LAS VEGAS — RealComm Advisors has arranged the acquisition of an industrial property located at 7175 Belcastro St. and 7255 W. Arby Ave. in Las Vegas. Credi Gramercy LLC, Reinhardt LLC, Roman Crescentini Family Trust and Chiara Crescentini Family Trust purchased the asset for $13.9 million. The facility offers 73,468 square feet of industrial space. Greg Pancirov, Mike De Lew and Paul Hoyt of RealComm Advisors represented the buyer in the deal.
TRABUCO CANYON, CALIF. — Faris Lee Investments has arranged the sale of a freestanding retail building located in Trabuco Canyon. Southern California-based ValueRock Realty acquired the property from an undisclosed seller for $4.2 million. CVS/pharmacy occupies the property, located at 21572 Plano Trabuco Road, on a triple-net lease basis. Rich Chichester and Don MacLellan of Faris Lee, in partnership with John Cumbelich of Cumbelich & Associates, represented the seller and buyer in transaction.
MURRAY, UTAH — Marcus & Millichap has negotiated the sale of The Storage Center Salt Lake City, a self-storage facility in Murray. Terms of the transaction were not released. Located at 4317 S. Commerce Drive, the 100,450-square-foot property was constructed in phases from 1976 to 1992. The asset features a leasing office, resident manager’s quarters and 570 units. The buyer plans to complete a large-scale renovation on the property to bring it to institutional standards. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the transaction.
AURORA, COLO. — Inland Private Capital Corp. has completed the disposition of Conifer Creek Apartments, a multifamily community in Aurora. Grand Peaks, which previously owned the property from 2011 to 2013, repurchased the asset for $127 million. Located at 2205 S. Racine Way, Conifer Creek Apartments features 480 apartments in a mix of townhomes and condominium-style units spread across 53 residential buildings with tuck-under garages in every building. The property’s floor plans range from 668 square feet to 1,192 square feet and offer full-size washers/dryers, walk-in closets, individual hot water heaters, fireplaces, and expansive balconies and patios with outside storage. The community was built in 1986. Dave Martin and Brian Mooney of Northmarq’s Denver office represented the seller in the transaction.
SIMI VALLEY, CALIF. — Stream Realty Partners and QuadReal Property Group, in a joint venture, have broken ground on Tapo Canyon Commerce Center, a five-building industrial complex in Simi Valley. Located at 1800 Tapo Canyon Drive, the property will feature 344,056 square feet of Class A industrial space. Tapo Canyon Commerce Center will offer buildings ranging from 25,786 square feet to 135,579 square feet with leasing options from 19,239 square feet to the entire 344,056-square-foot campus. The buildings will feature 28-foot to 36-foot clear heights, window-lined office space, above-regional-standard dock-high loading, five different access points and immediate 118 freeway access. The project team includes HPA Architects, Kimley-Horn and KRPS as general contractor. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark are handling leasing for the property.
FOOTHILL RANCH, CALIF. — Newmark has arranged the sale of The Campus at South County, a two-building office complex in Foothill Ranch. The asset traded for $50 million, or $238 per square foot, in an off-market transaction. Paul Jones, Brunson Howard, Ken White, Kevin Shannon and Brandon White of Newmark represented the seller, a private commercial real estate investment firm, in the deal. The buyer was an undisclosed high-net-worth individual. Located at 27051 and 27121 Towne Centre Drive, The Campus at South County features 210,083 square feet of office space. The property offers an outdoor courtyard, tenant lounge and conference center. Current tenants include Cox Communications, Ossur and Fujitsu.
SRS Real Estate Partners Negotiates $8.2M Sale of Raising Cane’s-Occupied Property in San Bernardino
SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a restaurant building located at 1857 S. Tippecanoe Ave. in San Bernardino. An affiliate of Red Mountain Group sold the property to a San Diego-based high-net-worth investor for $8.2 million. Raising Cane’s Chicken Fingers occupies the 4,086-square-foot property, which was built in 2017 on 1.2 acres and has more than 11 years remaining on its absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’s National Net Lease Group represented the seller, while Jim Casale of Lee & Associates represented the buyer in the deal. According to SRS Real Estate, the transaction is the highest price point for a Raising Cane’s property sold to date on a national basis.
ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of a retail building located at 1600 Desert Surf Circle NE in Albuquerque. A limited liability company acquired the asset for an undisclosed price. The name of the seller was not released. TopGolf occupies the 25,525-square-foot property, which was built in 2021, on a net-lease basis. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office, along with Matthew Reeves of the firm’s New Mexico office, handled the transaction.
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Demographic, Economic Trends Likely to Sustain Build-For-Rent Sector’s Growth
Institutional investors have been increasingly interested in the build-for-rent (BFR) space over the last five years. But the pandemic poured gasoline on an asset class that offers tenants space, privacy and the flexibility of renting. Now that COVID appears to be receding in some areas, can the BFR sector maintain its growth? Paul Garner, director at Walker & Dunlop, believes that demographic and economic trends will maintain the demand for BFR, especially in the Sun Belt states, for the near future. Opportunities for Growth and a Focus on the Sun Belt Garner sees the most potential for BFR growth in suburban areas — particularly those located 15 to 20 minutes outside of a metropolitan statistical area. The economic growth and increasing populations of nearby cities determine whether suburban BFR setups will attract tenants. According to Garner, the dedicated BFR/single-family rental (SFR) team at Walker & Dunlop has started to see a lot of action similar to what they saw on the West Coast (especially in Arizona) four or five years ago. He notes, “BFR properties are becoming increasingly popular all throughout the Sun Belt states, especially Florida and the Carolinas. There’s a potential in this area to get land very, …
EL SEGUNDO, CALIF. — The Los Angeles Chargers have reached an agreement with Continental Development Corp. and Mar Ventures Inc. to build its new corporate headquarters and training facility on a 14-acre site in El Segundo, about 20 miles southwest of Los Angeles. Designed by Gensler Sports, the project will be situated less than three miles from the Los Angeles International Airport and seven miles from SoFi Stadium, where the football team plays. The Chargers had been searching for a location for more than four years, according to Dean Spanos, owner and chairman of the board. Special features within the headquarters will include a rooftop hospitality club, full e-sports gaming and content studios and a 3,100-square-foot media center. The main building will span nearly 145,000 square feet. There will also be three natural grass fields with an artificial turf perimeter that can be taken in from 7,600 square feet of elevated outdoor terrace space. Outdoor amenities will include an additional 3,400-square-foot elevated turf area and a two-lane lap pool for player rehabilitation. The field area is designed to accommodate bleacher seating for more than 5,000 people. With 348 onsite parking spaces and accommodations available for offsite parking, the Chargers will …