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Appellation-Hotel-Healdsburg-CA
CaliforniaDevelopmentHospitalityLoansWestern

Greenrock Capital, Petros PACE Arrange $62.6M C-PACE Financing for Appellation Healdsburg Hotel in Sonoma County

by Amy Works

HEALDSBURG, CALIF. — Greenrock Capital and Petros PACE Finance have arranged $62.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the construction of the Appellation Healdsburg in Sonoma County. CCS Healdsburg Hotel LLC — a partnership between Comstock Development Co., Wine Country Holdings (an affiliate of Appellation) and HVH Investment — will develop the property for the new culinary-forward luxury hotel brand and operator, Appellation. Slated to open in 2025, the 108-room hotel will offer a 160-seat Charlie Palmer signature restaurant and bar, a rooftop bar, fitness club, spa, two pools and 15,000 square feet of meeting and event space. The project is being developed as part of the broader North Village mixed-use master plan, which is located two miles north of downtown Healdsburg.

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Arcadia-Cold-Storage-El-Mirage-AZ
ArizonaDevelopmentIndustrialWestern

Ti Cold Completes 300,000 SF Cold Storage Facility in El Mirage, Arizona

by Amy Works

EL MIRAGE, ARIZ. — Melbourne, Fla.-based Ti Cold, as designer and builder, has completed the construction of Phoenix Cold Storage Facility, a nearly 300,000-square-foot cold storage property in El Mirage, approximately 20 miles northwest of Phoenix. Arcadia Cold Storage and Logistics fully occupies the property, which serves as the company’s hub for the Southwest United States with access to key metropolitan markets in Southern California, Arizona, Nevada, Utah, New Mexico and Colorado. The fully racked facility features five fully convertible rooms with the ability to handle frozen and chilled temperatures from negative 10 to 40 degrees Fahrenheit; 60-foot-deep refrigerated dock; and doors to manage distribution and handling services. The property also features 40,500 pallet positions situated in a 50-foot clear height rooms and utilizes the ALTA EXPERT Industrial Freon Refrigeration System. This facility represents one of the first large-scale, third-party logistics cold storage facilities in the Phoenix market.

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California-Plaza-Fresno-CA
AcquisitionsCaliforniaRetailWestern

Graystone Negotiates $5M Sale of California Plaza Retail Center in Fresno

by Amy Works

FRESNO, CALIF. — Graystone Capital Advisors has arranged the $5 million sale of California Plaza, a neighborhood retail center in Fresno. The property traded between two local California-based investors. Brent Zoller and Brenton Baskin of Graystone represented the seller and procured the buyer in the deal. Constructed in 1987, the California Plaza features 39,170 square feet of retail space. At the time of sale, the asset was 62 percent vacant. The retail center is set on a 194,182-square-foot parcel along Blackstone Avenue.  

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9156-W-Peoria-Ave-Peoria-AZ.jpg
AcquisitionsArizonaNet LeaseRetailWestern

Private Investor Buys 12,900 SF Retail Building Occupied by Dunn-Edwards Paints in Peoria, Arizona

by Amy Works

PEORIA, ARIZ. — A private investor has acquired a net-leased property, located at 9156 W. Peoria Ave. in Peoria, from an undisclosed seller for $3.1 million. Dunn-Edwards Paints occupies the 12,900-square-foot building. The sale included a triple-net lease with corporate guarantee and eight percent rental increases every five years. The tenant has operated at the site for more than 20 years and recently extended its lease. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller.

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CaliforniaDevelopmentHospitalityRestaurantRetailTop StoriesWestern

Hard Rock, Steinhaur to Co-Develop 31-Story Hard Rock Hotel Long Beach in Southern California

by John Nelson

LONG BEACH, CALIF. — Global hotelier Hard Rock International has partnered with development firm Steinhauer Properties to develop Hard Rock Hotel Long Beach, a 31-story hotel in downtown Long Beach. The hotel will be situated adjacent to the Long Beach Convention & Entertainment Center along East Ocean Boulevard. Hard Rock Hotel Long Beach will include approximately 427 rooms and suites, including a Rock Star Suite. The hotel will also feature the tallest open rooftop bar on the Southern California coast, as well as an outdoor swimming pool with an amenities deck. The co-developers plan to break ground on the hotel in summer 2024 with plans to open the property in spring 2027. The new development is expected to create approximately 3,100 construction jobs and approximately 500 permanent positions once operations begin in 2027. The hotel represents the first new full-service hotel to be built in Long Beach in 30 years and the first new Hard Rock hotel in Southern California in almost a decade, according to Hard Rock. Amenities will also include Body Rock Fitness Studio, two onsite restaurant options and a Rock Shop that will sell Hard Rock merchandise and other items. The new property will also feature a …

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Cabana-North-Valley-Phoenix-AZ
Affordable HousingArizonaDevelopmentMultifamilyWestern

Greenlight Communities Breaks Ground on 159-Unit Cabana North Valley Affordable Apartments in Phoenix

by Amy Works

PHOENIX — Scottsdale-based Greenlight Communities has broken ground on Cabana North Valley, a 159-unit affordable multifamily community in Phoenix. Located at 33455 N. North Valley Parkway, Cabana North Valley will feature 59 studios, 66 one-bedroom units and 34 two-bedroom units, as well as three courtyards with a wide array of amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by providing housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024.

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AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Brokers $9.1M Sale of Three-Property Multifamily Portfolio in Los Angeles

by Amy Works

LOS ANGELES — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio totaling 50 units in the Panorama City neighborhood of Los Angeles. The asset traded for $9.1 million, or $182,000 per unit. The portfolio includes 14808 Blythe St., 14820 Blythe St. and 7918 Kester Ave. Rick Raymundo and Phil Rodgers of Marcus & Millichap represented the undisclosed buyer, while Jeff Louks and Elliot Sabag, also of Marcus & Millichap, represented the undisclosed seller in the deal. JP Morgan Chase Bank provided acquisition financing for the buyer.

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800-W-Tower-Ave-Alameda-CA.jpg
CaliforniaIndustrialLoansWestern

CBRE Arranges $9M in Financing for Industrial Asset in Alameda, California

by Amy Works

ALAMEDA, CALIF. — CBRE has arranged $9 million in refinancing for a multi-tenant industrial building located at 800 W. Tower Ave. in the Bay Area city of Alameda. Situated on 6.8 acres, the fully occupied facility features 32-foot clear heights and 20 hanger-style doors, which form the east and west facades of the building. Bob Ybarra, Jim Korinek, Bruce Francis, Shaun Moothart, Doug Birrell and Nick Santangelo of CBRE Capital Markets Debt and Structured Finance secured the 25-year loan, which is fully amortizing with a rate reset at the end of every five years of the loan. The borrower and use of the funds were not disclosed.

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AcquisitionsArizonaIndustrialWestern

Stos Partners Sells 28,520 SF Industrial Facility in Phoenix

by Amy Works

PHOENIX — Stos Partners has completed the disposition of an industrial property in Phoenix. The Sacket Family purchased the asset for $7.2 million. Situated on 1.9 acres at 2757 E. Chambers St., the 28,520-square-foot building features 22-foot clear heights, a secured yard, abundant power, wrap-around access and signage. The seller originally acquired the asset in March 2022 for $4.4 million and implemented a capital improvement program that stabilized and re-tenanted the property. David Wilson and Carter Wilson of Daum Commercial represented the seller, while Alexey Zabolotskikh of Lee & Associates represented the buyer in the transaction.

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1751-Cabrillo-Ave-Torrance-CA
AcquisitionsCaliforniaMultifamilyWestern

Private Exchange Investor Buys Apartment Building in Torrance, California for $4.8M

by Amy Works

TORRANCE, CALIF. — CBRE has arranged the purchase of a multifamily property located at 1751 Cabrillo Ave. in Torrance, just south of Los Angeles. A Torrance-based private exchange buyer acquired the asset from a Los Angeles-based seller for $4.8 million. Built in 1964, the two-story, 8,555-square-foot building features 11 units in a mix of one-, two- and three-bedroom layouts. Community amenities include an on-site laundry facility. Dan Blackwell and Trey Mitchell of CBRE represented the buyer in the transaction.

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