facility at 6221 Olympic Highway in Aberdeen, a coastal city approximately 100 miles southwest of Seattle. Two limited liability companies traded the asset for $2.2 million. Built in 1997, the 20,714-square-foot property features 172 units. Christopher Secreto of Marcus & Millichap represented the seller and buyer in the deal.

November 1, 2023

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