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Mission-Viejo-Biz-Center-Mission-Viejo-CA

MIG Real Estate Buys Six-Building Mission Viejo Business Center in Orange County, California

by Amy Works November 7, 2023

MISSION VIEJO, CALIF. — MIG Real Estate has acquired Mission Viejo Business Center, a multi-tenant industrial park located at 23811-23891 Via Fabricante in Mission Viejo. A global investment advisor sold the asset for an undisclosed price. Situated on 7.65 acres, the six-building property offers 100,295 square feet of industrial, distribution and warehouse space. At the time of sale, the park was 99 percent leased. The property was originally constructed in 1975. The buildings offer a variety of bay sizes, 10- to 16-foot clear heights, grade- and dock-high loading doors and concrete truck courts. Jeff Chiate, Bryce Aberg, Jeffrey Cole, Rick Ellison, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group in Southern California represented the seller in the deal.

November 7, 2023

Acquisitions Arizona Retail Western

Matthews Negotiates $9.5M Sale of LA Fitness-Occupied Building in Phoenix

by Amy Works November 7, 2023

PHOENIX — Matthews Real Estate Investment Services has arranged the sale of a retail property located at 4836 E. Chandler Blvd. in Phoenix. The asset traded for $9.5 million. The names of the buyer and seller were not released. Built in 2002 on 5.13 acres, the building features 45,000 square feet of flex space. LA Fitness has occupied the property for 18 years. The gym’s current lease term runs through 2025. Brandon Perez of Matthews represented the seller in the deal.

November 7, 2023

Acquisitions California Office Western

Cushman & Wakefield Brokers Sale of 63,387 SF Office Building in Sacramento Valley

by Amy Works November 7, 2023

GOLD RIVER, CALIF. — Cushman & Wakefield has negotiated the sale of a two-story office building located at 11931 Foundation Place in Gold River in the Sacramento Valley. Visions In Education acquired the asset from Rpro152n3 LLC for $6.7 million. The buyer plans to relocate to the 63,387-square-foot property in summer 2024. At the time of sale, the building was vacant. Kris Kalmbach of Cushman & Wakefield represented the buyer, while Kevin Partington of Cushman & Wakefield represented the seller in the deal.

November 7, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Arranges $2.2M Sale of Multifamily Property in Wheat Ridge, Colorado

by Amy Works November 7, 2023

WHEAT RIDGE, COLO. — NorthPeak Commercial Advisors has arranged the sale of a 12-unit apartment building located at 3010-3050 Gray St. and 5851-5855 W. 30th Ave. in Wheat Ridge. The asset traded for $2.2 million, or $185,000 per unit. The names of the buyer and seller were not released. Matt Lewallen and Kevin Calame of NorthPeak Commercial Advisors handled the transaction.

November 7, 2023

Arizona Loans Multifamily Western

Marcus & Millichap Arranges $19.3M Refinancing for Harmony at Hurley Farms Apartments in Tolleson, Arizona

by Amy Works November 6, 2023

TOLLESON, ARIZ. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $19.3 million refinancing for Harmony at Hurley Farms, an apartment community in Tolleson, a western suburb of Phoenix. Tyler Waller of MMCC’s Phoenix office secured the financing. Terms of the loan include a five-year term, fixed rate of 6.41 percent, interest-only payments, loan-to-value ratio of 60 percent and 30-year amortization schedule. Located at 2929 S. 91st Ave., Harmony at Hurley Farms features 128 apartments and was 70 percent occupied at the time of financing.

November 6, 2023

Acquisitions Office Washington Western

First Citizens Bank Buys 33,155 SF Office Building in Bellevue, Washington in Sale-Leaseback

by Amy Works November 6, 2023

BELLEVUE, WASH. — First Citizens Bank has acquired an office building at 2606 116th Ave. NE in Bellevue, across Lake Washington from Seattle. Pacific Cataract and Laser Institute sold the asset for $18.5 million, or $558 per square foot. Pacific Cataract and Laser Institute will lease back approximately 15,552 square feet on the first floor of the 33,155-square-foot Class A building. Jeff Chaney of Kidder Mathews represented the seller, which acquired the asset in 2017 for $13.5 million.

November 6, 2023

California Civic Development Western

C.W. Driver Cos. Breaks Ground on First Phase of Malibu High School Expansion in California

by Amy Works November 6, 2023

MALIBU, CALIF. — C.W. Driver Cos. has broken ground on the first phase of Malibu High School’s expansion for Santa Monica-Malibu Unified School District. The 70,000-square-foot building is slated for completion in fall 2025. Located at 30215 Morning View Drive, the $100 million Malibu High School core building will be built on the site of the former Juan Cabrillo Elementary School campus, immediately adjacent to the existing high school. The new two-story building will feature a library, visual and performing arts classrooms, project-based learning facilities, multipurpose spaces, special education classrooms, STEM classrooms, a campus cafeteria and administration offices. Outdoor common space for the school’s students will be partially shaded by an overhead canopy with built-in photovoltaic panels that will generate power for the school and contribute to the campus’ energy conservation. The project team includes NAC Architecture, Koning Eizenberg Architecture, AMPCO North, Pfeiler & Associates Engineers, California Solar Integrators and Hunsaker and Associates. The project is funded by Measure M, passed by Malibu voters in 2018.

November 6, 2023

Acquisitions California Industrial Western

CBRE Negotiates $9.2M Sale of Nine-Building San Bernardino Industrial Center

by Amy Works November 6, 2023

SAN BERNARDINO, CALIF. — CBRE has brokered the sale of the San Bernardino Industrial Center, an incubator project in the Inland Empire region of California. A partnership between Birtcher Anderson & Davis and Belay Investment sold the asset to an undisclosed buyer for $9.2 million. Located at 360-458 E. Rialto Ave., the nine-building property features 52,642 square feet of industrial space with nine- to 12-foot clear heights and 56 ground-level loading doors. At the time of sale, the property was 97 percent occupied by 41 tenants. Sammy Cemo, Anthony DeLorenzo, Bryan Johnson, Nick Williams and Austin Reuland of CBRE’s Investment Properties, alongside CBRE’s Barbara Perrier and Eric Cox, represented the seller in the deal.

November 6, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $3.7M Sale of Multifamily Building in Denver

by Amy Works November 6, 2023

DENVER — NorthPeak Commercial Advisors has negotiated the sale of a multifamily property, located at 245 Bannock St. in Denver. The asset traded for $3.7 million, or $244,333 per unit. The 11,019-square-foot building feature 15 apartments. Joe Hornstein and Scott Fetter of NorthPeak represented the undisclosed seller, while Kevin Calame and Matt Lewallen of NorthPeak represented the undisclosed buyer in the transaction.

November 6, 2023

California Civic Development Western

McCarthy Building Cos. Starts Construction of $428M Triton Center at UC San Diego Campus

by Amy Works November 3, 2023

SAN DIEGO — McCarthy Building Cos. has broken ground on Triton Center at the University of California San Diego campus. Designed by LMN Architects, the 400,000-square-foot property is the grand entrance to the university and blends art, culture, entertainment and student academic resources. The project is estimated to cost a total $428 million. Triton Center will include four separate buildings that will house the university’s Welcome and Alumni Center, a multi-purpose facility with a 500-person event space and art gallery; gathering spaces and offices for Global Initiatives programs; a student health, mental health and well-being clinic; student academic resources; a mix of retail and restaurant spaces; and a parking structure. Completion is slated for 2026.

November 3, 2023

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