LOS ANGELES — Champion Real Estate Co. has received a $16.1 million loan to refinance Victory on Portland, a 139-bed student housing community located at 2353 Portland St. in Los Angeles. The company, which purchased the asset in March 2020 for $14.1, secured the long-term, fixed-rate financing through Wintrust Bank. Champion renovated the property by upgrading the mechanical systems, renovating the interior units, enhancing curb appeal, increasing the amenity package and rebranding the community. The company also added eight units, totaling 37 beds, to the property.
DRAPER, UTAH — Clearlink has signed a deal to occupy 135,000 square feet of office space at 42 Future Way in Draper. The company will consolidate its existing offices at Salt Lake Center International Center and Utah County into the new campus. The Class A office campus, which was originally designed for Pluralsight, offers new furniture, fixtures, conference facilities, a cafeteria and fitness facilities. In 2022, Utah-based Clarke Capital Partners partnered with Sitel Group to drive the growth of Clearlink as a platform that empowers customers to make informed decisions around daily purchases. Brandon Fugal of Colliers represented Clearlink in the lease.
LOS ANGELES — Cityview has unveiled its plans to develop Belle on Bev, a 243-unit workforce housing community in Los Angeles’ Historic Filipinotown (HiFi) neighborhood. Slated for completion in the fourth quarter, the mixed-use project will feature 21 affordable units. Belle on Bev will feature a mix of studio, one- and two-bedroom floorplans with Nest thermostats, luxury vinyl flooring, Latch keyless entry, turnkey Wi-Fi, in-unit washers/dryers and two different color schemes. Community amenities will include a resort-style pool and spa; enclosed dog park and pet wash; two rooftop decks; Korean and traditional barbecues; a gym and yoga studio that will offer cross-training equipment and fitness classes; a courtyard with an oversized fireplace; ample parking; bike storage; and an indoor/outdoor clubhouse featuring a commercial-grade kitchen. The project team includes AC Martin, Clark Building Group and Nadia Geller Design.
SPARKS, NEVADA — Lewis Apartment Communities, part of the Lewis Group of Cos., has broken ground on Homecoming at Kiley Ranch, an apartment community situated in the master-planned Kiley Ranch community in Sparks. The first building in the development is slated for completion in June 2023. Located at 1234 Sabata Way, Homecoming at Kiley Ranch will feature 306 apartments in a mix of one-, two-, three- and four-bedroom plans starting at 752 square feet. The three-story townhomes will range in size from 1,225 square feet to 1,518 square feet in a mix of two bedrooms and 2.5 baths, three bedrooms with three baths and four bedrooms with three baths. All townhomes offer attached direct access to two- or three-car garages. The apartments feature quartz countertops, a private balcony or patio, full-size washers/dryers, abundant storage, pantries, walk-in closets and designer kitchens with stainless steel appliances. Additionally, electric vehicle chargers can be integrated into private garage spaces. The community will feature a 5,100-square-foot clubhouse with fitness center, parcel lockers, a pool complex, barbecues, firepits, tot lot, indoor dog spa and dog park. The Lewis Apartment Communities portfolio in northern Nevada also includes Latitude 39, Esprit Townhome Apartments, Harvest at Damonte Ranch and …
SPOKANE, WASH. — SVN Cornerstone has brokered the sale of Perry Storage, a warehouse, office, indoor and outdoor storage facility in Spokane. RDD Holdings LLC acquired the property from Perry LLC for $7 million. Situated on 13.5 acres at 10808 N. Perry St., the multi-building facility features 47,428 square feet of self-storage space. The property was constructed between 2009 and 2016. John Hiller of SVN Cornerstone represented the buyer, while the seller was self-represented in the deal.
SAN JOSE, CALIF. — JLL has arranged the sale of a single-tenant retail building at 3510 Leigh Ave. in San Jose. An undisclosed seller sold the asset to a private capital exchange buyer for $4.4 million. Citibank occupies the 7,986-square-foot property on a triple-net lease with six years of the lease term remaining. Eric Kathrein, Warren McClean and Andrew Spangenberg of JLL Retail Capital Markets represented the seller and procured the buyer in the deal.
RIALTO, CALIF. — Stream Realty Partners has fully entitled its two latest Class A industrial projects totaling 117,000 square feet in the Inland Empire city of Rialto. The company plans to develop a 47,980-square-foot industrial facility on 2.9 acres at 855 W. Rialto Ave. and a 68,970-square-foot facility on 4.7 acres at 169 S. Spruce Ave. The building on West Rialto Avenue will feature 32-foot clear heights, eight dock-high doors, one drive-in door, a 160-foot truck court, 58 auto parking stalls and 5,500 square feet of built-out, ground-floor and mezzanine office space. The property on South Spruce Avenue will offer 32-foot clear heights, seven dock-high doors, one drive-in door, a 185-foot truck court, 13 trailer positions, 59 auto parking stalls and 6,000 square feet of built-out, ground-floor and mezzanine office space.
— By Jerry Holdner, Southern California Region Lead, Innovation & Insight, AVANT, Avison Young — The industrial market in the Inland Empire has been performing beyond what most of the industry projected over recent quarters. The region boasts a low unemployment rate of 4.2 percent, as of November 2022, which is below the anticipated 5.4 percent estimated a year ago. It is important to highlight, however, that job creation has been uneven. Leisure and hospitality jobs are still underwater, for example. The bright spot is that high-value-added jobs in a broad range of sectors like technology, software development, aerospace, scientific research, medical products and pharmaceutical development continue to grow, which bode well for the industrial sector. Here are some key market indicators, according to Avison Young’s fourth-quarter Inland Empire Industrial Insights report: • There was 38.9 million square feet of new industrial construction underway at the end of 2022. This is down 37.1 percent as compared to the end of 2021 when 28.4 million square feet was under construction. • There was 13.9 million square feet of positive absorption in 2022, down 53.5 percent when compared to 2021’s record-high total of 29.9 million square feet of positive absorption. This represents 2.5 percent …
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment portfolio in Colorado Springs. The assets traded for $16.5 million. Totaling 120 apartments, the properties are located at 1429 Potter Drive and 3950-3960 Galley Road. Mike Krebsbach of Pinnacle Real Estate Advisors represented the undisclosed seller and buyer in the transaction.
MORENO VALLEY, CALIF. — Ledo Capital Group has received $13.4 million in refinancing for District Moreno Valley, a shopping center in Moreno Valley. Completed in 2022, District Moreno Valley features 52,081 square feet of retail space. Current tenants include Sprouts Farmers Market, KFC, The Joint Chiropractic, WSS and Starbucks Coffee. Matt Stewart, Chris Jaff and Daniel Skerrett of JLL Capital Markets Debt Advisory secured the financing through Manufacturers Banks for the borrower.