GLENDALE, ARIZ. — Colliers has arranged the sale of Union Crossing, a shopping center located at 4300-4410 W. Union Hills Drive in Glendale. A family office, under the entity of Union Crossing Shopping Center LLC, acquired the asset from Texas-based Union Crossing LLC for an undisclosed price. Situated on 8.5 acres, the 79,044-square-foot property was originally constructed in 1987 and underwent a significant renovation in 2017. Asiana Market, an ethnic-oriented grocer, anchors the property, which includes approximately 20 tenants. Mindy Korth, JK Jackson, El Warner and Caitlin Zirpolo of Colliers handled the transaction.
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Ethos Commercial Arranges $6.1M Acquisition Loan for Multi-Tenant Office Building in Bend, Oregon
by Amy Works
BEND, ORE. — Ethos Commercial has secured $6.1 million in acquisition financing for Bluff Street Office, a multi-tenant office located at 395 SW Bluff St. in Bend’s Old Mill District. Built in 2003, the 29,000-square-foot building features three suites, storage and surface parking. At the time of financing, the property was fully occupied with long-term leases. Danny Natsch and Matt Illias of Ethos Commercial Advisors sourced the 70 percent loan-to-value, 10-year fixed-rate loan in the mid 5 percent range through a regional credit union for the undisclosed borrower.
Colliers Arranges $82.2M Sale of Market Street Village Apartments in San Diego’s East Village
by Amy Works
SAN DIEGO — Colliers has arranged the sale of Market Street Village Apartments, a multifamily community in downtown San Diego’s East Village. A private buyer acquired the asset from Equity Residential for $82.2 million, or $359,000 per unit. Located at 699 14th St., Market Street Village Apartments offers 229 market-rate and affordable apartments with full kitchens, dishwashers, large closets, high ceilings, in-unit laundry and vinyl flooring. Onsite amenities include a fitness center, theater screening room, multiple courtyards, a sundeck with a firepit, 406 parking spaces and a clubhouse with a pool and spa. Additionally, the property offers ground-floor retail space anchored by an Albertsons supermarket with a Sav-On Pharmacy and Starbucks Coffee. Kitty Wallace and Anna Kampling of Colliers represented the buyer and seller in the deal.
EK Apartments Sells Nine-Property Multifamily, Retail Portfolio in Fontana, California for $25.5M
by Amy Works
FONTANA, CALIF. — EK Apartments has completed the disposition of a nine-property multifamily and retail portfolio in Fontana to undisclosed buyers for $25.5 million. The portfolio includes eight apartment buildings and a four-tenant retail center. The multifamily properties, which were constructed mostly in the 1980s, offer a total of 108 apartments with 70 percent below market rents. The 10,627-square-foot retail center is fully occupied by a mini mart, laundromat, restaurant and dessert shop. Douglas McCauley, David Covarrubias and Bruce Rajaee of Marcus & Millichap represented the seller and procured the buyers in the deal.
LOS ANGELES AND MILPITAS, CALIF. — Gantry has secured $18.9 million in permanent loans for three self-storage facilities in California. The Saf Keep-branded properties offer a total of 2,654 units, with two facilities in Los Angeles and one in Milpitas. Tom Dao and Erinn Cooke of Gantry represented the borrower, a private real estate investor. The three 10-year loans were provided by one of Gantry’s correspondent life company lenders and feature 30-year amortization schedules. The loan terms were structured with exact nonrecourse provisions, generous prepayment windows, ease of execution and competitive rates.
Marcus & Millichap Negotiates Sale of 94-Room Extended-Stay Hotel in Westminster, Colorado
by Amy Works
WESTMINSTER, COLO. — Marcus & Millichap has negotiated the sale of Residence Inn by Marriott Denver North Westminster, Colorado in Westminster, a suburb 12 miles north of Denver. Dallas-based NewcrestImage sold the extended-stay hotel to Archer Capital Group for an undisclosed price. Chris Gomes of Marcus & Millichap represented the seller. Gomes, along with Allan Miller and Christy McDougall of Marcus & Millichap, procured the buyer. Adam Lewis is Marcus & Millichap’s broker of record in Colorado. Located at 5010 W. 88th Place, the four-story Residence Inn by Marriott offers 94 extended-stay suites with kitchens, separate living areas and modern amenities.
REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of a multifamily property located at 2002 SW Canyon Drive in Redmond. HLM Inc. sold the asset to Toney Properties LLC for $4.3 million. Situated on 1.4 acres, the 29,600-square-foot property offers 20 townhome-style apartments. Dan Kemp of Compass Commercial Real Estate Services and Adam Bledsoe of TOK Commercial represented the seller. Kemp also represented the buyer in the deal.
— Jason Hallahan, associate of Colliers Reno — Northern Nevada’s office market has shown continued resilience in 2024 as the region has seen robust tenant demand, fewer sublease availabilities and evolving market trends. Though Northern Nevada experienced an influx of vacant space that hit the market in the middle of the year, year-to-date tenant demand has been largely positive. Robust absorption in the first and third quarters of 2024 has driven annual net absorption to more than 77,500 square feet. While many larger office markets felt an immediate impact at the onset of the pandemic, Reno’s office market began to see the wave of sublease space hit the market at the start of 2022 — nearly two years later. At its peak in the first quarter of 2023, available sublease space accounted for 28.2 percent of all available space on the market. Northern Nevada’s sublease market has continued to shrink over the past two years as the total square footage recently dropped below 90,000 square feet. This is less than one-third of the 2023 peak, which was 303,000 square feet of available sublease space. This loss of sublease space is due to large sublease suites being occupied by new subtenants, …
Castle & Cooke Obtains $140M in Financing for Crossings at Corona Retail Power Center in California
by Amy Works
CORONA, CALIF. — Castle & Cooke has received $140 million in financing for Crossings at Corona, a Class A retail power center in Corona. John Marshall, Spencer Seibring and Nick Englhard of JLL Capital Market’s Debt Advisory arranged the balance sheet loan through Deutsche Bank AG for the borrower. Completed in 2005, Crossings at Corona offers 833,995 square feet of retail space. The retail and entertainment destination shopping center is shadow anchored by Target and includes sub-anchors Marshalls, Kohl’s, HomeGoods, Sportsman’s Warehouse, Burlington, Edward’s Theatre and other national retail and restaurant tenants.
DECA Breaks Ground on 855,330 SF Perris Gateway Distribution Facility in California’s Inland Empire
by Amy Works
PERRIS, CALIF. — San Francisco-based DECA has broken ground on a warehouse and distribution facility within Perris Gateway, a fully entitled, speculative cross-dock development on 42 acres in Perris. The new warehouse facility is the second phase of the project, with the first phase consisting of 27,000 square feet of retail space that began construction along Ramona Expressway in March 2023. The 855,330-square-foot industrial building will offer a clear height of 40 feet, 124 dock and four grade loading doors, separate 308 trailer stalls and ample auto parking, heavy power, on-site queuing lane and future adjacent retail amenities. The property is situated at the southeast corner of Ramona Expressway and Nevada Road, just off the Interstate 215 on/off ramp. Andrew Starnes, Phil Lombardo and Cruise Adams of Cushman & Wakefield are handling leasing efforts for the warehouse facility. DECA recently closed on a $135 million construction loan to fund the development of the new warehouse facility. The loan was provided by Affinius Capital and Bank OZK. The equity commitment originated from DECA’s principals and Wildcat Capital Management.