Western

Matthews Negotiates $34M Sale of Strawflower Village Shopping Center in Half Moon Bay, California

by Amy Works November 21, 2023

HALF MOON BAY, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Strawflower Village Shopping Center, located at 50 Cabrillo Highway N. in Half Moon Bay, approximately 30 miles south of San Francisco. SJ Amoroso Properties Co. acquired the asset from HMB Musich LLC for $34 million. Marko Buljan of Matthews represented the seller, while Tim Gilmartin of The Gilmartin Group represented the buyer in the transaction. At the time of sale, Strawflower Village was 96 percent leased and anchored by a 33,000-square-foot Safeway. Situated on a 7.2-acre lot, the property features 78,940 gross leasable area and 29 total tenants, including T-Mobile, Chase Bank and US Bank.

November 21, 2023

California Industrial Loans Western

PCCP Provides $42M Refinancing for 610,025 SF Industrial Building in Lathrop, California

by Amy Works November 21, 2023

LATHROP, CALIF. — PCCP has provided a $42 million senior loan to a joint venture between Phelan Development and LaSalle Investment Management. The transaction will refinance debt on an industrial building in the San Joaquin Valley city of Lathrop. Situated on 26.3 acres at 18755 Business Park Court, the 610,025-square-foot, cross-dock distribution building was built in December 2021. The facility features 36-foot clear height, excess trailer parking (130 stalls), truck court depths of 175 feet to 180 feet and finished office space. The property is currently 50 percent leased to a third-party logistics company. The asset is part of Lathrop Gateway, a 10-building, 175-acre site that the borrower is building across three phases, with the first two phases already complete.

November 21, 2023

Acquisitions Nevada Office Western

Green Valley Grocery Divests of Nevada Headquarters in $13.1M Sale-Leaseback

by Amy Works November 21, 2023

HENDERSON, NEV. — SRS Real Estate Partners has arranged the sale-leaseback of a single-tenant office building at 160 N. Stephanie St. in Henderson. A California-based private investor acquired the asset from Green Valley Grocery for $13.1 million. Chuck Klein of SRS Capital Markets represented the seller, while Brian Riffel of Colliers represented the buyer in the deal. Built in 2001, the 33,764-square-foot property is undergoing renovation for Green Valley Grocery’s corporate headquarters. The first Green Valley Grocery opened in 1978 and the company has grown to 80 locations to date, with projected growth to 100 locations by 2025.

November 21, 2023

Acquisitions California Multifamily Western

CBRE Brokers Sale of Two Multifamily Properties in Northern Orange County for $7.6M

by Amy Works November 21, 2023

FULLERTON AND BUENA PARK, CALIF. — CBRE has arranged the sales of two multifamily communities in northern Orange County to two separate buyers. Dan Blackwell and Amanda Fielder of CBRE represented the buyers in both transactions. In the first deal, an undisclosed Los Angeles-based buyer acquired a 16-unit multifamily property, located at 1801 and 1809 E. Wilshire Ave. in Fullerton. The $4.2 million price equates to $262,500 per unit. The Orange County-based seller was exchanging into a Delaware Statutory Trust in the off-market transaction. Constructed in 1958, the 10,032-square-foot community features two two-story buildings, garage parking, a pool and laundry facility. Recent improvements include renovations to certain units, as well as new exterior paint and landscaping. In the second transaction, an Orange County-based exchange buyer purchased an eight-unit multifamily property at 7012 and 7024 El Dorado Drive in Buena Park. An Orange County-based private investor sold the asset for $3.4 million, or $426,719 per unit. Built in 1960, the property features two fourplexes encompassing 6,874 square feet and features a mix of two-bedroom/one-bath and two-bedroom/two-bath units.

November 21, 2023

California Development Hospitality Loans Western

Gantry Arranges $8.5M Loan for Hard Rock Hotel Development in Long Beach, California

by Amy Works November 21, 2023

LONG BEACH, CALIF. — Gantry has arranged $8.7 million of early-phase financing covering the land acquisition for a Hard Rock Hotel development at 100 E. Ocean Blvd. in Long Beach. Project details were announced last week. The planned hotel will feature 427 rooms and suites, a rooftop bar, speakeasy theater and other Hard Rock-brand amenities. Construction is scheduled to commence in summer 2024 for an opening in spring 2027. Andy Bratt, Amit Tyagi, Stefan Malmlund and Sean Kuang of Gantry’s Irvine production office secured the funding on behalf of Steinhauer Properties, the sponsor-developer of the planned hotel. One of Gantry’s affiliated debt fund lenders provided the loan, which offers interest-only terms at a fixed rate with extension options.

November 21, 2023

Affordable Housing Arizona Development Multifamily Seniors Housing Western

Pennrose Breaks Ground on $28M Affordable Seniors Housing Project in Phoenix

by Amy Works November 20, 2023

PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community will include a mix of studio and one-bedroom apartments available to residents earning between 20 percent and 60 percent of the area median income. Additionally, the energy-efficient project will meet National Green Building Standards and offer a variety of amenities, including a fitness room, management suite, multi-purpose room, outdoor recreation area with seating, and parking. Bank of America (LIHTC equity and construction loan), Cedar Rapids Bank and Trust (permanent loan) and the City of Phoenix (HOME loan) provided financing for the $28 million project. U.S. Rep. Ruben Gallego’s office also arranged $500,000 in Congressional Program Funds for the development.

November 20, 2023

California Loans Office Western

Gantry Arranges $15.3M Loan for DaVita-Occupied Office Building in El Segundo, California

by Amy Works November 20, 2023

EL SEGUNDO, CALIF. — Gantry has arranged $15.3 million in permanent financing for a single-tenant office building located at 601 Hawaii St. in El Segundo, a suburb of Los Angeles. Mark Ritchie, Amit Tygai and Alicia Sabanero of Gantry secured the financing on behalf of the borrower, a private real estate investor. A conduit lender provided the five-year, fixed-rate loan, which features interest-only payments for the life of the loan. Healthcare provider DaVita occupies the 51,000-square-foot property as its regional headquarters and national training facility. The asset features extensive tenant improvements, including an energy management system that generates 75 percent of energy used on site.

November 20, 2023

California Development Multifamily Student Housing Western

Kapital Partners Plans 39-Unit Student Housing Community Near Santa Clara University

by Amy Works November 20, 2023

SANTA CLARA, CALIF. — Kapital Partners has announced plans for a 39-unit student housing development located at 2655 The Alameda near the Santa Clara University campus in California. The property will also feature 1,500 square feet of retail space on the first floor. Shared amenities at the community will include a barbecue, ping pong tables and picnic tables for residents. Construction is scheduled to begin in 2024 with completion scheduled for 2025.

November 20, 2023

Acquisitions Industrial Nevada Western

CBRE Brokers $9.6M Sale of Industrial Building in Henderson, Nevada

by Amy Works November 20, 2023

HENDERSON, NEV. — CBRE has negotiated the sale of an industrial property located at 975 American Pacific Drive in Henderson. Apenzell Investments acquired the asset from Unilev Capital Corp. and Mandalay Advisors, an affiliate of Palladius Capital Management, for $9.6 million. The two-story, 55,974-square-foot building features seven docks, five drive-in doors, 26-foot clear height and 126 surface parking spaces. Additionally, the asset includes three egress/ingress points. Tyler Ecklund of CBRE’s Investment Properties represented the seller in the transaction.

November 20, 2023

California Civic Nevada Western

MLB Owners Approve Relocating Oakland Athletics to Las Vegas

by Amy Works November 20, 2023

LAS VEGAS — The owners of the 30 Major League Baseball (MLB) teams have unanimously approved the Oakland Athletics’ plan to move to Las Vegas. This continues the team’s agreement to develop a nine-acre ballpark on the 36-acre Tropicana Las Vegas campus, which was previously reported in May. The A’s plan to develop a 30,000-seat ballpark at the site that is located along the Las Vegas Strip at Las Vegas Boulevard and Tropicana Avenue. The A’s will play the 2024 season at the Oakland Coliseum. However, its lease at the stadium expires after the 2024 season. The team is working with MLB to determine options for interim play following the 2024 season. The A’s averaged 10,276 fans per game at the Oakland Coliseum in 2023, ranking the team 15th out of 15 in attendance among American League teams, according to Baseball Reference.

November 20, 2023

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