Western

RAAM Construction Breaks Ground on 151-Unit Palmdale Terrace Affordable Apartment Community in California

by Amy Works November 9, 2021

PALMDALE, CALIF. — RAAM Construction has broken ground on the construction Palmdale Terrace, an affordable multifamily property located at SW 25th Street East and East Avenue in Palmdale. The project team includes Meta Housing Corp., Western Community Housing, AMJ Construction Management and Y&M Architects. Slated for completion in May 2023, Palmdale Terrace will feature 151 apartments in a mix of one-, two- and three-bedroom layouts. All units will offer fully equipped kitchens and bathrooms. On-site amenities include community gathering areas, a shaded picnic area, a large children’s play structure and a dog park. Additionally, two units will be for on-site managers. The residences are reserved for individuals and families earning between 30 percent and 60 percent of Los Angeles County’s median income. Pacific Western Bank provided a $40.5 million construction loan for the project.

November 9, 2021

Acquisitions California Retail Western

Sunbelt Investment Buys Largest Home Depot Location on West Coast in Anaheim Hills

by Amy Works November 9, 2021

ANAHEIM HILLS, CALIF. — San Diego-based Sunbelt Investment Holdings has purchased a Home Depot Superstore in Anaheim Hills for an undisclosed price. The name of the seller was not released. The 205,000-square-foot flagship store is situated on 18 acres along the north side of Interstate 91. The property is the largest Home Depot on the West Coast and the second largest in the nation, according to the buyer. Sunbelt Investment now owns 18 shopping centers in Southern California and three in Arizona, representing approximately 4 million square feet of Class A retail space. The company also owns Home Depot locations at Genesse Plaza and on Sports Arena Boulevard in San Diego and a store in San Bernardino.

November 9, 2021

Acquisitions California Industrial Office Western

Stos Partners Acquires 37,500 SF Office/Manufacturing Facility in Poway, California

by Amy Works November 9, 2021

POWAY, CALIF. — Stos Partners has purchased a corporate headquarters and manufacturing facility located at 13955 Stowe Drive in Poway. A private seller sold the asset for $8.6 million. Stos Partners plans to implement a series of capital upgrades including interior office rehabilitation, roof repair and HVAC system replacement. Shortly after closing, the buyer secured a tenant to fully occupy the 37,500-square-foot office and manufacturing building. James Duncan and Mickey Morera of Kidder Matthews represented Stos Partners in the transaction. C3Bank provided financing for the acquisition.

November 9, 2021

California Development Loans Multifamily Western

Toll Brothers, EJF Capital to Develop 218-Unit Rafferty Apartments in Santa Ana, California

by Amy Works November 8, 2021

SANTA ANA, CALIF. — Toll Brothers, through its Toll Brothers Apartment Living rental subsidiary, has partnered with EJF Capital to develop Rafferty, a multifamily property in Santa Ana. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital identified the joint venture partner and helped structure the deal. The project is being financed through $31.7 million in joint venture equity from EJF Capital, along with a $66 million loan facility from Santander Bank. Toll Brothers’ in-house finance department arranged the financing. Rafferty will feature 218 apartments in two five-story and seven-story buildings with 328 parking spaces. The community will offer a fitness center, resident lounge, maker’s room, jam room, speakeasy, co-working space and sky lounge with an outdoor terrace. Additional amenities will include a swimming pool, seating with grills and fire pit and outdoor fitness equipment. The property will also feature 12,350 square feet of ground-floor commercial space along Main and Fourth streets. Completion is slated for 2024.

November 8, 2021

Acquisitions California Retail Western

Shopoff Realty, Praelium, Dune Buy Former Nordstrom Building in Downtown Santa Barbara

by Amy Works November 8, 2021

SANTA BARBARA, CALIF. — Shopoff Realty Investments and Praelium Commercial Real Estate, in partnership with an affiliate of Dune Real Estate Partners, has acquired the former Nordstrom property at the Paseo Nuevo mixed-use shopping center in downtown Santa Barbara. Terms of the transaction were not released. The three-story, 175,000-square-foot retail property is connected to the north end of the Paseo Nuevo mixed-use shopping center, which offers more than 450,000 square feet of open-air mixed-use space. Originally constructed in 1924, the property underwent a wholesale redevelopment between 1989 and 1994 into its current form and more recently underwent a $20 million renovation to enhance the outdoor lifestyle shopping experience.

November 8, 2021

Industrial Leasing Activity New Mexico Western

Schenker Leases 150,000 SF Spec Industrial Building in Albuquerque

by Amy Works November 8, 2021

ALBUQUERQUE, N.M. — Schenker has signed a deal to occupy a 150,000-square-foot speculative industrial facility in Albuquerque. The transportation and logistics services company will take occupancy once construction is completed in second-quarter 2022. Situated on more than 10 acres at 7200 Bluewater Road NW, the building features 32-foot clear heights, dock and drive-in ramp access and concrete tilt-up construction. Development of the property commenced in July 2021. Brecken Mallette and Jim Smith of the CBRE Albuquerque Industrial team represented the tenants as local brokers, while David Albert and Nicolas Palazzo of CBRE Miami work with the tenant on a national level. The landlord is Bluewater@Airport Opportunity Partners LLC.

November 8, 2021

Acquisitions California Industrial Western

DAUM Commercial Brokers Sale of 66,032 SF Pomona Business Park in Los Angeles County

by Amy Works November 8, 2021

POMONA, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of Pomona Business Park, an industrial property located on 3.9 acres in Pomona. A private investor sold the asset to a local investor for $6.8 million. The buyer plans to implement a value-add renovation program at the 60,032-square-foot property, which is located at 201 N. Palomares St. At the time of sale, the property was 95 percent leased to multiple tenants. Dennis Sandoval and Kevin Sandoval of DAUM represented the seller, while Ryan Campbell of NAI Capital represented the buyer in the deal.

November 8, 2021

Acquisitions Nevada Retail Utah Western

Colliers Las Vegas Arranges Land Sales in Nevada, Utah for $6.6M

by Amy Works November 8, 2021

HENDERSON, NEV. AND SALT LAKE CITY — Colliers International Las Vegas has arranged two separate land parcel sales totaling $6.6 million in Henderson and Salt Lake City. In the first deal, EOE Volunteer LLC sold an 0.84-acre land parcel at 3495 Volunteer Blvd. in Henderson. AutoZone Development LLC acquired the asset for $1.2 million. Steven Haynes of Colliers represented the seller in the transaction. In the second deal, an undisclosed buyer acquired a 0.48-acre land parcel at 3215 E. 3300 South in Salt Lake City for $5.4 million. The name of the seller was not released. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyer in the transaction.

November 8, 2021

Acquisitions California Office Western

Pendulum Partners, Long Wharf Capital Purchase 111,384 SF Office Property in Culver City

by Amy Works November 5, 2021

CULVER CITY, CALIF. — A partnership between Irvine-based Pendulum Property Partners and Boston-based Long Wharf Capital has acquired an office building in Culver City. Watt Properties and Edge Principal Advisors sold the asset for $55.9 million in an off-market transaction. Located at 3000 S. Robertson Blvd., the four-story building features 111,384 square feet of office space. Current tenants include Kaiser Permanente and WeWork. Mike Longo, Todd Tydlaska, Sean Sullivan and Greg Grant of CBRE represented the seller. The CBRE team also procured acquisition financing for the buyer from a regional bank.

November 5, 2021

Acquisitions Nevada Retail Western

IYK Realty Buys 158,394 SF Retail Asset in Las Vegas for $26.2M

by Amy Works November 5, 2021

LAS VEGAS — IYK Realty has purchased a retail property in Las Vegas for $26.2 million. Situated within Sahara Pavilion South at 2520-2650 S. Decatur Blvd., the asset features 158,394 square feet of retail space. Current tenants include Chase, Chipotle, Einstein Bros. Bagels and Starbucks Coffee. Additionally, the new, 48,000-square-foot anchor tenant will be a supermarket. Al Twainy and Jennifer Lehr of Colliers represented the buyer in the deal. The name of the seller was not released.

November 5, 2021

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