Tuesday, May 6, 2025
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Aston-Views-Carlsbad-CA
AcquisitionsCaliforniaOfficeWestern

Miramar Capital Acquires 82,972 SF Aston Views Office/Flex Building in Carlsbad

by Amy Works

CARLSBAD, CALIF. — Miramar Capital has purchased Aston Views, a freestanding office/flex building located at 1808 Aston Ave. in Carlsbad. MCR Aston LLC sold the property for $20 million. Built in 2001 on 8.7 acres, the two-story Aston Views features 82,972 square feet of space. At the time of sale, the property was 90 percent leased. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Justin Halenza and Michael Mahoney, also of Cushman & Wakefield, provided leasing advisory.

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LoansMultifamilySeniors HousingWashingtonWestern

M&T Realty Capital Provides $20M in Financing for Seniors Housing Property in Seattle

by Amy Works

SEATTLE — M&T Realty Capital Corp. has funded a $20 million Freddie Mac Optigo conventional loan to refinance a 90-unit, 92-bed seniors housing property located in the Seattle metro area. The non-recourse loan carries a 10-year term, fixed interest rate, five years of interest-only payments and a 30-year amortization period. The property maintained healthy occupancy during the COVID-19 pandemic and occupancy had climbed above 91 percent at the time of closing. The property features a mix of independent living, assisted living and memory care units. Steve Muth of M&T Realty Capital Corp.’s Richmond office led the transaction.

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AcquisitionsColoradoMultifamilyWestern

Berkadia Negotiates $10.3M Sale of Aspen Grove Multifamily Property in Denver

by Amy Works

DENVER — Berkadia has arranged the sale of Aspen Grove, an apartment community in Denver. A California-based buyer acquired the asset for $10.3 million, or $313,636 per unit. Tyler King, Nick Steele and John Laratta and Nate Moyer of Berkadia Denver represented the Colorado-based seller in the deal. Built in 2020, Aspen Grove features 33 units with washers/dryers, patios/balconies, high ceilings and stainless steel appliances. The community is located at 9850 E. Girard Ave.

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AcquisitionsCaliforniaRetailWestern

Matthews Arranges $5.5M Sale of Manchester Plaza Shopping Center in Los Angeles

by Amy Works

LOS ANGELES — Matthews Real Estate Investment Services has arranged the sale of Manchester Plaza, a retail property located at 520-536 E. Manchester Ave. in Los Angeles. An undisclosed developer sold the asset to a local investor for $5.5 million, or $647 per square foot. The property offers approximately 8,500 square feet of multi-tenant retail space. Joe Nelson of Matthews handled the transaction.

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Jason Stevens multifamily quote
AcquisitionsBuild-to-RentContent PartnerFeaturesLeasing ActivityMidwestMultifamilySingle-Family RentalSoutheastTexasWalker & DunlopWestern

Multifamily Investment Sales Strong in Southern States; Gaining More Interest in Midwest

by Sarah Daniels

Multifamily investment benefitted from the uncertainties of the past year, but will the transaction volumes of 2021 be used to gauge the likely outcomes for 2022? Managing directors Todd Stofflet and Jason Stevens of Walker & Dunlop’s Chicago office review 2021 and what the trends of this year indicate for the direction of the industry. REBusiness: What have you seen regarding multifamily investment activity this year? Stofflet: Early in the pandemic, we saw a lot of investment pull away from retail and office, focusing more on industrial and multifamily. In 2021, the multifamily sector has fared very well and a lot of new investors have entered the multifamily market. If you talk to some of our colleagues in the Southeast and the “smile states,” they will tell you that transaction volume has never been higher and the amount of capital chasing these opportunities has never been bigger. Across the country, it has been a very strong year for the sector. REBusiness: Do you think 2021 will be a record year in terms of sales? Stevens: If our pipeline is any barometer for that, the answer is “absolutely,” but it will be market dependent. What you’ll find is that sales in …

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IdahoIndustrialMarket ReportsWesternWestern Market Reports

Idaho Industrial Takes Center Stage

by Jeff Shaw

By Devin Ogden, Partner, Colliers Idaho has been overlooked by investors and developers in the past due to its smaller size and geographic isolation. This is not the narrative anymore. Tenants and users are currently looking to expand their operations into Idaho to serve the surging population and take advantage of a business-friendly environment with minimal regulation. Expensive land costs and significant cap rate compression in primary markets are causing developers and investors to shift their focus to secondary and tertiary markets to chase yield and opportunity. With the positive trend of people and businesses moving or expanding to Idaho, Boise is now near the top of the list for many national and regional investors and developers. The Boise industrial market has been underdeveloped in the past with only a handful of local developers that never got out ahead of themselves. The population of the Boise MSA is more than 750,000. Total industrial inventory is more than 42 million square feet with an additional 5 million-plus square feet being flex product. The market has had nearly 3 million square feet of positive absorption over the past two years and, as such, the current vacancy rate is 1.9 percent. Most new warehouse being constructed …

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AcquisitionsCaliforniaIndustrialWestern

Covington Group Purchases 1 MSF Saugus Station Industrial Center in Santa Clarita, California

by Amy Works

SANTA CLARITA, CALIF. — Affiliates of Covington Group, along with an institutional capital partner, have acquired Saugus Station Industrial Center, a portfolio of buildings totaling 1 million square feet of industrial space in Santa Clarita. Situated on 69.5 acres, the 24-building complex offers varying clear heights up to 39 feet and units ranging in size from 8,000 square feet to 133,000 square feet. At the time of purchase, the property was 100 percent occupied. The acquisition also includes a separate, 24-acre, fully horizontally improved land site. Covington plans to implement a property and asset management strategy that will focus on tenant retention and aesthetic improvements to the property to increase curb appeal. Craig Peters and Doug Sonderegger of CBRE represented the buyer and seller in the deal. Terms of the transaction were disclosed.

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AcquisitionsCaliforniaRetailWestern

Paragon Commercial, Canyon Partners Buy 215,761 SF Washington Square Retail Center in Sonoma County

by Amy Works

PETALUMA, CALIF. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Washington Square, a multi-tenant, grocery-anchored shopping center in Petaluma. This acquisition is the ninth investment completed by Paragon and its joint venture with Canyon Catalyst Fund, and Paragon’s fifth retail acquisition in 2021. Terms of the transaction were not released. Situated on the corner of South McDowell Boulevard and East Washington Street, Washington Square features 215,761 square feet of retail space. Current tenants include Bank of America, Wells Fargo, WestAmerica Bank, Planet Fitness, Party City and Pet Food Express. The center was developed in 1971 and owned by the same company for 35 years.

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AcquisitionsCaliforniaLife SciencesWestern

City Center Realty Acquires Office Complex for Life Science Conversion in Berkeley’s Innovation District

by Amy Works

BERKELEY, CALIF. — San Francisco-based City Center Realty Partners (CCRP), in joint venture with Contrarian Capital Management, has purchased Parker Innovation Hub, a three-building office/R&D/life sciences complex in Berkeley. The buildings, located at 2067 7th St, 918 Parker St. and 2612 8th St., comprise 40,580 square feet of office space. Scott Prosser, Mark Kol, Mike Raffetto and Jack DePuy of CBRE represented the undisclosed seller and buyer in the deal. CCRP plans to convert the office property into life sciences space. Huue, a venture-backed biotechnology company that creates environmentally sustainable dyes, recently leased space at the property.

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CaliforniaIndustrialLoansWestern

PSRS Provides $45M Refinancing for Industrial Property in Commerce, California

by Amy Works

COMMERCE, CALIF. — PSRS has provided $45 million in financing for an industrial building in Commerce. Built in 1960 on two acres, the property features 649,000 square feet of owner-user warehouse space. The building features 32-foot clear heights and a parking ratio of approximately 2.00/1,000 per square feet. Additionally, the property features 75 percent industrial space and 25 percent office. Michael Tanner and Jonny Soleimani of PSRS secured a non-recourse loan with a 10-year term and 30-year amortization.

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