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

Acquisitions Industrial Nevada Western

RealComm Advisors Negotiates Purchase of 73,468 SF Industrial Property in Las Vegas

by Amy Works November 5, 2021

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.

November 5, 2021

21572-Plano-Trabuco-Rd-Trabuco-Canyon-CA

Acquisitions California Net Lease Retail Western

Faris Lee Arranges $4.2M Sale of CVS-Occupied Building in Trabuco Canyon, California

by Amy Works November 5, 2021

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.

November 5, 2021

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Brokers Sale of Self-Storage Facility in Murray, Utah

by Amy Works November 5, 2021

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.

November 5, 2021

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