SAN RAMON, CALIF. — University Avenue Partners has purchased a mixed-use property located at 2551 San Ramon Valley Blvd. in San Ramon. Terms of the transaction were not released. At the time of sale, the 52,149-square-foot asset was 90 percent leased to a diverse mix of office and retail tenants. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark facilitated the transaction. Nicholas Bicardo of Newmark advised on the retail component of the sale.
Western
DENVER — Marcus & Millichap has brokered the sale of 1800 Welton, a net-leased retail property in downtown Denver. A Colorado-based partnership sold the asset to an undisclosed buyer for $8 million. 7-Eleven occupies the 3,293-square-foot building, which is on a 15,660-square-foot site. Drew Isaac of Marcus & Millichap represented the seller in the deal.
By Guy Enriquez, Vice President, NAI Capital The market for small- to medium-sized multifamily buildings ranging from 10 to 100 units in the City of San Bernardino has experienced a severe downturn in sales transactions recently. This was caused by the rapid increase in interest rates and a disconnect between buyers and sellers on pricing expectations. Cap rates on sales completed in the third quarter of 2022 show an increase of about 80 basis points year over year to 5.5 percent in the Inland Empire. Third-quarter 2022 sales volume in the Inland Empire fell to 15 transactions totaling $54 million. The area has been averaging 37 transactions totaling $180 million on a quarterly basis over the past four quarters. This quarter, the City of San Bernardino saw one sales transaction in this segment of the market, indicating the lack of deal volume. While rising interest rates caused a collapse of sales volume, combined with other general economic factors, San Bernardino’s rental market has remained very strong. The city’s overall multifamily physical vacancy rate has stood at 3.2 percent throughout 2022. The average rent for a one-bedroom unit increased from $949 to $966 per unit during the first three quarters of …
U.S. Realty Partners Buys 135,996 SF Lahaina Gateway Retail Center in Hawaii for $37.2M
by Amy Works
LAHAINA, HAWAII — Westlake Village, Calif.-based U.S. Realty Partners has acquired Lahaina Gateway, a grocery-anchored shopping center in Lahaina, from an institutional investment firm for $37.2 million. Located at 325-355 Keawe St., Lahaina Gateway features 135,996 square feet of retail space. The sale process started with the center 77 percent occupied with negotiated leases that will bring the occupancy to 90 percent. Tenants include Foodland Farms, Ace Hardware, Ross Dress for Less, Vitamin Shoppe, Supercuts, Local Motion and Maui Powerhouse Gym. Bryan Ley, Gleb Lvovich, Geoff Tranchina and Keenan Sue of JLL Retail Capital Markets investment sales and advisory team represented the seller in the deal.
GLENDALE, ARIZ. — Logistics Plus, a worldwide provider of transportation, logistics and supply chain solutions, has signed a full-building lease at Building A of Sarival Logistics Center in Glendale. The 1.15 million-square-foot building was built on a speculative basis and is the first phase of a larger development, which can accommodate more than 2 million square feet of industrial space at full build out. Building A features 40-foot clear heights, 845 auto parking spaces, 409 trailer stalls, 218 dock doors, four drive-in doors, wide column spacing, ESFR sprinklers, 6,000 amps of heavy power and LED warehouse lighting. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the undisclosed landlord, while Jeremy Trotter of Foremost Commercial represented the tenant in the lease transaction.
Buchanan Street Partners Purchases Oakbrook Plaza Office Building in Laguna Hills, California for $28.1M
by Amy Works
LAGUNA HILLS, CALIF. — Newport Beach-based Buchanan Street Partners has purchased Oakbrook Plaza, an office building located at 24422 Avenida De La Carlota in Laguna Hills. A New York City-based fund manager sold the property for $28.1 million in an off-market transaction. The four-story building features 120,354 square feet of space. Currently, the property is 66 percent occupied, with 30 percent of the existing space leased to medical tenants. The asset is located less than one mile from MemorialCare Sadddleback Medical Center and several retirement communities. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller in the transaction.
VISTA, CALIF. — Rockwood Capital has purchased The Rylan, a multifamily property in downtown Vista, from StreetLights Residential for an undisclosed price. The Rylan offers 126 units, resort-style amenities and five ground-floor retail spaces. Hunter Combs of Walker & Dunlop represented the seller and buyer in the transaction.
BH Developers Breaks Ground on 36,000 SF Airpark North Industrial Project in Northern Colorado
by Amy Works
LOVELAND, COLO. — BH Developers, with Evergreen Industrial as general contractor, has broken ground on Airpark North, a freestanding industrial building located adjacent to the Fort Collins/Loveland Airport in Loveland. Situated on four acres, the building features 30,000 square feet of warehouse space and two 3,000-square-foot mezzanines. The property also features 21-foot clear heights, six loading doors, a 1.5-acre laydown yard behind the building and retention pond. Completion is slated for June 2023. Travis Ackerman of Cushman & Wakefield and Matt Haskell of URealty are handling marketing efforts for the project.
SCOTTSDALE, ARIZ. — Real estate development firm Optima has received city approval for Optima McDowell Mountain Village, a $1 billion apartment and condominium project in North Scottsdale. Plans call for six buildings comprising 1,330 luxury units as well as 36,000 square feet of commercial and retail space. Construction is scheduled to begin in spring or summer 2023. Each of the six buildings within the development will contain its own amenity offering, including a rooftop deck with Olympic-length pool, sauna, spa, running track, outdoor kitchen and lounge seating. Each rooftop will offer views of the McDowell Mountains. The ground floor of each building will be outfitted with a lobby, fitness center, yoga studio, steam room, game room, theater, indoor basketball and pickleball court, golf simulator, massage room, business center and dog park. The project will be the largest private rainwater harvesting site in the U.S., according to the developer. The residences are expected to use half as much water as the average Scottsdale multifamily residence and a quarter as much water as the average Scottsdale single-family home. Optima is also providing the city with 2,750 acre-feet of water that will be deposited into the Scottsdale water system. The community will also …
SAN JOSE, CALIF. — WF Batton Management Co. has acquired Valley Research Center, a R&D campus in North San Jose, for $41.5 million. The name of the seller was not released. Joe Moriarty, Scott Prosser and Jack DePuy of CBRE Capital Markets represented the seller in the transaction. Valley Research Center comprises two 64,512-square-foot buildings, which were renovated in the last two years with a new lobby, collaborative work areas, fitness center and outdoor recreational areas. Harmonic Inc. fully occupies the building at 2590 Orchard Parkway and FIT Electronics (Foxconn) leases 26 percent of 2580 Orchard Parkway.