PASADENA, CALIF. — A joint venture between Barker Pacific Group and Rockwood Capital has purchased a Class A office building, located at 301 N. Lake Ave. in Pasadena. The price was not disclosed. Washington Capital Management previously operated the asset on behalf of an unidentified seller. Built in 1989, the 11-story building features 227,019 square feet of office space. The buyers plan to improve the asset by modernizing the property. CBRE’s Mike Longo and Sean Sullivan brokered the sale. JP Morgan provided debt financing for the buyers.
CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of an industrial asset in Centennial. GT INOVA LLC acquired the property from INOVA Flex I LLC for $16.1 million. Located at 7304 S. Joliet St., the property features 71,172 square feet of industrial space. Jason Addlesperger, David Lee, Mike Wafer and Keith Bell of Newmark Knight Frank represented the seller, while Cushman & Wakefield represented the buyer in the deal. First American Title Insurance Co. also participated in the transaction.
RICHLAND, WASH. — CBRE has arranged the sale of 575 Columbia, a 77,700-square-foot multifamily property located along the Columbia River in Richland. Evergreen Housing Development Group sold the property for an undisclosed price. Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Portland office represented the seller in the deal. The name of the buyer was not released. Built in 2017, 575 Columbia features 58 one-bedroom units and 36 two-bedroom units with nine-foot ceilings, quartz countertops and ample storage. Community amenities include a resident pool and lounge, as well as a fitness center.
EVERETT, WASH. — JKL Real Estate Investment LP has acquired Everett Mall Way Plaza, a retail complex located at 500 S.E. Everett Mall Way in Everett. Robinson Properties & Investments sold the two-building asset for $6.2 million. Everett Mall Way Plaza features 30,000 square feet of retail space. XinXin Li of Colliers International and Godwin Moy of DBW Private Brokerage represented the buyer in the transaction.
The Orange County office market continues to remain healthy with an unemployment rate of 2.6 percent in the second quarter of 2018. This is down from 3.2 percent 12 months prior. The driving industry sectors for Orange County that occupy a large portion of office space include financial services, information technology, logistics and healthcare. We are currently seeing vacancy rates around 11.7 percent, which is about a 10 basis point increase from the second quarter of this year. The main reason for this increase has been momentum in completed construction projects with more than 2.2 million square feet that has been delivered over the past 12 months. At the mid-year point of 2018, more than 808,000 square feet of office space was under construction — the majority of which was speculative. The largest office projects under construction right now include Flight at Tustin Legacy in Tustin and the Quad at Discovery Business Center in Irvine Spectrum. There are four Class A, institutional-quality office projects currently under construction in the county that total nearly 1.3 million square feet — 75 percent of which is pre-leased to tenants. All this bodes well for the continued confidence in the Orange County market. We …
BOTHELL, WASH — Investcorp has completed the sale of Highlands Campus Tech Centre, a technology campus located at 21520, 21312 and 21222 30th Drive SE in Bothell. Equus Capital Partners acquired the asset for an undisclosed price. The 201,766-square-foot campus features two flex/R&D buildings and one office building. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.
FOUNTAIN VALLEY, CALIF. — Lancaster Pollard has provided $36 million in fixed-rate, HUD-insured financing for the construction of Park View Estates. The 145-unit seniors housing community will be located in Fountain Valley, approximately 35 miles southeast of Los Angeles. Welbrook Senior Living and Sunshine Retirement Living are developing the property, which is adjacent to Fountain Valley Regional Hospital. Once completed, the community will offer 106 assisted living units and 39 memory care units. The project is scheduled for completion in 2020. Jason Dopoulos led the transaction for Lancaster Pollard.
PHOENIX AND GLENDALE, ARIZ. — Hunt Real Estate Capital has funded agency loans totaling approximately $22.5 million for the acquisition of two multifamily properties: Canyon Woods Apartments in Phoenix and Shadow Rose Apartments in Glendale. The borrowers for both transactions are The Barone Group and its strategic partners. Duke Stone of Churchill Capital Co. represented the borrowers on both transaction. Bear Holdings Group provided acquisition, investment and asset management services. Built in 1984, Canyon Woods Apartments features 224 apartments spread across 12 two-story buildings, a swimming pool, spa, picnic/playground area and laundry facility. Hunt Real Estate Capital provided a Freddie Mac loan facility featuring a 12-year term with six years of interest-only payments. The borrower plans to implement a $2 million value-add capital improvements program at the property. Shadow Rose Apartments, built in 1985, features 148 apartments across 14 two-story buildings, a swimming pool, spa, playground, laundry facility and clubhouse. Hunt Real Estate Capital funded a Fannie Mae loan facility featuring a 12-year term with nine years of interest-only payments. Additionally, the transaction qualified for Fannie Mae’s Green Rewards loan program where the borrower will implement certain water-saving improvements to lower future utility expenses — in return, the borrower was …
COMMERCE, CALIF. — Rexford Industrial Realty has purchased a multi-tenant industrial property in Southern California for $18.2 million, or $245 per square foot. Located at 6100 Sheila St. in Commerce, the 74,527-square-foot freezer/cooler building sits on 4.3 acres. The 22-foot clear height building features 40 dock positions with units from 6,000 square feet to 18,000 square feet. At the time of sale, the property was 100 percent leased to seven tenants. Rexford plans to improve the building’s functionality and energy efficiency with the potential to roll in-place leases to higher market rates. The name of the seller was not disclosed.
UPLAND, CALIF. — SRS Real Estate Partners has signed three additional tenants to Mountain Green Shopping Center, located at 357 S. Mountain Ave. in Upland. A 20,390-square-foot ALDI will anchor the retail center under a 15-year lease. Optima Salons and Pathway Vet Alliance signed 10-year leases for 3,800 square feet and 2,100 square feet, respectively. Additional tenants at Mountain Green include Dunkin’ Donuts, GNC, CVS/pharmacy, Michaels, Sprint, Sally Beauty and Jersey Mike’s Subs, among others. Terrison Quinn, Casey Mahony and Adam Handfield of SRS represented the landlord, DMP Properties, while Jason Gordon of Epsteen & Associates represented ALDI. Karen Sunday represented Optima Salons and Ryan Gast of CBRE represented Pathway Vet Alliance in the lease transactions.