Western

Forever 21 Files for Chapter 11 Bankruptcy, Will Close All U.S. Stores

by Taylor Williams March 17, 2025

LOS ANGELES — Forever 21 has filed for Chapter 11 bankruptcy and will begin the process of closing all its U.S. stores. According to Reuters, the U.S. store count is about 350. The Los Angeles-based apparel retailer filed over the weekend in the U.S. Bankruptcy Court for the District of Delaware. Forever 21 has entered into a plan support agreement with its lenders to begin the voluntary closure process while continuing to look for sales opportunities of existing U.S. assets. Forever 21 was founded in 1984 and had a footprint of more than 800 stores worldwide at the height of its operation. The company also filed for Chapter 11 bankruptcy protection in 2019, which led to the company closing 350 stores across the United States and other countries. International stores are not impacted by the 2025 filing. As a relative staple within American mall tenancy, Forever 21 faced new challenges in its post-2019 bankruptcy filing stemming from the COVID-19 pandemic and elevated competition from e-commerce brands and platforms. According to CNBC, the company has been hit especially hard by competition from Chinese platforms Shein and Temu. The company’s ownership structure underwent a series of changes between 2021 and 2023, and …

March 17, 2025

Acquisitions California Multifamily Western

American Assets Trust Acquires 192-Unit Multifamily Property in San Diego

by Amy Works March 14, 2025

SAN DIEGO — American Assets Trust has purchased Genesee Park, an apartment community located at 3625 Earnscliff Place in San Diego, from Hess Genesee Park LLC for an undisclosed price. Rachel Parsons, Derreck Ostrzyzek, Mike Murphy, Chris Tresp and Kenji Thomas of CBRE represented the seller in the transaction. Built in 1985, Genesee Park consists of six buildings, each configured with three stories of residential space over one level of gated on-grade garage parking. The community features 192 one-, two- and three-bedroom floor plans, each averaging 1,051 square feet. Units offer an outdoor balcony, oversized windows and ample storage closets. Genesee Park also features a deck area with a pool, spa, lounge seating and outdoor dining tables.

March 14, 2025

MCA-Freeway-Industrial-Park-Riverside-CA

California Industrial Loans Western

Northmarq Arranges $52M in Refinancing for 17-Building Industrial Park in Riverside, California

by Amy Works March 14, 2025

RIVERSIDE, CALIF. — Northmarq, on behalf of MCA Realty, has arranged $52 million in refinancing for MCA Freeway Industrial Park, a 17-building asset totaling 481,201 square feet. Scott Botsford and Joe Giordani of Northmarq’s Newport Beach, Calif., Debt + Equity team secured the refinancing, which was structured on a sub-6 percent fixed-rate, five-year term with partial interest-only payments and substantial cashout. Northmarq originated and will service the loan. The firm sourced the loan through its correspondent life insurance platform. Located at 1600-2060 Chicago Ave. and 1614-1616 Marlborough Ave., MCA Freeway Industrial Park is occupied by 120 tenants. The property offers three dock-high doors, 123 roll-up doors, 962 parking stalls and suite sizes ranging from 1,075 square feet to 23,477 square feet.

March 14, 2025

Colorado Development Industrial Western

VanTrust Enters Colorado Market with 363,955 SF Industrial Development in Monument

by Amy Works March 14, 2025

MONUMENT, COLO. — VanTrust has broken ground for the construction of Falcon Commerce Center, a two-building Class A industrial development in Monument. The buildings offer a total of 363,955 square feet of industrial, warehouse and distribution space. The project is VanTrust’s first venture in the Colorado market. Falcon Commerce Center will include the 249,633-square-foot Building A and 114,322-square-foot Building B. Building A will be the area’s first cross-dock speculative facility, while Building B will feature a rear-load dock. Building B is slated for completion in first-quarter 2026, with Building A scheduled for delivery in second-quarter 2026. VanTrust is partnering with CP Real Estate Capital on the project. Randy Churchill of NAI Highland Commercial and Carmon Hicks of JLL are handling leasing for Falcon Commerce Center.

March 14, 2025

Acquisitions Arizona Industrial Western

BKM Capital Partners Sells 159,304 SF Rose Garden Business Park in Phoenix

by Amy Works March 14, 2025

PHOENIX — Newport Beach, Calif.-based BKM Capital Partners has completed the sale of Rose Garden Business Park, a small-bay industrial park on 10.2 acres in Phoenix. An undisclosed affiliate of BKM Capital Partners acquired the asset for $35.1 million. Located at 1801-1831 W. Rose Garden Lane and 20801-20823 N. 19th Ave., the property consists of nine buildings offering a total of 159,304 square feet of industrial space. Originally built in 1987, Rose Garden Business Park features 18-foot clear heights, 43 grade-level doors and 16 dock doors. At the time of sale, the property was fully leased. Bob Buckley and Tracy Cartledge of Cushman & Wakefield, in collaboration with Will Strong, Michael Matchett, Molly Hunt, Jack Stamets and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, represented the seller in the deal.

March 14, 2025

Acquisitions California Industrial Western

Marcus & Millichap Brokers Sale of 50,000 SF Industrial Property in Los Angeles

by Amy Works March 14, 2025

LOS ANGELES — Marcus & Millichap has arranged the purchase of an industrial building located at 21300 Vanowen St. in Los Angeles. The asset traded for $16.3 million. Adam Abushagur, Ari Greene and Joshua Cohan of Marcus & Millichap represented the buyer, a limited liability company, in the deal. Situated on 2.4 acres, the single-tenant, 50,000-square-foot distribution center offers 16-foot clearances and 11 dock-high and grade-level doors. At the time of sale, the property was occupied by a FedEx Ship Center on a triple-net lease at market rate.

March 14, 2025

California Loans Multifamily Western

MMCC Arranges $16.8M in Refinancing for Le Noble Apartments in Los Angeles

by Amy Works March 13, 2025

LOS ANGELES — Marcus & Millichap Capital Corp. (MMCC) has secured $16.8 million for the refinancing of Le Noble Apartments in Los Angeles. Terms of the 30-year loan include three years of interest-only payments at a 6.19 percent rate followed by a 30-year amortization and a 65 percent loan-to-value ratio. Dan Litman of MMCC secured the financing with a national bank on behalf of a local commercial brokerage firm that specializes in sales, leasing and management of multifamily and commercial properties located in Los Angeles County, Calif. Located at 5768 W. 3rd St., Le Noble Apartments offers 46 residences with in-unit washers/dryers. The property features elevators, balconies, a dog park, courtyard and fitness center that is currently under construction.

March 13, 2025

Acquisitions California Industrial Western

Newmark Brokers Sale of 218,648 SF Birch Commerce Center in Brea, California

by Amy Works March 13, 2025

BREA, CALIF. — Newmark has negotiated the sale of Birch Commerce Center, a Class A distribution facility in Brea. Terms of the transaction were not released. Built in 2016, the 218,648-square-foot facility is fully leased to two tenants. Birch Commerce Center offers a clear height of 32 feet, 21 dock-high loading doors, ESFR sprinklers and a fully fenced concrete truck court. The property offers proximity to SR-57, SR-91, SR-60, SR-22 and Interstate 5. Bret Hardy, Jim Linn, Andrew Briner, Aaron Banks and Kevin Shannon of Newmark represented the undisclosed institutional seller in the deal. Jeff Read, Scott Read and Greg Osborne of Newmark are serving as leasing agents for the property.

March 13, 2025

Acquisitions California Retail Western

Westar Associates Sells 96,380 SF Foothill Park Plaza in Monrovia, California

by Amy Works March 13, 2025

MONROVIA, CALIF. — Newport Beach, Calif.-based Westar Associates has completed the disposition of Foothill Park Plaza, a neighborhood shopping center in Monrovia, to Phillips Edison & Co. for an undisclosed price. Developed in 1985, the 96,390-square-foot center is occupied by Vons, Chase Bank, Wendy’s, Blaze Pizza, Baskin Robbins and See’s Candies. Pete Bethea, Rob Ippolito and Glen Rudy of Newmark represented the seller, which has owned, leased and managed the property for the last 40 years through its affiliated companies.

March 13, 2025

Acquisitions Colorado Mixed-Use Office Restaurant Retail Western

Revitalization Unlimited Acquires 34,160 SF Mixed-Use DeGraff Building in Colorado Springs

by Amy Works March 13, 2025

COLORADO SPRINGS, COLO. — Revitalization Unlimited has purchased The DeGraff Building, a mixed-use property at 118 N. Tejon St. in Colorado Springs. Terms of the transaction were not released. The four-story, 34,160-square-foot building features 18 rental units, 16 of which are currently leased. For the past decade, Oskar Blues Grill & Brew has occupied the first floor and basement, while the upper floors are used as office space. Built in 1897, The DeGraff Building is listed on the National Register of Historic Places.

March 13, 2025

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