Western

Dwight Mortgage Trust Provides $44M Bridge Loan for Timberview Apartments in Oregon City

by Amy Works August 31, 2023

OREGON CITY, ORE. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has funded a $44 million bridge loan for Timberview Apartments & Townhomes in Oregon City. Situated on 9.6 acres, the newly constructed community features 180 apartments spread across 11 residential buildings. Additionally, the property features a clubhouse with a lounge and fireplace, a fitness center, bike lounge, dog wash and pool with a sundeck. Proceeds from the bridge loan will be used to retire the existing construction debt. McBride Capital brokered the transaction for the borrower, Pahlisch Commercial.

August 31, 2023

Acquisitions California Industrial Western

GI Partners Sells 75,350 SF R&D Facility in Silicon Valley to BGO

by Amy Works August 31, 2023

SUNNYVALE, CALIF. — GI Partners has completed the sale of a mission-critical R&D facility at 825 Stewart Drive in Sunnyvale. BGO acquired the asset for an undisclosed price. Most recently renovated in 2015, the two-story building features 75,350 square feet of R&D space and 242 surface parking spaces. An American multinational technology company, which has invested significant capital into the facility, fully occupies the building. Will Connors, Daniel Renz, Michael Manas, Cheri Pierce, Kendall Willet and Aisling Duffy of JLL Capital Markets represented the seller in the deal.

August 31, 2023

Acquisitions California Restaurant Retail Western

Hanley Brokers $3.2M Sale of Starbucks-Occupied Retail Property in Fresno, California

by Amy Works August 31, 2023

FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $3.2 million sale of a single-tenant property located in Fresno. Starbucks Coffee occupies the newly constructed, 2,250-square-foot building. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Laguna Canyon Group, in the transaction. Patrick Conway of CBRE represented the buyer, a locally based private investor.

August 31, 2023

5010-El-Camino-Drive-Colorado-Springs-CO

Acquisitions Colorado Office Western

Marcus & Millichap Arranges Sale of 9,000 SF Office Building in Colorado Springs

by Amy Works August 31, 2023

COLORADO SPRINGS, COLO. — Marcus & Millichap has brokered the sale of an office building located 5010 El Camino Drive in Colorado Springs. A private investor sold the asset to an undisclosed buyer for $1.4 million. The two-story property features 9,000 square feet of multi-tenant office space. Erik Enstad, Brandon Kramer and Chadd Nelson of Marcus & Millichap represented the seller in the transaction.

August 31, 2023

California Industrial Leasing Activity Western

Harbinger Motors Signs 165,171 SF Industrial Lease in Garden Grove, California

by Amy Works August 31, 2023

GARDEN GROVE, CALIF. — Harbinger Motors has inked a deal to occupy 165,171 square feet of manufacturing and distribution space at 12821 Knott St. in Garden Grove. The landlord is Rexford Industrial. Harbinger Motors will manufacture electric light- and medium-duty delivery vehicles custom designed to customers’ specifications. To accommodate the tenant, the space will undergo extensive renovations, including 40,000 square feet of office and engineering space. Harbinger Motors is relocating to the facility from Gardena. Rexford Industrial acquired the property in 2019 and added significant improvements, including a 45,171-square-foot high-bay expansion and 20,000 square feet of high-finish office space. Clyde Stauff and Jace Gan of Colliers represented the landlord in the lease negotiations.

August 31, 2023

Acquisitions California Hospitality Lee & Associates Western

Lee & Associates Negotiates $23.7M Sale of Wingate by Wyndham Hotel in Inglewood, California

by Amy Works August 30, 2023

INGLEWOOD, CALIF. — Lee & Associates has arranged the sale of the Wingate by Wyndham Hotel located at 10300 La Cienega Blvd. in Inglewood, near Los Angeles International Airport. A family trust, which owned the hotel for 23 years, sold the asset to Irvine-based Greens Inc. for $23.7 million, or $159,932 per room. Although the number of rooms was not disclosed, the price per key equates to approximately 148 guest rooms. Matt Orville, Marshal Vogt and Jaimeson Hearne of Lee & Associates Orange, along with a referral from Vanessa Herzog of Lee & Associates Pacific Northwest, represented the seller in the deal.

August 30, 2023

Acquisitions Industrial Nevada Western

MCA Realty Sells 127,132 SF Northport Business Center in North Las Vegas to Rising Realty Partners

by Amy Works August 30, 2023

NORTH LAS VEGAS, NEV. — MCA Realty has completed the disposition of Northport Business Center, a six-building industrial park in North Las Vegas, to Rising Realty Partners for $23 million. MCA Realty originally acquired the business park in September 2021 and spend approximately $2 million in capital improvements, converting functionally obsolete office space to warehouse space. Located at 3825-2985 Cheyene Ave., Northport Business Center offers 127,132 square feet of industrial space. At the time of sale, the property was fully leased to a variety of tenants. The industrial park was built in 2000. Dan Doherty, Jerry Doty and Chase Pavlov of Colliers represented MCA Realty and the buyer in the transaction. Northport Business Center is the fourth property sold within the MCA Realty Industrial Growth Fund.

August 30, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $19.5M Sale of Via Alamos Apartments in Green Valley, Arizona

by Amy Works August 30, 2023

GREEN VALLEY, ARIZ. — ABI Multifamily has arranged the sale of Via Alamos Apartments, a 160-unit multifamily property located on West Via Alamos Drive in Green Valley. The property traded for $19.5 million, or $121,875 per unit. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group, in collaboration with Desiree Palmer, Ryan Kippes and Nathaniel McAdoo of ABI Multifamily’s Tucson Apartment Team, represented the buyer and seller in the transaction. The names of the parties were not disclosed. Built in 1984, Via Alamos Apartments features 88 one-bedroom/one-bath units, 56 two-bedroom/one-bath units and 16 two-bedroom/two-bathroom units with individual metered electricity and hot water heaters, air conditioning/heating, refrigerators, oven ranges, linen closets, high-speed internet access and cable access. Select units offer a balcony, dishwasher, garbage disposal and additional storage. Community amenities include a swimming pool, spa, fitness center, basketball court, dog park, children’s playground, leasing office, laundry room, additional storage and on-site covered and open parking.

August 30, 2023

Colorado Development Multifamily Seniors Housing Western

Realty Capital Partners Invests $11.7M in Active Adult Development in Basalt, Colorado

by Amy Works August 30, 2023

BASALT, COLO. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults (age 55 and over) in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square feet.

August 30, 2023

Acquisitions Arizona Industrial Western

Western American Investments Acquires 10,963 SF Industrial Space in Tucson, Arizona

by Amy Works August 30, 2023

TUCSON, ARIZ. — Western American Investments has purchased an industrial space at 2425 W. Curtis Road in Tucson. Kassaboo LLC, Stefiboo LLC and Vegaboo LLC sold the asset for $2.2 million. The property features 10,963 square feet of industrial space. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer in the deal.

August 30, 2023

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