Western

WhiteHaven Buys Clarendon Park Apartments in Phoenix for $37M

by Jeff Shaw July 27, 2023

PHOENIX — CBRE has arranged the sale of Clarendon Park, a 138-unit multifamily community in Phoenix. WhiteHaven, a Phoenix-based private equity firm, purchased the property for $37 million. Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the undisclosed seller. Anthony Valenzuela of CBRE Phoenix Debt & Structure Finance arranged the deal’s financing. Clarendon Park offers one- and two-bedroom apartments. Community amenities include a recently renovated fitness center, remodeled clubhouse and leasing center, pool area, new package lockers and a dog park.

July 27, 2023

Acquisitions California Restaurant Retail Western

CBRE Brokers $23.5M Sale of Three Restaurant Properties in Carlsbad, California

by Jeff Shaw July 27, 2023

CARLSBAD, CALIF. — CBRE has brokered the $23.5 million sale of three restaurant properties in Carlsbad. Reg Kobzi, Michael Peterson, Joel Wilson, Philip Voorhees, Megan Lanni and Eric Shain of CBRE represented the seller, CPT/SC Title Holding Corp., in the disposition of the properties to separate buyers. Creekside Shops LLC purchased a 10,262-square-foot building leased to King’s Fish House at 5625 Paseo Del Norte for $10.3 million. An undisclosed buyer purchased a 7,166-square-foot P.F Chang’s located at 5621 Paseo Del Norte for $5.7 million. K Ishii Manhattan Ave LLC acquired a 10,470-square-foot B’s Restaurant property located at 5613 Paseo Del Norte for $7.5 million. Shaun Riley with Faris Lee Investments represented the buyer in the transaction.

July 27, 2023

California Development Loans Multifamily Student Housing Western

Mosaic Investment Partners Receives Financing for 260-Bed Student Housing Development Near USC in Los Angeles

by Jeff Shaw July 27, 2023

LOS ANGELES — JLL has arranged an undisclosed amount of financing for USC Expo, a 260-bed student housing development located near the University of Southern California campus in Los Angeles. Greg Brown and Zane Sweet of JLL worked on behalf of the borrower, Mosaic Investment Partners, to secure both joint-venture equity and mezzanine financing from HC2 Capital, as well as a senior construction facility from Calmwater Capital. The seven-story community is scheduled for completion in spring 2025 and will offer fully furnished studio, one-, two-, three- and four-bedroom units. Shared amenities will include a rooftop swimming pool, second-floor amenity deck, fitness center, computer room and dog park.

July 27, 2023

Acquisitions California Loans Retail Western

Marcus & Millichap Arranges $4.6M Acquisition Financing for Single-Tenant Retail Property in Fremont, California

by Jeff Shaw July 27, 2023

FREMONT, CALIF. — Marcus & Millichap Capital Corp. has arranged a $4.6 million loan for the acquisition of a single-tenant retail property located in Fremont. Ron Balys of Marcus & Millichap arranged the 10-year financing on behalf of the undisclosed borrower. Red Lobster occupies the property.

July 27, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $1.6M Sale of Fourplex Apartment Building in Orange, California

by Jeff Shaw July 27, 2023

ORANGE, CALIF. — CBRE arranged the $1.6 million sale of a four-unit multifamily community located at 224 S. Oak St. in Orange. The fourplex was built in 1957 on a 10,809-square-foot site. The property offers one- and two-bedroom units, as well as four garage parking spaces and four tandem spaces. Dan Blackwell, Sean Farag and Amanda Fielder represented the Orange County-based 1031 exchange seller.

July 27, 2023

Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2023 Economic Review by Sector

by Sarah Daniels July 27, 2023

Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption dogged each sector, with the exception of retail, throughout the first half of 2023. Scheduled deliveries for industrial, office and multifamily indicate this trend will continue throughout much of the United States for the foreseeable future. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). The summaries from each sector below provide high-level considerations of the overall outlook and challenges in the market. Industrial Overview: Industrial Growth on Track for Least Gain in Years In a reversal from the ballooning logistics capacities required during the pandemic, demand for industrial space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through the third quarter of last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over …

July 27, 2023

Acquisitions California Multifamily Western

Archway Equities Acquires The Paseos at Montclair Apartments in California for $150M

by Jeff Shaw July 26, 2023

MONTCLAIR, CALIF. — Archway Equities has acquired The Paseos at Montclair, a 385-unit apartment community in the Inland Empire city of Montclair, for $150 million. The Paseos at Montclair was built in 2014. The garden-style community offers studio, one-, two- and three-bedroom units. Amenities include two pools with spas and cabanas, a fitness center, yoga room, children’s entertainment suite, conference center and entertainment lounge. Pacific Urban Investors’ structured finance group provided preferred equity to facilitate the transaction. The seller was not disclosed.

July 26, 2023

Acquisitions Idaho Retail Western

Kidder Matthews Brokers Sale of 139,064 SF Pocatello Square Shopping Center in Idaho

by Jeff Shaw July 26, 2023

POCATELLO, IDAHO — Kidder Matthews has brokered the sale of Pocatello Square, a 138,064-square-foot shopping center in Pocatello, approximately 160 miles north of Salt Lake City. Tenants at the property, which was built in 2006 and fully leased at the time of sale, include Dick’s Sporting Goods, Grocery Outlet, Ross Dress for Less, JOANN Fabric and Crafts and Old Navy. Mike King, Erik Swanson, Darren Tappen, Peter Beauchamp and Nathan Thinnes of Kidder Matthews represented the seller, CWCapital, in the transaction. An undisclosed buyer purchased the center through CWCapital’s online auction platform, RI Marketplace. The price was not disclosed.

July 26, 2023

Acquisitions Multifamily North Dakota Western

Friedman Real Estate Negotiates Sale of West River Apartments in Dickinson, North Dakota

by Jeff Shaw July 26, 2023

DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments. West River Apartments is 234-unit community in Dickinson, a city in Stark County. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park. Rich Deptula and Steven Silverman led the Friedman team. The buyer, seller and price were not disclosed.

July 26, 2023

California Development Leasing Activity Retail Western

Club Studio to Open 48,000 SF Fitness Studio in Santa Monica, California

by Jeff Shaw July 26, 2023

SANTA MONICA, CALIF. — Fitness concept Club Studio has announced plans to open a 48,000-square-foot studio at Santa Monica Place, a Macerich property in Santa Monica. Located on the first level of the property, the space will feature five boutique studio rooms, as well as a recovery space, steam rooms, infrared saunas, a juice bar and retail store. A timeline for the opening was not disclosed.

July 26, 2023

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