LOS ANGELES — Stockdale Capital Partners has created a new open-ended, core-plus healthcare fund that will actively pursue medical office acquisitions. The seed investment was a 147,078-square-foot medical office building located at 2100 West 3rd Street Medical Center in Los Angeles. The space is 99 percent leased to major tenants, including Children’s Hospital of Los Angeles, Providence Health & Services and AltaMed Health Services Corporation.
RANCHO CUCAMONGA, CALIF. — Sky Zone has signed a lease for 30,700 square feet at 12449 Foothill Blvd. in Rancho Cucamonga. Sky Zone, which currently operates more than 200 locations throughout the country and Canada, will open an indoor entertainment park at the property, which is located within the 550,000-square-foot Foothill Marketplace. Paul Galmarini and Paul Su of Progressive Real Estate Partners arranged the lease on behalf of the landlord. Richard Cheng and Dan Fagan of Urban Lime Real Estate represented Sky Zone in the negotiations.
SALT LAKE CITY — Blueprint Healthcare Real Estate Advisors has arranged a new tenant for a 12-property, 1,275-bed skilled nursing portfolio in Utah. Blueprint was approached by a longstanding client to find a best-in-class tenant for the portfolio, which the client was under contract to acquire. The seller was a Utah-based owner and operator of skilled nursing facilities that was in the process of executing on a strategic firm-wide recapitalization. The new tenant is a Nevada-based operator that had strong interest in leasing the portfolio from the future buyer. However, after further discussions with its capital partner, a very compelling bid was submitted to acquire the portfolio.
— By Cameron Irons, Executive Director, SVN Vanguard — The multifamily real estate market in Orange County continues to be one of the most attractive and profitable in the country. The area’s strong economy, affluent population and abundance of job opportunities have made it a popular destination for people looking for a place to live. As a result, the demand for housing in Orange County has remained high. Developers are responding by building new multifamily and mixed-use developments. There are several highly active companies developing new multifamily projects in Orange County. Projects such as Metropolis by the Irvine Company and Park and Paseo by Broadstone are nestled among large office/industrial parks and feature thousands of residential units, in addition to retail and commercial space. They are designed to be hubs for work, play and living, offering residents a wide range of amenities. Lennar Homes, KB Homes and Meritage Homes have similar projects in development in every city throughout the county. Despite the high prices of these properties, the Orange County multifamily market continues to thrive. The area has seen a surge in the number of renters in recent years, which has put pressure on the available housing supply. This has driven …
PHOENIX — Phoenix-based developer George Oliver has unveiled plans for Bond, a $52 million renovation that will transform the Biltmore Commerce Center in Phoenix into a hospitality-inspired office experience. Bond is George Oliver’s sixth experiential office project in the Valley. Located at 3200 E. Camelback Road, the property offers prime access to restaurants, retail and executive housing. Bond totals 287,000 square feet in three stories, with office space bordering a corresponding three-story central atrium. Through its renovation, George Oliver plans elevate the space with one of the market’s most extensive amenity packages, including a conference center, co-working space, two-story fitness center, cocktail speakeasy, and a full-service coffee, cocktail and food service bar.
MESA, ARIZ. — Libitzky Property Cos. has purchased Gateway Technology Commerce Center, a two-building, 138,692-square-foot industrial project in Mesa, for $25.4 million. Gateway Technology Commerce Center is located at 7535 E. Ray Road, with immediate adjacency to the Phoenix-Mesa Gateway Airport and freeway frontage exposure to the Loop 202. The Class A asset was built in 2019. It is fully leased to six tenants. Steve Lindley, Alexandra Loye, Eric Wichterman and Mike Coover with Cushman & Wakefield’s capital markets and private capital teams in Phoenix represented the seller, along with Will Strong and Molly Hunt of Cushman & Wakefield’s national industrial advisory group.
CORONA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.9 million sale of a single-tenant retail property in Corona. A Taco Bell drive-thru operated by Alvarado Restaurant Nation occupies the 2,049-square-foot property on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Evergreen Development, in the transaction. David Aschkenasy of Commercial Asset Group represented the 1031-exchange buyer, a locally based private investor.
PORTLAND, ORE. — Norris & Stevens Inc. has brokered the $2.3 million sale of a standalone retail building in Portland. Built in 1987, the property comprises 12,371 square feet at 16544 S.E. Division St. Luis Martin del Campo and Michael Simmons of Norris & Stevens represented both the buyer, Yusuf Iqbal, and the seller, Harold Ward, in the transaction.
LOS ANGELES — Umhofer, Mitchell & King LLP signed a 4,500-square-foot lease at ROW DTLA, a 32-acre, 1.4 million-square-foot mixed-use retail and office destination in downtown Los Angeles. The new space represents a new office for the law firm. JLL’s Jaclyn Ward, Cassie Trosclair and Sarah Hancock are overseeing office leasing at ROW DTLA.
MISSOULA, Mont. — CBRE Hotels has arranged the sales of the AC Hotel by Marriott, Residence Inn by Marriott and the Mercantile retail center in downtown Missoula. The buyer was a partnership between Evermore Partners and New Castle Hotels & Resorts. AC Hotel Missoula Downtown is located at 175 N. Pattee St. Built in 2021, the 105-room, six-story hotel has three food and beverage options, including a rooftop bar. The hotel also has a fitness center, meeting space and valet parking. Residence Inn Missoula Downtown and the Mercantile are located at 125 North Pattee St. Built in 2019, the 175-room, five-story hotel has two event spaces, a fitness center, valet parking, rooftop deck, indoor pool and breakfast area. The Mercantile, which is directly connected to the Residence Inn, is a retail center with restaurants, shops and an indoor cycling studio. Chris Burdett led CBRE’s Pacific Northwest hotel team in the transaction. Matthew Behrens represented the seller, HomeBase Partners. The price was not disclosed.
