Western

SRS Real Estate Partners Brokers $7.6M Sale of Heritage Crossings Retail Asset in Fontana, California

by Amy Works July 12, 2021

FONTANA, CALIF. — SRS Real Estate Partners has arranged the sale of Heritage Crossings, a fully leased retail property located at 7470 Cherry Ave. in Fontana. A Southern California-based development firm sold the asset to a private investor for $7.6 million. Built in 2008 on 2.8 acres, Heritage Crossings features 16,273 square feet of retail space. Current tenants include 7-Eleven, Boston Market, Subway and Little Caesars. John Redfield and Chris Tramontano of SRS’ National Net Lease Group represented the seller, while Jigar Shah of Century 21 Discovery represented the buyer.

July 12, 2021

Acquisitions California Industrial Western

Avison Young Arranges $6.9M Acquisition of Industrial Property in West Sacramento

by Amy Works July 12, 2021

WEST SACRAMENTO, CALIF. — Avison Young has arranged the purchase of an industrial building located at 879 F St. in West Sacramento. The Bendetti Co. acquired the property from INNOVA Fund I LLC for $6.9 million. Built in 2001 on two acres, the property features 55,000 square feet of industrial space with fully insulated warehouses and concrete tilt-up construction. Alan Pekarcik and Chris Smith of Avison Young’s Irvine office represented the buyer, while Kevin Jasper of Newmark represented the seller in the deal.

July 12, 2021

Acquisitions Arizona Net Lease Restaurant Retail Western

Capstone Advisors Sells Salad and Go-Occupied Restaurant Building in Phoenix for $3.7M

by Amy Works July 12, 2021

PHOENIX — Carlsbad, Calif.-based Capstone Advisors has completed the disposition of a single-tenant building located with Ahwatukee Foothills Towne Center in Phoenix. A Nevada-based investor acquired the asset for $3.7 million. Salad and Go occupies the property under an absolute triple-net, 20-year ground lease. The restaurant opened for business at the newly constructed building in mid-June. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented Capstone in the deal.

July 12, 2021

Colorado Development Multifamily Western

Evergreen Devco Acquires Vacant Sears Building in Colorado Springs for 300-Unit Multifamily Redevelopment

by Amy Works July 9, 2021

COLORADO SPRINGS, COLO. — Evergreen Devco has purchased a former Sears store property located at Chapel Hills Mall in Colorado Springs from Northwood Investors for $5.7 million. The vacant property includes a two-story, 141,000-square-foot building, parking lots and 12.6 acres. Built in 1981, the Sears store served as the western anchor of the Chapel Hills Mall until the store closed in March 2019. Evergreen Devco plans to demolish the building and redevelop the property into Outlook Briargate, a 300-unit apartment complex. The development will offer a mix of one-, two- and three-bedroom units spread across multiple buildings. Community amenities will include a clubhouse, fitness center, outdoor pool, shade structures and barbecue areas. Construction is slated to begin in July, with the first units available for rent in 2022.

July 9, 2021

Acquisitions California Multifamily Western

Harbor International Group Buys Olive Ridge Resort Apartments in Pomona, California for $46.8M

by Amy Works July 9, 2021

POMONA, CALIF. — Harbor International Group (HGI) has purchased The Olive Ridge Resort, a multifamily property in Pomona, for $46.8 million. Located at 2261 Valley Blvd., the 11-building community features 220 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a fitness center; tennis and volleyball court; swimming pool and spa; business center; barbecue grilling stations; a junior soccer field; and on-site laundry facilities. Shane Shafer and Quinn Breslin of NorthMarq’s Newport Beach office handled the transaction.

July 9, 2021

Acquisitions California Retail Western

Retail Equities Sells 352,666 SF East Hills Mall in Bakersfield, California for $7.2M

by Amy Works July 9, 2021

BAKERSFIELD, CALIF. — Modesto-based Retail Equities has completed the disposition of East Hills Malls, a vacant shopping center situated on 38 acres in Bakersfield. A partnership between Steve Zimmerman of ZDI and Michael Heslov of Soboroff Partners acquired the asset for $7.2 million. Located at 2800-3200 Mall View Road, the 352,666-square-foot property was initially developed by the Hahn Co. in 1988. The property was formerly called City Lights at East Hills. Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap’s Los Angeles office represented the seller in the deal. Vincent Roche of Cushman & Wakefield/Pacific consulted on the transaction.

July 9, 2021

Acquisitions Colorado Office Western

Quiver Investments Negotiates $6.5M Sale of Synergy Corporate Center in Colorado Springs

by Amy Works July 9, 2021

COLORADO SPRINGS, COLO. — Denver-based Quiver Investments has arranged the sale of Synergy Corporate Center, an office building located in Colorado Springs. Great Western Foloh sold the asset to a Colorado-based investor group for $6.5 million, or $148 per rentable square foot. Located at 5225 N. Academy Blvd., the property features 44,256 rentable square feet. At the time of sale, the building was 90 percent occupied. John Witt and Ben Swanson of Quiver Investments represented the seller, while Riki Hashimoto of Newmark represented the buyer in the deal.

July 9, 2021

Acquisitions California Healthcare Office Retail Western

Matthews Arranges $5.4M Sale of Medical Office, Retail Building Near Los Angeles

by Amy Works July 9, 2021

SANTA FE SPRINGS, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a medical office and retail building located at 13063 Rosecrans Ave. in Santa Fe Springs, a suburb of Los Angeles. The property traded hands for $5.4 million. The names of the seller and buyer were not released. Fresenius Medical Care and TNV International, a wholesale distributor of bulk ingredients for the nutritional supplement industry, occupy the property. Jake Linksy and Simon Assaf of Matthews brokered the transaction.

July 9, 2021

Acquisitions Arizona Multifamily Western

Tide Equities Acquires Palm Valley Multifamily Property in Goodyear, Arizona for $71.8M

by Amy Works July 8, 2021

GOODYEAR, ARIZ. — Tide Equities has purchased Palm Valley, a multifamily property in Goodyear. Avanti Residential sold the asset for $71.8 million. Tide Equities has renamed the community Tides at Palm Valley. Built in 1997, the property features 264 apartments; two resort-style swimming pool and spa areas with covered cabanas; a fitness center; basketball court; resident clubhouse; business center; children’s playground; barbecue and picnic areas; and package lockers. Updated units offer quartz countertops, new wood-style vinyl plank flooring and carpet, interior paint, new white cabinet doors and hardware, stainless steel appliances, kitchen backsplash, new lighting fixtures and new plumbing fixtures. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

July 8, 2021

California Development Multifamily Seniors Housing Western

Urban Catalyst Purchases Final Plot for Delmas Senior Living Center in Downtown San Jose

by Amy Works July 8, 2021

SAN JOSE, CALIF. — Urban Catalyst, a Silicon Valley-based Opportunity Zone Fund, has acquired the final parcels of property for its Delmas Senior Living project, the first seniors housing project to be built in downtown San Jose in decades. The six-story, 175,000-square-foot property will feature a mix of studios, one- and two-bedroom assisted living units, along with memory care studios. It will house 165 units, with 49 of them dedicated memory care units. Delmas, located in Downtown West, is in its final rounds of comments with the City of San Jose’s building and public works departments. Groundbreaking is scheduled for third quarter of this year. “I am excited to see Delmas Senior Living project moving forward so quickly, and I look forward to the groundbreaking for this much-needed facility in the coming months,” says Erik Hayden, founder and CEO of Urban Catalyst. “This acquisition marks a key milestone for our Fund 1 portfolio and an important step in our downtown revitalization efforts.” This acquisition represents the final parcels needed for all ground-up projects in Urban Catalyst’s Opportunity Fund I, which closed Dec. 30 with $131 million in investments. Other projects include mixed-use office, multifamily residential, hospitality and student housing. “Delmas …

July 8, 2021

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