Western

PCCP Provides $252.3M Construction Financing for 2.2 MSF Industrial Project in Fredrickson, Washington

by Amy Works October 31, 2023

FREDRICKSON, WASH. — PCCP has provided $252.3 million of construction financing to a joint venture between Panattoni Development Co. and a real estate fund advised by Crow Holdings Capital. The funds will be used for the development of three industrial buildings in Fredrickson, approximately 40 miles south of downtown Seattle. Eastdil Secured arranged the construction financing on behalf of the borrowers. Totaling 2.2 million square feet, the cross-docked distribution buildings will feature 40-foot clear heights. The project includes two speculative buildings, Building G (611,206 square feet) and Building D (753,069 square feet). It also features a build-to-suit Building E (782,875 square feet), which a national tool and equipment retailer has already reserved. The three warehouse/distribution buildings are slated for delivery in summer 2024. The facilities are the first phase of FRED310, a 310-acre, five-building industrial parking totaling 3.7 million square feet at Canyon Road East and E. 176th St.

October 31, 2023

Acquisitions California Multifamily Western

IPA Negotiates $106.6M Sale of Summerset Village Multifamily Property in Los Angeles’ Chatsworth Neighborhood

by Amy Works October 31, 2023

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Summerset Village, an apartment community in the Chatsworth neighborhood of Los Angeles. An institutional buyer acquired the property from an undisclosed seller for $106.6 million, or $380,893 per unit. Completed in 1986, Summerset Village features 280 apartments spread across 39 two-story residential buildings. Apartments offer full-size washers/dryers and panoramic views. Select units feature fireplaces, wrap-around patios and direct access garages. Community amenities include two solar-heated swimming pools, two hot tubs, a beach volleyball court and direct access to hiking trails. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller and procured the buyer in the transaction.

October 31, 2023

Arizona Development Industrial Western

Parklane, Miramar Complete 1.2 MSF Southern Industrial Center in Buckeye, Arizona

by Amy Works October 31, 2023

BUCKEYE, ARIZ. — Parklane Development Group and Miramar Industrial Partners have completed the development of Southern Industrial Center, a 1.2 million-square-foot, speculative, Class A industrial project in Buckeye. Totaling 1.2 million square feet, Southern Industrial Center features 40-foot clear heights, 202 sectional overhead dock doors, four drive-through dock doors, reinforced speed bays and parking for 914 autos and 250 trailers. The project team included Graycor Construction Co., Ware Malcomb, DWS, Westpine Partners and Bank OZK. Marc Hertzberg, John Lydon and Kelly Royle of JLL’s Phoenix office are the exclusive leasing brokers.

October 31, 2023

Acquisitions Retail Utah Western

X Development, Midloch Buy 119,366 SF Highbury at Lake Park Shopping Center in West Valley City, Utah

by Amy Works October 31, 2023

WEST VALLEY CITY, UTAH — X Development and Midloch Investment Partners have acquired Highbury at Lake Park, a Class A retail center in West Valley City, a suburb approximately 10 miles southwest of Salt Lake City. An undisclosed seller sold the asset for $30 million. Located at 5600 West, Highbury at Lake Park features 119,366 square feet of retail space. Current tenants include Target, Bank of America, Xfinity, Freddy’s Frozen Custard & Steakburgers, Marshalls and Café Rio. Kip Paul of Cushman & Wakefield facilitated the transaction. The buyers financed the transaction with a fixed-rate loan from America First Credit Union. Midloch is a preferred equity investor in the property, which is the firm’s first investment in the Salt Lake City market.

October 31, 2023

Acquisitions California Net Lease Retail Western

Hanley Arranges $3.7M Sale of BLISS Car Wash Property in Santa Clarita, California

by Amy Works October 31, 2023

SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.7 million sale of a car wash property currently under construction in the Valencia neighborhood of Santa Clarita. The building, which is scheduled for completion in the first quarter of 2024, will total 4,263 square feet. BLISS Car Wash will occupy the property on a triple-net lease upon completion. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Fountainhead Development, in the transaction. Jenny Eng of CBRE represented the undisclosed buyer.

October 31, 2023

Acquisitions California Company News Net Lease Retail Texas Top Stories Western

Realty Income Corp. to Acquire Spirit Realty Capital in $9.3B REIT Merger

by Katie Sloan October 31, 2023

SAN DIEGO AND DALLAS — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of 2,064 properties across 49 states. Primary tenants across the combined company’s portfolio include Life Time Fitness, BJ’s Wholesale Club, At Home, Dave & Buster’s, Dollar Tree, The Home Depot, Treasury Wine Estates, Sainsbury’s, 7-Eleven, Lowe’s and Chipotle Mexican Grill. Under terms of the agreement, each share of Spirit Realty Capital will be converted into 0.762 of a share of newly issued Realty Income stock. At closing, this will result in Realty Income and Spirit owning 87 percent and 13 percent of the combined company, respectively. No external capital is currently being used for the transaction. Realty Income and Spirit cite the potential for higher earnings, a more competitive cost of …

October 31, 2023

Acquisitions Nevada Retail Western

Brixton Capital Sells Decatur 215 Shopping Center in Las Vegas

by Amy Works October 30, 2023

LAS VEGAS — Brixton Capital has completed the disposition of Decatur 215, a grocery-anchored retail center in Las Vegas. Decatur Palm Plaza LLC acquired the asset for an undisclosed sum. Situated at the southeast corner of North Decatur Boulevard and West Tropical Parkway, the 126,678-square-foot property was fully leased at the time of sale. Current tenants include Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. During its five-year ownership, Brixton Capital repaved and restriped the parking areas. Brixton Capital was self-represented, while Lucescu Realty represented the buyer in the deal.

October 30, 2023

California Development Hospitality Loans Western

PACE Loan Group Funds $11.2M Construction Loan for Reset Hotel in Twentynine Palms, California

by Amy Works October 30, 2023

TWENTYNINE PALMS, CALIF. — PACE Loan Group has provided a $11.2 million C-PACE loan for the construction of Reset Hotel. The site is near the north entrance of Joshua Tree National Park in Twentynine Palms, a desert city approximately 150 miles east of Los Angeles. Qualifying C-PACE improvements include plumbing, HVAC, electrical, lighting, building envelope and seismic measures. The 30-year loan is combined with a $7.5 million first mortgage. Located at 7000 Split Rock Ave., the independent hotel will use modular construction to reduce construction time by nearly half with delivery slated for early 2025. Offering views of Joshua Tree National Park, the hotel will offer 65 guest rooms with private outdoor patios, an outdoor swimming pool overlooking the park, gift shop, poolside cocktail bar serving small bites, conference room and 65 surface parking spots. Built on 5.8 acres of 11.1 acres of land acquired in 2021, the asset is the only hotel in the area that is removed from the highway and completed adjacent to the national park. The developers own 170 acres of the surrounding land up to the park boundary and are currently leaving the area undeveloped to maintain views and privacy for guests. Sightline Hospitality will manage …

October 30, 2023

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Brokers $4.6M Sale of Restaurant Property in Ontario, California

by Amy Works October 30, 2023

ONTARIO, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding restaurant building located at 4423 Mills Circle in the Inland Empire city of Ontario. A Southern California-based developer sold the asset to Culichi Lounge Inc. for $4.6 million. Culichi Town, a Mexican restaurant, occupies the 5,535-square-foot single-tenant property, which was built in 2001 as an outparcel at Ontario Mills Mall. The location is a new prototype concept for the restaurant, which currently has 22 locations. Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller in the deal. Terrison Quinn and Zach Leffers of SRS arranged the lease with Culichi Town on behalf of the seller.

October 30, 2023

Acquisitions California Retail Western

Retail Insite Negotiates Sale of 27,300 SF Former Vons Supermarket in Vista, California

by Amy Works October 30, 2023

VISTA, CALIF. — Retail Insite has arranged the sale of a vacant retail building located at 940 S. Santa Fe Ave. in Vista, approximately 40 miles north of San Diego. Albertsons Inc. sold the asset to SK Vista LLC for $4.3 million. The buyer plans to open a specialty Indian grocery store at the 27,300-square-foot property, which was formerly a Vons supermarket. Mike Moser of Retail Insite represented the seller in the deal.

October 30, 2023

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