TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Juniper Canyon, an apartment community in Tucson. Terms of the transaction were not released. Clint Wadlund, Hamid Panahi, Art Wadlund, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Situated near Interstate 10 and Oracle Road/State Route 77, Juniper Canyon features 140 apartments.
CITY OF INDUSTRY, CALIF. — Pacific Industrial has purchased 10 acres of land at 17969 Railroad St. in City of Industry. The property was acquired via a short-term sale/leaseback. Additional terms of the transaction were not released. Upon lease expiration, Pacific Industrial plans to develop Pacific Railroad Center, a Class A, 215,000-square-foot industrial facility. The speculative for-lease development will offer electric vehicle charging stations, solar-ready roofs, excess car/trailer parking and a two-story signature glass-entry office. Pacific Industrial plans to break ground in 2024, with completion scheduled for 2025. Chris Bonney and Brad Gilmer of Lee & Associates will be exclusive leasing agents for the project.
VISTA, CALIF. — CareTrust REIT Inc. (NYSE: CTRE) has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility in Vista, approximately 40 miles north of San Diego. Once regulatory approval is obtained, Bayshire Senior Communities (a current tenant of CareTrust) will operate the facility pursuant to a new 15-year lease. To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust’s combined common equity and preferred equity investments in the joint venture total $25.5 million. CareTrust’s initial contractual yield on its combined preferred and common equity investments in the joint venture is approximately 9.7 percent. The lease provides for 3 percent fixed annual rent escalators and two five-year extension options. CareTrust is the managing member of the joint venture entity. The investments were funded using cash on hand.
MORENO VALLEY, CALIF. — JLL Capital Markets has arranged $17.5 million in pre-development financing for a 22.1-acre parcel within the World Logistics Center master-planned community in the Inland Empire city of Moreno Valley. Greg Brown, Peter Thompson, Spencer Seibring and Kyle White of JLL Capital Markets’ debt advisory team secured the financing for the borrower, Newport Beach-based CapRock Partners. Upon entitlement, CapRock Partners will have the option to either commence development on an approximately 500,000-square-foot, LEED-certified industrial warehouse or exit via a land sale. The 22.1-acre industrial-zoned site will accommodate a wide range of uses, including e-commerce, manufacturing and distribution. At completion, the building would feature 36-foot clear heights, 65 dock-high doors and up to 10,000 square feet of two-story office space. Additionally, the property will offer 88 trailer parking stalls, 339 auto parking stalls, a truck court depth of 185 feet and a secured concrete yard. CapRock Global Logistics is located south of the 60 freeway at the Theodore Street on/off ramp.
CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to sell 413 stores across 17 states and Washington, D.C., as part of the $24.6 billion merger between the two grocery giants. The buyer is C&S Wholesale Grocers, a New Hampshire-based grocery supply company overseeing brands including Piggly Wiggly and Grand Union. According to multiple news outlets including USA Today and Crain’s, the sales price is roughly $1.9 billion. In addition to the 400-plus grocery stores, C&S will also acquire eight distribution centers and two office properties that Kroger or Albertsons operate, as well as five private label brands. No store closures are expected to occur as a result of this selloff. The brands that will change ownership include Quality Food Centers (QFC), a regional operator in the Pacific Northwest; Mariano’s, which operates 44 stores in Illinois; and Alaska-based Carrs. Kroger owns QFC and Mariano’s, while Albertsons owns Carrs after acquiring the brand from Safeway and changing the name to Carrs-Safeway. Lastly, under the terms of the agreement, C&S will receive exclusive licensing rights to the Albertsons brand name in four states: Arizona, California, Colorado and Wyoming. In addition, Kroger will divest the …
BOTHELL, WASH. — Panattoni Development, in partnership with PGIM Real Estate, has acquired North Creek Commerce Center at 18712 Bothell Everett Highway in Bothell. Development is currently underway on the 29-acre Class A flex/industrial park, which is slated for completion by July 2024. Zach Vall-Spinosa of Kidder Mathews, along with Ernie Velton and Reese Velton of JSH Properties, are the leasing agents for the project. The seller and price were not disclosed.
SURPRISE, ARIZ. — Echo Real Estate Capital has acquired an 11.6-acre land parcel at the northwest corner of Peoria and 132nd avenues in Surprise. The site is zoned and approved for four small-bay industrial buildings totaling 182,610 square feet. Slated for completion by the fourth quarter of 2024, Echo Park @ P132 will include four fully air conditioned buildings with 2,500 square feet of speculative office suites and secured concrete truck courts. Echo has partnered with Chicago-based Premier Design + Build to construct the project. This will be Echo’s second development in the submarket. Upon completion, Echo’s metro Phoenix portfolio will total nearly 850,000 square feet of Class A industrial space across six buildings. The company’s first development, two Class A warehouse/distribution facilities in Glendale, are on pace for completion later this year.
HENDERSON, NEV. — A joint venture between Los Angeles-based Partners Capital Inc. and Las Vegas-based CNR Retail has purchased Green Valley Corporate Center South, an office complex located at 2500 and 2550 Paseo Verde Parkway in Henderson. JMA Ventures and Blue Vista Capital Management sold the asset for $17.2 million, or $188 per square foot. Tyler Ecklund, Marc Magliarditi, Travis Landes, Michael Hsu, Brad Peterson, Darren Lemmon and Justin Witt of CBRE represented the sellers, while Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyers in the transaction. Built in 2000 and 2002, the two-building Green Valley Corporate Center South offers 91,742 square feet of Class A office space and is part of an eight-building office portfolio within the master-planned Green Valley corridor. At the time of sale, Green Valley Corporate Center South was 81.6 percent occupied. Current tenants include GK Properties Real Estate & Management, Thrive Aviation and Village Capital & Investment. The buyer plans to convert the existing single-story office buildings into a lifestyle center with a focus on crafted dining, retail, design, entertainment, health and wellness uses.
CALDWELL, IDAHO – Cushman & Wakefield has arranged the sale of a fully entitled, 12.7-acre industrial development site in Caldwell. An undisclosed transportation company acquired the asset from the Upson family for an undisclosed price. The shovel-ready site is located at Smeed Parkway and Skyward Street within Sky Ranch Business Park. The location provides access to the Caldwell Executive Airport, Highway 20/26 and Interstate 84. Additionally, the site features existing improvements, including sidewalks, curbs, gutters, multiple fire hydrants and onsite transformers. Stephen Fife of Cushman & Wakefield represented the seller, while Alison Castro of Cresa and Greg Gaddis of Tenant Realty Advisors represented the buyer in the deal.
TEMPE, ARIZ. — Gantry has secured a $16.5 million permanent loan to refinance the Lakeview at the Bay, an apartment complex in Tempe. Located at 995 E. Baseline Road, the 34-building community offers 370 apartments. The property was built in 1985. George Mitsanas, Tim Storey and Keegan Bridges of Gantry secured the low-leverage, 10-year, fixed-rate loan on behalf of the undisclosed borrower. Gantry will service the loan, which features interest-only terms for the life of the financing.
