WESTLAKE VILLAGE, CALIF. — Majestic Asset Management has completed the sale of 2829 Townsgate, a multi-tenant office building in Westlake Village. California Commercial Investment Cos. acquired the property for $27 million. Located at 2829 Townsgate Road, the property features 88,334 square feet of office space, occupied by 10 tenants. Kevin Shannon, Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller in the deal.
LOS ANGELES — A joint venture between Ryan Cos. US Inc., Cadence Living and Harrison Street has received financing and started construction of Acoya South Bay in Los Angeles. Located near the Del Amo Fashion Center, the luxury senior living community will be in a prime, amenity-laden location with increasing demand for senior housing. By 2026, there will be more than 6,000 75-and-older, income-qualified households in the South Bay area, according to Moore Diversified Services Inc. “We’re going to continue seeing demand significantly outpace supply because of the high barriers to entry in this submarket,” says Patrick Dimaano, vice president of senior living development, Ryan Cos. Just two miles from the ocean, the 175,810-square-foot, four-story independent living and assisted living community will offer 158 apartments and 177 underground parking spaces. Ryan is the developer, builder and capital markets partner for the project. Upon completion in 2023, Cadence Living will lead day-to-day operations and Ryan will support asset management. AO Architects is the architect of record and Ryan A+E Inc. has been engaged as the interior designer. Wells Fargo provided construction financing for this project. This is the first Acoya-branded location in California and fifth in the Western United States.
SAN DIEGO AND STOCKTON, CALIF. — Dalfen Industrial has purchased Otay Mesa Logistics Center in San Diego and Stockton Supply Chain Center III in Stockton. Terms of the transactions were not released. Built in 2005, the 62,875-squarf-foot Otay West Logistics Center features 24-foot clear heights, a 170-foot truck court, 15 dock-high doors, four drive-in doors and ample parking. At the time of sale, the property was fully leased to DHL. Rob Hixson of CBRE handled the transaction. Located at 2230-2248 Stagecoach Road, the two-building Stockton Supply Chain III features 121,280 square feet of industry property. The property is fully occupied, with Fairview Distribution as the largest tenant. Mike Goldstein, Ryan McShane and Alex Hoeck of Colliers International brokered the off-market deal.
Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …
PORTLAND, ORE. — JLL Capital Markets has secured $95.2 million in construction financing and joint venture equity for the development of Slabtown Square, a multifamily project in Portland. The borrower is Guardian Real Estate Services. Casey Davidson and Charlie Watson of JLL Capital Markets arranged the four-year, floating-rate construction loan through a large money center bank, while Ira Virden and Mark Erland of JLL’s equity placement team secured the joint venture equity through an institutional investor. Located at 2070 NW Quimby St., the seven-story Slabtown Square will feature 200 studio, one- and two-bedroom units with vinyl plank flooring, quartz countertops, stainless steel appliances, and in-unit washers and dryers. Community amenities will include a fitness enter, yoga studio, clubhouse with kitchen and lounge, rooftop deck and 230 bicycle parking stalls. Additionally, the development will feature 11,542 square feet of ground-floor retail space.
EVERETT, WASH. — Everett Housing Authority (EHA) has acquired Huntington Park Apartments, an affordable multifamily property in Everett, for $118 million. The acquisition is part of EHA’s large-scale affordable housing preservation strategy. Built in 1991 on 14 acres, the property features 381 apartments, a fitness center, pool, dog park and clubhouse. EHA plans to renovate the property over the next several years with new windows, parking lot repair and sealcoat, roof replacements, and unit renovations as units turn over. KeyBanc Capital Markets’ public sector team arranged the 100 percent loan-to-cost short-term debt for the acquisition.
CHANDLER, ARIZ. — A joint venture between Oxford Properties Group and EverWest Real Estate Investors has acquired Chandler Airpark, a Class A industrial portfolio located in Chandler, for $26.3 million. The transaction completes the acquisition of a three-building, 261,940-square-foot, Class A industrial portfolio that was recently built. Chandler Airpark comprises 148,830 square feet in two buildings totaling 82,119 square feet and 66,711 square feet, respectively. Each building features 28-foot clear heights, dock-high and ground-level loading positions, concrete truck courts and generous power and parking. Oxford and EverWest began the acquisition of the portfolio in late 2021, with the purchase of 800 E. German Road for $20 million. Last month, the companies announced the building’s full, 113,100-square-foot lease-up to a sustainable technology company. Chandler Airpark and 800 E. German are located along E. German Road. Together the portfolio totals 261,940 square feet. Amr Ceran and Erik Good of EverWest arranged the transaction. Will Strong of Cushman & Wakefield brokered the sale.
PICO RIVERA, CALIF. — Cohen Asset Management has purchased an industrial property located at 8640 Slauson Ave. in Pico Rivera. Terms of the transaction were not released. At the time of sale, the 65,000-square-foot building was 100 percent leased.
DENVER — NorthPeak Commercial Advisors has arranged the sale of a multifamily portfolio located at 1635 and 1671 Cook St., and 1620 Adams St. in Denver. The assets traded for $15 million. Totaling 30,023 square feet, the portfolio features 52 apartments. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the undisclosed buyer, while Robert Lawson of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal.
NAMPA, IDAHO — Trammell Crow Co. has broken ground on Kings Road Commerce Center, a speculative, Class A manufacturing and logistics space in Nampa. Slated for completion in fourth-quarter 2022, Kings Road Commerce Center will feature three buildings offering a total of 362,000 square feet of space. The rear-load buildings will range in size from 99,664 square feet to 150,735 square feet and will accommodate tenants of 25,000 square feet up to 150,000 square feet. The facility will feature 30- to 32-foot clear heights, 60-foot speed bays, 50-foot column spacing, 35 trailer stalls and 557 auto stalls. The project team includes Ware Malcomb as architect, Kimley Horn as civil engineer and ESI Construction as general contractor. Jake Miller and Harrison Sawyer of CBRE will handle leasing at the development.
