Western

West Harbor Capital Sells 184,778 SF Industrial Property in City of Industry, California

by Amy Works April 1, 2025

CITY OF INDUSTRY, CALIF. — West Harbor Capital has completed the disposition of an industrial property located at 705 Baldwin Park Blvd. in the City of Industry to Safco Capital Corp. for $38 million. Cenveo, the nation’s largest envelope manufacturer, fully occupies the 184,778-square-foot property that features loading doors, trailer parking and 4,000 amps of power. Barbara Perrier and Eric Cox of CBRE National Partners West, along with Paul Sablock of JLL, represented the seller in the transaction.

April 1, 2025

Acquisitions California Office Western

Royal Tulip Investments Buys Newport Victoria Plaza Office Building in Costa Mesa, California

by Amy Works April 1, 2025

COSTA MESA, CALIF. — Royal Tulip Investments has acquired Newport Victoria Plaza, an office building located at 2183 Fairview Road in Costa Mesa. A Beverly Hills, Calif.-based private seller sold the asset for $7.1 million, or $165 per square foot. The buyer plans to relocate its offices to the 43,250-square-foot building and lease out the remaining space. At the time of sale, the property was 35 percent occupied. Eric Smith of Voit Real Estate Services represented the buyer, while Anthony DeLorenzo, Sammy Demo and Bryan Johnson of CBRE represented the seller in the deal.

April 1, 2025

Development Leasing Activity Oregon Restaurant Retail Top Stories Western

Dutch Bros Coffee Aims to Double Store Count to 2,029 Locations by 2029

by John Nelson April 1, 2025

GRANTS PASS, ORE. — A little over a month after unveiling its 1,000th retail location, drive-thru coffee chain Dutch Bros Inc. (NYSE: BROS) is expanding its operations with goals to reach 2,029 shops by 2029. Originating in 1992 as a pushcart by the railroad tracks in downtown Grants Pass, Dutch Bros opened its first franchise in 2000. Dutch Bros Coffee now has a significant presence in the Pacific Northwest and is expanding with more locations across the United States, moving eastward to Florida, Texas, Oklahoma and Georgia. Looking further out, Dutch Bros sees potential for 7,000-plus locations nationwide, up from its original estimate of 4,000 shops. In 2025 alone, the company expects to open “at least” 160 new stores. The company recently hired former YUM! Brands executive Brian Cahoe as chief development officer to oversee the expansion strategy. The Dutch Bros management team recently provided updates on the business and its long-term growth goals at its Investor Day meeting last week. “We are pleased to deliver quarter-to-date first-quarter same-shop sales above our expectations, supported by positive traffic and strong business momentum,” says Christine Barone, CEO and president of Dutch Bros. Through March 24, same-store sales increased 4.6 percent in the …

April 1, 2025

Panorama-Heights-Apts-Colorado-Springs-CO

Colorado Development Multifamily Western

Brinkmann, Cohen-Esrey Complete 113-Unit Panorama Heights Affordable Housing Community in Colorado Springs

by Amy Works March 31, 2025

COLORADO SPRINGS, COLO. — A partnership between Brinkmann Constructors and Cohen-Esrey Development Group has completed Panorama Heights, a 160,000-square-foot affordable housing community in Colorado Springs. Panorama Heights offers 113 apartments, 19,000 square feet of below-grade parking, a dog wash station, dog park, bicycle room, fitness room, playground and a community room with a patio. Designed by Davis Partnership Architects, the sustainable all-electric building features rooftop solar arrays. Located in southeast Colorado Springs, property is one of the first of its kind to secure tax-increment financing through an Urban Renewal Authority, receive development and utility fee rebates and include 15 units reserved for low-income veterans referred by Pikes Peak Continuum of Care.

March 31, 2025

California Loans Office Western

PACE Loan Group Provides $22.4M C-PACE Refinancing for Creative Office Building in Los Angeles

by Amy Works March 31, 2025

LOS ANGELES — Center Capital Partners and Abramson Investors have received a $22.4 million C-PACE loan from PACE Loan Group to refinance improvements completed on the borrowers’ newly constructed creative office development in Los Angeles. The C-PACE loan will amortize over 30 years, allowing payback for original investments during construction. The loan will be used to retroactively finance energy conservation improvements completed during the building’s construction, including building envelope, seismic retrofits, elevators, lighting, plumbing, HVAC, irrigation and stormwater mitigations. Located at 5237 W. Jefferson Blvd., the three-story, 72,000-square-foot property offers 9,700 square feet of of private terraces, a landscaped rooftop deck with seating and a barbecue area, 176 subterranean parking spaces and open-floor plans with wraparound windows.

March 31, 2025

California Loans Multifamily Western

Naturally Affordable Housing Receives $10.1M Bridge Loan for Multifamily Property in San Diego

by Amy Works March 31, 2025

SAN DIEGO — Naturally Affordable Housing has received $10.1 million in bridge financing for North Park Nest, an apartment community located at 4233 Kansas St. in San Diego. Brad Vansant and Ben Choromanski of JLL Capital Market’s Debt Advisory team secured the short-term floating-rate loan for the borrower. The four-story North Park Nest features 39 studio and one-bedroom units with an average size of 486 square feet and 11-foot ceilings. Amenities include air conditioning, stainless steel appliances, in-unit washers/dryers and a rooftop deck with a barbecue and lounge area.

March 31, 2025

Acquisitions California Retail Western

NewMark Merrill South Sells Two-Building Melrose Landing Retail Property in Vista, California

by Amy Works March 31, 2025

VISTA, CALIF. — San Diego-based NewMark Merrill South, a subsidiary of NewMark Merrill Cos., has completed the disposition of Melrose Landing, a retail property at 2655-2665 Melrose Drive in Vista. The two single-tenant buildings, located at the corner of South Melrose Drive and Faraday Avenue, were preleased to Dutch Bros Coffee and Wendy’s prior to construction. Nouretsu Investments LLC acquired the Dutch Bros Coffee building for $2.7 million. Pat Luther of SRS Real Estate Partners represents the seller, while Jason Ehrenpreis of CBM1 represented the buyer in the deal. Tetrad Investments LLC purchased the Wendy’s property for $2.6 million. Kevin Barry of Irish Commercial represented the buyer, while NewMark Merrill South was self-represented in the transaction. NewMark Merrill’s acquisition, development, financing and leasing team for the project included John Hickman, Barret Bradley, Robert Mendoza and Sandra Kist.

March 31, 2025

Acquisitions Colorado Hospitality Western

NorthPeak Commercial Brokers Sale of Inn the Clouds Hostel & Inn in Leadville, Colorado

by Amy Works March 31, 2025

LEADVILLE, COLO. — NorthPeak Commercial Advisors has arranged the sale of Inn the Clouds Hostel & Inn in Leadville. The asset traded for $1.5 million, or $108,286 per room. Located at 500 E. 7th St., the property offers 14 rooms. Dan Hawthorne of NorthPeak Commercial Advisors represented the undisclosed seller in the deal.

March 31, 2025

Arizona Development Loans Multifamily Western

ZOM Living Secures $88M in Financing, Breaks Ground on 416-Unit Azola Desert Ridge in Phoenix

by Amy Works March 28, 2025

PHOENIX — ZOM Living has secured financing for the development of Azola Desert Ridge, a multifamily community in Phoenix. The funding includes a joint venture equity investment from Origin Investments and construction financing totaling $88 million. Located along the Loop 101 Freeway at 56th Street, Azola Desert Ridge will offer 416 apartments spread across four-story buildings in a garden-style multifamily community that is slated to deliver by third-quarter 2026. Azola Desert Ridge will offer one-, two- and three-bedroom units ranging from 730 square feet to 1,533 square feet, a resort-style pool and deck, a fitness center, dog park, pet grooming salon, a glam room, podcast room, individual offices for residents and a self-service market along with lounge areas. Mike Higgins, Asher Gunter, Matt Pesch and Austin Groen of CBRE Multifamily Equity Advising team represented the sponsor to arrange the joint venture equity investment with Origin Investments.

March 28, 2025

Acquisitions California Office Western

Barker Pacific Group, Kingsbarn Realty Capital Buy Mission Ridge Office Property in California for $32M

by Amy Works March 28, 2025

MISSION VIEJO, CALIF. — Barker Pacific Group and Kingsbarn Realty Capital have acquired Mission Ridge, two four-story office buildings in Mission Viejo, from Barings for $32 million. Situated on 10.2 acres at 27101 and 27201 Puerta Real, Mission Ridge offers 233,531 square feet of multi-tenant office space. The property was originally built in the early 2000s and renovated in 2021. Renovations include new lobbies, refreshed restrooms, a new conference center and tenant lounge, and a refreshed fitness facility with showers and locker rooms. Sean Sullivan, Todd Tydlaska, Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Grant Goldman of CBRE Investment Properties represented the seller in the deal. CBRE’s Sullivan, Tydlaska, DeLorenzo, Mike Longo, Grant Goldman, Bryan Johnson and Melissa Moock handled the transaction for the buyer. Greg Grant and Pete Obradovich of CBRE secured acquisition financing for the buyer. BPG will manage the property, while the existing CBRE lease team was retained to handle leasing for the asset.

March 28, 2025

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