MONROVIA, CALIF. — Lee & Associates has arranged the sale of Huntington Professional Center, an office and medical center in Monrovia. The asset traded for $7.6 million. The names of the seller and buyer were not released. Located at 831 E. Huntington Drive, the two-story, 20,574-square-foot property offers 76 surface parking stalls. At the time of sale, the building was fully occupied by a variety of tenants, including Optum Healthcare, Tomdan (parent of Tommy Burgers) and Select Physical Therapy.
— By Shawn Jaenson, executive vice president, Kidder Mathews — Reno’s industrial market has demonstrated remarkable resilience in the face of challenging economic conditions. Despite such uncertainties, the region has maintained a strong industrial presence, showcasing its ability to adapt and thrive. Overall, the market delivered more than 22 million square feet of new construction since the start of 2020 and has experienced more than 50 percent rent growth over the same period, rising from $0.55 (triple net) in fourth-quarter 2019 to $0.84 at mid-year 2024. As the nation grapples with inflation, supply chain disruptions and shifting consumer behaviors, Reno’s industrial sector has managed to effectively weather these challenges. The city’s strategic location and pro-business environment have positioned it as a critical logistics and distribution hub. These factors have allowed local businesses to remain competitive, even as national economic pressures mount. Sales activity has seen a recent uptick with four major sales occurring in the second quarter of this year. Prospect Ridge bought the four-building, 893,632-square-foot Airway Commerce Center from Tolles Development; CapRock bought a 707,010-square-foot building from Manulife; and Pure Development sold two buildings – one with 354,640 square feet and the other with 322,400 square feet – to Exeter …
BERKELEY, CALIF. — The University of California, Berkeley has completed Anchor House, a 772-bed residence hall for transfer students. The 14-story community spans 450,000 square feet and offers 244 units in studio, two- and four-bedroom configurations. Apartments are fully furnished and offer private bedrooms with built-in desks, full kitchens and in-unit washers and dryers. Shared amenities include a central courtyard with multiple outdoor terraces and balconies; outdoor space for work and gathering; maker space run by the Berkeley Art Studio, which hosts classes for students and the community; a culinary classroom and rooftop vegetable garden for the Rausser College of Natural Sciences; two event spaces with catering kitchens; and an 8,600-square-foot fitness center with a yoga and meditation room. The community offers flexible rent prices to help transfer students with low-income backgrounds and first-generation college students. The development team for the project included Morris Adjmi Architects, BDE Architecture, BCV Architecture, Andrea Cochran Landscape Architecture, PAE Engineers, BKF Engineers and Luma Lighting Design. The development was funded by philanthropic donations and opened ahead of the 2024-2025 academic year. The development team is also targeting LEED Gold certification for the property.
HIGHLANDS RANCH, COLO. — Century Living has completed the sale of Aventine Littleton, an apartment property in Highlands Ranch, a community about 18 miles south of Denver. Equity Residential acquired the asset for an undisclosed price. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller in the deal. Located at 2503 Primo Road, the five-building community offers 227 one-, two- and three-bedroom units averaging 1,028 square feet. The apartments offer stainless steel appliances, quartz countertops, smart-home technology and managed Wi-Fi, walk-in closets, full-size washers and dryers and roller shades. Additionally, select units offer balconies with views of the mountains and downtown. Community amenities include a fitness center, lap pool, hot tub, sunroom, outdoor community kitchen, clubhouse, conference room, workspaces, pet spa, storage units, 26 detached garages, 74 attached garages and 328 surface parking spaces.
PHOENIX — Lena Centers, a division of Boston-based Longpoint, has purchased El Monte Shopping Plaza, a retail property on 8.8 acres in Phoenix. Terms of the transaction were not released. Mindy Korth and JK Jackson of Colliers in Phoenix, along with El Warner and Caitlin Zirpolo of Colliers in Irvine, Calif., handled the transaction. Built in 1962, El Monte Shopping Plaza offers 101,269 square feet of retail space. At the time of sale, the property was 99 percent leased by ASI Real Estate with 15 destination-oriented tenants. Current tenants include El Rancho Market IGA, dd’s DISCOUNTS, Shoe Palace, ArchWell Health, Cute Smiles dentistry, Cricket Wireless and Baskin Robbins.
RIVERSIDE, CALIF. — Northmarq has arranged the sale of Westbrook Apartments, a multifamily property in Riverside. The asset traded for $18.6 million, or $332,000 per unit. The names of the seller and buyer were not released. Built in 2023, Westbrook Apartments offers 56 one- and two-bedroom apartments with modern kitchens, stainless steel appliances, quartz countertops and in-unit washers and dryers. Community amenities include a swimming pool, spa, fully equipped fitness center and covered parking. Shane Shafer and Peter Hauser of Northmarq’s Orange County Multifamily Investment Sales team represented the seller in the deal.
FREMONT, CALIF. — Sares Regis Group of Northern California (SRGNC) and TMG Partners have sold Capitol Square, a shopping property in downtown Fremont, for an undisclosed price. The name of the buyer was not released. The 21,000-square-foot Capitol Square is the fully leased retail component of Locale, a $100 million mixed-use project that was completed in spring 2021. Developed by TMG Partners, Sares Regis and Summerhill Homes, Locale includes 157 residences and retail space. KTGY served as architect for the development. Don LeBuhn, Rick Ryan and Dan Ward of Cushman & Wakefield brokered the transaction.
SEATTLE AND PORTLAND, ORE. — A real estate fund managed by Kennedy Wilson has acquired two multifamily properties in Seattle and Portland for a total of $110 million. Kennedy Wilson has an 11 percent ownership interest in the real estate fund, which purchased the two properties with a total equity investment of $40 million, including closing costs and financed the acquisitions with long-term fixed-rate debt totaling $70 million. Built in 2018, the 226-unit Axle in Seattle offers one- and two-bedroom floor plans, eight townhomes and a full collection of amenities, including a resident lounge, sky lounge and outdoor deck, coworking spaces, a fitness center, pet run and game room. Built in 2020 in Portland, Denizen features 212 studio, one- and two-bedroom apartments and ground-floor retail space.
BUCKEYE, ARIZ. — BGO, on behalf of an institutional investor, has purchased Paloma Vista Logistics Center — Building 1, a Class A warehouse and distribution building on nearly 50 acres in Buckeye. A joint venture between US Capital Development and funds managed by Ares Management sold the asset for an undisclosed price. Located at 18900 W. McDowell Road, the 1 million-square-foot Paloma Vista Logistics Center — Building 1 offers a clear height of 40 feet, multiple points of ingress/egress and 190-foot maneuverability. Completed in March 2024, the building is part of a master-planned industrial park with a recently completed 423,000-square-foot building adjacent to the property and a 1.2 million-square-foot planned Phase II. Upon completion, the park will total 2.7 million square feet of industrial space. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s Industrial Advisory Group represented both parties in the transaction. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield provided leasing advisory and were retained by the buyer to continue leasing services for the project.
DENVER — Trailbreak Partners and Quannah Partners have acquired Kabin Apartments, a multifamily building located within Zeppelin Development’s TAXI project in Denver’s River North Art District (RiNo). The partnership purchased the community from Zeppelin Development for an undisclosed price. Located at 2095 31st St., Kabin Apartments offers 194 residences. The 28-acre mixed-use TAXI Campus features 10 buildings, more than 110 businesses, including BOA Technology’s global headquarters, and more than 350 full-time residents. Campus-wide amenities include a shipping container pool, sand volleyball court, community gardens, bike storage, dog parks, retail spaces, 24/7 security and a 7,000-square-foot fitness center. Dorit Fischer and Hayden Hirschfeld of NAI Shames Makovsky represented Zeppelin Development in the deal.