MONTEBELLO, CALIF. — Ready Capital has closed an $11 million loan to fund the acquisition of a two-building industrial property located in Montebello, approximately eight miles east of downtown Los Angeles. The undisclosed borrower executed a single-tenant lease with a large multi-national industrial company prior to acquisition close. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term, 24-months of interest-only payments and no prepayment penalties.
LAS VEGAS — Colliers International has negotiated the sale of a retail property in Las Vegas. The Gail M. Buy Trust sold the asset to Rainbow Coley LLC for $1.6 million. Located at 2972 S. Rainbow Blvd., the property features 10,400 square feet of retail space. Chris Connell and Grant Traub of Colliers International represented the seller in the deal.
Whether it’s existing properties, new development, redevelopment or a repositioning effort, the key to success in San Diego’s retail market is to focus on customer experience. You have to make it attractive for them to come out from behind their computer screens, go outside, get some fresh air, look a total stranger in the eye and be social. The market is dominated by the coastal areas between Little Italy and Carlsbad. Primary core centers that are well located and occupied with strong daily needs anchors have the most fundamental stability. Secondary centers in beach-area submarkets have some vacancies but are attractive to tenants due to their proximity to the areas with the highest disposable incomes. Investors of tertiary centers, for the most part, are looking for ways to make their centers’ relevant, with forward-thinking owners investing capital to incorporate a mixed-use component like office, hotel or multifamily. Consumers in San Diego want a vibrant, inviting center with a superior customer experience immersed in beautiful landscape under the sun. The key is having a retail environment with premier anchors to get the customer to the center, along with a great mix of tenants and events to keep the customer at the …
TACOMA, WASH. — Kidder Mathews has negotiated the sale of Vista Del Rey, a multifamily property located at 319 N. Tacoma Ave. in Tacoma, a city approximately 35 miles south of Seattle along the banks of the Puget Sound. VDR Investments Homes, led by Rose Stanek-Norbe of Tyroda LLC, acquired the asset from an undisclosed seller for $25.7 million. Situated in Tacoma’s Stadium District, the 17-story Vista Del Rey features 130 apartments. Also included in the sale was the adjoining 0.67-acre land parcel that could accommodate an additional 130 residential units. Targa Property Management will manage the property. Tyler Stanek of Kidder Mathews represented the buyer in the transaction.
COSTA MESA, CALIF. — Space Investment Partners has acquired Westport Plaza & Square, a leasehold retail center located at 369 E. 17th St. in Costa Mesa. Newport Beach, Calif.-based Wohl Investment Co. sold the asset for $18.4 million. Built in 1975 and renovated in 2002 and 2018, the property features 39,000 square feet of retail space. At the time of sale, the property was 100 percent leased to a collection of eateries, restaurants and high-end clothing and furnishing boutiques. Current tenants include Etoile on 17th, Plums Café and Catering, Common Thread and Shunka Sushi. Philip Voorhees, Jimmy Slusher and Sean Heitzler of CBRE’s National Retail Partners-West represented the seller in the deal.
IDAHO FALLS, IDAHO — TYG Commercial Real Estate has negotiated the sale of Sand Creek Apartments, a 73-unit multifamily community located in Idaho Falls. A private investor sold the property to a Utah-based multifamily investor for an undisclosed price. Located at 1250 Ashment Ave., Sand Creek Apartments features 32 one-bedroom units, 17 two-bedroom apartments and 24 three-bedroom units. The property was built in 1978 and renovated in 2004. Richard Bird and Mathew Bird of TYG Commercial Real Estate represented the seller and buyer in the transaction.
Forum Real Estate Group Purchases Former Kmart in Denver for $10.5M, Plans Multifamily Redevelopment
DENVER — Forum Real Estate Group has acquired a retail building, formerly occupied by Kmart, in Denver. J&W Management Corp. sold the asset for $10.5 million. Located at 2150 S. Monaco Parkway, the 110,000-square-foot property has been vacant for nearly seven years. Forum Real Estate is planning a more than 300-unit multifamily redevelopment with the possibly of new retail outparcels at the site. Jon Hendrickson, Mitch Veremeychik and Aaron Johnson of Cushman & Wakefield’s Capital Markets Group facilitated the transaction.
SANTA FE SPRINGS, CALIF. — Valore Ventures has purchased a flex industrial facility, located at 15511 Carmenita Road in Santa Fe Springs, from a private seller for an undisclosed sum. Built in 1998, the 28,542-square-foot property features 11,437 square feet of office space spanning two floors in the front of the building, and 17,105 square feet of one-story industrial warehouse space with 22-foot clear heights in the rear of the building. The facility features a gated parking lot, two drive-in docks and two-grade level doors.
The outlook for San Diego’s office market is sunny and bright. Often considered a less costly option for office users as compared to other Southern California markets, San Diego holds consistent appeal for tenants seeking a coastal address where the weather is mild and the vibe is entrepreneurial and business friendly. The market is following the national trend of stronger occupancy rates and robust absorption, buoyed by a healthy economy. At 10.2 percent in the second quarter — the lowest level in nearly 14 years — San Diego’s office vacancy rate beats the national office vacancy rate of 12 percent — the lowest level in 18 years, despite construction. These fundamentals are demonstrating increased tenant demand. We’re continuing to see growth and expansion of office in submarkets throughout San Diego County. Sorrento Valley is one of the stronger office submarkets due to its centralized location and accessibility to major freeways. Other submarkets with heightened demand are Del Mar Heights, which is close to the ocean and suburban areas that house corporate executives, and Kearny Mesa, another major business center for the county. Carlsbad and Oceanside in North County and Chula Vista in South County are also popular choices. Oceanside and …
REDMOND, WASH. — Bell Partners, on behalf of its Fund VI investors, has entered the metro Seattle market with the acquisition of 3040 Apartments, a multifamily property in Redmond. An undisclosed seller sold the asset for $96 million. The buyer plans to rename the property Bell Overlake. Developed this year, the asset feature 243 apartments. Units features quartz countertops, plank flooring, large closets and in-unit washers/dryers. Select units have lofts, patios or balconies and views of the surrounding mountains. Community amenities include a rooftop deck, fitness center with separate yoga studio, pet spa, courtyard with barbecue area and fire pits, and garage parking with electric charging stations. The community is located within walking distance of Microsoft’s global headquarters campus and convenient access to the Seattle Transit Link light rail expansion.