CORONA, CALIF. — Pacific Petroleum Inc. has acquired Main Street Village, a retail center in Corona, from LJZ Corona LLC for $7.8 million. Located at 135, 175 and 265 E. Ontario Ave. in the Inland Empire, Main Street Village features 20,000 square feet of retail space. Alan Krueger and Vanessa Haddad of CBRE represented the all-cash buyer and the seller in the deal.
LOS ANGELES — CIM Group has opened The Jayne, a six-story multifamily building at 2555 S. Mansfield Ave. in Los Angeles’ West Adams neighborhood. The Jayne offers 69 apartments, with six units designated as affordable, and 5,453 square feet of ground-floor retail space. The building features studio and one-bedroom floorplans with in-unit laundry and contemporary design elements. Community amenities include outdoor gathering spaces, including a second-floor deck with seating and a sixth-floor deck with barbecue grills, lounge chairs and high-top tables and chairs. Other amenities include a fitness center, bike racks, storage and Amazon lockers.
SPARKS AND RENO, NEV. — Dornin Investment Group has acquired a 20-building portfolio in Sparks and Reno for approximately $70 million. Totaling 413,172 square feet, the portfolio includes light industrial, retail and medical office properties. The majority of the buildings were constructed between 1977 and 1991, with retail assets built in 2005 to 2006. The portfolio collectively has more than 180 total tenants with a median size of 1,640 square feet. The office buildout of the warehouse units is 21.7 percent. The industrial buildings offer clear heights ranging from 12 feet to 16 feet. Mark Nicoletti, Maxwell Shapiro and Julia Lewitt of Allen Matkins provided legal expertise in the transaction. Bill Bernard and Tami Haworth of Stewart Title provided title and escrow services.
PHOENIX — Texas-based Jackson-Shaw and Arizona-based Holualoa Cos. are developing a dual-branded AC Hotel by Marriott North Phoenix at Norterra and Element by Westin North Phoenix at Norterra in Phoenix. Construction is slated to begin in May 2024 for completion in late 2025. The four-story development will feature a total of 274 guest rooms, with AC Hotel by Marriot North Phoenix offering 179 guest rooms and Element by Westin North Phoenix offering 95 rooms. The property will feature 8,000 square feet of flexible meeting space, two deluxe suites, two group communal rooms, a fitness center, and resort-style courtyard with a saline pool, heated spa and lawn. Situated on three acres, the property will total 160,133 square feet. Simmons Bank is providing construction financing, Layton Construction is serving as general contractor, Cooper Cary is serving as architect and DiLeonardo as interior designer.
PEORIA, ARIZ. — Phoenix-based Western Retail Advisors has brokered the sale of 83 Marketplace, a newly built retail center located on the corner of 83rd Avenue and Happy Valley Road in Peoria, a suburb northwest of Phoenix. A franchisee of Hawaii-based Seven Brothers Burgers acquired the asset for $11.1 million. Developed by Scottsdale-based Cavan Cos., 83 Marketplace features three buildings offering a total of 19,800 square feet. The buyer plans to open a Seven Brothers restaurant concept at the corner of the center. Other tenants of the property include Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful and Heartland Dental. Brian Gausden and Jake McClaughry of Western Retail Advisors represented the seller, Cavan Cos., while Scott Johnson of Omni Commercial represented the buyer in the transaction.
SAN FRANCISCO — Ingka Centres has opened Saluhall, a food hall at San Francisco Meeting Place largely focused on plant-based vendors. Totaling 23,000 square feet, the food hall offers a capacity for 450 seats, bars and five independent food vendors. It will operate seven days a week. Designed by Stiff + Trevillion, the two-story Saluhall features Smörgåsland, an in-house bakery restaurant; Cooking Skola, which offers cooking lessons and demonstrations; La Venganza; Casa Borinqueña; Curry Up Now; Momo Noodle; and Kayma. The majority of restaurants and eateries offer plant-based menus. KERB will operate Saluhall, which means food hall in Swedish. Ingka Centres acquired 945 Market Street in September 2020 and transformed the mall into a destination anchored by a new-format IKEA, which opened in August 2023. The gross leasable area of the meeting place is approximately 256,000 square feet, with Saluhall complemented by Ingka Centres’ Hej! Workshop with Industrious, a flexible working concept. Ingka Centres is part of the same parent company, Ingka Group, as IKEA.
BOULDER CITY, NEV. — The Bascom Group has purchased Homestead at Boulder City, a seniors housing property located in the Las Vegas suburb of Boulder City, for $3 million. The name of the seller was not released. Built in 1999, Homestead at Boulder City features 72 apartments with an average unit size of 467 square feet. Situated on 6.4 acres, the community offers 71 parking spaces, a private dining room, atrium, library, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment and laundry facilities. Bascom plans to implement a renovation program that includes upgraded appliances, countertops, lighting, fixtures and wood plank flooring. Common-area improvements are planned for the leasing office, gym and entertainment lounges. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Co. as the lender. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage arranged the sale. Apartment Management Consultants will provide property management and SD-CAP will provide construction management for the property.
— By Jason Hallahan, associate, Colliers — Northern Nevada’s office market remained resilient throughout last year in the face of strong headwinds. Reno’s office market saw a blend of market fundamentals as net absorption declined, investment activity slowed and available sublease space shrunk. Negative net absorption in three out of four quarters brought the annual total to nearly 23,000 square feet of negative absorption — the lowest the market has seen since 2020. Vacancy ticked up 100 basis points year over year to 11 percent by the end of 2023, though it is well below the pandemic peak of 13.4 percent of mid-2020. Average direct asking rents also softened slightly this year, though tenant demand and asking rates both remain strong among Class A office product. A combination of growing vacancy, heightened interest rates and continued uncertainty in office space needs have curbed investor appetite this year. Demand for Reno office product fell sharply at the beginning of 2023 when first-quarter sales shrank to less than 20 percent of the average quarterly sale totals from the past three years. Buyers and sellers struggled to reach a middle ground as elevated vacancies weakened sale prices and increased borrowing costs discouraged investors. There …
ALBANY, ORE. — Gantry has arranged a $40.5 million permanent loan to retire construction financing for a multifamily property in Albany, approximately midway between Salem and Eugene. The recently completed, stabilized, Class A property features 264 apartments in a mix of one-, two- and three-bedroom floor plans spread across 23 buildings on 17 acres. Community amenities include a clubhouse, pool, therapeutic hot tub, sauna, 24/7 fitness center, theater room, sports court, playground and off-leash dog park. Blake Hering and Crischell Bacarro represented the borrower, a private real estate investor. Fannie Mae, via Walker & Dunlop, provided the five-year, interest-only, fixed-rate loan.
CARSON CITY, NEV. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has closed a $30.2 million bridge refinance for The Marlette, a garden-style multifamily community in Carson City, south of Reno along Lake Tahoe. Fident Capital brokered this transaction on behalf of the borrower, Kingsbarns Realty Capital. Completed in 2023, The Marlette features 140 apartments spread across 10 two-story buildings on six acres. Community amenities include a clubhouse, pool, spa, fitness center, dog park, pet spa, community park and grilling stations. The loan proceeds will be used to refinance existing debt, cover final construction costs and fund an operating reserve to facilitate lease-up.
