Western

Tova Capital Acquires Shopping Center in Long Beach, California for $6.2M

by Amy Works January 12, 2023

LONG BEACH, CALIF. — Tova Capital has purchased a fully occupied retail complex in downtown Long Beach for $6.2 million in an off-market transaction. Located at 205-233 E. Anaheim St., the property features 34,500 square feet of retail space. The asset consists of two 17,000-square-foot single-story buildings that Trademark Brewing and Long Beach Rising, a climbing gym, occupy under long-term leases. Tova Capital plans a long-term hold of the retail property, which is its first investment in Long Beach. Jared Swedelson from NAI Capital represented Tova, while Sheva Hosseinzadeh of Coldwell Banker Commercial BLAIR represented the undisclosed seller in the deal.

January 12, 2023

7858-7946-8012-Woodmen-Center-Colorado-Springs-CO

Acquisitions Colorado Retail Western

NorthPeak Commercial Brokers Sale of 10,000 SF Retail Property in Colorado Springs

by Amy Works January 12, 2023

COLORADO SPRINGS, COLO. — NorthPeak Commercial Advisors has arranged the purchase of a retail building located at 7858 and 7946-8012 Woodmen Center Heights in Colorado Springs. An undisclosed buyer acquired the property for $4.8 million, or $480 per square foot. The name of the seller was not released. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer in the deal.

January 12, 2023

California Development Industrial Western

Phelan Plans 284,850 SF Elkhorn Industrial Park in Sacramento

by Amy Works January 12, 2023

SACRAMENTO, CALIF. — Phelan Development has released plans for Elkhorn Industrial Park, a two-building, 284,850-square-foot speculative industrial project within Metro Air Park in Sacramento. Located at 4525 W. Elkhorn Blvd. and 4535 W. Elkhorn Blvd, the park will feature a 190,525-square-foot building and a 94,325-square-foot building. Completion is slated for fall 2023. Mark Demetre and Michael Hoo of Colliers’ Sacramento office are handling leasing for the project.

January 12, 2023

Jeff Rinkov Brokerage Expansion Lee & Associates

Company News Content Partner Features Lee & Associates Midwest Northeast Southeast Texas Western

Lee & Associates Maintains Expansion Strategy Despite Choppy Economic Waters

by Sarah Daniels January 12, 2023

Against the backdrop of higher interest rates and the collapse of commercial real estate investment transactions, large brokerages have begun to reduce staff and other expenses to weather growing uncertainty over property values. But executives at Lee & Associates Commercial Real Estate Services consider it an ideal environment to continue an expansion that has added more than ten new locations over the last few years. Earlier this month, Lee & Associates announced the opening of an office in Baton Rouge, La. In November, they opened an office in Calgary, Alberta. In the same month, a satellite office in Nashville, Tenn. transitioned to a freestanding office, a designation that provides brokers in the office with the opportunity to fully benefit from the Lee & Associates capital structure — namely, to participate in funding the brokerage’s future growth and reaping the potential rewards. Those additions followed new office expansions in downtown Los Angeles, San Francisco and Omaha, Neb., earlier in the year. The Southern California-based brokerage anticipates announcing two more openings in early 2023, eventually increasing its footprint to around 90 locations from more than 70 today, says Jeffrey Rinkov, CEO of Lee & Associates. “We see some of our competitors cutting …

January 12, 2023

Acquisitions California Office Western

Griffin Realty Trust Sells Creative Office Building in Irvine, California to Rexford Industrial for $40M

by Amy Works January 11, 2023

IRVINE, CALIF. — Griffin Realty Trust has completed the disposition of a creative office property, located at 16752 Armstrong Ave. in Irvine, to Rexford Industrial Realty for $40 million. Griffin originally acquired the asset in October of 2013 for $27.2 million. Fox Head, which Vista Outdoor recently acquired, occupies the entire 82,645-square-foot building. Vista Outdoor is the parent company of more than 40 brands of outdoor apparel and equipment. Situated on 6.5 acres, the property features abundant parking, a BMX track, a skate park, gathering spaces and firepits. The building offers two floors of creative office space, including conference rooms, common areas, abundant natural light, an open floor-to-ceiling lobby area and designated workspaces. Kevin Shannon, Paul Jones, Bret Hardy, Ken White and Brandon White of Newmark represented the seller in the transaction.

January 11, 2023

California Hospitality Loans Western

Sonnenblick-Eichner Arranges $26.7M Refinancing for Two Northern California Hotels

by Amy Works January 11, 2023

LAFAYETTE AND BODEGA BAY, CALIF. — Sonnenblick-Eichner Co. has arranged $26.7 million in non-cross collateralized, fixed-rate, first-mortgage financing for Woodside Hotel Group. The transaction will refinance debt on two hotels — Lafayette Park Hotel & Spa and The Lodge at Bodega Bay — in Northern California. The $15 million loan on Lafayette Park Hotel retired an existing life insurance company loan and provided for more than $4 million of capital to renovate guest rooms. The proceeds from the $11.7 million loan for The Lodge at Bodega Bay paid off an existing bridge loan facility and provided for a return of partnership equity. A life insurance company provided both of the long-term, 10-year, fixed-rate, nonrecourse loans. Located in Lafayette, Lafayette Park Hotel & Spa is a full-service hotel with 138 guest rooms. The Lodge at Bodega Bay in Bodega Bay features 83 guest rooms; Drakes Sonoma Coast, a fine dining restaurant; Fireside Lounge, a 6,285-square-foot indoor and outdoor meeting space; and Sonoma Coast Spa and Fitness Center. Woodside Hotel Group owns and operates both properties as part of the Woodside Collection.

January 11, 2023

Acquisitions Multifamily Oregon Western

El Moro Divests of Midland Apartments in Portland for $12M

by Amy Works January 11, 2023

PORTLAND, ORE. — Norris & Stevens has negotiated the sale of Midland Apartments, formerly known as El Moro Apartments, in Portland. Midland Apartments LLC acquired the asset from El Moro LLC for $12 million. Originally constructed in 1966, Midland Apartments features 94 residences with 27 one-bedroom/one-bath flats, 24 two-bedroom/one-bath units and 43 two-bedroom/1.5-bath townhomes. Community amenities include ample parking, a leasing office, community/playground area, extra storage space, balconies/patios for every unit and washer/dryer hookups in all but the one-bedroom units. David Chatfield and Timothy Mitchell of Portland-based Norris & Stevens represented the seller and buyer in the deal.

January 11, 2023

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $8M Sale of Apartment Property in Scottsdale, Arizona

by Amy Works January 11, 2023

SCOTTSDALE, ARIZ. — Taylor Street Advisors has arranged the sale of LP on 85th Apartments, a multifamily community located at 1221 N. 85th Place in Scottsdale. A local syndicator sold the asset to an out-of-state buyer in a 1031 exchange for $8 million, or $333,333 per unit. Built in 1984, LP on 85th features 24 units in a mix of eight one-bedroom/one-bath layouts and 16 two-bedroom/two-bath layouts. The property was renovated in 2022. Updates included a modernized paint scheme, a swimming pool, landscaping, exterior lighting, white Shaker cabinets, quartz countertops, tile backsplashes, stainless steel appliances and modern lighting. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the seller and buyer in the deal.

January 11, 2023

Acquisitions Affordable Housing Colorado Multifamily Western

NorthPeak Commercial Negotiates $6.3M Sale of Affordable Housing Portfolio in Aurora, Colorado

by Amy Works January 11, 2023

AURORA, COLO. — NorthPeak Commercial Advisors has arranged the sale of an affordable housing portfolio located at 1571 Beeler St. and 1641 Alton St. in Aurora. The assets traded for $6.3 million, or $75,000 per unit. Totaling 74,596 square feet, the multifamily portfolio features 84 apartments. Keith Hardy and Joe Hornstein of NorthPeak Commercial represented the undisclosed seller, while Scott Fetter of NorthPeak Commercial represented the undisclosed buyer in the transaction.

January 11, 2023

Optima-McDowell-Mountain-Village-Scottsdale-AZ

Arizona Development Multifamily Western

Optima Acquires 22-Acre Development Site in Scottsdale for $1B Residential Project

by Amy Works January 10, 2023

SCOTTSDALE, ARIZ. — Chicago-based Optima has purchased a 22-acre development site on the southeast corner of Scottsdale Road and Loop 101 Freeway in Scottsdale for the development of Optima McDowell Mountain Village, a $1 billion residential project that recently received city approval. John Lund sold the land parcel for $44.7 million. The community will consist of six eight-story buildings totaling 1,330 residential units, as well as 36,000 square feet of commercial space. Four of the buildings will be rental apartments and two buildings will offer for-sale condominiums. The unit mix will include studios, one-, two- and three-bedroom layouts ranging from 775 square feet to 2,025 square feet. Each of the six buildings will offer a rooftop deck with a 50-meter, Olympic-length swimming pool, sauna, spa, cold plunge, running track, outdoor fireplaces, lounge seating, and outdoor kitchens with barbecues and dining spaces. Additionally, each building will feature lobbies, a fitness center, yoga studio, sauna, steam room, residents’ club with game room and theater, an indoor basketball and pickleball court, an outdoor pickleball arena, a golf simulator, an outdoor putting/chipping area, indoor and outdoor kids’ play spaces, a massage room, a dog park and pet spa, business center, and conference room. Parking …

January 10, 2023

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