Western

PCCP, F&B Capital Acquire 340-Unit District at Chandler Multifamily Complex in Arizona

by Amy Works November 23, 2020

CHANDLER, ARIZ. — A joint venture between PCCP and Austin, Texas-based F&B Capital has purchased District at Chandler, an apartment community located at 2222 W. Frye Road in Chandler. Terms of the transaction were not released. The elevator-served multifamily property features 340 apartments in a mix of one- and two-bedroom units, a resort-style pool, clubhouse with a co-working area, an outdoor pavilion with a barbecue grill, fitness center with spin studio, dog park, bike storage, game room and various concierge services.

November 23, 2020

Acquisitions California Industrial Western

MCA Realty Sells Diaz Commerce Center in Orange County for $14M

by Amy Works November 23, 2020

TEMECULA, CALIF. — MCA Realty has completed the disposition of Diaz Commerce Center, an industrial facility located at 27711 Diaz Road in Temecula. A local investor acquired the asset for $14 million. The two-building property features 131,577 square feet of multi-tenant industrial space. MCA Realty initially acquired the asset in September 2018 for $10 million. During ownership, MCA implemented an upgrade program including the addition of LED lighting, updated asphalt, increased parking and expanded the fenced yard space. Scott Stewart of Lee & Associates represented the seller, while Barret Woods, also of Lee & Associates, represented the buyer in the deal.

November 23, 2020

Colorado Loans Multifamily Seniors Housing Western

PGIM Real Estate Arranges $60M Freddie Mac Loan for Lincoln Meadows Senior Living in Parker, Colorado

by Amy Works November 23, 2020

PARKER, COLO. — PGIM Real Estate has arranged a $60 million Freddie Mac loan for the refinancing of Lincoln Meadows Senior Living in Parker. Trace Wilson of PGIM originated the transaction on behalf of Denver-based Spectrum Retirement Communities, which owns and operates the property. The floating-rate loan has a 10-year term, with five years of interest-only payments and a 30-year amortization. Located 20 miles south of Denver, Lincoln Meadows features 208 independent living, assisted living and memory-care units, a beauty salon, bistro, fitness center, resident lounges and movie theater, as well as 24-hour staffing for assisted living and memory-care residents. The breakdown of units includes 130 independent living units, 60 assisted living units and 18 memory care units.

November 23, 2020

California Development Loans Multifamily Western

Janone Development Receives $16.6M Construction Loan for Apartment Community in Los Angeles

by Amy Works November 23, 2020

LOS ANGELES — Los Angeles-based Janone Development has received $16.6 million in construction financing for the development of a six-story multifamily property in Los Angeles’ Koreatown. Parkview Financial provided the $16.6 million loan. Located at 1100-1110 S. Hobart Blvd., the 39-unit project will include a one-bedroom unit, 19 two-bedroom units and 19 three-bedroom units, with floor plans averaging 1,194 square feet. All residences will feature balconies and a full appliance package, including in-unit washers/dryers. Five units are slated for low-income tenancy. Additionally, the community will feature a courtyard and two levels of parking with 80 spaces and a 39-space bike rack. Construction is underway at the fully entitled infill site, with completion slated for August 2022.

November 23, 2020

Acquisitions Arizona Retail Western

Marcus & Millichap Brokers Sale of 3,900 SF Multi-Tenant Retail Building in Yuma, Arizona

by Amy Works November 23, 2020

YUMA, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 3080 S. Fourth Ave. in Yuma. A Southern California-based investor sold the asset to an undisclosed buyer for $2.1 million, or $538 per square foot, in an all-cash transaction. Built in 2019 on 1.2 acres, the 3,900-square-foot property was 62 percent occupied at the time of sale. Chipotle Drive-Thru occupies 2,400 square feet, with the remaining 1,500-square-foot suite vacant. Sanford Burstyn of Marcus & Millichap represented the seller, while JR Shah of Century 21 Discovery in Orange County, California, procured and represented the buyer in the transaction.

November 23, 2020

California Development Multifamily Western

TCR Breaks Ground on 36-Story Multifamily High-Rise in San Diego’s Little Italy

by Amy Works November 20, 2020

SAN DIEGO — The Southern California division of Trammell Crow Residential (TCR) has started construction of Simone, a 36-story apartment project located at 1401 Union St. in San Diego’s Little Italy neighborhood. The project is a joint venture between TCR, Pacific Life Insurance and AAA Management. The high-rise will feature 358 market-rate apartments, five penthouses, 32 subsidized apartments for low-income residents, 32,000 square feet of resort-style amenity space and parking. Designed for LEED Gold certification, the 612,000-square-foot community is slated for completion in 2023. The 30-story residential tower will sit atop a six-story podium with three levels of underground parking and four levels of above-ground parking. Apartments will range from 577-square-foot studios to 1,097-square-foot two-bedroom units, as well as five 1,500-square-foot penthouses on the 35th and 36th floors. Interior unit amenities include gourmet kitchens, stainless steel appliances, hard-surface flooring, walk-in closets and all-tile bathrooms. Amenities will include a rooftop pool, spa and entertainment space; a Sky Club with panoramic city views, gourmet demonstration kitchen and indoor-outdoor lounges and dining spaces; a 4,000-square-foot indoor-outdoor fitness center; a 10,000-square-foot outdoor lounge with a movie project screen; dog park, pet lounge and spa; Amazon lockers; a bike repair shop with storage; and a …

November 20, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys Two Industrial Properties in Southern California for $339.2M

by Amy Works November 20, 2020

WHITTIER AND SYLMAR, CALIF. — Rexford Industrial Realty has acquired two industrial assets in Southern California for a total consideration of $339.2 million. The acquisitions were funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units. The sellers in both cases were not disclosed. The company purchased Gateway Pointe Industrial Campus, a four-building complex located at 3963, 3931, 3735 and 3629 Workman Mill Road in Whittier for $296.6 million, or $300 per square foot. The 45.1-acre asset features four Class A industrial buildings totaling 989,195 square feet of space. The fully occupied complex features 32-foot clear heights at first bay, extensive dock-high loading, excess container parking and access to major transportation corridors. Additionally, Rexford acquired 13943-13955 Balboa Boulevard in Sylmar for $42.6 million, or $212 per square foot. Totaling 200,632 square feet, the property is fully occupied by three tenants.

November 20, 2020

Acquisitions Colorado Multifamily Western

Tower 16 Capital, Dune Real Estate Acquire 450-Unit Fairways at Lowry Apartments Near Denver

by Amy Works November 20, 2020

AURORA, COLO. — Tower 16 Capital Partners, in partnership with Dune Real Estate Partners, has purchased Fairways at Lowry Apartments, a multifamily property located in Aurora. A private seller sold the asset for an undisclosed price. Located at 9913 W. First Ave., Fairways at Lowry features 450 apartments in a mix of one- and two-bedroom layouts, a clubhouse, gym, swimming pool and playground. Tower 16 will oversee a $6.8 million improvement program that will modernize the apartments, create a new clubhouse and gym and update the pool area. Additionally, the buyers plan to add outdoor amenities, including barbecue areas, seating, outdoor gaming and a sports court. Terrance Hunt and Shane Ozment of Newmark represented the buyer and seller in the deal. Charlie Williams, also of Newmark, coordinated debt financing for the buyer.

November 20, 2020

Acquisitions California Net Lease Restaurant Retail Western

Calbay Development Sells Starbucks-Occupied Building in Fullerton for $6.2M

by Amy Works November 20, 2020

FULLERTON, CALIF. — Calbay Development has completed the disposition of a single-tenant restaurant building located at 1101 S. Harbor Blvd. in Fullerton. A Los Angeles-based high-net-worth buyer acquired the property for $6.2 million, or $2,067 per square foot. Constructed in 2020, the 3,000-square-foot property has a fully entitled drive-thru. Starbucks Coffee occupies the building and recently signed a 20-year, absolute, triple-net ground lease with no termination rights for the asset. Adam Friedlander of JLL Retail Capital Markets represented the seller in the deal.

November 20, 2020

Golden-Triangle-Logistics-North-Las-Vegas-NV

Industrial Leasing Activity Nevada Western

E-commerce Tech Company Expands to 350,528 SF Lease at Golden Triangle Logistics Center in North Las Vegas

by Amy Works November 20, 2020

NORTH LAS VEGAS, NEV. — Whitebox, a manufacturer and e-commerce marketplace and fulfillment partner for DTC brands, has expanded its lease at Golden Triangle Logistics Center in North Las Vegas. The company now occupies 350,528 square feet at the facility, located at 3049 E. Washburn Road. Baltimore-based Whitebox’s North Las Vegas facility consists of a freestanding building, which is part of Phase I of the Golden Triangle Logistics Center. Golden Triangle Industrial Park LLC is the developer of the project. Whitebox’s expansion in the Las Vegas area is reflective of the company’s growth in Southern Nevada. Revenue for Whitebox in first-quarter 2020 increased 40 percent compared to the same period in 2019 and its revenue increased another 78 percent from first-quarter 2020 to second-quarter 2020. Additionally, the company reports that its direct-to-consumer shipments soared to more than 300 percent over the first half of 2020 and had 141 percent growth year-over-year from 2018 to 2019. Golden Triangle Logistics Center is a 2.2 million-square-foot logistics/distribution project being developed on a speculative basis. Phase I will include two buildings comprising approximately 652,000 square feet with delivery slated for third-quarter 2020.

November 20, 2020

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