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.
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.
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.
PHOENIX — Taylor Street Advisors has brokered the sale of Osborn 17, a multifamily property located in the midtown area of central Phoenix. The asset traded for $3.1 million, or $180,00 per unit. Located at 3358 N. 15th Ave., Osborn 17 features 17 apartments. The undisclosed buyer plans to completely renovate the units with all new kitchens, appliances, bath and flooring, as well as upgrading the exterior. Brian Tranetzki of Taylor Street handled the transaction.
SAN JOSE, CALIF. — Urban Catalyst has submitted its formal application with San Jose city planning officials for The Apollo, an 18-story apartment community at 32 Stockton Ave. in San Jose. Thang Do, CEO of Aedis Architects, is development partner on the project. The Apollo will feature 497 apartments, a spa, infinity pool with a transparent base above the main entrance, co-working space and two rooftop lounges. Additionally, the community is located near the Diridon train station and retail opportunities. “The Apollo is another step to address the housing crisis in Silicon Valley,” says Erik Hayden, CEO and managing partner of Urban Catalyst. “When we build high-density residential units in a transit-oriented location, we are building to meet the needs of today and tomorrow.”
SAN DIEGO — Lincoln Property Co. has completed the disposition of a newly renovated last-mile distribution center in San Diego’s Kearny Mesa submarket. Realterm Logistics acquired the asset for $64.2 million. Situated on 10.5 acres at 7995 Armour St., the freestanding facility features 104,510 square feet of industrial space. The seller completed significant capital improvements and repositioned the asset, which was built in the 1980s. The facility features well-designed ingress/egress; efficient warehouse and office layouts; dock- and grade-loading capabilities; and ample parking. At the time of sale, the property was fully leased to a global Fortune 50 e-commerce company. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.
