TORRANCE, CALIF. — Faropoint has entered the Los Angeles market with the purchase of a multi-tenant industrial property at 605-655 Hawaii Ave. in Torrance, a suburb 20 miles south of Los Angeles. The asset traded for $9.9 million. The name of the seller was not released. Built in 1963, the 36,491-square-foot facility is leased to four tenants. The property features tilt-up construction, a clear height of 18 feet and six double dock-high loading doors. Faropoint plans to implement a value-add strategy for the property, including targeted capital improvements and lease optimization.
ENGLEWOOD, COLO. — Kaufman Hagan has negotiated the sale of a 16-unit multifamily building located at 1690 W. Girard Ave. in Englewood. The asset traded for $2 million, or $125,000 per unit. Andrew Vollert of Kaufman Hagan represented the undisclosed buyer and undisclosed seller in the deal.
BUCKEYE AND YUMA, ARIZ., AND SANTA CLARITA, CALIF. — JLL and HJ Sims have arranged $239.7 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation — Ativo Portfolio, a seniors housing portfolio in Arizona and California. The portfolio includes 430 independent living, assisting living and memory care units. There are two ground-up development communities and one acquisition — Ativo of Sundance in Buckeye, Ativo of Yuma in Yuma and Ativo of Santa Clarita within the Sand Canyon Plaza master-planned community in Santa Clarita. On behalf of Integrated Senior Foundation, JLL’s Seniors Housing Capital Markets team, in collaboration with the bond underwriting team of HJ Sims and JLL Securities, secured fixed-rate financing with a final maturity of 40 years. The financing consisted of $218.2 million of publicly offered tax-exempt senior series 2025A bonds, $5.9 million of taxable senior series 2025B bonds and $15.5 million of tax-exempt subordinate 2025C bonds. Slated for completion in 2027, Ativo of Sundance will feature 102 independent living units, 75 assisted living units and 30 memory care beds, while Ativo of Santa Clarita will feature 51 independent living units, 65 assisted living units and 28 memory care beds, with completion scheduled for later this year. Ativo …
ANAHEIM, CALIF. — NewPoint Real Estate Capital has provided an $82 million Fannie Mae loan to facilitate the acquisition of Park Vista Apartment Homes, a garden-style affordable housing community in Anaheim. Los Angeles-based BLDG Partners purchased the 392-unit property, which is 100 percent mission with all units being affordable at 60 percent of the area median income or lower. Martin Fayer of NewPoint originated the fixed-rate loan, which has a seven-year term with five years of interest-only payments. Originally constructed in 1959 and renovated in 2001, Park Vista consists of 93 two-story buildings spread across 20 acres in southeast Los Angeles. Community amenities include laundry facilities, a pool and barbecue grill, as well as picnic and playground areas.
LYNNWOOD, WASH. — Kōz Development and MSquared have opened Kōz on Alderwood Mall Blvd, a mixed-income, transit-oriented apartment community at 4301 Alderwood Mall Blvd. in Lynnwood. The $54 million project is located adjacent to the recently opened Lynnwood Transit Center, the northern terminus of the Sound Transit Link rail extension connecting Lynnwood to downtown Seattle. Kōz on Alderwood offers 199 studio, one-bedroom and two-bedroom apartments. Half of the homes are affordable for households earning up to 80 percent of the area median income and the other half are market-rate units. Developed by Kōz Development, the project was financed with $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared and $6 million in equity from Kōz Development investors. Kirtley Cole led construction of the community.
CITY OF INDUSTRY, CALIF. — West Harbor Capital has completed the disposition of an industrial property located at 705 Baldwin Park Blvd. in the City of Industry to Safco Capital Corp. for $38 million. Cenveo, the nation’s largest envelope manufacturer, fully occupies the 184,778-square-foot property that features loading doors, trailer parking and 4,000 amps of power. Barbara Perrier and Eric Cox of CBRE National Partners West, along with Paul Sablock of JLL, represented the seller in the transaction.
COSTA MESA, CALIF. — Royal Tulip Investments has acquired Newport Victoria Plaza, an office building located at 2183 Fairview Road in Costa Mesa. A Beverly Hills, Calif.-based private seller sold the asset for $7.1 million, or $165 per square foot. The buyer plans to relocate its offices to the 43,250-square-foot building and lease out the remaining space. At the time of sale, the property was 35 percent occupied. Eric Smith of Voit Real Estate Services represented the buyer, while Anthony DeLorenzo, Sammy Demo and Bryan Johnson of CBRE represented the seller in the deal.
GRANTS PASS, ORE. — A little over a month after unveiling its 1,000th retail location, drive-thru coffee chain Dutch Bros Inc. (NYSE: BROS) is expanding its operations with goals to reach 2,029 shops by 2029. Originating in 1992 as a pushcart by the railroad tracks in downtown Grants Pass, Dutch Bros opened its first franchise in 2000. Dutch Bros Coffee now has a significant presence in the Pacific Northwest and is expanding with more locations across the United States, moving eastward to Florida, Texas, Oklahoma and Georgia. Looking further out, Dutch Bros sees potential for 7,000-plus locations nationwide, up from its original estimate of 4,000 shops. In 2025 alone, the company expects to open “at least” 160 new stores. The company recently hired former YUM! Brands executive Brian Cahoe as chief development officer to oversee the expansion strategy. The Dutch Bros management team recently provided updates on the business and its long-term growth goals at its Investor Day meeting last week. “We are pleased to deliver quarter-to-date first-quarter same-shop sales above our expectations, supported by positive traffic and strong business momentum,” says Christine Barone, CEO and president of Dutch Bros. Through March 24, same-store sales increased 4.6 percent in the …
COLORADO SPRINGS, COLO. — A partnership between Brinkmann Constructors and Cohen-Esrey Development Group has completed Panorama Heights, a 160,000-square-foot affordable housing community in Colorado Springs. Panorama Heights offers 113 apartments, 19,000 square feet of below-grade parking, a dog wash station, dog park, bicycle room, fitness room, playground and a community room with a patio. Designed by Davis Partnership Architects, the sustainable all-electric building features rooftop solar arrays. Located in southeast Colorado Springs, property is one of the first of its kind to secure tax-increment financing through an Urban Renewal Authority, receive development and utility fee rebates and include 15 units reserved for low-income veterans referred by Pikes Peak Continuum of Care.
LOS ANGELES — Center Capital Partners and Abramson Investors have received a $22.4 million C-PACE loan from PACE Loan Group to refinance improvements completed on the borrowers’ newly constructed creative office development in Los Angeles. The C-PACE loan will amortize over 30 years, allowing payback for original investments during construction. The loan will be used to retroactively finance energy conservation improvements completed during the building’s construction, including building envelope, seismic retrofits, elevators, lighting, plumbing, HVAC, irrigation and stormwater mitigations. Located at 5237 W. Jefferson Blvd., the three-story, 72,000-square-foot property offers 9,700 square feet of of private terraces, a landscaped rooftop deck with seating and a barbecue area, 176 subterranean parking spaces and open-floor plans with wraparound windows.