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Washington-Talbert-Industrial-Park-Fountain-Valley-CA

DAUM Commercial Negotiates Sale of 59,754 SF Industrial Park in Fountain Valley, California

by Amy Works March 2, 2023

FOUNTAIN VALLEY, CALIF. — DAUM Commercial has arranged the sale of a multi-tenant industrial park at 18071 Mt. Washington St. and 11190-11240 Talbert Ave. in Fountain Valley. Manhattan West Real Estate acquired the asset from DDK Investments for $16.5 million. Built in 1982 on 2.9 acres, the park features two two-story industrial buildings totaling 59,754 square feet with 18-foot to 36-foot clear heights, oversized ground-level doors and large fenced yards. At the time of sale, the property was fully occupied by six tenants, including OC Art & Home, Harwood Galleria, The Drawer Shop and RADCO. Mike Barreiro and Devin Ray DAUM Commercial represented the seller, while Charles Johnson and Joseph Harmon sourced and represented the buyer in the deal.

March 2, 2023

Acquisitions Office Oregon Retail Western

Norris & Stevens Brokers $1.5M Purchase of Office/Retail Building in Portland, Oregon

by Amy Works March 2, 2023

PORTLAND, ORE. — Portland-based Norris & Stevens has arranged the acquisition of 7970 Milwaukie Building, an office and retail building located at 7970 SE Milwaukie Ave. in Portland. Christ Church Sellwood acquired the property from CBA Group for $1.5 million. Classical Ballet Academy currently occupies the 5,000-square-foot facility, which includes six parking spaces. Tim Pfeiffer and Camden Muller of Norris & Stevens represented the buyer, while Jim Gillespie and Stacey Rustad-Smith of Keller Williams Realty represented the seller in the deal.

March 2, 2023

Acquisitions Multifamily Washington Western

Mill Creek Residential Buys 228-Unit Modera Broadway Apartments in Seattle

by Amy Works March 2, 2023

SEATTLE — Mill Creek Residential Trust has bought out AEW Capital Management’s stake in Modera Broadway, a multifamily property located in Seattle’s Capitol Hill neighborhood. The partnership completed the community in 2021. Terms of the transaction were not released. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team advised Mill Creek and AEW on the transaction. Located at 1732 and 1812 Broadway, Modera Broadway features two seven-story buildings featuring a total of 228 apartments in a mix of studio, one- and two-bedroom layouts. The property also features ground-floor retail space, two club rooms, a fitness center/yoga studio, coworking space, a dog run and three rooftop decks with views of downtown Seattle, Cal Anderson Park and the Olympic Mountains.

March 2, 2023

California Loans Multifamily Seniors Housing Western

CBRE Arranges $38.4M Refinancing for Seniors Housing Property in Santee, California

by Amy Works March 2, 2023

SANTEE, CALIF. — CBRE has arranged a $38.4 million refinancing for The Plaza at Lantern Crest, a 113-unit independent living community in Santee, a northeastern suburb of San Diego. The borrower is The Grant Cos. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE National Senior Housing, arranged the financing. Built in 2021, the four-story community is situated on 3.8 acres within a larger 34-acre campus that provides a full continuum of care to its residents. The collection of Lantern Crest communities represents one of the highest quality rental campuses in San Diego County. CBRE National Senior Housing originated the 10-year loan with five years of interest-only payments through its Freddie Mac Optigo lending platform.

March 2, 2023

Acquisitions California Industrial Western

Luminous Capital Sells 37,200 SF R&D Building in Carlsbad, California for $18.6M

by Amy Works March 2, 2023

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has completed the sale of 2290 Cosmos Court, an industrial/R&D property in Carlsbad. Hazard Jr Enterprises LP, a family-owned entity advised by San Diego-based Commercial Facilities, acquired the asset for $18.6 million, or $501 per square foot. REEF, a global manufacturer of beach-inspired footwear and apparel, occupies the 37,200-square-foot building on a 10-year lease, which was signed in early 2022. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. The team also handled the lease with REEF.

March 2, 2023

Acquisitions California Industrial Western

DAUM Commercial Negotiates Sale of 59,754 SF Industrial Park in Fountain Valley, California

by Amy Works March 2, 2023

FOUNTAIN VALLEY, CALIF. — DAUM Commercial has arranged the sale of a multi-tenant industrial park at 18071 Mt. Washington St. and 11190-11240 Talbert Ave. in Fountain Valley. Manhattan West Real Estate acquired the asset from DDK Investments for $16.5 million. Mike Barreiro and Devin Ray of DAUM Commercial represented the seller, while Charles Johnson and Joseph Harmon sourced and represented the buyer in the deal. Built in 1982 on 2.9 acres, the park features two two-story industrial buildings totaling 59,754 square feet with 18-foot to 36-foot clear heights, oversized ground-level doors and large fenced yards. At the time of sale, the property was fully occupied by six tenants, including OC Art & Home, Harwood Galleria, The Drawer Shop and RADCO.

March 2, 2023

Acquisitions Office Oregon Retail Western

Norris & Stevens Brokers $1.5M Purchase of Office/Retail Building in Portland, Oregon

by Amy Works March 2, 2023

March 2, 2023

California Market Reports Multifamily Western Western Market Reports

Inland Empire Multifamily Market Poised for Great Future Potential

by Jeff Shaw March 1, 2023

— By Shane Shafer, Managing Director, Northmarq — The Inland Empire submarkets have maintained rent increases, low vacancy rates and employment growth. Plus, unlike other Southern California markets, the IE has seen a migration into the area — not out. The population of the Inland Empire region in an average year expands by about 50,000 residents. This is the fifth largest gain among the largest 50 metros, per 2021 Census numbers. A Jobs-Rich Market Gaining Momentum Local employment showed signs of growth and resurgence, adding jobs each of the past four quarters. Year-over-year total employment increased by more than 83,000 positions, which equates to a gain of more than 5 percent. Contrast this with other markets, and you can see why the Inland Empire is on most investors’ top 10 lists for buying, and why expectations are so high for the market to have continued rental growth. The logistics sector is one of the biggest and fastest growing in the United States. These jobs have consistently grown over the past 10 years, increasing by more than 10 percent. This year, Amazon inked a record-setting 4.1-million-square-foot facility in Ontario, while companies like Target, Shopify, Best Buy, AutoZone and others also made large commitments. The …

March 1, 2023

California Market Reports Multifamily Western Western Market Reports

Inland Empire Multifamily Market Poised for Great Future

by Jeff Shaw March 1, 2023

March 1, 2023

Acquisitions California Hospitality Loans Western

iBorrow, Reuben Brothers Provide $86.7M Acquisition Loan for Standard Hotel in West Hollywood

by Amy Works February 28, 2023

WEST HOLLYWOOD, CALIF. — iBorrow and Reuben Brothers, through a co-lending partnership, have funded a $86.7 million loan for the acquisition of a hotel asset in West Hollywood. The borrowers, Ian Schrager and Ed Scheetz, will use the loan to purchase 139-room property formerly known as the Standard Hotel. The buyers plan to renovate the asset and rebrand the hotel to the PUBLIC Hotel flag. The hotel is located at 8300 Sunset Blvd.

February 28, 2023

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