Western

Marcus & Millichap Brokers Sale of 42,363 SF Mixed-Use Property in San Diego

by Amy Works July 7, 2025

SAN DIEGO — Marcus & Millichap has arranged the sale of The Laurel at Balboa, a mixed-use property located at 2445 Fifth Ave. in San Diego. Grady Development and Fifth & Laurel Associates sold the asset to Golden Balboa LLC for $16.4 million. Situated in San Diego’s Bankers Hill neighborhood, the 42,363-square-foot property features ground-floor retail space anchored by CUCINA Urbana, operated by Urban Kitchen Group, and three levels of office space. Built in 1989, the asset includes 82 secured underground parking spaces and and was approximately 92 percent leased at the time of sale. Ross Sanchez and Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

July 7, 2025

Acquisitions Colorado Retail Western

Pinnacle Real Estate Advisors Negotiates Sale of 11,004 SF Retail Center in Centennial, Colorado

by Amy Works July 7, 2025

CENTENNIAL, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a value-add retail center located at 5730 E. Otero Ave. in Centennial. M&M Holdings sold the strip center to KGN Investments for $1.8 million. At the time of sale, the eight-unit, 11,004-square-foot property was 50 percent vacant, with several tenants operating under modified gross leases and an atypical layout that included a non-traditional office component. In conjunction with the sale, the Pinnacle team secured a new lease with Scalp Therapy for a 1,424-square-foot space. Kyle Moyer, Cody Stambaugh and Elizabeth Morgan of Pinnacle Real Estate Advisors represented the seller and buyer in the deal.

July 7, 2025

California Development Hospitality Top Stories Western

Tutor Perini to Build $220M Expansion of Eagle Mountain Casino in Porterville, California

by Hayden Spiess July 3, 2025

PORTERVILLE, CALIF. — Tutor Perini Building Corp. — a subsidiary of civil, building and construction company Tutor Perini Corp. — has been awarded a $220 million contract to construct an expansion of the Eagle Mountain Casino in Porterville. The casino is located at 1850 West St., which is about 50 miles north of Bakersfield, Calif., and adjacent to the Porterville Fairgrounds. Tutor Perini will build the development on behalf of the Tule River Gaming Authority, which is operated by the Tule River Indian Tribe of California. Eagle Mountain Casino opened in 2023, replacing another casino that the Tule River Tribe had operated on the site since 1996. Dubbed the Eagle Mountain Casino Phase 2 Expansion, the project is scheduled to begin construction this summer. Substantial completion of the development is expected in 2027. Upon completion, the new phase will feature a 193-room tower with a rooftop restaurant; a central warehouse and offices; expansion of an existing restaurant; a new, 2,000-seat events center with convention space, breakout meeting rooms, pre-function space; and hotel amenities including a new spa, arcade and swimming pool. According to the Eagle Mountain Casino website, the current casino features 1,750 new and classic slot machines and 20 …

July 3, 2025

California Development Industrial Western

Partnership Breaks Ground on 700,000 SF Industrial Project in Ontario, California

by Amy Works July 3, 2025

ONTARIO, CALIF. — Real Estate Development Associates and Clarion Partners, along with Premier Design + Build Group, have broken ground on South Ontario Logistics Center — Building 6 (SOLC) in Ontario. Slated for delivery in June 2026, the 700,000-square-foot asset will feature 113 dock doors, 261 trailer stalls, 445 parking spaces, dual 2,000-kilowatt generators and a 16,000-amp electrical service.

July 3, 2025

Acquisitions Multifamily Washington Western

Goodman Real Estate Sells Two-Property Multifamily Portfolio in Tacoma, Washington for $43M

by Amy Works July 3, 2025

TACOMA, WASH. — Goodman Real Estate has completed the sale of Sienna and Sienna Park, two multifamily properties in Tacoma, to Interstate Equities Corp. for $43 million, or $173,387 per unit. Located adjacent to one another, the properties offer a total of 248 units. Built in 1986, Sienna offers 80 two- and three-bedroom apartments spread across eight residential buildings. Constructed in 1988, Sienna Park offers 168 one-, two- and three-bedroom apartments across 17 buildings. The communities share an onsite leasing office and resident clubhouse, an outdoor pool, fitness center and standalone cabana. Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 3, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $18.3M Sale of Terra Oceanside Apartment Complex in California

by Amy Works July 3, 2025

OCEANSIDE, CALIF. — Marcus & Millichap has arranged the sale of Terra Oceanside, a multifamily property in Oceanside. A personal trust sold the asset to a limited liability company for $18.3 million. Located at 3964 and 3970 Waring Road, Terra Oceanside offers 62 studio, one- and two-bedroom apartments with patios or balconies, vinyl flooring, quartz countertops and stainless steel appliances. Community amenities include an onsite management office, laundry facilities, a fitness center, built-in barbecues and ample covered and uncovered parking spaces. Tyler Leeson, Drew Holden and Matthew Kipp of Marcus & Millichap represented the seller, while Holden, Kipp, Leeson and David Yeh of Marcus & Millichap represented the buyer in the transaction.

July 3, 2025

California Hospitality Loans Western

MetroGroup Realty Finance Provides $13.9M Loan for Brand Conversion of 99-Key Hotel in San Mateo, California

by Amy Works July 3, 2025

SAN MATEO, CALIF. — Newport Beach, Calif.-based MetroGroup Realty Finance has provided a $13.9 million loan for the conversion of an existing 99-room Best Western hotel to a Home2 Suites by Hilton hotel in San Mateo. J.D. Blashaw of MetroGroup Realty Finance led the team in providing the financing. MetroGroup’s initial $9.5 million funding retired a bridge loan and provided $4.4 million of future funds to execute the brand conversion.

July 3, 2025

Acquisitions Hospitality Western Wyoming

Prime Investment Properties Brokers Sale of Heartland Inn & Suites Hotel in Wheatland, Wyoming

by Amy Works July 3, 2025

WHEATLAND, WYO. — Prime Investment Properties has arranged the sale of the Heartland Inn & Suites hotel in Wheatland. Terms of the transaction were not disclosed. Heartland Inn & Suites features 57 guest rooms, complimentary breakfast, a fitness center, business services and convenient access to I-25.

July 3, 2025

Acquisitions Arizona Healthcare Loans Western

Cushman & Wakefield Arranges $37.1M Acquisition Loan for Scottsdale Centre Medical Outpatient Building in Arizona

by Amy Works July 2, 2025

SCOTTSDALE, ARIZ. — Cushman & Wakefield has advised an Arizona-based commercial real estate investment company in securing $37.1 million of financing for the previously announced acquisition of Scottsdale Centre Medical, a 163,311-square-foot medical outpatient building in Scottsdale. Tyler Morss of Cushman & Wakefield arranged the financing for the buyer. The lender was Arizona-based Foothills Bank, a division of Glacier Bank, which is owned by Glacier Bancorp.

July 2, 2025

Acquisitions Multifamily Oregon Western

CBRE Brokers $33.6M Sale of Apartment Community in West Linn, Oregon

by Amy Works July 2, 2025

WEST LINN, ORE. — CBRE has arranged the sale of Summerlinn Apartments, a multifamily property in West Linn. A private buyer acquired the asset from Reliant Group for $33.6 million. Situated on 6 acres at 400 Springtree Lane, Summerlinn Apartments features 94 one-, two- and three-bedroom units. Community amenities include a gated entrance, landscaped grounds, a sports court, play area and a remodeled clubhouse with a pool, hot tub and an outdoor entertainment space. Josh McDonald, Joe Nydahl and Matt Dodd of CBRE represented the seller in the deal.

July 2, 2025

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