QUEEN CREEK, ARIZ. — Thompson Thrift has completed the construction of the first phase of Germann Commerce Center, an industrial development in Queen Creek, a suburb southeast of Phoenix. Located on the southwest corner of Germann and Meridian roads, the first phase of Germann Commerce Center consists of 400,000 square feet of speculative light-industrial space in five standalone buildings spread across approximately 26 acres. The buildings feature front-park/rear-load industrial space with 28- to 32-foot clear heights and frontage along East Germann Road. Thompson Thrift plans to complete the build-out of the speculative office space in the first phase by the end of the year. The second phase is being marketed for build-to-suit and for-sale options. At full build-out, the 70-acre property will offer just over 1 million square feet of warehouse, distribution, light assembly and manufacturing space across 12 buildings.
MONROVIA, CALIF. — Gantry has secured a $55.9 million acquisition loan for Huntington Oaks, a retail center located at 500-600 W. Huntington Drive in Monrovia. The acquisition encompasses 251,000 square feet of leasable space, with major tenants including a mix of national retailers, restaurants and service retailers. According to the property website, the shopping center’s tenant roster includes Trader Joe’s, Marshalls, Chili’s, Petco and Panera Bread, among others. George Mitsanas, Braden Turnbull and Austin Ridge of Gantry’s Los Angeles (El Segundo) production office arranged the loan on behalf of the borrower, a private real estate investor. The five-year, fixed-rate loan was secured through one of Gantry’s correspondent insurance lenders, underwritten to a full-term interest only.
REDWOOD CITY, CALIF. — Diamond Investment Properties has received a $37.7 million loan for the refinancing of 101 Redwood Shores, a Class A office building in Redwood City. Zuora, an enterprise software company, fully occupies the 100,000-square-foot office building and has approximately five years remaining on its lease. Mike Walker and Brad Zampa of CBRE’s Northern California Capital Markets Institutional Properties office represented arranged the loan on behalf of Diamond Investment Properties. A Chicago-based financial institution originated the loan.
PETALUMA, CALIF. — MBK Rental Living has completed the development of The Haven at Deer Creek, a Class A apartment property located at 495 N. McDowell Blvd. in Petaluma. The Haven at Deer Creek offers 134 three-story garden-style and three-story podium-style apartments. The community features 93 one-bedroom units and 41 two-bedroom units ranging from 715 square feet to 1,206 square feet, with rents ranging from $2,350 for a one-bedroom to $2,858 for a two-bedroom. The units offer open floor plans with ample natural light, stainless steel appliances, wood-style plank flooring, quartz countertops, ceiling fans, kitchen tile backsplashes, undermount stainless steel sinks, private patios or balconies, in-unit washers/dryers and double-pane, low-E windows. Community amenities include an outdoor living area featuring a spa, grilling stations, a pizza oven and fireplace. The resident lounge offers a fireplace, communal tables, dedicated work-from-home areas, a pool table and a fully equipped entertainer’s kitchen.
ONTARIO, FONTANA AND SAN BERNARDINO, CALIF. — Cabot Properties has purchased a four-property, 669,057-square-foot industrial portfolio in Inland Empire from a private institutional seller for $202.1 million. The portfolio includes a 263,670-square-foot building at 1670 Champagne Ave. and a 147,484-square-foot facility at 1651 S. Carlos Ave. in Ontario; a 103,343-square-foot building at 10917 Cherry Ave. in Fontana; and a 154,560-square-foot building at 750 S. Valley View Ave. in San Bernardino. Institutionally managed, each building is fully occupied on a triple-net lease with a remaining weighted average lease term (WALT) of 3.6 years with mostly investment-grade tenants. Michael Kendall, Gian Bruno, Kenny Patricia, Kylie Jones, Thomas Taylor, Steve Bellitti and Joey Jones of Colliers represented the buyer and seller in the transaction.
PHOENIX — Dalfen Industrial has purchased a freestanding building at 3405 S. 5th St. in Phoenix’s Sky Harbor International Airport submarket for an undisclosed price. The 109,699-square-foot building is fully leased to a single tenant that has been on the property for two decades. The facility features 25-foot clear heights, 11 dock doors and 10 grade-level doors. The building has undergone renovations since being built in 1981. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the undisclosed seller in the deal. Andy Markham, Mike Haenel, Phil Haenel and Foster Bundy of Cushman & Wakefield represented the landlord in negotiating a lease extension with the tenant.
HELENA, MONT. — Wood Investments Cos. has secured a $20.3 million permanent loan from Wells Fargo for Helena Skyway Regional Shopping Center. Situated at 2005 Cromwell Dixon Lane, Helena Skyway Regional offers 164,121 square feet of retail space. Current tenants include T.J. Maxx, Ulta Beauty and Hobby Lobby. Sierra Trading Post and Chick-fil-A recently signed leases to occupy space at the property, bringing the asset to 100 percent occupancy.
HIGHLAND, CALIF. — A San Diego-based investor has completed the disposition of a Chevron gas station, ExtraMile convenience store and car wash property located at 27981 Greenspot Road in Highland. G&M Oil Co., the largest Chevron franchisee in California with more than 200 locations, purchased the Highland property for $9.5 million. Victor Buendia of Progressive Real Estate Partners represented the seller, while Scott Olson of C-Store Realty represented the buyer in the all-cash transaction. Built in 2012, the property features an eight-pump Chevron station, a self-service express car wash and a 3,000-square-foot ExtraMile convenience store.
PORTLAND, ORE. — Ethos Commercial Advisors, on behalf of Lombard Equities, has secured $8.5 million in refinancing for Division Apartments in Portland. Totaling 59 units, the property is an assemblage of three separately platted buildings that are immediate adjacent to each other and managed as a single property. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors arranged the interest-only CMBS loan with a five-year term at 70 percent loan-to-value ratio.
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Standard Communities Acquires $1B Affordable Housing Portfolio Across Four States
LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing properties totaling approximately 6,000 units for $1 billion. The transaction is the largest affordable housing acquisition this year, according to the firm. The portfolio includes both traditional multifamily and seniors housing communities and locations across four states, growing the firm’s portfolio in California to 11,000 units and expanding its presence to three new states: Arizona, Colorado and Texas. Properties include the Oaks at Georgetown multifamily community in Georgetown, Texas; Harmony Court, an affordable seniors living community in Redondo Beach, Calif.; and Maroon Creek Apartments in Aspen, Colo. The undisclosed seller developed many of the properties around 2002. Standard plans to invest over $30 million in capital improvements and deferred maintenance across the portfolio. No residents will be displaced during renovations and the communities will remain within the affordable price point, according to the new ownership. An increasing number of households have been designated as “cost burdened” over the past year, leading to a push from policymakers to increase the amount of available affordable housing, according to a recent report by Yardi Matrix. In 2024, 69,600 units are expected to come on line with …