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4180-Avenida-De-La-Plata-Oceanside-CA
AcquisitionsCaliforniaRetailWestern

Lucas Revocable Trust Acquires Retail Building in California for $4.4M

by Amy Works

OCEANSIDE, CALIF. — Lucas Revocable Trust has purchased a retail property, located at 4180 Avenida De La Plata in Oceanside. Plata Property LLC sold the building for $4.4 million. Navy Federal Credit Union occupies the 6,788-square-foot retail building, which was built in 1992 and is situated within Rancho Del Oro business park. The tenant recently renewed its lease for an additional 10 years, extending the term through May 2028. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while HC&M Commercial Properties represented the buyer in the deal.

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2051-Palomar-Airport-Rd-Carlsbad-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

Joint Venture Acquires 208,904 SF Former Hughes Aircraft Facility in Carlsbad

by Amy Works

CARLSBAD, CALIF. — A joint venture between SteelWave and funds managed by Angelo Gordon has purchased a former Hughes Aircraft Co. facility, located at 2051 Palomar Airport Road in Carlsbad. Palomar Acquisitions Partners sold the single-story, multi-tenant property for an undisclosed price. Situated on more than 13 acres, the property was originally developed as a build-to-suit campus for Hughes Aircraft Co. in the early 1980s, with a series of renovations over the decades. The buyer plans to convert the 208,904-square-foot asset into a modern creative office/R&D campus. Renovations will include exterior upgrades and improved amenities, as well as a re-branding that will both honor the property’s history and embrace its future use as a creative environment for tech, biotech and creative industry tenants. Upgrades will include a new full-service fitness center, a bistro with indoor/outdoor seating, contemporary architecture, common areas with gaming and lounge areas, and multiple outdoor patios and workspaces. Aric Starck and Rick Reeder of Cushman & Wakefield’s San Diego office represented the seller in the deal.

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Campus-Oaks-Town-Center-Roseville-CA
CaliforniaDevelopmentRetailWestern

Armstrong Development to Build 240,000 SF Shopping Center in Roseville, California

by Amy Works

ROSEVILLE, CALIF. — Armstrong Development has announced plans for Campus Oaks Town Center, a shopping center located at the corner of Blue Oaks Boulevard and Roseville Parkway in Roseville. The Roseville City Council recently unanimously approved the project. Construction for the 240,000-square-foot property is slated to begin in spring 2019, with delivery scheduled for summer 2020. Nugget Markets and 24 Hour Fitness will anchor the property, which is approximately 66 percent leased to date and expected to be 85 percent leased by the start of construction. Additional tenants will include The Learning Experience, MOD Pizza, Posh Nail Salon, Fresh Cleaners, Jasmine Mongolian BBQ, Supercuts and Ben’s Barketplace.

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Vista-Del-Sol-Pleasanton-CA
AcquisitionsCaliforniaMultifamilyWestern

Levin Johnston Negotiates $24.2M Sale of Vista Del Sol Apartments in Bay Area

by Amy Works

PLEASANTON, CALIF. — Levin Johnston of Marcus & Millichap has directed the sale of Vista Del Sol, a multifamily property located at 2451-2529 Santa Rita Road in downtown Pleasanton. A private LLC sold the property to a local investor for $24.25 million. Situated on 3.4 acres, Vista Del Sol features 73 apartments, 50 of which were recently remodeled. The property underwent a $1.4 million capital improvement campaign consisting of extensive exterior and interior upgrades, including a remodeled clubhouse, updated gym and outdoor pool/barbecue area, and new signage. Adam Levin and Robert Johnston of Levin Johnston represented the seller and buyer in the deal.

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Avenues-Crofton-Park-Broomfield-CO
ColoradoLoansMultifamilySeniors HousingWestern

HFF Arranges $21.4M Financing for Independent Living Community in Metro Denver

by Amy Works

BROOMFIELD, COLO. — HFF has arranged $21.4 million in financing for The Avenues Crofton Park, a 90-unit independent living community in the Denver suburb of Broomfield. Developed by McBroom Co. and managed by The Avenues Co., The Avenues Crofton Park features 70 rental apartment homes and 20 cottages. The HFF team led by Leon McBroom secured a 10-year, fixed-rate loan through Freddie Mac’s CME Program. HFF will also service the loan. The community was 98 percent occupied at closing. The planned use of the funds was not disclosed.

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1467-Davril-Circle-Corona-CA
AcquisitionsCaliforniaIndustrialWestern

Voit Real Estate Directs $19.6M Sale of Three-Building Industrial Portfolio in Corona, California

by Amy Works

CORONA, CALIF. — Voit Real Estate Services’ Anaheim office has brokered the sale of a three-building industrial portfolio located in Corona. A private investor sold the assets to TH Real Estate, a real estate investment manager, for $19.6 million. Located at 1467 and 1468 Davril Circle and 1461 Railroad St., the portfolio features 130,474 square feet of industrial space. Thoro Packaging occupies all three buildings under a long-term lease. The packaging company uses the properties for its corporate headquarters, manufacturing and distribution. Thoro Packaging is a wholly owned subsidiary of Autajon, a French company with more than 4,200 employees and 36 subsidiaries worldwide. Mike Hefner of Voit represented the seller and buyer in the deal.

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River-Ranch-Chandler-AZ
AcquisitionsArizonaMultifamilyWestern

Greystar Purchases 188-Unit River Ranch Apartments in Metro Phoenix for $32M

by Amy Works

CHANDLER, ARIZ. — Greystar GP II, an entity formed by Charleston, S.C.-based Greystar, has acquired River Ranch, a multifamily property located at 6152 W. Oakland St. in Chandler. PHX Oakland 2010, a company formed by San Mateo, Calif.-based Acacia Capital Corp., sold the property for $32 million. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal. River Ranch is a two-story, 11-building, garden-style complex that features 188 units in a mix of one- and two-bedroom floor plans, averaging 742 square feet. Built in 1986, the property has undergone $2.5 million of capital improvements over the last seven years, including washers/dryers installed in all units, roof replacement, exterior paint and new black appliance packages in 31 units.

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Rialto-Fulfillment-Center-3-Rialto-CA
CaliforniaDevelopmentIndustrialWestern

Bridge Development Begins Construction of 505,906 SF Industrial Building in Rialto, California

by Amy Works

RIALTO, CALIF. — Bridge Development has started construction of Rialto Fulfillment Center 3, a speculative Class A industrial building in Rialto. Located at 12050 Agua Mansa Road, the 505,906-square-foot building will feature 36-foot clear heights, 67 dock-high loading positions, two ground-level doors, 254 auto parking spaces, 185-foot fully secured concrete truck positions and 151 outside-of-dock trailer storage positions. Completion is slated for fourth-quarter 2019. Peter McWilliams, Mike McCrary, Ruben Goodsell and Sharon Wortmann of JLL’s Ontario, Calif., office are handling the leasing efforts for the property.

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Desert-Marketplace-Las-Vegas-NV
LoansNevadaRetailWestern

Bellwether Enterprise Arranges $36M Loan for Desert Marketplace Shopping Center in Las Vegas

by Amy Works

LAS VEGAS — Bellwether Enterprise Real Estate Capital has closed a $36 million permanent loan for Desert Marketplace, a shopping center located at the intersection of Warm Springs Road and Durango Drive in Las Vegas. Grass River Real Estate Credit Partners REIT provided the financing, which features a $33 million loan placed with 3650 REIT through its CLBS platform and a $3 million mezzanine loan from a third-party lender. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the loan on behalf of the borrower, Durango Warm Springs III. Smith’s, Walgreens, TJ Maxx, Petco and Big 5 Sporting Goods anchor the 200,000-square-foot shopping center.

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Walmart-Palm-Desert-CA
AcquisitionsCaliforniaRetailWestern

Paragon Commercial Group Sells Walmart Property in Palm Desert for $13.5 Million

by Amy Works

PALM DESERT, CALIF. — Paragon Commercial Group has sold a single-tenant, 45,648-square-foot, Walmart-occupied property in Palm Desert. A private investor from Chicago acquired the property for $13.5 million. William Bauman, Kyle Miller and Matthew Schwartz of Newmark Knight Frank represented seller in the transaction while Mike Mintz of Millennium Properties represented the buyer. The property sold at a cap rate of 5 percent and a price per square foot of approximately $296. The triple-net leased asset is situated on 5.37 acres at 72314 Highway 111.

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