Friday, August 14, 2026
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AcquisitionsArizonaIndustrialWestern

Libitzky Property Buys Gateway Technology Commerce Center in Mesa for $25.4M

by Jeff Shaw

MESA, ARIZ. — Libitzky Property Cos. has purchased Gateway Technology Commerce Center, a two-building, 138,692-square-foot industrial project in Mesa, for $25.4 million.  Gateway Technology Commerce Center is located at 7535 E. Ray Road, with immediate adjacency to the Phoenix-Mesa Gateway Airport and freeway frontage exposure to the Loop 202. The Class A asset was built in 2019. It is fully leased to six tenants.  Steve Lindley, Alexandra Loye, Eric Wichterman and Mike Coover with Cushman & Wakefield’s capital markets and private capital teams in Phoenix represented the seller, along with Will Strong and Molly Hunt of Cushman & Wakefield’s national industrial advisory group.

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AcquisitionsCaliforniaNet LeaseRestaurantRetailWestern

Hanley Arranges $2.9M Sale of Taco Bell-Occupied Property in Corona, California

by Jeff Shaw

CORONA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.9 million sale of a single-tenant retail property in Corona. A Taco Bell drive-thru operated by Alvarado Restaurant Nation occupies the 2,049-square-foot property on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Evergreen Development, in the transaction. David Aschkenasy of Commercial Asset Group represented the 1031-exchange buyer, a locally based private investor.

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AcquisitionsOregonRetailWestern

Norris & Stevens Brokers $2.3M Sale of Retail Building in Portland

by Jeff Shaw

PORTLAND, ORE. — Norris & Stevens Inc. has brokered the $2.3 million sale of a standalone retail building in Portland. Built in 1987, the property comprises 12,371 square feet at 16544 S.E. Division St. Luis Martin del Campo and Michael Simmons of Norris & Stevens represented both the buyer, Yusuf Iqbal, and the seller, Harold Ward, in the transaction.

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CaliforniaLeasing ActivityOfficeWestern

Law Firm Leases Office Space at ROW DTLA in Los Angeles

by Jeff Shaw

LOS ANGELES — Umhofer, Mitchell & King LLP signed a 4,500-square-foot lease at ROW DTLA, a 32-acre, 1.4 million-square-foot mixed-use retail and office destination in downtown Los Angeles. The new space represents a new office for the law firm. JLL’s Jaclyn Ward, Cassie Trosclair and Sarah Hancock are overseeing office leasing at ROW DTLA.

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AcquisitionsHospitalityMontanaWestern

CBRE Brokers Sale of Two Marriott Hotels in Missoula, Montana

by Jeff Shaw

MISSOULA, Mont. — CBRE Hotels has arranged the sales of the AC Hotel by Marriott, Residence Inn by Marriott and the Mercantile retail center in downtown Missoula. The buyer was a partnership between Evermore Partners and New Castle Hotels & Resorts.  AC Hotel Missoula Downtown is located at 175 N. Pattee St. Built in 2021, the 105-room, six-story hotel has three food and beverage options, including a rooftop bar. The hotel also has a fitness center, meeting space and valet parking.  Residence Inn Missoula Downtown and the Mercantile are located at 125 North Pattee St. Built in 2019, the 175-room, five-story hotel has two event spaces, a fitness center, valet parking, rooftop deck, indoor pool and breakfast area. The Mercantile, which is directly connected to the Residence Inn, is a retail center with restaurants, shops and an indoor cycling studio.  Chris Burdett led CBRE’s Pacific Northwest hotel team in the transaction. Matthew Behrens represented the seller, HomeBase Partners. The price was not disclosed.

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AcquisitionsCaliforniaMultifamilyWestern

Advanced Real Estate Purchases 156-Unit Edison Apartments in Long Beach, California

by Jeff Shaw

LONG BEACH, CALIF. — Advanced Real Estate has acquired The Edison, a 12-story former office tower in downtown Long Beach. The property was originally built in 1960. It was converted to apartments in 2016.  The space formerly served as the headquarters of the Edison Co., the Long Beach Police Department and city hall. The property was divided into 156 apartment units, with six added penthouses and a rooftop pool when it was converted. All electrical, mechanical, and plumbing systems were overhauled and structural enhancements were made.  While the price was not disclosed, the acquisition required around $30 million of equity. Cushman & Wakefield’s Marc Renard represented both the seller and buyer in the transaction. Greystone provided a Freddie Mac loan in conjunction with the transaction. 

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DevelopmentHealthcareNew MexicoOfficeWestern

Meridian Buys 18 Acres in Santa Fe for Medical Office Development

by Jeff Shaw

SANTA FE, N.M. — Meridian has purchased 18 acres in Santa Fe where it plans to build a 95,000-square-foot, multi-specialty medical office building and comprehensive cancer care center.  The land is located at 4200 Beckner Road, near Presbyterian Santa Fe Medical Center in the Las Soleras Master Plan district.  The overall investment in the site exceeds $100 million, according to Meridian.  This is the company’s first project in Santa Fe. Completion is scheduled for July 2024.

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LoansMultifamilyWashingtonWestern

Gantry Arranges $53.5M Financing for Cypress Apartments in Seattle

by Jeff Shaw

SEATTLE — Gantry has arranged $53.5 million of permanent financing for Cypress Apartments in Seattle’s Yesler Terrace community.  The 237-unit, Class A apartment complex was completed in 2019 as part of the Yesler public housing redevelopment, which created a 30-acre public housing community that includes 5,000 new housing units for all income types.  Gantry’s Michael Taylor and Alex Saunders worked in conjunction with Russ Cree of Glacier Real Estate Finance to secure the financing on behalf of the borrower, a private real estate entity that Gantry has worked with for more than 20 years. The five-year, fixed-rate loan was secured through a credit union.

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AcquisitionsCaliforniaIndustrialWestern

Classic Cosmetics Employees Buy Manufacturing Campus in Chatsworth, California for $20M

by Jeff Shaw

CHATSWORTH, CALIF. — Two cosmetic manufacturing sites in Chatsworth that were previously home to the Classic Cosmetics brand have sold to the company’s previous employees for a total of $20 million.  The sites are located at 9530 De Soto Ave. and 9533 Irondale Ave. They contain two freestanding buildings. The employees purchased the sites through ISAM LLC and BRI & ISA LLC. They plan to revitalize the company, which gave Gilberto Amparo, a chemical engineer from Mexico, his start in the U.S. cosmetics manufacturing industry. Amparo and the Classic Cosmetics brand will occupy the contiguous sites.  Scott Caswell and Erica Balin of Lee & Associates – LA North/Ventura represented the buyers, along with Mike Hooker of Delphi Business Properties as a co-representative. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the sellers, 9526 MYOB and NPP 9533.

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AcquisitionsCaliforniaOfficeTop StoriesWestern

KBS Sells Union Bank Plaza Office Tower in Downtown Los Angeles for $104M

by Kristin Harlow

LOS ANGELES — KBS has sold Union Bank Plaza, an office tower totaling 675,945 square feet in downtown Los Angeles. The buyer, Waterbridge Capital, purchased the asset for $104 million and assumed approximately $6 million in committed capital obligations to existing tenants. Designed by local architect A.C. Martin and built in 1967, Union Bank Plaza comprises a 40-story office tower, two-level retail center, two-acre landscaped outdoor plaza and four-level parking structure. Amenities include electric vehicle car charging stations, storage areas, an onsite bank and carwash. Located at 445 S. Figueroa St., the asset is named for anchor tenant Union Bank, which has occupied the building since its construction and leases 30 percent of the property. At the time of sale, the building was 62 percent leased. The property recently underwent a $22 million renovation, including a remodeled lobby with upgraded elevator cabs as well as improvements to the outdoor plaza that include fire pits, workspaces and new seating. Union Bank Plaza is the first skyscraper in Los Angeles to become an historical landmark nominated by the Los Angeles Conservancy. It also recently achieved The Outstanding Building of the Year (TOBY) recognition from the Building Owners and Managers Association (BOMA) Greater …

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