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2500-Campbell-Pl-Carlsbad-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Westport Properties Buys 2,284-Unit Self-Storage Portfolio in Southern California

by Amy Works

CARSON AND CARLSBAD, CALIF. — Westport Properties has acquired a self-storage portfolio comprising two StorQuest Self Storage-managed assets in Carson and Carlsbad. Terms of the transaction were not released. Built in 2006 on 4.5 acres, the Carson property is located at 17106 Avalon Blvd. The Carlsbad property is located at 2500 Campbell Place and was built in 2008 on 3.4 acres. The portfolio totals 270,841 rentable square feet and 2,284 self-storage units. At the time of sale, the portfolio was 90 percent leased. Greg Wells, Kevin Cuff, Luke Elliott and Mike Mele of Cushman & Wakefield’s Self Storage Advisory Group represented the undisclosed seller in the transaction.

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4500-Park-Granada-Calabasas-CA
AcquisitionsCaliforniaOfficeWestern

Gemdale USA Sells 222,667 SF Office Building in Calabasas, California

by Amy Works

CALABASAS, CALIF. — Gemdale USA has completed the disposition of 4500 Park Granada, a three-story Class A office building in Calabasas, to a joint venture between Cross Ocean Partners and Palisade Group for an undisclosed price. Situated on 20 acres, the 222,667-square-foot property offers courtyards, landscaped gardens and executive parking. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as the headquarters for Countrywide, the asset operated as a single-tenant campus for nearly 20 years. Recently, the building underwent an extensive renovation to improve efficiency and sustainability, as well as conversion to a multi-tenant office building. At the time of sale, 4500 Park Granada was fully leased to seven tenants across diverse industries, including consumer goods (44 percent), insurance (30 percent), hospitality (14 percent), coworking (8 percent) and financial services (3 percent). Kevin Shannon, Ken White, Rob Hannan, Michael Moll, Laura Stumm and Alex Beaton of Newmark represented the seller in the deal. Jonathan Firestone, Blake Thompson and Henry Cassiday of Newmark Global Debt & Structured Finance offered market financing guidance during the sale.

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Chandler-Freeways-Biz-Park-Chandler-AZ
ArizonaDevelopmentIndustrialWestern

Ryan Cos., Alidade Capital Break Ground on Chandler Freeways Business Park in Arizona

by Amy Works

CHANDLER, ARIZ. — A joint venture between Ryan Cos. and Alidade Capital has closed financing and broken ground on Chandler Freeways Business Park, located southeast of Loop 202 and Interstate 10 in Chandler. The project includes converting a former office building, which was originally built by Ryan Cos. in 2003, into an 87,600-square-foot, single-story Class A industrial building, and constructing a 102,875-square-foot Class A industrial building. Chandler Freeways Business Park will feature full concrete truck courts, reinforced speed bays, speculative office suites, warehouse lighting, the capacity for high power, a total of 26 dock-high doors and 301 vehicle parking stalls. Butler Design Group is the architect of record. Mark Krison, Luke Krison and Armand Doost of CBRE are marketing the project for lease.

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ColoradoDevelopmentLoansMultifamilySeniors HousingWestern

Colliers Mortgage Provides $19.3M HUD-Insured Loan for Seniors Housing Project in Erie, Colorado

by Amy Works

ERIE, COLO. — The Minneapolis office of Colliers Mortgage has provided a $19.3 million HUD 213 loan for the construction of Village Cooperative of Erie, an age-restricted cooperative residential property in Erie. The borrower is Village Cooperative of Erie. The property will feature 64 one-, two- and two-bedroom plus den units with stainless steel appliances, nine-foot ceilings and in-unit washers/dryers. Community amenities will include underground heated parking, a fitness center, community room with serving kitchen and private meeting room, hobby room, parcel/mail room, on-site management, an elevator, community deck and garden plots.

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Escondido-Logistics-Center-Escondido-CA
CaliforniaDevelopmentIndustrialWestern

RAF Pacifica Group Completes 146,000 SF Industrial Complex in Escondido, California

by Amy Works

ESCONDIDO, CALIF. — RAF Pacifica Group (RPG) has completed the development of Escondido Logistics Center, located at lots 10-18 within Escondido Technology and Research Park. The $60 million, 146,000-square-foot project includes two free-standing buildings featuring 28-foot clearances, heavy power and above-standard loading positions. San Diego Water Authority, represented by Colliers, acquired the 88,000-square-foot building upon completion of the project. The 58,000-square-foot building is being marketed for lease or sale by Aric Stark and Drew Dodds of Cushman & Wakefield.

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Park-12
AcquisitionsCaliforniaMultifamilyTop StoriesWestern

MG Properties Acquires Park 12 Multifamily Tower in Downtown San Diego for $309M 

by Katie Sloan

SAN DIEGO — MG Properties has acquired Park 12 Apartments, a 35-story multifamily tower located in downtown San Diego, for $309 million. The transaction is the largest multifamily acquisition in San Diego since 2020 and the third-largest multifamily acquisition in the city’s history, according to the locally based buyer.  Built in 2018, the community is located adjacent to Petco Park, home of the San Diego Padres Major League Baseball team, and within the Ballpark Village master-planned community. The property offers a mix of studio, one-, two- and three-bedroom units, including penthouse apartments with exclusive access to a lounge on the 32nd floor.  Shared amenities include saltwater and heated pools with poolside event space, a 24-hour fitness center, golf simulator and putting green, sun deck and spa, dog park, coffee and herbal tea bar, clubroom, sports lounge, game room and courtyards with outdoor seating, grilling areas and fire pits.  Joseph Smolen and Geoff Boler of Eastdil Secured represented the seller, Charleston, S.C.-based Greystar, in the transaction. Greg Stampley and Lee Redmond, also with Eastdil Secured, originated a Fannie Mae acquisition loan of an undisclosed amount on behalf of MG Properties.  San Diego-based MG Properties is a privately owned real estate firm specializing …

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Multifamily building
AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier

by Sarah Daniels

Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …

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Apex-Ridge-North-Las-Vegas-NV
AcquisitionsDevelopmentIndustrialNevadaWestern

EBS Realty Partners, Penwood to Develop 1.4 MSF Industrial Project in North Las Vegas

by Amy Works

NORTH LAS VEGAS, NEV. — EBS Realty Partners and Hartford, Conn.-based Penwood Real Estate Investment Management, in a joint venture, have purchased a 91-acre industrial development site at 9150 N. Terryl B. Adams St. within Apex Industrial Park in North Las Vegas. EBS and Penwood acquired the site from Ball Metal Beverage Container Corp. for $31 million. The partnership plans to develop Apex Ridge, a two-building, 1.4 million-square-foot logistics campus on the site. Groundbreaking is slated for second- or third-quarter 2025. Gregg Haly and Garrett Toft of CBRE handled the land acquisition.

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Elmonica-Station-Beaverton-OR
DevelopmentMultifamilyOregonWestern

REACH, Mercy Housing Break Ground on $51.8M Affordable Housing Project in Metro Portland

by Amy Works

BEAVERTON, ORE. — REACH Community Development and Mercy Housing Northwest have broken ground on Elmonica Station, a $51.8 million affordable housing project in Beaverton, eight miles west of Portland. The community will consist of 81 units for households earning at or below 60 percent of the area median income (AMI) or 30 percent AMI. Elmonica Station will feature a mix of studio, one-, two- and three-bedroom apartments. Planned amenities include community rooms, outdoor play and gardening spaces, laundry rooms on all residential floors and a food pantry. The project is located at the corner of Baseline Road and SW 170th Avenue, near the Elmonica MAX lightrail station. Metro — the regional government of the Portland metropolitan area in Oregon — provided a Transit Oriented Development grant, as well as an Affordable Housing Bond, for the development. The U.S. Treasury and Oregon Housing and Community Services provided a 4 percent Low-Income Housing Tax Credit. Additional financing sources for the project include Oregon Housing & Community Services, the City of Beaverton, Energy Trust of Oregon, Washington County’s Housing Opportunity Production Fund, HOME funds and Citibank. Elmonica Station is slated for completion in summer 2026. Colas Construction is the general contractor, and Salazar Architect designed the …

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Courtyard-Marriott-Mesa-AZ
AcquisitionsArizonaHospitalityWestern

HSL Properties Purchases Two-Property Hotel Portfolio in Mesa, Arizona for $50.2M

by Amy Works

MESA, ARIZ. — HSL Properties has acquired two hotels in Mesa for a combined $50.2 million from Power Hotel Group. Bill Murney and Mike Montoya of Cushman & Wakefield’s Western Hospitality Advisory Group represented the seller. The portfolio includes a 180-room Sheraton, a 129-room Courtyard by Marriott, 15,000 square feet of retail space, a commercial laundry facility, a full spa and 18,000 square feet of meeting space, including an 11,000-square-foot ballroom.

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