Western

Lovett Industrial Receives $24.9M Construction Financing for Rialto, California Project

by Jeff Shaw March 14, 2023

RIALTO, CALIF. — Lovett Industrial has received $24.9 million in construction financing to develop Rialto II, a 114,115-square-foot, Class A industrial development in Rialto. Once completed, Rialto II will feature 36-foot clear heights, two grade-level doors, 12 dock-high doors, a 130-foot truck court and 90 parking stalls. The six-acre site is located at 1910 W. Renaissance Parkway. The three-year, fixed-rate loan is through American Realty Advisors. Peter Thompson, Samuel Godfrey and Jordan Leake led the JLL Capital Markets debt advisory team.

March 14, 2023

Acquisitions California Office Western

Buchanan Street Partners Sells Newport Beach Office Space for $20.4M

by Jeff Shaw March 14, 2023

NEWPORT BEACH, CALIF. — Buchanan Street Partners has sold a two-building, 42,697-square-foot office property to a private Newport Beach real estate firm for $20.4 million. Buchanan purchased the offices in 2020 for $11.5 million. Located at 1400 and 1420 Bristol St. N., the property was 22 percent leased at the time of sale. Buchanan had initially planned to carry out an adaptive reuse initiative at the property until the buyer, a residential developer, showed interest.

March 14, 2023

Acquisitions California Multifamily Western

Keller Williams Brokers $11.5M Sale of Glendon Apartments in West Los Angeles

by Jeff Shaw March 14, 2023

LOS ANGELES — Keller Williams Commercial has negotiated the sale of The Glendon, a 27-unit apartment building in the Palms submarket of West Los Angeles. Glendon LP acquired the asset for $11.5 million. Built in 1986, the community is located at 3724 Glendon Ave. Matthew Kanner of Keller Williams Commercial and president of the Kanner Group, represented both the buyer and the seller, JEB Properties, in this transaction. The closing cap rate was 3.84 percent, with price per unit of $427,778.

March 14, 2023

California Industrial Leasing Activity Western

R.L. Jones Leases 240,975 SF Industrial Building at Landmark at Otay in San Diego

by Jeff Shaw March 14, 2023

SAN DIEGO — R.L. Jones Customhouse Brokers has leased a 240,975-square-foot industrial building currently under construction at Landmark at Otay in San Diego. The facility is situated at the intersection of SR-905 and SR-125. Targeted for shell completion in May 2023, R.L. Jones will relocate its corporate headquarters to 1610 Landmark Road as it expands its operations in the park to nearly 400,000 square feet across two new Class A industrial structures. R.L. Jones signed its first lease, totaling more than 150,000 square feet, within the same park in 2021. The new agreement represents the largest non-Amazon industrial lease in Otay Mesa in the past decade, and the largest in San Diego County in the past five years, according to the Colliers San Diego team of Mark Lewkowitz, Chris Holder and Will Holder, which is responsible for marketing and leasing the development. Majestic Realty Co. and Sunroad Enterprises are the developers behind Landmark at Otay.

March 14, 2023

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Private Portfolio Group Purchases Havenly Fountain Hills Build-to-Rent Community in Arizona for $68.3M

by Jeff Shaw March 13, 2023

FOUNTAIN HILLS, ARIZ. — Private Portfolio Group has acquired the 147-unit Havenly Fountain Hills for $68.3 million. The build-to-rent community is located at 16550 East Avenue of the Fountains in Fountain Hills, a suburb of north Scottsdale. Each rental home features 10-foot ceilings, fully fenced private backyards, front porches, high-end interior finishes, quartz countertops, stainless steel appliances and full-size washers and dryers. Mark Forrester of Berkadia represented the sellers, Arizona-based Keystone Homes and Lexin Capital, while Scott Holland of Berkadia Scottsdale secured life company acquisition financing on behalf of the buyer.

March 13, 2023

California Development Industrial Western

Patrinely Group Buys Industrial Development Site in Menifee, California for $61M

by Jeff Shaw March 13, 2023

MENIFEE, CALIF. — Patrinely Group has purchased Scott Road Commerce Center’s Phase II, a large-scale, fully entitled, 33.8-acre development site in Menifee, for $61 million. The site is entitled for 544,115 square feet of Class A industrial product. Phase II will feature Buildings 3, 4 and 5 at 33520, 33580 and 33540 Zeiders Road. Part of an expansive five-building development totaling 701,262 square feet, Phase II is situated just north of the Murrieta and Temecula submarkets, immediately off the Scott Road and I-215 interchange. The project is the city’s first Class A industrial development since 2018, according to the buyer. The sales team included Michael Kendall, Gian Bruno and Kenny Patricia of Colliers’ Western Region Industrial Capital Markets Group; fellow Colliers industrial experts Joey Jones and Tucker Hohenstein; and Lee & Associates’ Gordon Mize. Kendall also exclusively listed the property and represented the seller, Jupiter Holdings, in the transaction.

March 13, 2023

California Development Multifamily Seniors Housing Western

Harbert South Bay Partners Plans 350-Unit The James Seniors Housing Community in Irvine, California

by Jeff Shaw March 13, 2023

IRVINE, CALIF. — Harbert South Bay Partners has released plans for The James, a 350-unit, eight-story seniors housing community in the Orange County city of Irvine. The site is walkable to Irvine-Tustin’s vibrant shopping area, The District at Tustin Legacy. The leasing office for The James is scheduled to open early 2024, with occupancy planned for summer 2025. The James will feature 210 independent living, 110 assisted living and 30 memory care units. Momentum Senior Living, which is based in Orange County, will be the operator.

March 13, 2023

Acquisitions Arizona Multifamily Western

Hamilton Zanze Acquires 296-Unit Springs at Deer Valley Multifamily Property in Phoenix

by Jeff Shaw March 13, 2023

PHOENIX — Hamilton Zanze has purchased the 296-unit Springs at Deer Valley apartment community in Phoenix for an undisclosed sum. This purchase marks the firm’s seventh Arizona property within its current portfolio. The community will be rebranded as Ironwood at Happy Valley apartments. Built in 2021, Ironwood at Happy Valley is located at 24025 N. 23rd Ave., about 20 minutes from downtown Phoenix. The property is also close to the $12 billion Taiwan Semiconductor Manufacturing Co. manufacturing campus. Hamilton Zanze will execute a capital improvements campaign that includes building, amenity and green improvements. Management of the property has been transitioned to HZ affiliate Mission Rock Residential. Dan Woodward, David Potarf, Matt Barnett and Jake Young led the Walker & Dunlop investment sales team that marketed the property.

March 13, 2023

Loans Multifamily Utah Western

Greystone Provides $20.3M in Fannie Mae Financing for Patriot Pointe Apartments in North Ogden, Utah

by Jeff Shaw March 13, 2023

NORTH OGDEN, UTAH — Greystone has provided $20.3 million Fannie Mae Delegated Underwriting & Servicing (DUS) Green Rewards loan to refinance Patriot Pointe Apartments, an 87-unit multifamily property in North Ogden. Patriot Pointe Apartments was built in 2020 and features one- to three-bedroom units. The nonrecourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy upgrades. Loan proceeds enabled the borrower to monetize a portion of the equity in the property.

March 13, 2023

California Development Multifamily Student Housing Western

Landmark Properties Plans 435-Unit Student Housing Community in Los Angeles

by Jeff Shaw March 10, 2023

LOS ANGELES — Landmark Properties has announced plans to develop a student housing community near the University of Southern California (USC) campus in Los Angeles. Located at the corner of West 39th and South Figueroa streets, the property will offer 435 units in studio through five-bedroom configurations. The development will also include 87 affordably priced units, which will be reserved for students at the low-income level or below. Landmark is still in the planning phase for the project, which is expected to feature more than 1,500 beds. Shared amenities will include a clubhouse; rooftop resort-style swimming pool and grilling area; computer lab; fitness center; on-site parking; and 20,000 square feet of ground-floor retail. Construction is set to begin by the end of 2023, with completion scheduled for fall 2026. Landmark Urban Construction will serve as general contractor for this project. Kevin Shannon, Ken White, Greg Galusha, Bryan Norcott, Ryan Lang, Jack Brett, Chris Benton and Anthony Muhlstein of Newmark, in collaboration with Eric Bergstrom at Bergstrom Capital Advisors, brokered the acquisition of the development site from Ventus Group for an undisclosed price.

March 10, 2023

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