CLEAR LAKE OAKS, CALIF. — Colliers International has brokered the sale of Big Oaks Center, a mixed-use property located in Clear Lake Oaks in Northern California. Las Vegas-based Crystal View Capital sold the property to Redding, California-based Berg Family for $7.2 million. Totaling 98,811 square feet, Big Oaks Center features 78,845 square feet of self-storage space, 17,086 square feet of retail space and a 2,880-square-foot United States Postal Service location. Tom de Jong of Colliers International National Self Storage Group represented the seller in the deal. The purchase was partially completed via a 1031 exchange, with the balance financed by Five Star Bank.
SCOTTSDALE, ARIZ. — CBRE has arranged the sale of Wells Fargo Gainey Center, a Class A office building located at 8601 N. Scottsdale Road in Scottsdale. AREA Exchange Asset III, an affiliate of New York City-based Ascent Real Estate Advisors, acquired the property from Des Moines-based Principal Real Estate Investors for an undisclosed price. Built in 1999, the 141,000-square-foot Wells Fargo Gainey Center features a two-story lobby, flexible floor plates, 20 exterior balconies, a parking ratio of four spaces per every 1,000 square feet and an on-site gym. At the time of sale, the property was 96 percent leased to nine tenants, including Wells Fargo and Kutak Rock, a national law firm. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Bruce Francis, Tim Bokinsky, Dana Summers, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan with a national life insurance company for the buyer.
IRVINE, CALIF. — A joint venture between Hines and a global investment management firm has received $182 million in refinancing for Intersect, a mid-rise, four-building, Class A office campus in Irvine. Kevin MacKenzie, John Chun and Nick Lench of JLL Capital Markets placed the three-year, interest-only financing with MetLife Investment Management. The borrower plans to use the loan proceeds to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018. Situated on 15 acres, Intersect comprises four buildings, totaling 452,060 square feet, at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. Located in the heart of the Irvine Business Complex, the property features a restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court. Additional features include indoor and outdoor workspaces; a fitness center with Peloton bikes, classes, locker rooms, spin studio and outdoor yoga lawn; private tenant terraces; a 40-seat, stadium-style conference center; and a 16-person board room. The Intersect also offers 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave. and a 181-stall subterranean parking facility.
SAN DIEGO — LPC West, the West Coast operating division of Lincoln Property Co., has completed the sale of a two-story, flex R&D property located at 9877 Waples St. in San Diego’s Sorrento Mesa submarket. An affiliate of Alexandria Real Estate Equities acquired the building for $17 million in an off-market transaction. The 62,392-square-foot asset is mid-way through the seller’s biotech conversion process, which the buyer will complete. Andy Hugget, Bill Dolan and Sean Williams of CBRE represented LPC West, while Alexandria was self-represented in the transaction.
SANTA TERESA, N.M. — Blue Road Investments has broken ground on Westpark Building I in Santa Teresa, approximately 23 miles northwest of El Paso, Texas. Situated at 655 Industrial Ave. within Westpark Logistics Center, the facility will feature 315,000 square feet of speculative industrial space with cross-dock loading, 36-foot clear heights and 185-foot concrete truck courts. This is the first spec building in Westpark Phase I, where Blue Road has capacity for an additional 1 million square feet of future development. Current tenants in Westpark Logistics Center include FedEx Ground, MCS Industries and Valley Cold Storage. Construction is slated for January 2021. Perez Giese and Anthony Mash of CBRE are marketing the property for lease.
MORENO VALLEY, CALIF. — Toolots, a California-based online marketplace and distribution channel for factory-direct industrial tools, machinery and technology, has inked a deal to occupy a warehouse and distribution facility located at 17783 Indian St. in Moreno Valley. KKR Alpha Industries owns and operates the 436,350-square-foot facility. Robert Feathers and Brian Bennett of Kidder Mathews represented Toolots in the lease transaction.
SAN RAMON, CALIF. — Fitness center retail chain 24 Hour Fitness has filed for Chapter 11 bankruptcy protection stemming from revenue losses during the COVID-19 pandemic. The San Ramon-based company expects to secure $250 million in debtor-in-possession financing, which is subject to court approval. The fitness chain has also announced its intention to permanently close 132 of its 300-plus gyms. In California alone, 24 Hour Fitness will shutter 41 locations, and in Texas another 26 will permanently close as the company will focus on reopening its other gyms across the country. “If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11,” says Tony Ueber, CEO of 24 Hour Fitness. “With that said, we intend to use the process to strengthen the future of 24 Hour Fitness for our team and club members, as well as our stakeholders.” Although Ueber says the COVID-19 pandemic is the main culprit in the company’s struggles, the retailer’s debt load is also a contributing factor. Brad Umansky, president of Progressive Real Estate Partners, says that the retailer’s ownership group, including private equity firm AEA Investors, hampered 24 Hour Fitness from operating to the best of its ability …
DENVER — Southern California-based ReyLenn Properties has opened Solana Stapleton, an apartment community in Denver’s Stapleton submarket. The asset is the first market-rate rental property developed by a third party in the master-planned Stapleton community. The 280-unit property features a mix of one-, two- and three-bedroom units, with rental rates starting at $1,549 per month. On-site amenities include a saltwater pool; spa; state-of-the-art fitness center with yoga and spin studio; indoor basketball court; high-definition golf and sports simulator; outdoor beer garden with gaming and a pizza oven; food truck court; and community gardens. Additionally, the property features standalone co-working space that is accessible for residents at discounted rates or the general public at full rates.
TUCSON, ARIZ. — Greystone has provided $91.3 million in Fannie Mae Delegated Underwriting and Servicing (DUS) loans to refinance a 1,406-unit multifamily portfolio in Tucson. Dan Wolins of Greystone originated the separate transactions for the borrower, HSL Properties. The financings all carry 10-year terms at a fixed rate, 30-year amortization and five years of interest-only payments. The non-recourse loans refinance four properties in Tucson: the 242-unit Canyon Creek, the 256-unit Ridgepoint, the 336-unit Catalina Canyon and the 572-unit Sycamore Creek.
LOS ANGELES — Meta Housing, as developer, and R.D. Olson Construction, as general contractor, have broken ground on Lamp Lodge, a 49,000-square-foot affordable housing community in downtown Los Angeles. Located at 660 Stanford Ave., the seven-story building will offer 74 studio units, seven one-bedroom apartments and one two-bedroom unit. All units will feature a refrigerator, dishwasher and range, as well as energy-efficient windows. Community amenities will include an on-site laundry room, community center and open residential courtyard. KFA Architecture and JAG Interiors are serving as architects for the project, which is slated for completion in first-quarter 2021. JP Morgan Bank and the Housing Authority of the City of Los Angeles are funding the development, which is situated on the site of a former four-story apartment community.