Western

Northmarq Arranges $79.7M Sale of Towne at Glendale Apartment Complex in Glendale, California

by Amy Works March 30, 2022

GLENDALE, CALIF. — Northmarq has brokered the sale of Towne at Glendale, a multifamily community located in the Verdugo Woodlands area of Glendale. Los Altos, Calif.-based Interstate Equities Corp. sold the asset to a public-private partnership of CSCDA Community Improvement Authority and BLVD Impact Housing for $79.7 million, or $630,000 per unit. Built in 1965, Towne at Glendale features 126 units, averaging 1,136 square feet. The property has undergone major renovations to provide luxury interior features and outstanding amenities. The buyer plans to expand upon the already completed enhancements and lease all units to renters earning between 80 percent and 120 percent of average median income. Shane Shafer and Bryan Schellinger of Northmarq’s Los Angeles investment sales team represented the seller in the transaction.

March 30, 2022

Acquisitions Arizona Development Industrial Western

EastGroup Properties Buys 50 Acres for Development of 655,400 SF Industrial Project in Mesa, Arizona

by Amy Works March 30, 2022

MESA, ARIZ. — EastGroup Properties has assembled and closed on 50 acres in the Phoenix Mesa Gateway Airport submarket for the development of Gateway Interchange, a Class A industrial development. Totaling 655,400 square feet and seven buildings, Gateway Interchange will feature spaces ranging from 13,440 square feet to 180,000 square feet with 28- to 32-foot clear heights, seven-inch floor thickness, abundant power, full concrete truck courts, dock-high and ground-level loading, LED warehouse lighting and ESFR sprinkler system. The buildings will include glass roll-up doors leading out of breakrooms to covered patio areas, six outdoor amenity nodes that are interconnected by trails and feature patio tables and chairs for outdoor dining, as well as turf areas for cornhole and other outdoor games. The project will be developed in two phases, with Phase I consisting of four buildings totaling 359,700 square feet and Phase II is slated for three buildings totaling 295,700 square feet. Willmeng Construction is serving as general contractor and Butler Design Group is serving as architect. Construction of Phase I is slated to begin third quarter of 2022 with delivery by the second quarter of 2023. The project will be developed, owned and managed by EastGroup. Steve Larsen, Pat …

March 30, 2022

Acquisitions California Restaurant Retail Western

Matthews Brokers $9M Sale of Woodland Hills Retail Property in California

by Amy Works March 30, 2022

WOODLAND HILLS, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. California-based Bolour Associates acquired the property from California-based Flamingo Investments for $9 million in an off-market transaction. Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the transaction.

March 30, 2022

Acquisitions California Industrial Western

LDK Ventures, PCCP Sells 617,760 SF Distribution Facility in San Francisco’s North Bay Area

by Amy Works March 29, 2022

VACAVILLE, CALIF. — A joint venture between LDK Ventures and PCCP has completed the disposition of a Class A distribution/e-commerce facility, located at 4800 Midway Road in Vacaville. A global real estate investment manager acquired the single-tenant asset for an undisclosed price. Built in 2021 on 35.7 acres, the 617,760-square-foot property features 40-foot clear heights, 54-foot by 50-foot column spacing, cross-dock loading with 130-foot truck courts, LED lighting and ESFR fire suppression. At the time of sale, the property was 100 percent occupied by a global Fortune 10 e-commere company. Steve Hermann, Seth Siegel, Ryan Venezia, Rick Ryan and Kevin Flemming of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the deal. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield provided market advisory.

March 29, 2022

Acquisitions Arizona Multifamily Western

IPA Negotiates $41.5M Sale of Regency Square Multifamily Community in Yuma, Arizona

by Amy Works March 29, 2022

YUMA, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Regency Square, an apartment property in Yuma. Sundance Bay acquired the asset from a private partnership for $41.5 million, or $136,513 per unit. Built in 1986, Regency Square features 304 studio, one- and two-bedroom apartments spread across 17 two-story residential buildings. Community amenities include assigned covered parking, two swimming pools, a leasing office and clubhouse, basketball court, children’s playground, pet park and two laundry facilities. Cliff David and Steve Gebing of IPA, a division of Marcush & Millichap, represented the seller and procured the buyer in the deal.

March 29, 2022

Acquisitions California Office Western

Majestic Asset Management Divests of 88,334 SF Office Building in Westlake Village, California

by Amy Works March 29, 2022

WESTLAKE VILLAGE, CALIF. — Majestic Asset Management has completed the sale of 2829 Townsgate, a multi-tenant office building in Westlake Village. California Commercial Investment Cos. acquired the property for $27 million. Located at 2829 Townsgate Road, the property features 88,334 square feet of office space, occupied by 10 tenants. Kevin Shannon, Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller in the deal.

March 29, 2022

California Development Multifamily Seniors Housing Western

Joint Venture Starts Construction of 158-Unit Seniors Housing Community in Los Angeles

by Amy Works March 29, 2022

LOS ANGELES — A joint venture between Ryan Cos. US Inc., Cadence Living and Harrison Street has received financing and started construction of Acoya South Bay in Los Angeles. Located near the Del Amo Fashion Center, the luxury senior living community will be in a prime, amenity-laden location with increasing demand for senior housing. By 2026, there will be more than 6,000 75-and-older, income-qualified households in the South Bay area, according to Moore Diversified Services Inc. “We’re going to continue seeing demand significantly outpace supply because of the high barriers to entry in this submarket,” says Patrick Dimaano, vice president of senior living development, Ryan Cos. Just two miles from the ocean, the 175,810-square-foot, four-story independent living and assisted living community will offer 158 apartments and 177 underground parking spaces. Ryan is the developer, builder and capital markets partner for the project. Upon completion in 2023, Cadence Living will lead day-to-day operations and Ryan will support asset management. AO Architects is the architect of record and Ryan A+E Inc. has been engaged as the interior designer. Wells Fargo provided construction financing for this project. This is the first Acoya-branded location in California and fifth in the Western United States.

March 29, 2022

Acquisitions California Industrial Western

Dalfen Industrial Expands California Portfolio, Acquires Two Industrial Properties

by Amy Works March 29, 2022

SAN DIEGO AND STOCKTON, CALIF. — Dalfen Industrial has purchased Otay Mesa Logistics Center in San Diego and Stockton Supply Chain Center III in Stockton. Terms of the transactions were not released. Built in 2005, the 62,875-squarf-foot Otay West Logistics Center features 24-foot clear heights, a 170-foot truck court, 15 dock-high doors, four drive-in doors and ample parking. At the time of sale, the property was fully leased to DHL. Rob Hixson of CBRE handled the transaction. Located at 2230-2248 Stagecoach Road, the two-building Stockton Supply Chain III features 121,280 square feet of industry property. The property is fully occupied, with Fairview Distribution as the largest tenant. Mike Goldstein, Ryan McShane and Alex Hoeck of Colliers International brokered the off-market deal.

March 29, 2022

Outdoor Hospitality quote from Jesse Pine, NAI

Content Partner Features Hospitality Loans Midwest NAI Northeast Southeast Texas Western

Outdoor Hospitality Properties Draw Greater Investment Interest Following Rapid Growth During the Pandemic

by Sarah Daniels March 29, 2022

Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …

March 29, 2022

Development Loans Multifamily Oregon Western

JLL Arranges $95.2M Construction Financing, JV Equity for Multifamily Development in Portland

by Amy Works March 28, 2022

PORTLAND, ORE. — JLL Capital Markets has secured $95.2 million in construction financing and joint venture equity for the development of Slabtown Square, a multifamily project in Portland. The borrower is Guardian Real Estate Services. Casey Davidson and Charlie Watson of JLL Capital Markets arranged the four-year, floating-rate construction loan through a large money center bank, while Ira Virden and Mark Erland of JLL’s equity placement team secured the joint venture equity through an institutional investor. Located at 2070 NW Quimby St., the seven-story Slabtown Square will feature 200 studio, one- and two-bedroom units with vinyl plank flooring, quartz countertops, stainless steel appliances, and in-unit washers and dryers. Community amenities will include a fitness enter, yoga studio, clubhouse with kitchen and lounge, rooftop deck and 230 bicycle parking stalls. Additionally, the development will feature 11,542 square feet of ground-floor retail space.

March 28, 2022

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