Western

Marcus & Millichap Brokers Sale of Cypress Villa Apartment Property in Covina, California

by Amy Works May 28, 2025

COVINA, CALIF. — Marcus & Millichap has arranged the sale of Cypress Villa, a multifamily community at 19529 E. Cypress St. in Covina. Forgette Family Trust sold the asset to SRI Properties LLC for $2.8 million. Built in 1984, Cypress Villa offers 11 two-bedroom/one-bath units with central air conditioning and heat, two parking spaces per unit and access to an onsite laundry room. Additionally, each unit is individually metered for gas and electricity. Douglas McCauley and David Covarrubias of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 28, 2025

California Development Industrial Western

Outrigger Industrial, MetLife Investment to Develop Kennedy Logistics Center in Oakland

by Amy Works May 27, 2025

OAKLAND, CALIF. — Outrigger Industrial, in partnership with MetLife Investment, has unveiled plans to redevelop a property at 727 Kennedy St. in Oakland into Kennedy Logistics Center. Construction is slated to begin in third-quarter 2025 with a completion date of second-quarter 2026. The initial phase of construction involves the reduction of the existing building footprint by 57,000 square feet to allow for loading dock reconfiguration — 30 new dock-high positions along with a 130-foot truck court. The 177,000-square-foot upgraded building will include numerous structural re-enforcements and visual enhancements, including new structural columns, a clear height of 32 feet, updating existing building systems to meet current codes compliance and creating a dedicated office space. The building is located immediately adjacent to the Interstate 880 between Port of Oakland and OAK Airport.

May 27, 2025

Acquisitions California Industrial Western

MSI Computers Corp. Buys 200,000 SF Industrial Property in City of Industry, California

by Amy Works May 27, 2025

CITY OF INDUSTRY, CALIF. — MSI Computers Corp. has acquired an industrial property located at 18045 Rowland St. in City of Industry from LINK for $65.2 million, or $326 per square foot. Built in 1985, the 200,000-square-foot asset features a clear height of 26 feet, 18 dock-high loading doors, two grade-level doors and a newly constructed 4,735-square-foot office build-out. Additionally, the property offers a private, fenced yard that can accommodate 60 trailers and 56 autos. Jason Chao of CBRE represented the buyer in the transaction.

May 27, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $18.9M Sale of Apartment Community in San Jose, California

by Amy Works May 27, 2025

SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Lakewood Court Apartments, a 48-unit multifamily property in San Jose. A private investor sold the property to an undisclosed buyer for $18.9 million. Adam Levin, Robert Johnston, Eymon Binesh and Mark Kis of Levin Johnston of Marcus & Millichap handled the transaction, including sourcing the buyer. Built in 1989 on 1.6 acres, Lakewood Court Apartments features 22 one-bedroom/one-bath units, four one-bedroom/one-bath lofts, 12 two-bedroom/one-bathroom units and six two-bedroom/two-bath units. In-unit amenities include granite countertops, stainless steel appliances, fireplaces, walk-in closets, balconies, patios and porches. The community includes a pool, spa, rooftop terrace and laundry facilities. Lakewood Court Apartments is located at 1953 Via Reggio Court.

May 27, 2025

Acquisitions California Industrial Office Western

BH Properties Acquires 110,669 SF Office, R&D Building in Silicon Valley

by Amy Works May 27, 2025

SAN JOSE, CALIF. — BH Properties has expanded its Bay Area footprint with the acquisition of 2125 O’Nel Drive, a Class A office and research-and-development building located in North San Jose. The recently renovated two-story building offers visibility along Highway 101 and is situated minutes from Mineta San Jose International Airport. Originally built in 1985 and modernized in 2022, the 110,669-square-foot building features a remodeled contemporary lobby, cafe-style kitchen with a NanaWall system, expanded glass lines, new exterior landscaping with outdoor collaborative areas and upgraded building systems. Andy Zighelboim, Kevin Moul, Brad Idleman and Bob Giley of Colliers represented the seller, while Peter Horn led the acquisition for BH Properties. Terms of the transaction were not released.

May 27, 2025

Acquisitions Colorado Retail Western

Pinnacle Real Estate Brokers Sale of Two-Property Liquor Store Portfolio in Castle Rock, Colorado

by Amy Works May 27, 2025

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a two-property portfolio of operating liquor stores in Castle Rock. The portfolio includes Bubbles Liquor World, a 27,395-square-foot flagship store located off Interstate 25 and Meadow Parkway in Castle Rock, and Tiny Bubbles, a 4,000-square-foot satellite store on the east side of Castle Rock. The portfolio generates around $15 million in annual revenue. Levi Saxen and Jack Eberwein of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the off-market deal. The Pinnacle team secured SBA financing for both locations and structured long-term leases for the new operators, ensuring stability and continued success for all parties involved.

May 27, 2025

California Market Reports Multifamily Western Western Market Reports

Strong Fundamentals Attract Foreign Capital, Demand for Los Angeles Multifamily

by John Nelson May 27, 2025

— By Kalli Knight of Colliers — The Los Angeles multifamily market faces several headwinds, including rising expenses, the aftermath of recent fires, insurance exclusions and Measure ULA. These factors impact transaction volumes, leading many investors to remain on the sidelines. However, Southern California and Los Angeles will continue to have strong fundamentals, attracting a unique pool of buyers. This includes qualified, high-net-worth family offices eager to take advantage of limited competition to acquire new construction at prices below replacement costs or favorable debt terms. Management companies are increasingly critical in supporting property stabilization post-pandemic, with a growing urgency to enhance operations and increase net operating income. As construction loans mature, their impact on property stabilization is significant. Though the concession rate of 0.7 percent is significantly less than the national concession rate of 1.1 percent, many developers now offer four to six weeks of concessions to lease properties and meet projected rents outlined in their financial analyses. Some developers have also opted for creative strategies, such as providing customized closets to attract renters at higher luxury price points instead of relying solely on weekly concessions. Vacancy rates in the market vary, but have generally improved since 2024. They have …

May 27, 2025

Arizona Development Multifamily Student Housing Western

Core Spaces Completes 648-Bed Student Housing Project Near University of Arizona

by Amy Works May 23, 2025

TUCSON, ARIZ. — Core Spaces has completed Hub Tucson First, a 648-bed student housing development serving students attending the University of Arizona in Tucson. The 273,627-square-foot community offers 161 fully furnished units in studio, two-, three-, four-, five- and six-bedroom configurations. Shared amenities include a rooftop deck with a pool, spa, hot tub, cabanas and an outdoor lounge and grill area; state-of-the-art fitness center; wellness spa with a dry sauna and yoga room; clubroom with lounge space; executive business area with printers; group and private study rooms; and a dog run. The development was built in partnership with Findorff and Antunovich Associates.

May 23, 2025

California Leasing Activity Restaurant Retail Western

Five New Restaurant Tenants Join Shops at Hollywood Park in Metro Los Angeles

by Amy Works May 23, 2025

INGLEWOOD, CALIF. — Five new tenants have signed leases to join the Shops at Hollywood Park, the 390,000-square-foot retail district located within the larger Hollywood Park mixed-use development in Inglewood. The new round of leases — which total 13,000 square feet — includes food-and-beverage concepts Raising Cane’s, The Melt, Panini Kabob Grill, Lan Noodle and Rhythm Bar and Lounge. Hollywood Park is owned, developed and operated by Los Angeles Rams owner Stanley Kroenke. Hollywood Park spans 300 acres across 890,000 square feet. In addition to retail, the development features hospitality, residential, office and entertainment space, as well as public parks. Construction of Hollywood Park Studios, a film studio and Olympic broadcast facility, is scheduled to begin at the property this summer. Additional retail tenants include Cinépolis Luxury Cinemas, JD Sports, Iconix Fitness, Cosm and The Meeting Spot, with Phenix Salon Suites, Code Next Lab and Verizon Wireless opening soon.

May 23, 2025

Affordable Housing Development Multifamily Oregon Western

Annex Group Opens 174-Unit Affordable Housing Community in Corvallis, Oregon

by Amy Works May 23, 2025

CORVALLIS, ORE. — The Annex Group has opened Union at Pacific Highway, an affordable housing property in Corvallis. Construction on the $56 million community began in early 2023, with the property — managed by Avenue5 Residential — now 99 percent leased. Union at Pacific Highway features 174 one-, two- and three-bedroom apartments for individuals and households earning up to 60 percent of the area median income. Situated on more than 7 acres, the property offers a community center, fitness center, playground, community gardens, a dog park, dog wash, business center, activity rooms and a picnic area. Partners on the project include Oregon Housing and Community Services, the City of Corvallis, Linn-Benton Housing Authority, Structure Development Advisors as the LIHTC consultant, KTGY as architect and DEVCO Engineering as civil engineer. Additionally, Piper Sandler placed the tax-exempt bonds and NDC provided more than $19 million in tax credit equity.

May 23, 2025

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