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6250-6270-Caballero-Blvd-Buena-Park-CA
AcquisitionsCaliforniaIndustrialWestern

Cushman & Wakefield Arranges Sale of Two Industrial Buildings in Buena Park, California

by Amy Works

BUENA PARK, CALIF. — Cushman & Wakefield has arranged the sale of two industrial buildings at 6250 and 6270 Caballero Blvd. in Buena Park. AEW sold the assets to Elion for an undisclosed price. Totaling 274,170 square feet, the two buildings offer 24-foot clear heights, 32 dock-high doors, three ground-level doors and 13 rail doors. The properties are situated on 12 acres and offer ample parking and convenient freeway access. Jeff Chiate, Rick Ellison, Matt Leupold, Aubrie Monahan and Jeff Cole of Cushman & Wakefield represented the seller and procured the buyer in the transaction. Brian Share, Rob Rubano, Max Schafer, Brennan Vance, Niki Kretschmann and Jonathan Grotzinger of Cushman & Wakefield arranged financing on behalf of the new ownership.

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South-Tempe-Square-Tempe-AZ
ArizonaDevelopmentRetailWestern

Thompson Thrift Begins Development of 27,000 SF Retail Center Near Phoenix 

by Amy Works

TEMPE, ARIZ. — Indiana-based Thompson Thrift has broken ground on South Tempe Square, a 27,000-square-foot neighborhood shopping center located in Tempe, roughly 10 miles east of Phoenix. Nearly 75 percent of the property is preleased or under lease negotiations. Tenants who have already signed leases include BURN Total Body Conditioning, Pacific Dental, Look Lab, Luna Grill Restaurant, The Slice House by Tony Gemignani and GoodVets. A 4,500-square-foot restaurant pad and two inline retail spaces are still available for lease. A construction timeline was not disclosed.

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AcquisitionsCaliforniaIndustrialWestern

Alterra IOS Acquires 5.1-Acre Industrial Outdoor Storage Site in San Diego

by Amy Works

SAN DIEGO — Alterra IOS has purchased a 5.1.-acre industrial outdoor storage (IOS) site with 30,000 square feet of accompanying warehouse space in the Otay Mesa neighborhood of San Diego. Located at 2660 Cactus Road, the property includes designated office space and open canopies. Additionally, the property is fully leased to a national tenant in the building materials sector. Located adjacent to the United States-Mexico border, the asset offers convenient access to the region’s key domestic and international ports, highways and airports, with direct connectivity to I-5, I-8, I-805, Route 905 and Route 11. Mickey Morera of Kidder Mathews facilitated the acquisition for Alterra.

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CaliforniaMarket ReportsRestaurantRetailWesternWestern Market Reports

Retail Holds Strong in San Diego

by John Nelson

— By Bryan Cunningham of JLL —  The retail sector continues to be a bright spot for commercial real estate in San Diego County. Despite financial headwinds that include interest rates, construction costs and increases in operating costs like labor and insurance, the resiliency of the consumer has allowed retailers and restaurants to continue to generate substantial sales volumes. Both national and regional retail and restaurant tenants continue to expand, although more cautiously than in years past. Retail vacancy rates in San Diego continue to hover around 5 percent, with the more desirable coastal communities closer to 3 percent. The lack of new development due to geographical constraints, as well as interest rates and construction costs, is driving expanding tenants to look purely at second-generation retail centers. While the retail tenant pool is somewhat shallow due to bankruptcies by Bed Bath & Beyond, 99 Cents Only, Party City, JoAnn Stores and the like, the lack of new product is keeping well-positioned shopping centers in high demand. Most grocery- and big box-anchored shopping centers are enjoying rents at record levels with very little vacancy. Retail centers continue to be at the forefront of interest from investors as well. While interest rates …

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CaliforniaDevelopmentLoansMultifamilyWestern

IPA Capital Markets Secures $76M in Construction Financing for Multifamily Development in Monrovia, California

by Amy Works

MONROVIA, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $76 million in construction financing for The Monroe, a Class A multifamily and retail development in Monrovia. The project is currently under construction and scheduled for completion in September. Located at 127 W. Pomona Ave., The Monroe will feature 232 apartments and 7,050 square feet of ground-floor commercial space. Apartments will range from studios to three-bedroom units, with 25 of the units designated affordable for low- and moderate-income households. Additionally, the property will have 302 residential parking spaces and 85 public parking spaces. Community amenities will include a gym, swimming pool, clubhouse, barbecue area, rooftop patio and conference/meeting rooms. Stefen Chraghchian of IPA Capital Markets secured the financing with Affinius Capital on behalf of Adept Urban Development.

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ArizonaDevelopmentLoansRetailWestern

JLL Arranges $42.5M Equity Placement for Papago Marketplace Mixed-Use Project in Metro Phoenix

by Amy Works

SCOTTSDALE, ARIZ. — JLL Capital Markets has arranged a $42.5 million equity placement for Papago Marketplace, a 55,500-square-foot mixed-use development located in the Phoenix suburb of Scottsdale. Patrick Dempsey and Quin Madden of JLL represented the developer, Pivot Development Co., in securing the equity placement on behalf of an undisclosed institutional advisor. A 23,343-square-foot Sprouts Farmers Market will anchor the project upon completion, which is scheduled for August 2026. Construction is expected to begin this month. Over the past five years, the development of Papago Marketplace has included a 276-unit luxury apartment complex, a 116-room hotel and a mix of retail tenants. The project is currently 80 percent preleased.

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AcquisitionsCaliforniaIndustrialWestern

Lincoln Property Co., Brasa Capital Acquire Spectrum Tech Center in San Diego for $26.2M

by Amy Works

SAN DIEGO — Lincoln Property Co. and Brasa Capital Management have purchased Spectrum Tech Center, an industrial and flex property in the Kearny Mesa submarket of San Diego, for $26.2 million. The new owners will rebrand the asset as Spectrum Logistics Center and plan renovations designed to align the site with current market demand for industrial space. The existing industrial building will be renovated and the existing vacant office building will be demolished and replaced with a 3.7-acre industrial outdoor storage (IOS) yard. The owners will begin demolition and construction activity on the site immediately, with delivery planned for late summer 2026. Located at 4820 Overland Ave. and 9112 Spectrum Center Blvd., Spectrum Tech Center currently comprises two buildings totaling 161,981 square feet on two parcels totaling 8.8 acres. The asset includes a two-story, 59,460-square-foot corporate headquarters building and a 102,521-square-foot technical R&D, manufacturing and distribution space.

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695-Jerry-St-Castle-Rock-CO
AcquisitionsColoradoMixed-UseRestaurantRetailWestern

Platinum CRE Brokers $6.4M Sale of Mixed-Use Property in Castle Rock, Colorado

by Amy Works

CASTLE ROCK, COLO. — Platinum Commercial Real Estate has arranged the acquisition of 600 and 695 Jerry Street in Castle Rock. PYFR LLC purchased the asset from RA Morrison LLC for $6.4 million. The property comprises a 25,380-square-foot, four-story mixed-use building and a 4,850-square-foot single-tenant restaurant. At the time of sale, the property was 93.7 percent occupied. Paul Cattin of Platinum CRE represented the buyer, while Campbell Davis, Parker Brown and Matthew Henrichs of CBRE represented the seller in the deal.

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6400-Lear-Lane-Prescott-AZ
AcquisitionsArizonaIndustrialNet LeaseWestern

Marcus & Millichap Negotiates Sale of 10,060 SF Net-Leased Warehouse in Prescott, Arizona

by Amy Works

PRESCOTT, ARIZ. — Marcus & Millichap has negotiated the sale of a warehouse and industrial outdoor storage property located at 6400 Lear Lane in Prescott. An individual/personal trust acquired the asset from Arizona Industrial Development for $4.4 million. Constructed in 2025, the asset comprises a 10,060-square-foot warehouse on a 2.9-acre site. The property is leased to a national credit tenant on a new 10-year, absolute net lease with a corporate guarantee. Paul Berkner of Marcus & Millichap represented the buyer, while Sev Keshishian of Marcus & Millichap procured the buyer in the deal.

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CaliforniaCivicFeaturesWesternWestern Feature Archive

Subsidies Pose Property Tax Puzzle in Public-Private Partnerships

by John Nelson

By Cris O’Neall, Esq. of Greenberg Traurig LLP With the number of public-private partnerships for constructing public facilities on the rise, communities across the country wrestle with the question of how to treat such arrangements for ad valorem property tax purposes. In most instances, private developers and taxing entities take opposing positions on the issue. Public-private joint ventures have become a popular strategy to achieve community objectives through collaboration with private developers. To construct a particular facility, a municipality or other government will typically provide subsidies or other financial incentives to encourage participation in the project by a private-industry partner or partners. These subsidies, which may come in the form of grants or tax credits, often lead to property tax contention. Some taxing authorities include the subsidies or tax benefits granted to the private developer in the taxable assessed value of the real property. In contrast, private developers view such subsidies or benefits as tax-exempt intangible property that should not be included in assessed values. Here are a few common incentives and their property tax implications: Low-Income Housing Subsidies The treatment of federal subsidies for operation and construction of low-income housing became an early battleground in the ongoing conflict over …

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