MORENO VALLEY, CALIF. — Faris Lee Investments has brokered the $4.6 million sale of Woodstock Plaza, a retail strip center in Moreno Valley. The center was 75 percent occupied at the time of sale. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller in the all-cash transaction. A private investor acquired the property.
MERIDIAN, IDAHO — Wood Investments Cos. has announced the opening of a 42,212-square-foot PGA Tour Superstore at Gateway Marketplace, a 135,732-square-foot retail center in the Boise suburb of Meridian. The store now leases the former Rosauers grocery store space. Other tenants at the center include Trader Joe’s, Mecca Gym, Land Ocean, Chili’s Grill & Bar, Le Peep, Mathnasium and Orange Theory. Andrea Nilson, LeAnn Hume, Travis Dunn, Julie Kissler and Braydon Torres of Cushman & Wakefield handle leasing at the property. Stuart Thain of Colliers represented the tenant in the leasing negotiations.
LOS ANGELES — CBRE has hired John Boyett as first vice president and Adam Feldman as a senior associate in the firm’s Woodland Hills office in Los Angeles. Boyett and Feldman will focus on multifamily investment sales in the Los Angeles metropolitan area. Boyett previously served as associate vice president at Matthews Real Estate Investment Services. Feldman also worked at Matthews as a senior associate, where he specialized in the acquisition, disposition and analysis of multifamily assets.
GOODYEAR, ARIZ. — Gantry has arranged a $41.6 million loan to refinance the Lunaire Apartments in Goodyear. The 240-unit community is located at 949 S. Goodyear Blvd. Amenities include modern unit interior finishes, recent landscape and exterior renovations, resort-style pool and spa, 24-hour fitness center, covered parking and EV charging stations. The five-year, fixed-rate loan was placed with Freddie Mac. It features an interest-only period and an interest rate below 5 percent.
TORRANCE, CALIF. — Legacy Partners has purchased Del Amo Village, a development site located in the Los Angeles suburb of Torrance, for $18.3 million. The site comprises 2.8 acres located within Los Angeles County’s South Bay submarket at 1844 Plaza del Amo. The development plan for the project includes entitlements for 200 market-rate apartment units. Kevin Shannon, Ken White, Chris Benton, Michael Moore and Anthony Muhlstein of Newmark represented the sellers, which were PCCP, LaCaze, Muller Co. and Bentall GreenOak.
COLUMBIA FALLS, MONT. — Brinkman Real Estate has acquired The Highline, a 180-unit multifamily property in Columbia Falls, for an undisclosed price. Columbia Falls is located within Montana’s Flathead County in the northwest corner of the state. The Highline was built in 2020. Brinkman plans to renovate the community with new landscaping and signage, smart-home packages and laundry hookups to all units, and amenities such as a grilling area. According to the property website, community amenities currently include a playground, dog park and a clubhouse. Brinkman Real Estate’s capital market team, in partnership Brady O’Donnell, Jeff Halsey, Jill Huang and Alex Scott of CBRE’s Institutional Debt and Restructured Finance team, secured financing through Fannie Mae for the acquisition. Triad Real Estate Partners represented the undisclosed seller in the transaction.
MESA, ARIZ. — Cypress West Partners purchased a 30,000-square-foot medical office building in Mesa. The single-story property is located at 6309 East Baywood Ave. The seller and price were not disclosed. The firm acquired the fully vacant building from a group of local physicians that originally developed the property in 2002. They had operated a practice there until recent retirement. A cardiology practice has signed a new lease for 20,000 square feet at the property, with plans to establish a flagship clinical location. Cypress West is investing more than $3 million in capital improvements to the building, including roof, mechanical and site improvements. It is also modernizing an existing 10,000-square-foot ambulatory surgery center to current licensure standards and code. The space will offer two operating rooms, with an ability to increase to four. The repositioning is scheduled for completion by September. Steve Berghoff and Mark Haslip of Menlo Group are handling leasing for the property.
TWIN FALLS, IDAHO — Wood Investments Cos. has announced the addition of three new tenants to Canyon Park West, a 160,140-square-foot retail center in Twin Falls. Natural Grocers plans to open a 20,000-square-foot store at the property this fall. Additionally, Ashley HomeStore and Carter’s have signed leases totaling 18,000 and 4,084 square feet, respectively, and are now open at the center.
By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …
SEATTLE — Green Leaf Capital Partners has acquired the 96-unit Encore apartments in Seattle for $35.3 million. The community is located in the Columbia City neighborhood, adjacent to the Columbia City Link light rail stop. It also contains 6,100 square feet of street-level retail. Originally developed as high-end condominiums, the mixed-use building was completed in 2022. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors represented the seller, BDR Holdings LLC, and procured the buyer in this transaction.
