YUMA, ARIZ. — Newmark Knight Frank (NKF) has arranged the sale of a neighborhood shopping center in Yuma. Hawkins-Smith & Jason sold the asset to Moreno-Third Street for $3.4 million. Located at 500 W. Cataline Drive, the retail center features 35,157 square feet of retail space. Dollar Tree and dd’s Discounts, a subsidiary of Ross Stores, occupy the two-tenant property. Steve Julius, Jesse Goldsmith and Chase Dorsett of NKF represented the seller and buyer in the deal.
ANTIOCH, CALIF. — Avison Young has brokered the purchase of a retail property located at 3457 Deer Valley Road in Antioch. Dow Credit Union acquired the property for $1.8 million. The buyer plans to use the 5,660-square-foot property as its new headquarters and a store location. In addition to the space Dow is utilizing, the property includes a 1,348-square-foot space occupied by Great Clips, providing additional cash flow for the ownership. Hayden Eaves and Kristen Sullivan of Avison Young represented the buyer in the deal. The property was won via a trust deed sale auction.
SAN DIEGO — The San Diego Padres will partner with Tishman Speyer and Ascendant Capital Partners to develop East Village Quarter, a four-block area near the team’s home stadium of Petco Park. Plans call for the area between 12th and Imperial avenues and K and 14th streets to be transformed into a mixed-use development featuring nearly 1.4 million square feet of office space, 50,000 square feet of retail space, 236,000 square feet of open space and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. The space is currently a parking lot, referred to as Tailgate Park, with 1,000 spaces. A timeline for construction was not disclosed, although the San Diego Union-Tribune reports the Padres hope to break ground in 2023. San Diego Mayor Kevin Faulconer, with the help of a committee including JLL and Civic San Diego, awarded the development team with the bid, which, according to the Union-Tribune, beat out competitor Brookfield Properties. City-owned Petco Park opened in 2004, and the Padres have a lease in place through 2042. “What the Padres have done over the years to create an atmosphere of fun, excitement and energy at Petco Park is incredible, and now, with …
Orange County offers residents all the key elements of the American dream. Its virtues are numerous and faults few. Indeed, Moody’s Analytics ranks the quality of life in the OC 10th highest among the 378 U.S. metros it reports on, just a half-step behind leaders Santa Barbara and Santa Cruz. Orange County is a terrific place to live, but is it a good place to invest? Gauging by observed capitalization rate trends, one may conclude that county apartment properties are highly prized gems. Class A trophy properties trade to going-in yields in the 4.00 percent to 4.10 percent area, and Class B and C garden complexes are typically priced to yields in the mid-4s, all only 25 basis points or so behind Los Angeles and the San Francisco Bay Area comparisons. But judging from transaction velocity, one might draw a different conclusion. Only six Orange County multifamily properties of 50 units or more have changed hands since mid-year 2019, and not a single sale has closed since February. Even by the cautious norms of the moment, this stands out as a market in search of price discovery. Slow transaction velocity can be ascribed, in part, to the prevailing buy and …
HAYWARD, CALIF. — Dermody Properties has purchased the former Berkeley Farms milk processing site on 20.2 acres of land at 25500 Clawiter Road in Hayward. Dermody plans to demolish the existing facility, which Dean Foods Estate previously owned, and redevelop the property into LogistiCenter at Highway 92. Situated in the San Francisco Bay Area, LogistiCenter at Highway 92 will feature two Class A logistics buildings totaling 382,290 square feet. Each building will be able to accommodate between one and three tenants and offer 36-foot clear heights, a seven-inch concrete slab, 130-foot truck court and ESFR sprinklers. Demolition work is slated to begin in October with final delivery expected in second-quarter 2022. Jason Ovadia of JLL represented Dermody in the transaction. Terms of the acquisition were not released. Ovadia, Greg Matter and Mike Murray of JLL will serve as listing brokers for the completed project.
TUCSON, ARIZ. — A joint venture between Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence Tucson, a 456-bed student housing community located near the University of Arizona, for an undisclosed price. The community offers studio, one-, two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, hot tub, rooftop fire pit, grilling station, onsite retail space, fitness center, tanning salon, sauna, gaming lounge and coffee bar. The seller in the transaction was undisclosed.
NORTH LAS VEGAS, NEV. — Harsch Investment Properties has started construction of Tropical Speedway Commerce Center in North Las Vegas. This new development will bring the company’s total holdings in metro Las Vegas to 30 properties totaling more than 10.5 million square feet. Totaling 150,000 square feet, Tropical Speedway Commerce Center will feature 28-foot to 32-foot minimum warehouse clear heights, 36 dock-high doors and eight grade-level doors, 221 parking spaces, a 130-foot minimum truck court and ESFR sprinklers. Completion is slated for second-quarter 2021. The facility will accommodate users ranging from 14,875 square feet to 150,000 square feet. The project team includes R&O Construction as general contractor and VLMK Engineering + Design and VTN Consulting Engineers as the design team. JLL’s Jason Simon, Xavier Wasiak and Rob Lujan will oversee leasing at the property.
HUNTINGTON BEACH, CALIF. — The City of Huntington Beach has purchased a 0.78-acre undeveloped land site located at 17631 Cameron Lane within a residential community in Huntington Beach. A private investor sold the asset for $3 million. The city plans to develop low-income housing on the site, which is currently being used as a temporary homeless shelter. Dan Blackwell and George Felix of CBRE represented the seller in the transaction.
COLORADO SPRINGS, COLO. — In Self Storage Management has acquired the former Toys R Us building located at 3730 N. Citadel Drive in Colorado Springs. Dunton Commercial of Colorado sold the asset for an undisclosed price. The buyer plans to retrofit the existing freestanding building into mini-storage and make way for a new In Self Storage facility. The 3.1-acre property is bordered by Galley Road, North Citadel Drive, North Academy Boulevard and Delaware Drive. Patrick Kerscher of CBRE represented the seller in the deal.
MESA, ARIZ. — Culver City, California-based PCS Development and Arizona-based Route 2 Construction have completed the development of The Premiere at Eastmark, a $50 million multifamily property in Mesa. The property is located within the master-planned community of Eastmark. Managed by P.B. Bell, The Premiere at Eastmark is located at 9410 E. Ray Road and is minutes from the Arizona State University Polytechnic Campus. The Premiere at Eastmark features 216 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 459 square feet to 1,251 square feet. The open-concept apartments feature granite countertops with subway tile backsplash; gourmet kitchen islands; black, energy-efficient appliances; wood-style plank flooring; walk-in closets with built-in shelving and storage; a patio or balcony; and covered parking. Additionally, each unit is equipped with up to 1 gigabit internet speeds. Community amenities include a pool and spa; resident lounge with a built-in kitchen and Starbucks Coffee bar; splash pad; package lockers; storage units; two dog parks; a 24-hour fitness center with Peloton bikes; an outdoor exercise lawn; electric vehicle charging stations; and a community coworking space.
