Western

Toll Brothers Breaks Ground on 422-Unit Lindley Apartment Tower in San Diego

by Amy Works June 28, 2022

SAN DIEGO — Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers (NYSE: TOL), has broken ground on The Lindley, a 37-story multifamily property located in San Diego’s Little Italy neighborhood. Totaling more than 800,000 square feet, the 37-story building will feature 422 apartments and more than 12,000 square feet of ground-floor retail space. The Lindley will offer studio, one- and two-bedroom floor plans, as well as penthouse and townhouse residences. Units will feature luxury vinyl tile flooring, European-style cabinetry, quartz countertops with tile backsplashes, stainless steel appliances, energy-efficient LED lighting and smart thermostats. The penthouse and townhouse residences, situated on floors 35 to 37, will feature higher ceilings, hardwood flooring, quartz backsplashes, upgraded appliances and automatic shades. Additionally, all residences will have private balconies, with four of the townhouses featuring additional private rooftop patios. The community will also feature an above- and below-grade structured parking garage with 561 parking spaces and capacity for 222 electric vehicle charging stations. The first-floor grand lobby and mezzanine host the onsite property management, concierge, and mail and secured packaged room. Community amenities will include high-end finishes, secured keyless entry, Wi-Fi and more than 22,000 square feet of interior and exterior amenity space. …

June 28, 2022

Acquisitions Arizona Industrial Western

Stockbridge Acquires 147,435 SF Warehouse Facility in Mesa, Arizona

by Amy Works June 28, 2022

MESA, ARIZ. — Stockbridge has purchased a single-tenant warehouse/distribution building situated on 28.6 acres at 3115 N. Higley Road in Mesa from Lexin Capital for an undisclosed price. Built in 2018, a Fortune 10 global e-commerce company fully occupies the 147,435-square-foot property. Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Advisory Group represented the seller in the deal. Designed as a last-mile delivery station, the Class A tilt-up concrete building features 32-foot clear heights, ESRF sprinklers, skylights, R-38 insulation and heavy power. Additionally, the property has ample parking and a 135-foot, fully secured, 100 percent concrete truck court.

June 28, 2022

Acquisitions California Industrial Western

LDG Commercial Buys 61,500 SF Distribution Building in San Diego’s Otay Mesa District

by Amy Works June 28, 2022

SAN DIEGO — LDG Commercial Real Estate has purchased a warehouse and distribution building in San Diego’s Otay Mesa submarket. The San Diego-based company acquired the asset for $10.5 million in an off-market transaction. The name of the seller was not released. Located at 9840 Siempre Viva Road, Across Town Movers fully occupies the 61,500-square-foot building.

June 28, 2022

Acquisitions California Industrial Leasing Activity Retail Top Stories Western

Prologis Buys California’s Great America Amusement Park Site in Silicon Valley from Cedar Fair for $310M

by John Nelson June 28, 2022

SANTA CLARA, CALIF. — Cedar Fair LP (NYSE: FUN), an amusement and water parks owner and operator based in Sandusky, Ohio, has sold the land at California’s Great America amusement park in the Silicon Valley town of Santa Clara. Prologis (NYSE: PLD), an industrial REIT based in San Francisco, purchased the 112 acres for $310 million and executed a lease with Cedar Fair to continue operating the park. Cedar Fair plans to eventually close Great America, which was built in 1976 by Marriott International Inc. (NASDAQ: MAR). The park features more than 60 rides and rollercoasters, as well as the Planet Snoopy children’s park and South Bay Shores waterpark, according to the property website. Cedar Fair will continue to operate the park for a period of up to 11 years and then will close existing park operations at the end of the lease term. After 40 years of leasing Great America, Cedar Fair purchased the land from the City of Santa Clara in 2019 per an order from the State of California. The city purchased the park from Marriott in 1985. Following company-wide park closures from the COVID-19 pandemic, Cedar Fair explored options to raise revenue within its existing portfolio. …

June 28, 2022

Acquisitions California Industrial Western

Kidder Mathews Negotiates Sale of 126,500 SF Glendale Financial Square in California

by Amy Works June 27, 2022

GLENDALE, CALIF. — Kidder Mathews has arranged the sale of Glendale Financial Square, an office building located at 225 W. Broadway in Glendale. Two Southern California real estate investment firms taking ownership as Hacienda Associates LP acquired the asset from a partnership between three local investors (Hyun 1996-2 Family LP, Royalblue LLC and Broadway JSY LLC) for $27.5 million. Glendale Financial Square features 126,500 square feet of office space and a stable tenant base. The buyer plans to invest in upgrading the buliding’s common areas and main entry plaza. Bill Boyd, Linda Lee and Scott Unger of Kidder Mathews represented two-thirds of the seller partnership in the deal.

June 27, 2022

California Development Loans Multifamily Seniors Housing Western

CFG Provides $32.9M Construction Financing for Assisted Living, Memory Care Facility in Temecula, California

by Amy Works June 27, 2022

TEMECULA, CALIF. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego. The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion. The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy or other projects and make repayments via an assessment on the property tax bill. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance.

June 27, 2022

Acquisitions Colorado Industrial Self-Storage Western

Armstrong Capital Development Sells 80,400 SF Self-Storage Facility in Denver

by Amy Works June 27, 2022

DENVER — Armstrong Capital Development has completed the disposition of a self-storage facility in Denver. An institutional buyer acquired the asset for an undisclosed price. Located at 7200 E. 36th Ave., the 80,400-square-foot facility consists of a three-story, climate-controlled building with 569 units ranging in size from 5-foot by 5-foot to 10-foot by 30-foot. Onsite amenities include 24-hour video surveillance, prominent visibility and convenient access to more than 68,900 vehicles per day. Built in 2019, the property was 96 percent occupied at the time of sale.

June 27, 2022

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens 96-Unit Seniors Housing Community in Seattle

by Amy Works June 27, 2022

SEATTLE — Aegis Living has opened its 35th community, Aegis Living Greenwood, in the Greenwood neighborhood of Northwest Seattle. The 89,000-square-foot property features 96 units. The five-story building is inspired by the neighborhood and built with Tudor Revival architecture, a classic style most popular in the United States in the 1920s and ‘30s. Ankrom Moisan was the architecture firm and Venture was the general contractor. Aegis has several additional communities in development, including a property in the Eastlake neighborhood of Seattle opening next month.

June 27, 2022

Acquisitions Industrial Nevada Western

RealComm Brokers $3.8M Sale of Industrial Building in Las Vegas

by Amy Works June 27, 2022

LAS VEGAS — RealComm has arranged the sale of an industrial facility in Las Vegas. JPFS LLC sold the asset to 3934 Silvestri Lane LLC for $3.8 million. Located at 3924 Silvestri Lane, the property features 16,888 square feet of industrial space. Jennifer Levine and Elizabeth Moore of RealComm Advisors represented the seller in the deal.

June 27, 2022

Arizona Development Industrial Western

Lincoln Property Co. Plans 1 MSF Industrial Campus in Tucson, Arizona

by Amy Works June 24, 2022

TUCSON, ARIZ. — Lincoln Property Co. (LPC) has released plans to develop I-10 International, a more than 1 million-square-foot, Class A industrial property in Tucson. LPC purchased the land site from Tucson-based Diamond Ventures for an undisclosed price. Keri Lazarus Silyvn served as entitlement counsel for LPC. Situated on 77 acres, the four-building warehouse/distribution campus will feature a 476,000-square-foot facility, a 214,882-square-foot property, a 188,327-square-foot asset and a 158,908-square-foot building. All buildings will be state-of-the-art cold storage capable, 32-foot to 36-foot clear heights, 14-foot glass entrances, full concrete truck courts and R-83-insulated roof deck systems. Construction is slated to begin in second-quarter 2022, with completion scheduled for second-quarter 2023. The project will be built in two phases, with Phase I including the three smaller buildings and Phase II including the large cross-dock facility. Butler Design Group and Ware Malcomb are the project’s architects, while Rick Engineering is the project’s civil engineer. A general contractor has not been selected.

June 24, 2022

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