Western

Gantry Arranges $16.7M Refinancing for Grocery-Anchored Retail Center in El Dorado, California

by Amy Works January 6, 2023

EL DORADO, CALIF. — Gantry has secured a $16.7 million permanent loan for the refinancing of Market Place at Town Center in El Dorado. Situated at the intersection of Highway 50 and Latrobe Road, Market Place at Town Center features 134,600 square feet of retail space. Current tenants include Nugget Markets grocers and a wide range of retail, restaurant, convenience, beauty and professional services tenants. Robert Slate and Andrew Ferguson of Gantry’s San Francisco office secured the 10-year, fixed-rate, nonrecourse loan through a regional bank lender for the borrower, a private real estate investor.

January 6, 2023

California Development Office Western

Irvine Co. Completes Final Phase of 1.1 MSF Spectrum Terrace Office Campus in Irvine, California

by Amy Works January 5, 2023

IRVINE, CALIF. — Irvine Co. has completed the third and final phase of Spectrum Terrace, a 1.1 million-square-foot office campus at the intersection of Interstate 405 and Highway 133 in Irvine. The fully walkable campus features nine buildings with private patios, open-air resort-style amenities, including an Olympic-length pool, and outdoor collaboration spaces. The asset is located adjacent to Irvine Spectrum Center, a massive mixed-use development centered on dining and entertainment. The final phase features three four-story buildings, totaling more than 345,000 square feet, as well as the completion of Terrace Pool, which features gathering areas with meeting-ready cabanas and poolside refreshments. Spectrum Terrace customers have access to The Commons, an outdoor gathering area with shaded workspaces; Kinetic fitness center offering a resort-style approach to workplace wellness; Terrace Kitchen + Bar; and Venue, a fully equipped meeting and events space with folding glass walls that open up the conference room to the outdoors and attached catering kitchen, coffee bar and grab-and-go counter. Spectrum Terrace is currently 80 percent leased to a variety to tenants, including Alteryx, Coca-Cola Co., CoStar Group, iHerb and RSM.

January 5, 2023

Acquisitions California Multifamily Western

Northmarq Arranges $55.5M Sale of 246-Unit Apartment Portfolio in Los Angeles

by Amy Works January 5, 2023

LOS ANGELES — Northmarq has negotiated the sale of a three-community multifamily portfolio in the Los Angeles neighborhoods of Granada Hills and Northridge. Upside Investments sold the portfolio to LAApartment.biz, a private investor, for $55.5 million. The portfolio includes: Villa Verde Apartments, a 90-unit asset located at 10339 Zelzah Ave. in Northridge. The community features laundry facilities, a fitness center and pool. Zelzah Avenue Apartments, an 88-unit property at 10331 Zelzah Ave. in Northridge. Onsite amenities include laundry facilities, a fitness center, pool and grill. Northridge Pointe, a three-story, 68-unit community located at 8511 Balboa Blvd. in the Northridge/Granada Hills submarket. Community amenities include laundry facilities, an elevator, a fitness center and picnic areas. Vince Norris, Jim Fisher, Mike Smith, Mike Hanassab, Elliot Hassan and Steven Goldstein of Northmarq’s Los Angeles investment sales team represented the seller and buyer in the transaction.

January 5, 2023

Acquisitions Multifamily Washington Western

Sage Homes Northwest Buys Three Multifamily Properties in Lakewood, Washington

by Amy Works January 5, 2023

LAKEWOOD, WASH. — Sage Homes Northwest has acquired a three-community multifamily portfolio from a private local owner for $20.4 million in an off-market transaction. The portfolio includes: Garden Park Apartments, a 49-unit property at 12802-12878 Lincoln Ave. SW Colonial Court Apartments, a 41-unit asset at 9120 Lawndale Ave., 9104 Newgrove Ave. SW and 9119 Kenwood Ave. SW Evergreen Court Apartments, a 40-unit community at 12805-12809 47th Ave. SW The buyer plans to perform value-add upgrades to the properties, which were built in the 1960s and 1970s, to bring the assets up to market-rate value. Brandon Lawler, Jerrid Anderson and Dylan Simon of Kidder Mathews’ Simon and Anderson team represented the buyer in the transaction.

January 5, 2023

Acquisitions Colorado Retail Western

Riverfront Shops Sells 31,898 SF Shops at Riverfront Park in Downtown Denver

by Amy Works January 5, 2023

DENVER — Riverfront Shops LLC has completed the disposition of The Shops at Riverfront Park located in the Riverfront Park neighborhood of downtown Denver. A local private partnership acquired the property for $11.8 million, or $370 per square foot. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction. The Shops at Riverfront Park features 31,898 square feet of retail space along the ground floors of Riverfront Tower, Park Place Lofts and Promenade Lofts, all of which are at the base of the Millennium Bridge.

January 5, 2023

Acquisitions Industrial Nevada Western

RealComm Advisors Brokers Sale of 12,000 SF Industrial Building in Las Vegas

by Amy Works January 5, 2023

LAS VEGAS — RealComm Advisors has arranged the sale of an industrial building located at 3711 Regulus Ave. in Las Vegas. SWE Enterprises sold the 12,000-square-foot asset to FGM Fund for $3.1 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the seller in the deal.

January 5, 2023

Acquisitions Arbor Realty Trust Build-to-Rent Content Partner Features Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Investors Drawn to Single-Family Rentals During Tough Economic Times

by Sarah Daniels January 5, 2023

By John Tarantino, Arbor Realty Trust The ongoing expansion of the single-family rental (SFR) market is capturing investors’ interest like never before. Construction starts in the sector topped a record 69,000 units over the past year, while the rate of rent growth remained positive for new leases and accelerated in renewals. That’s according to the third-quarter Single-Family Investment Trends Report Q3 2022, which Arbor Realty Trust recently published in partnership with Chandan Economics. SFR investors want to know what this latest market data reveals about how the sector is weathering economic changes and what it suggests about how their properties are likely to perform in the months ahead. In December, I was privileged to weigh in on these weighty questions as a panelist at Information Management Network’s 10th Annual Single-Family Rental Forum (West) in Scottsdale, Ariz. One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023. With the average age …

January 5, 2023

Acquisitions California Healthcare Office Western

AdelFi Credit Union Sells Imperial Mariner Office Campus in Brea, California for $80M

by Amy Works January 4, 2023

BREA, CALIF. — AdelFi Credit Union has completed the disposition of Imperial Mariner, a four-building office and medical office campus in Brea. Healthcare Property Advisors acquired the campus for $80 million. The 288,189-square-foot Imperial Mariner was built between 2002 and 2008. At the time of sale, the property was 89 percent leased to 15 companies, including St. Jude Heritage Medical Group, NCH Management, EMart America and AdelFi, which will continue to occupy a portion of the campus under a short-term leaseback. The campus is situated on 17.4 acres at 915-975 W. Imperial Highway and 950 Mariner St. The site’s zoning allows for further medical office development or future redevelopment into industrial use. Blake Bokosky, John Chun, Louis Tomaselli and John Andreasen of JLL Capital Markets represented the seller in the deal. Additionally, John Chun, Sam Godfrey and Anthony Sardo of JLL’s debt advisory team advised HPA on a $44 million acquisition loan with Farmers & Merchants Bank.

January 4, 2023

Acquisitions California Industrial Office Western

Newmark Negotiates $37M Sale of Office, Industrial Campus in Burbank, California

by Amy Works January 4, 2023

BURBANK, CALIF. — Newmark has arranged the sale of 2777 North Ontario Street, an office and industrial campus in Burbank. A joint venture between Washington Capital Management, on behalf of its client, and SSV Properties sold the asset to Montana Avenue Capital for $37 million. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum of Newmark represented the seller in the transaction. Totaling 127,140 square feet, the two-story office and industrial campus is 71 percent leased to entertainment and media-related companies. Eikon, a post-production firm, occupies 79,312 square feet in the office component, while Iron Mountain occupies 47,828 square feet of the industrial space. The campus recently underwent a $7 million renovation, including a revitalized common area, updated HVAC and MEP systems, a seismic retrofit, remodeled bathrooms, resurfaced parking, operable windows and skylights, and new landscaping and hardscaping, as well as revitalized branding and color scheme.

January 4, 2023

Acquisitions California Development Industrial Western

Seefried Properties, USAA Buy 19 Acres for Logistics Center Development in Tracy, California

by Amy Works January 4, 2023

TRACY, CALIF. — Seefried Partners and USAA Real Estate have acquired a 19-acre site at the northwest corner of Grant Line Road and Chrisman Road for the development of a distribution warehouse. Construction for the speculative, 335,157-square-foot building is slated to begin in fourth-quarter 2023. The building will feature ample auto and trailer parking, 36-foot clear heights, ESFR sprinklers, and LED warehouse and site lighting that meets the needs of modern industrial users. Mike Goldstein and John Steinbuch of Colliers represented the development partners in the land transaction and will handle leasing efforts for the project. HPA Architecture is serving as project architect and Kier & Wright is the civil engineer.

January 4, 2023

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