LOS ANGELES—The Opus Group has broken ground on the Rangeview Industrial Center in Aurora, CO. The 122,500-square-foot development is speculative and will be located in the Majestic Commercenter, a business park. The multi-tenant property will accommodate users from 40,000 to 80,000 square feet, and will feature 32-foot clear height, 22 dock positions, two drive-in doors and flexible space outdoors for additional storage and trailer parking. The cost of the development was not disclosed.
SALES
RIVERSIDE, CA—ARES has acquired the Tuscan Townhomes in Riverside for $16.3 million. The 63-unit property was built as a condo property but subsequently rented as apartment units following the 2008 financial crisis. ARES will manage the property with Corona Pointe Resort Project, an adjacent apartment community it also owns. Margie Molloy and Vince Norris of Berkadia Real Estate Advisors represented the unnamed seller.
REDLANDS—The Bascom Group has acquired the Del Flora Apartments in Redlands for $22.2 million. The 152-unit complex is the firm's 37th acquisition in 12 months. Tyler Martin with ARA Newmark brokered the sale, while Brian Eisendrath and Annie Rice of CBRE arranged the $16.94 million loan with CIT Bank for the acquisition.
SAN BERNARDINO—Universe Holdings has purchased a controlling interest in Acacia Park, an apartment community in San Bernardino valued $41 million. The investors stake in the property was not disclosed. The investor plans to hold the property for the long term. HFF's Charles Halladay represented Universe Holdings in the transaction.
SAN BERNARDINO—Bixby Land has acquired a 104,500-square-foot industrial property in San Bernardino for $10.1 million from Western Realco and Penwood. The property is well-located and fully leased to a third-party logistics company. JLL's Bo Mills, Mark Detmer, Ruben Goodsell and Patrick Wood represented the seller in the transaction.
LOS ANGELES—A private investor has purchased the Home Ranch Center in Yorba Linda from YL Friends Church for $15.85 million. The 54,169-square-foot shopping center has great upside potential through a value-add strategy. CJ Osbrink and Gleb Lvovich of HFF brokered the transaction.
LAS VEGAS—Ten-X, an online real estate marketplace, is marketing an 88-acre land site in Las Vegas that has 39 years remaining on a 50-year ground lease. The marketplace says that the land site is worth $52 million, but is asking $40.7 million for the property. The land site sits underneath the Rainbow Arroyo Commons, a 919,192-square-foot shopping center.
LEASES
SALT LAKE CITY—Marriott Vacations Worldwide has signed a 79,000-square-foot lease the Time Square Office complex in Salt Lake City, UT. The pure-play vacation company will occupy the entire building. Scott Wilmarth of CBRE represented the tenant in the transaction. The value of the lease and the lease term were not disclosed.
FINANCING
SAN FRANCISCO—California Landmark Group has secured a $26 million loan to refinance Woodlark Residences, an 80-unit apartment complex in Larkspur, CA. The fixed-rate loan was funded through Sun Life Financial. Stephan Coste, VP of production at Q10 | Westcap, and Kenneth M. Fox, managing director with Cohen Financial secured and placed the funding on behalf of the borrower.
MANHATTAN BEACH, CA—Cardinal Investments has secured a $20.5 million loan to refinance a three-property mixed-use portfolio. The office and retail properties were built in 2015, and all have Manhattan Beach. The loan has a 10-year fixed-rate, and the funder of the loan was not disclosed. PSRS's Ted Willis secured the funding on behalf of the borrower.
EMPLOYMENT
LOS ANGELES—Randy Grosskopf joins Wilshire Construction as COO. Grosskopf comes to the firm with 30 years of experience in office and field operations, most recently serving as SVP at Lendlease Corporation.
DENVER—Peter Albro has joined the Broe Group as VP. Albro will be responsible for overseeing the firm's existing portfolio as well as portfolio growth, and he will join the Management Committee at the firm. He formerly served as VP of acquisitions and portfolio management at Penwood Real Estate Investment Management.
DEVELOPMENT
LYNWOOD—Duke Realty has announced plans to build a 201,027-square-foot industrial facility at 11600 Alameda Street in the South Bay. The property is adjacent the firm's 323,374-square-foot building in Lynwood, CA. The building will feature 32' clear height, 54' x 50' bay spacing, 34 dock doors, a 180' concrete yard with the ability to store an additional 39 trailers, and LED light fixtures, and will be designed to LEED certification standards. The cost of the development was not disclosed.
LOS ANGELES—The Opus Group has broken ground on the Rangeview Industrial Center in Aurora, CO. The 122,500-square-foot development is speculative and will be located in the Majestic Commercenter, a business park. The multi-tenant property will accommodate users from 40,000 to 80,000 square feet, and will feature 32-foot clear height, 22 dock positions, two drive-in doors and flexible space outdoors for additional storage and trailer parking. The cost of the development was not disclosed.
SALES
RIVERSIDE, CA—ARES has acquired the Tuscan Townhomes in Riverside for $16.3 million. The 63-unit property was built as a condo property but subsequently rented as apartment units following the 2008 financial crisis. ARES will manage the property with Corona Pointe Resort Project, an adjacent apartment community it also owns. Margie Molloy and Vince Norris of Berkadia Real Estate Advisors represented the unnamed seller.
REDLANDS—The Bascom Group has acquired the Del Flora Apartments in Redlands for $22.2 million. The 152-unit complex is the firm's 37th acquisition in 12 months. Tyler Martin with ARA Newmark brokered the sale, while Brian Eisendrath and Annie Rice of CBRE arranged the $16.94 million loan with
SAN BERNARDINO—Universe Holdings has purchased a controlling interest in Acacia Park, an apartment community in San Bernardino valued $41 million. The investors stake in the property was not disclosed. The investor plans to hold the property for the long term. HFF's Charles Halladay represented Universe Holdings in the transaction.
SAN BERNARDINO—Bixby Land has acquired a 104,500-square-foot industrial property in San Bernardino for $10.1 million from Western Realco and Penwood. The property is well-located and fully leased to a third-party logistics company. JLL's Bo Mills, Mark Detmer, Ruben Goodsell and Patrick Wood represented the seller in the transaction.
LOS ANGELES—A private investor has purchased the Home Ranch Center in Yorba Linda from YL Friends Church for $15.85 million. The 54,169-square-foot shopping center has great upside potential through a value-add strategy. CJ Osbrink and Gleb Lvovich of HFF brokered the transaction.
LAS VEGAS—Ten-X, an online real estate marketplace, is marketing an 88-acre land site in Las Vegas that has 39 years remaining on a 50-year ground lease. The marketplace says that the land site is worth $52 million, but is asking $40.7 million for the property. The land site sits underneath the Rainbow Arroyo Commons, a 919,192-square-foot shopping center.
LEASES
SALT LAKE CITY—Marriott Vacations Worldwide has signed a 79,000-square-foot lease the Time Square Office complex in Salt Lake City, UT. The pure-play vacation company will occupy the entire building. Scott Wilmarth of CBRE represented the tenant in the transaction. The value of the lease and the lease term were not disclosed.
FINANCING
SAN FRANCISCO—California Landmark Group has secured a $26 million loan to refinance Woodlark Residences, an 80-unit apartment complex in Larkspur, CA. The fixed-rate loan was funded through
MANHATTAN BEACH, CA—Cardinal Investments has secured a $20.5 million loan to refinance a three-property mixed-use portfolio. The office and retail properties were built in 2015, and all have Manhattan Beach. The loan has a 10-year fixed-rate, and the funder of the loan was not disclosed. PSRS's Ted Willis secured the funding on behalf of the borrower.
EMPLOYMENT
LOS ANGELES—Randy Grosskopf joins Wilshire Construction as COO. Grosskopf comes to the firm with 30 years of experience in office and field operations, most recently serving as SVP at Lendlease Corporation.
DENVER—Peter Albro has joined the Broe Group as VP. Albro will be responsible for overseeing the firm's existing portfolio as well as portfolio growth, and he will join the Management Committee at the firm. He formerly served as VP of acquisitions and portfolio management at Penwood Real Estate Investment Management.
DEVELOPMENT
LYNWOOD—Duke Realty has announced plans to build a 201,027-square-foot industrial facility at 11600 Alameda Street in the South Bay. The property is adjacent the firm's 323,374-square-foot building in Lynwood, CA. The building will feature 32' clear height, 54' x 50' bay spacing, 34 dock doors, a 180' concrete yard with the ability to store an additional 39 trailers, and LED light fixtures, and will be designed to LEED certification standards. The cost of the development was not disclosed.
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