WEST HOLLYWOOD, CALIF. — Cushman & Wakefield has brokered the sale of a freestanding, single-tenant retail property located at 8833 Beverly Blvd. in West Hollywood. A joint venture between Acadia Realty Trust and Osiris Ventures acquired the asset for $24 million. Luxury Living fully occupies the 9,757-square-foot building. Kazuko Morgan, Carine Mamann and Steve Algermissen of Cushman & Wakefield represented the seller in the transaction.
BUCKEYE, ARIZ. — JLL Capital Markets has arranged $22.7 million in construction financing for the development of Verrado – 10 Industrial, two industrial facilities in Buckeye. The borrower is Kentwood Ventures. Situated on 18.7 acres, Verrado – 10 Industrial will total 249,600 square feet of speculative industrial, distribution, R&D and light manufacturing space. The facilities will feature rear-load configuration, 28-foot clear heights, 32 drive-in doors and ample parking. Completion is slated for March 2023. Jason Carlos, Jarrod Howard and Joe Torkelson of JLL Capital Markets Debt Placement placed the five-year, floating-rate construction loan with CIBC Bank USA.
CORONA, CALIF. — Voit Real Estate Services has arranged the sale of an industrial facility located at 2395 Railroad St. in Corona. Corona Investments sold the property to Colorado-based EverWest Real Estate Investors for $15.3 million, or $319.62 per square foot. EverWest Real Estate Investors plans to stabilize the 47,870-square-foot property and hold it as a long-term leased investment. Constructed in 1988, the concrete tilt-up building features 24-foot minimum warehouse clearance, a 0.33 GPM/3,000 square feet sprinkler system, four grade-level doors, two dock-high loading positions and a secured truck court and yard area. Michael Hefner of Voit’s Anaheim office represented the seller and buyer in the deal.
SANTA FE SPRINGS, CALIF. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units and is scheduled to break ground in April. The Richman Group, based in Newport Beach, Calif., is developing the three-building intergenerational portion of the project. This part of the development will total 102 affordable apartment homes on nearly four acres. The first building, at four stories tall, will provide homes to 50 seniors. The other two buildings will be three stories tall and offer 52 family apartments. These homes will also share a 1,000-square-foot clubhouse with a fitness facility, laundry room, mail room and clubroom. The Whole Child is developing the three-story interim housing, which will serve up to 40 homeless families at any given time. Habitat for Humanity will build the 18 for-sale …
MOORPARK, CALIF. — Transwestern Development Co. (TDC) has completed the disposition of 6000 Conor Drive, a distribution center in Moorpark, along with a two-acre parcel offering additional parking. An undisclosed buyer acquired the property for $50.7 million. At the time of sale, Amazon occupied the 202,421-square-foot facility, which is near U.S. Route 101 and California State Routes 118 and 23. TDC recently completed interior and exterior upgrades to the property. Barbara Perrier, Darla Longo and Bennett Robinson of CBRE represented TDC in the transaction. Transwestern Real Estate Services provided asset services for the property.
MARINA DEL REY, CALIF. — CBRE has brokered the sale of an office building located at 5005 McConnell Ave. in Marina del Rey. Montana Avenue Capital Partners sold the asset to a joint venture between Los Angeles-based HATCHspaces, Denver-based NexCore Group and Nuveen Real Estate. Terms of the transaction were not released. The 56,300-square-foot property underwent a full renovation since Montana Avenue Capital Partners acquired it in 2018. Armata Pharmaceuticals, a biotechnology company on pathogen-specific bacteriophage therapeutics for antibiotic-resistant and difficult-to-treat bacterial infections, leased the entire property starting in 2021. Mike Longo, Todd Tydlaska, Sean Sullivan, Greg Grant, Jeff Pion, Michelle Esquivel and Andrew Riley of CBRE represented the seller in the deal.
SANTA ROSA, CALIF. — USA Properties Fund has started construction of College Creek, an affordable multifamily community for a range of income levels in Santa Rosa. Completion is slated for fall 2023. Located at 2150 W. College Ave., the 164-unit property is close to downtown Santa Rosa, large shopping centers, healthcare providers and several schools. The community will be available for low-income residents that meet an expanded range of income limits established by the Tax Credit Allocation Committee. Renters earning 30 percent to 70 percent of the area’s median income could quality for residence at College Creek. The community, which will feature a four-story building and two three-story buildings, will offer a community room with computer workstations, fitness room, swimming pool, tot lot and onsite laundry facilities. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. USA Properties worked closely with the community, including the City of Santa Rosa and Sonoma County, on the project, which has been in the planning stages for several years.
PUEBLO WEST, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of Sun Haven Apartments, a multifamily community located at 201 S. McCulloch Blvd. in Pueblo West. An undisclosed buyer acquired the asset for $5.6 million, or $78,875 per unit. Built in 1970 and renovated in 2008, Sun Haven Apartments features 71 units and a large amount of excess land. Michael Krebsbach of Pinnacle represented the seller, while Jamie Mitchell of Pinnacle represented the buyer in the deal.
By Patrick Riggs, Senior Advisor, Office, Dickson Commercial Group The leasing market in Reno/Sparks is back on track following a strong end to 2021. The fourth quarter of 2021 concluded with an impressive 145,558 square feet of positive net absorption. This was the third straight quarter of positive net growth. Panasonic Energy stole the headlines in the quarter four with its 95,000-square-foot lease of 645 E. Plumb Lane in Reno’s central submarket. However, demand in the smaller office spaces under 5,000 square feet continues to be the driving force in this rebound. Local and regional companies with more flexibility to maneuver the pandemic were rewarded in 2020 and 2021 by capitalizing on aggressive landlord concessions. We are starting to see these concessions being rolled back as demand continues and vacancy nears pre-pandemic levels. The 2021 Reno sales market bounced back from 2020 with increases across the board in overall volume, price per square foot and number of sales. Both volume and the number of sales nearly doubled year over year. Average sales pricing is coming in at $300 per square foot, while new build-to-suit construction is over $400 per square foot with no slowdown in sight. Owner-users and office investors have been …
ORANGE, CALIF. — LPC West, the West Coast arm of Lincoln Property Co., has partnered with TriGate Capital to purchase The Square on Main, a multi-building office campus located at the intersection of Main Street and La Veta Avenue in Orange. Totaling 420,000 square feet, the five-building asset was 96.5 percent occupied by 13 tenants, including the Orange County Transportation Authority and Western Dental, both tenants of more than 25 years. The 7.2-acre campus includes two 12-story buildings, one six-story building and two one-story buildings, as well as a large parking structure. Additionally, the site offers full transit accessibility, with access to the 22 and 57 freeways and numerous airports within 40 miles. LPC West plans to implement a variety of sustainability upgrades and overall operational enhancements throughout the property to help boost efficiency and limit its environmental footprint.
