Western

Urban Catalyst to Develop 272-Unit Aquino Apartments in San Jose

by Amy Works August 23, 2023

SAN JOSE, CALIF. — Urban Catalyst has launched UC Multifamily Equity I LLC (UCME) to focus on the development of Aquino, a multifamily property within walking distance of downtown San Jose. The project is fully entitled and approved for multifamily construction. The development timeline was not released. Aquino will offer 272 studio, one-, two- and three-bedroom apartments with stainless steel appliances, quartz countertops, electric ranges and air conditioning. On-site amenities will include private coworking offices, a bar and lounge, fitness center with a yoga studio, dog run, and courtyard with an outdoor kitchen. Urban Catalyst has structured UCME as a real estate operating company, which allows it to accept funding from qualified retirement accounts such as IRAs and 401(k) plans.

August 23, 2023

California Development Industrial Loans Western

Birtcher Development Receives $75M Construction Financing for 492,631 SF Logistics Center in Rialto, California

by Amy Works August 23, 2023

RIALTO, CALIF. — Birtcher Development LLC has received $75 million in construction financing for the development of Birtcher Logistics Center Rialto, a Class A logistics facility currently under construction in the Inland Empire city of Rialto. Situated on 21 acres, the 492,631-square-foot property will feature 40-foot clear heights, 62 dock-high doors, 5,642 square feet of ground-floor office space and 5,221 square feet of mezzanine space. Additionally, the site will offer 90 trailer parking spaces and 287 auto parking spaces. Greg Brown, Peter Thompson and Spencer Seibring of JLL Capital Markets’ debt advisory team secured the nonrecourse loan from the lender, Principal Global Investors.

August 23, 2023

Acquisitions California Retail Western

ProEquity Asset Management Sells Power Plaza Retail Center in Vacaville, California for $29.2M

by Amy Works August 23, 2023

VACAVILLE, CALIF. — ProEquity Asset Management has completed the disposition of Power Plaza, a grocery-anchored neighborhood retail center at 1001-1071 Helen Drive in Vacaville, approximately midway between Sacramento and San Francisco Bay. DPI Retail acquired the asset for $29.2 million. Built in 1993 and 1994, the 112,250-square-foot retail center was 96 percent occupied at the time of sale. Current tenants include Sprouts Farmers Market, Restoration Hardware Outlet, Williams Sonoma Home Outlet, Pacific Dental Services, The Good Feet Store and Banfield Pet Hospital. Eric Kathrein, Tim Kuruzar, Warren McClean and Andy Spangenberg of JLL Retail Capital Markets represented the seller in the deal.

August 23, 2023

Acquisitions Oregon Retail Western

CBRE Arranges Sale of 146,888 SF Former Sears Property in Happy Valley, Oregon

by Amy Works August 23, 2023

HAPPY VALLEY, ORE. — CBRE has arranged the sale of a 146,888-square-foot property located in Happy Valley, a suburb of Portland. Sears formerly occupied the building, which is physically attached to the adjacent Clackamas Town Center mall, which totals 1.4 million square feet. Dick’s Sporting Goods partially backfilled the property in 2019 and opened in 2020 following the departure of Sears in 2018. The remainder of the building, including two 15,000-square-foot, ground-level spaces and a 64,000-square-foot upper-level space, remains vacant. Dino Christophilis and Daniel TIbeau of CBRE represented the undisclosed seller in the transaction. A Texas-based private investment group acquired the property for an undisclosed price.

August 23, 2023

Acquisitions Colorado Industrial Western

Malman Commercial Brokers $1.6M Purchase of Industrial Building in Englewood, Colorado

by Amy Works August 23, 2023

ENGLEWOOD, COLO. — Malman Commercial Real Estate has arranged the acquisition of an 8,050-square-foot industrial building located at 2703 S. Shoshone St. in Englewood, just south of Denver. AMAC Holdings Ltd. purchased the asset from LTW Properties LLC for $1.6 million. Jake Malman of Malman Commercial represented the buyer, while Tim Shay and TJ Smith of Colliers represented the seller in the transaction.

August 23, 2023

Development Industrial Nevada Western

Panattoni Begins Construction of 182,184 SF Simmons Airpark Industrial Building in North Las Vegas

by Amy Works August 22, 2023

NORTH LAS VEGAS, NEV. — Panattoni Development has started construction on Simmons Airpark, a Class A industrial facility at 2880 Simmons St. in North Las Vegas. The asset is valued at $18 million. Completion is slated for April 2024. The 182,184-square-foot building will feature 36-foot clear heights, a full concrete truck court and drive aisles, potential for evaporative cooling or full HVAC and the potential for a fully secured truck court. Panattoni Development will own the property.

August 22, 2023

Acquisitions California Multifamily Western

Berkadia Negotiates Sale of 248-Unit Hills of Corona Apartments in California

by Amy Works August 22, 2023

CORONA, CALIF. — Berkadia Institutional Solutions has brokered the sale of Hills of Corona, a garden-style multifamily community in Corona. A private Los Angeles-based investor acquired the asset for an undisclosed price. Located at 2365 S. Promenade Ave., Hills of Corona features 248 one- and two-bedroom floor plans with walk-in closets, dishwashers, private balconies or patios and in-unit washers/dryers. Community amenities include a clubhouse, fitness center, two swimming pools, a business center and spa. Derrk Ostrzyzek, Rachel Parsons and Tom Moran Jr. of the Southern California Berkadia Institutional Solutions team handled the transaction. The name of the seller was not released.

August 22, 2023

Acquisitions California Retail Western

Newmark Brokers Sale of 24,867 SF Midtown Plaza Retail Center in Walnut Creek, California

by Amy Works August 22, 2023

WALNUT CREEK, CALIF. — Newmark has completed the sale of Midtown Plaza, an urban retail center in the Bay Area city of Walnut Creek. The asset traded for an undisclosed amount. Nicholas Bicardo, Rick Steffens and Cheyne Bloch of Newmark represented the undisclosed seller, while L&B Realty Advisors represented the buyer, an institutional client. The 24,867-square-foot property is located at 1410-1444 N. California Blvd. and 1620-1630 Cypress St. and includes a surface parking lot. At the time of sale, the shopping center was 100 percent leased to a variety of food, home improvement and service retail tenants, including Galpao Gaucho Brazilian Steakhouse and Premier Bath & Kitchen.

August 22, 2023

California Loans Multifamily Western

JLL Arranges $28M in Financing for Casa Verde Multifamily Community in San Diego

by Amy Works August 22, 2023

SAN DIEGO — JLL Capital Markets has arranged $28 million in construction take-out financing for Casa Verde, an urban infill multifamily property in San Diego’s North Park neighborhood. The borrower is Champion Real Estate Investments. Olga Walsh and Jack Wood of JLL Capital Markets secured the nonrecourse, floating-rate bridge loan for the borrower. The new loan retired a high-leverage construction loan, covered transaction costs and carry reserves, and provided significant cash out to the sponsor while allowing sufficient time for stabilization in anticipation of permanent financing. Located at 3066 N. Park Way, Casa Verde features 94 studio and one-bedroom units and 3,000 square feet of restaurant space on the ground floor. Community amenities include barbecue and fire pit areas, a rooftop deck and clubhouse, bike repair and storage, gated parking garage, and city and mountain views from the top floors.

August 22, 2023

Brittany-House-Memory-Center-Long-Beach-CA

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Blueprint Negotiates Sale of Brittany House Memory Care Center in Long Beach, California

by Amy Works August 22, 2023

LONG BEACH, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Brittany House Memory Care Center in Long Beach, just south of Los Angeles. The seller is a San Diego-based developer and operator looking to focus its resources on a newly developed portfolio of communities throughout Orange and San Diego counties. The buyer is a Los Angeles-based high-net-worth family. The price was not disclosed. The buyer plans to convert the memory care community into an affordable housing property using the Assisted Living Waiver program in California. The Blueprint team included Jacob Gehl and Scott Frazier.

August 22, 2023

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