SANTA FE, N.M. — Dah Commercial has purchased Wagon Self Storage, located at 2 Emblem Road in Santa Fe, for an undisclosed price. The buyer has rebranded the self-storage facility as Mini U Storage. Originally built in 2009 and expanded in 2016, the property features 63,726 rentable square feet. The facility offers 611 climate-controlled units, recreational vehicle spaces and 42 wine storage units. The buyer is a national real estate investment and asset management company that has developed, acquired and/or managed more than $300 million of self-storage facilities. Adam Schlosser of Marcus & Millichap’s Denver office and Charles LeClaire of Marcus & Millichap’s LeClaire Group represented the seller, a local limited liability company, in the deal.
TEMECULA, CALIF. — PSRS has secured a $6.1 million loan for the refinancing of a warehouse facility located along Remington Avenue in Temecula. The newly built, concrete tilt-up property features Class A industrial space. David Hamilton of PSRS’ San Diego office arranged the 10-year, fixed-rate, non-recourse loan for the undisclosed borrower. The lender was a life insurance company.
SALEM, ORE. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 190-unit seniors housing campus in Salem. The community features 94 independent living apartments, 22 cottages and 72 assisted living units. At the time it was put on the market, the property generated a 30 percent profit margin and was still 94 percent occupied despite the pandemic, according to Blueprint. The seller was an ownership group finalizing its exit from seniors housing. The buyer was a local owner-operator with two other communities within a mile of the property. The price was not disclosed.
LOS ANGELES — Western Studio Services has completed the disposition of its creative office and industrial campus at 4561 Colorado Blvd. in Los Angeles. A joint venture between Captiva Partners, Avalon Investment Co. and a private investor acquired the asset for an undisclosed price. The front 146,000-square-foot building has a mid-century modern design with two-story offices, ample warehouse space and a third-level upper deck and community room. The rear 43,000-square-foot facility features an open, clear-span footprint with high ceiling clearance. The seller formerly occupied the property. Matt Dierckman, David Harding, Greg Geraci and Billy Walk of CBRE represented the buyer and seller in the deal.
SAN DIEGO — Cushman & Wakefield has arranged the sale of Morena Storage, a self-storage facility located in central San Diego’s Morena District. Sherman Street Ventures, the original developer of the property, sold the asset to Invesco Real Estate, in partnership with Baranof Holdings, for an undisclosed price. The buyers plan to maintain the property’s name, Morena Storage. Located adjacent to interstates 5 and 8, the 108,700-square-foot Morena Storage features 1,640 self-storage units. At the time of sale, the property was 90 percent occupied. Greg Wells of Cushman & Wakefield’s Self Storage Advisory Group, along with Bryce Aberg, Zachary Harman and Brant Aberg of the firm’s Industrial/Capital Markets Group, represented the seller in the deal.
TEMPLE CITY, CALIF. — Coldwell Banker Commercial has arranged the sale of a development site located at 5570 Rosemead Blvd. in Temple City. An undisclosed buyer acquired the site for $14.4 million. The buyer plans to redevelop the 1.4-acre land parcel into a mixed-use community with 73 residential units and 15,000 square feet of ground-floor retail space. The four-story building will offer units ranging from 732 square feet to 1,251 square feet, with three live-work units and lofts on the top floors. A 12,000-square-foot building, which was formerly used as the Learning Center, currently occupies the site. Steve Hayashi of Coldwell Banker Commercial George Realty represented the undisclosed seller in the deal.
CHANDLER, ARIZ. — CBRE has negotiated the sale of an industrial building located at 6615 W. Boston St. in Chandler. Ivanhoe/Evergreen acquired the asset from Cabot Properties for $9.2 million. The 96,000-square-foot property features 4,405 square feet of office space, 22-foot clear heights, 11 dock-high doors, one grade-level door and up to 189 parking spaces. At the time of sale, Advanced Circuits and a second tenant fully occupied the property. Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented both parties in the transaction.
LOS ANGELES — Hankey Investment Co. and Jamison Properties have completed vertical construction of Kurve on Wilshire, a 23-story residential tower located at 2900 Wilshire Blvd. in Los Angeles’ Koreatown neighborhood. Scheduled to open in spring 2021, Kurve on Wilshire will feature 644 apartments atop a six-story podium housing the building’s 1,100-vehicle parking garage, as well as a one-acre park and amenity deck. Apartments will range from studios to two-story, three-bedroom penthouses with a private sky yard and spa. Rents are expected to start around $2,200 per month. Common-area amenities will include a fitness center, clubhouse, pool, spa, business center, private open-air dining areas, barbecues, fire pits, dog park, Zen garden and viewing deck of the downtown Los Angeles skyline. The $300 million development will also feature 15,000 square feet of street-level retail space catering to residents, locals and Koreatown visitors. The project team includes Large Architecture, Dianna Wong Architecture + Interior Design, and AECOM and Wilshire Construction as a joint venture construction team.
WEST SACRAMENTO, CALIF., AND SALT LAKE CITY — A joint venture between PCCP and The Koll Co. has purchased an eight-building industrial portfolio in West Sacramento and Salt Lake City. A private family trust sold the portfolio for $41.3 million. Totaling 510,7070 square feet, the assets were fully leased at the time of sale. The three California properties, totaling 226,000 square feet, are located within the Port of Sacramento Industrial Park. Built in 1987, the buildings feature 22- to 26-foot clear heights, dock-high doors, grade-level doors, wet sprinklers, reinforced concrete loading areas and ample parking. The remaining five properties, totaling 214,000 square feet, are located within Centennial Industrial Park in Salt Lake City. The buildings feature 24- to 27-foot clear heights, dock-high doors and grade-level doors. Bret Hardy and Kevin Shannon of Newmark Knight Frank represented the seller, while David Milestone of Newmark Knight Frank sourced acquisition debt from California Bank & Trust for the buyer.
CERRITOS, CALIF. — Nome Ventures, a Bay Area-based real estate investment firm, has acquired Cerritos Center Court, a Class A office building in Cerritos, for an undisclosed price. Located at 17777 Center Court Drive within the 125-acre master-planned Cerritos Central Business District, the eight-story building features 170,977 square feet of office space. At the time of sale, the property was 98 percent leased. Built in 2002, a 2018 renovation fully upgraded the lobbies, corridors, restrooms, electric vehicle charging stations and 680 parking spaces. The transaction is a leasehold sale as the building sits on a long-term ground lease owned by the City of Cerritos with more than 66 years remaining on the term. Todd Tydlaska, Sean Sullivan, Mike Longo, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller, an undisclosed institutional investor, while Nome Ventures was self-represented in the deal. Greg Grant of CBRE’s Debt & Structured Finance team secured a $26.7 million loan on behalf of the buyer.