SAN DIEGO — Berkadia has secured a $148 million loan for the refinancing of Town & Country Resort in San Diego. The borrower is a partnership between Lowe and Atlas Hotels. Scott Hall and Aaron Lapping of Berkadia arranged the floating-rate loan through Värde Partners for the borrower. Situated on 31 acres in San Diego’s Mission Valley submarket, Town & Country Resort features 671 guest rooms, five food and beverage outlets, two resort pools, a water slide and more than 292,000 square feet of indoor and outdoor meeting space. CoralTree Hospitality Group manages the resort.
LITTLETON, COLO. — Blue West Capital has brokered the sale of Mineral Shops, a neighborhood retail center at 4760 W. Mineral Ave. in Littleton. Terms of the transaction were not released. Mineral Shops features 9,910 square feet of retail space and was 100 percent occupied at the time of sale. Tenants include Rita B Salon, Blush Nail Salon, King Liquor, Dunkin’ and Columbine Dentistry. Robert Edwards and Carly Kelly of Blue West Capital represented the buyer, a Texas-based private real estate investment company, and seller, a San Francisco-based private real estate investor, in the deal.
GILBERT, ARIZ. — Phoenix Commercial Advisors has negotiated the sale of Shops at Cooley Station, two hard-corner retail shop buildings located at 4049 E. Williams Field Road in Gilbert. The property traded for $10 million, or $628 per square foot. The names of the buyer and seller were not released. The 15,912-square-foot building was fully occupied at the time of sale. Current tenants include Pacific Dental, Wing Stop, F45, Little Caesars, Life Quest and My House. Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.
TACOMA, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Alaska Gardens Health and Rehabilitation Center, a 123-bed skilled nursing facility in Tacoma. The buyer was an unnamed private owner-operator. LTC Properties Inc., a publicly traded healthcare REIT based out of Westlake Village, Calif., sold the asset for an undisclosed price.
Progressive Real Estate Arranges $2.7M Acquisition of Jack in the Box Property in Los Angeles County
POMONA, CALIF. — Progressive Real Estate Partners has brokered the purchase of a restaurant property located at 101 W. Foothill Blvd. in Pomona. A San Gabriel, Calif.-based private investor acquired the asset from an undisclosed seller for $2.7 million. Mike Lin of Progressive Real Estate Partners represented the buyer in the deal. Jack in the Box has occupied the property, which features a drive-thru lane, for more than 30 years. Originally built in 1976, the property underwent a major renovation in 2020 to reflect the current store branding.
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Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector
The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …
MILPITAS, CALIF. — Lionstone Investments has completed the sale of Tasman Tech, a 14-building office/R&D campus located at Tasman Drive and Interstate 880 in Milpitas. Washington Holdings acquired the asset for $170 million. Tasman Tech has undergone substantial renovation and capital investment by the seller to continue to attract tenancy. The renovations included the addition of on-site retail amenities, outdoor collaboration areas, a fitness center, building signage and ChargePoint vehicle chargers. Additionally, the campus is within a five-minute VTA Light Rail ride to the Milpitas BART station. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction.
SAN JOSE, CALIF. — PCCP has provided a $40 million senior loan to an affiliate of Carmel Partners for the purchase of One38 Apartments, a multifamily property located at 138 Balbach St. in downtown San Jose. Situated adjacent to the San Jose Convention Center, One38 Apartments features 101 apartments in a mix of one-, two- and three-bedroom layouts and one level of subterranean parking with 145 stalls. On-site amenities include a community clubhouse, dog park, fitness center and package lockers.
POMONA, CALIF. — Newmark has brokered the sale of 901 Corporate, a two-story office building located at 901 Corporate Center Drive in Pomona. Foremost Corporate sold the property to The Korda Group for $28 million, or $291 per square foot, in an off-market transaction. Lereta, a tax and flood services provider, occupies the 96,365-square-foot property. The building was constructed in 1989 and underwent an extensive tenant buildout in 2020. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Brandon White of Newmark represented the seller, while Andrey Mindirgasov of Newmark represented the buyer in the deal.
APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a freestanding ARCO Gas Station and AM/PM convenience store located at 15333 Rancherias Road in Apple Valley. The asset traded for $5.6 million. The names of the seller and buyer were not released. Built in 1998, the ARCO station has six dispensers with 16 fueling positions and a 2,737-square-foot convenience store. Victor Buendia of Progressive Real Estate Partners represented the buyer and seller in the deal.