IRVINE, CALIF. — West Capital Lending has purchased 17911 Von Karman Avenue, a five-story Class A office building in Irvine’s Concourse submarket. John Hancock Insurance sold the asset for $23.7 million. West Capital Lending will occupy approximately half of the 104,375-square-foot building for its corporate headquarters. Two additional tenants will continue to occupy the first and second floors of the asset. Jay Nugent and Scott Read of Newmark represented the buyer in the deal.
OREM, UTAH — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the purchase of Towne Storage Vineyard, a self-storage property in Orem. Storage Center Group acquired the asset for an undisclosed price. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the buyer in the off-market transaction. Managed by Towne Storage, the 84,745-square-foot property offers 554 units on 4.4 acres. The facility was originally constructed in 2019 and features 11 single-story buildings with 188 interior climate-controlled units and 366 non-climate-controlled, drive-up units.
HUNTINGTON PARK, CALIF. — SRS Real Estate Partners has arranged the acquisition of a retail property located at 3111 E. Florence Ave. in Huntington Park. A Mexico-based private investor purchased the asset from a Los Angeles-based private investor for $11.3 million. Smart & Final occupies the 28,000-square-foot property, which was built in 2018 on 1.3 acres. The property offers ample onsite parking, including a rooftop parking area. Joe Chichester, John Redfield and Kyle Zimmer of SRS Capital Markets represented the buyer in the deal.
The March 2 France Media webinar “Flood Zones & FEMA Compliance — How Developers Avoid Delays, Cut Insurance Costs & Increase Property Value,” hosted by France Media and sponsored by National Flood Experts, examined how flood zones and evolving regulatory requirements are shaping development and financing outlooks. Flood risk is often treated as a late-stage compliance issue, but it can influence site design, permitting timelines, construction costs (and cost expectations) and long-term insurance expenses. Flood maps established by federal and local authorities define development constraints such as base flood elevations and floodways. Because these maps are updated slowly and regulations vary by municipality, developers frequently encounter unexpected complications during permitting, including the need for additional engineering studies, modeling requirements and extended approval timelines. The webinar panelists emphasized ways that developers can mitigate these risks by approaching flood zones strategically and incorporating flood analysis earlier in the development lifecycle. Early collaboration can identify opportunities to cut costs and avoid delays. Watch this brief webinar to learn about common problems caused by flood zones, changes in regulatory needs and practical pathways to help reduce or eliminate flood zone requirements (to increase the value of properties). Click here to download the slide presentation. …
VAN NUYS, CALIF. — CIRE Equity has purchased Roscoe Woodley North LA Industrial Campus, a fully leased industrial property in Van Nuys. Terms of the transaction were not disclosed. Located at 8201-8221 Woodley Ave. and 16200 Roscoe Blvd., the campus offers 307,883 square feet of industrial space spread across two buildings and a 7.4-acre M2-zoned yard on 19 acres. The property features 16 dock-high doors, six ground-level doors and a clear height of 28 feet in the main warehouse, as well as abundant parking, modern power infrastructure and flexible industrial configurations. Michael Longo, Eric Cox and Bennett Robinson of CBRE represented the confidential seller in the transaction.
SUPERIOR, COLO. — Pennrose has broken ground on Kite Route Crossing, a 50-unit affordable multifamily property for residents age 55 and older in downtown Superior. Slated to open in summer 2027, the asset will be the first income- and rent-restricted residential community in the town. Kite Route Crossing will offer 44 one-bedroom and six two-bedroom units available at 30 percent to 70 percent of the area median income. Apartments will include modern kitchens with hard-surface counters, Energy Star appliances, luxury vinyl flooring, bedrooms with walk-in closets, storage closets and Juliet balconies in select units. Community amenities will include covered parking and ground-floor amenity space, including onsite property management and maintenance, a community room, an open-concept lobby, activity room, indoor bike storage, pet washing station, package room and a fitness center. The $26.3 million development is financed by federal and state housing tax credits allocated by the Colorado Housing and Finance Authority and purchased by Hudson Housing Capital and JP Morgan Chase. JP Morgan Chase provided a senior construction loan and Berkadia provided a permanent loan. The Colorado State Division of Housing, Department of Local Affairs, Boulder County, the Town of Superior and the Community Foundation of Boulder County all provided financial …
WOODBURN, ORE. — Gantry has secured a $12 million construction-to-permanent loan for the development of an assisted living facility in Woodburn. Charlie Kokernak and Tim Brown of Gantry arranged the 10-year, fixed-rate loan for the borrower, an affiliate of Benicia Senior Living. An Oregon-based credit union provided the loan, which includes interest-only payments for the first three years followed by a 25-year amortization. Located at 1000 Country Club Road NE, the community will feature 46 units, totaling 51 beds. The property is adjacent to Heartwood Place Memory Care, which is also owned and managed by Benecia Senior Living.
CASHMERE, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a seniors housing community located in Cashmere in central Washington. Situated on roughly 1.5 acres, the community comprises 42 units. A regional owner-operator seeking to expand its footprint in the state acquired the property for an undisclosed price. The seller was a local owner-operator exiting the industry. Jason Punzel, Vince Viverito, Jake Anderson and Taylor Graham of SLIB brokered the transaction.
PHOENIX — Workspace Property Trust has completed the disposition of a two-building office campus in Phoenix. An affiliate of Wentworth Property Co. acquired the property for an undisclosed price. Totaling 238,500 square feet, the campus includes two three-story buildings with 39,750-square-foot floor plates. Onsite amenities include a fitness center with locker rooms, a large kitchen, electric vehicle charging stations, multiple indoor and outdoor work areas and loading docks. Originally built in 2001, the asset offers flexible configurations suitable for a range of tenant needs. The campus is located at 25500-25600 N. Norterra Drive. Wentworth plans to invest in the property, including a full mechanical engineering upgrade and new food, wellness and training amenities. Jim Bayless and Ashley Brooks Jr. of CBRE advised on the transaction. The team will handle leasing for the property on behalf of Wentworth, with Wentworth Property Management managing the campus.
WESTWOOD, CALIF. — Newmark has arranged the sale of 10918-10926 Le Conte Avenue, a land site with a 9,647-square-foot office building in Westwood. An undisclosed buyer acquired the asset from Le Conte Westwood Development for $38.2 million. Ryan Plummer of Newmark, along with WESTMAC’s Willa McNamara Fields and Jim Burnap, represented the seller. Newmark’s David Kluth and JLL’s Aliya Coher represented the buyer in the off-market transaction. The buyer’s plans for the new development on the site will be released in the upcoming months.