Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.
DEALTRACKER
GRAND TERRACE, CA—Institutional Property Advisors has sold The Crest at Grand Terrace, a 228-unit apartment complex located in Grand Terrace, California, for $33 million on behalf of a private investor. The $33,050,000 sales price represents $144,956 per unit. Completed in 1978, the property is situated on more than nine acres at the signalized intersection of Mt. Vernon Avenue and De Berry Street, just off Interstate 215, and between Interstate 10 and the California State Route 60. Employers in the immediate area include Amazon, Loma Linda University Medical Center, Loma Linda University, Arrowhead Regional Medical Center and the University of California, Riverside. Alexander Garcia, Christopher Zorbas, senior managing director, Tyler Martin, director, and David Sperling, senior director, represented the seller and procured the buyer, Auctus Capital Partners.
COSTA MESA, CA—A FedEx-occupied, 112,000-square- foot building in Costa Mesa has traded hands for $33.4 million, or $298 per square foot. It ranks it among the top industrial sales ever recorded in Orange County, Colliers International has reported. Colliers' Institutional Investment Services Group – Western Region negotiated the sale of the property, which is located at 1650 Sunflower Building, on behalf of Sovereign Capital Management Group Inc. to BLT Enterprises Inc. As part of the sale, the brokerage firm also negotiated a “blend-and- extend” lease that will keep FedEx in the building until 2028. Its original lease was set to expire next year. Rick Putnam, Managing Director of Colliers' Institutional Investment Services Group – Western Region, brokered the deal along with Director Eric Cohen. Senior Vice President Chuck Wilson and Vice President Brian Chastain negotiated the lease extension.
LA QUNITA, CA—Hanley Investment Group Real Estate has negotiated the sale of a two-tenant retail for $8 million. The 33,708-square-foot pad building is part of Washington Park Shopping Center and is occupied by T.J. Maxx and ULTA Beauty. Hanley Investment Group's Executive Vice President Bill Asher and company President Ed Hanley represented the seller, a private partnership based in Southern California. Steven Gelber of Gelber Realty Corporation in Los Angeles represented the buyer, a private investor from Los Angeles.
LOS ANGELES—Vista Investment Group has sold two Hollywood apartment buildings in separate transactions totaling $23.7 million. The sales include Avondale Hollywood, a 58-unit apartment complex located at 1825 N. Cahuenga, which was sold to a private investor for $11.5 million, and Sunset Formosa, a 36-unit apartment complex to another private investor for $12.2 million. Vista purchased the Avondale Hollywood in 2013, and completed a significant capital improvement program to reposition the classic 1920's four-story apartment complex to appeal to Hollywood's millennial rental market. The upgrades, combined with an improving rental market enabled Vista to grow in-place rents as units turned, increasing the property's value and salability. Vista purchased the Sunset Formosa in 2012, and invested more than $500,000 to improve unit interiors and the curb appeal of the three-story building constructed in 1985. The sale of both Avondale and Sunset Formosa is part of Vista's long-range plan to divest of its multifamily assets upon stabilization, and enables it to focus more time and attention on larger opportunities with equity partners.
FULLERTON, CA—CBRE Capital Markets' Debt & Structured Finance team has arranged a $29 million loan on behalf of Crown Acquisitions, Inc., for the purchase of Fullerton University Village, a student housing community located in Fullerton, California. CBRE's Scott Peterson and Bill Chiles secured an aggressive short-term, floating-rate loan through a national debt fund. The borrower plans to renovate the property and create a more dynamic living environment. Fullerton University Village is located at 2000 Oxford Avenue and is situated across the street from the California State University Fullerton campus. The property was built in 1972 and underwent various renovations in 1998, 2001 and 2012. The garden-style project occupies 3.98 acres and consists of eight, two and three story buildings.
LOS ANGELES—PSRS has closed an $11 million loan for Oak Hills Medical Plaza in West Hills, CA. Originally built in 1985, the 55,246-square-foot center is home to 21 medical-related tenants, and is conveniently located adjacent to West Hills Hospital, presenting a nice advantage for doctors who visit patients at the hospital. Kostas Kavayiotidis, a Principal at PSRS, originated the deal.
SAN DIEGO—171 Saxony Rd., high quality multi-tenant office property, has traded hands between Birtcher Anderson Realty and an unnamed buyer for $10.4 million. Cushman & Wakefield's Brooks Campbell, Peter Curry and Joe Anderson represented both parties in the sale.
PHOENIX—Kachina Industrial Park, located at 1805-1850 W. Drake Drive in Tempe, Ariz., has traded hands between Kieckhefer Properties and Libitzky Holdings for $19.1 million. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan of Cushman & Wakefield represented the seller. Kachina Industrial Park is an eight-building, 202,941-square-foot general industrial property. The modern, high-image, multi-tenant complex is a well-built, low- to mid-buildout general industrial property with flexible loading and suite configurations to accommodate a variety of tenants. With a current occupancy of 98.7%, to high-credit tenants, Kachina Industrial Park is well located within the Tempe submarket, one of the strongest and most dynamic industrial areas in Metro Phoenix.
PHOENIX— The Verde Dimora Apartments at 2217 N. Power Rd. in Mesa has been sold to a Canadian investor for $22,250,000. The buyer is expanding its portfolio of Arizona properties and plans long-term ownership of the community. WWC Holdings, LLC of Arizona purchased the property from Verde Dimora, LLC, an Arizona limited liability company. Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction. Verde Dimora was built in 2016 and consists of 12 three-story buildings. The community contains 153 apartment units in one and two-bedroom configurations. The units range in size from 657 to 943 square feet. The property offers a total of 121,399 rentable square feet on a parcel that is 5.34 acres. The community offers both covered carport and uncovered parking spaces.
Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.
DEALTRACKER
GRAND TERRACE, CA—Institutional Property Advisors has sold The Crest at Grand Terrace, a 228-unit apartment complex located in Grand Terrace, California, for $33 million on behalf of a private investor. The $33,050,000 sales price represents $144,956 per unit. Completed in 1978, the property is situated on more than nine acres at the signalized intersection of Mt. Vernon Avenue and De Berry Street, just off Interstate 215, and between Interstate 10 and the California State Route 60. Employers in the immediate area include Amazon, Loma Linda University Medical Center, Loma Linda University, Arrowhead Regional Medical Center and the University of California, Riverside. Alexander Garcia, Christopher Zorbas, senior managing director, Tyler Martin, director, and David Sperling, senior director, represented the seller and procured the buyer, Auctus Capital Partners.
COSTA MESA, CA—A FedEx-occupied, 112,000-square- foot building in Costa Mesa has traded hands for $33.4 million, or $298 per square foot. It ranks it among the top industrial sales ever recorded in Orange County, Colliers International has reported. Colliers' Institutional Investment Services Group – Western Region negotiated the sale of the property, which is located at 1650 Sunflower Building, on behalf of Sovereign Capital Management Group Inc. to BLT Enterprises Inc. As part of the sale, the brokerage firm also negotiated a “blend-and- extend” lease that will keep FedEx in the building until 2028. Its original lease was set to expire next year. Rick Putnam, Managing Director of Colliers' Institutional Investment Services Group – Western Region, brokered the deal along with Director Eric Cohen. Senior Vice President Chuck Wilson and Vice President Brian Chastain negotiated the lease extension.
LA QUNITA, CA—Hanley Investment Group Real Estate has negotiated the sale of a two-tenant retail for $8 million. The 33,708-square-foot pad building is part of Washington Park Shopping Center and is occupied by T.J. Maxx and ULTA Beauty. Hanley Investment Group's Executive Vice President Bill Asher and company President Ed Hanley represented the seller, a private partnership based in Southern California. Steven Gelber of Gelber Realty Corporation in Los Angeles represented the buyer, a private investor from Los Angeles.
LOS ANGELES—Vista Investment Group has sold two Hollywood apartment buildings in separate transactions totaling $23.7 million. The sales include Avondale Hollywood, a 58-unit apartment complex located at 1825 N. Cahuenga, which was sold to a private investor for $11.5 million, and Sunset Formosa, a 36-unit apartment complex to another private investor for $12.2 million. Vista purchased the Avondale Hollywood in 2013, and completed a significant capital improvement program to reposition the classic 1920's four-story apartment complex to appeal to Hollywood's millennial rental market. The upgrades, combined with an improving rental market enabled Vista to grow in-place rents as units turned, increasing the property's value and salability. Vista purchased the Sunset Formosa in 2012, and invested more than $500,000 to improve unit interiors and the curb appeal of the three-story building constructed in 1985. The sale of both Avondale and Sunset Formosa is part of Vista's long-range plan to divest of its multifamily assets upon stabilization, and enables it to focus more time and attention on larger opportunities with equity partners.
FULLERTON, CA—CBRE Capital Markets' Debt & Structured Finance team has arranged a $29 million loan on behalf of Crown Acquisitions, Inc., for the purchase of Fullerton University Village, a student housing community located in Fullerton, California. CBRE's Scott Peterson and Bill Chiles secured an aggressive short-term, floating-rate loan through a national debt fund. The borrower plans to renovate the property and create a more dynamic living environment. Fullerton University Village is located at 2000 Oxford Avenue and is situated across the street from the California State University Fullerton campus. The property was built in 1972 and underwent various renovations in 1998, 2001 and 2012. The garden-style project occupies 3.98 acres and consists of eight, two and three story buildings.
LOS ANGELES—PSRS has closed an $11 million loan for Oak Hills Medical Plaza in West Hills, CA. Originally built in 1985, the 55,246-square-foot center is home to 21 medical-related tenants, and is conveniently located adjacent to
SAN DIEGO—171 Saxony Rd., high quality multi-tenant office property, has traded hands between Birtcher Anderson Realty and an unnamed buyer for $10.4 million. Cushman & Wakefield's Brooks Campbell, Peter Curry and Joe Anderson represented both parties in the sale.
PHOENIX—Kachina Industrial Park, located at 1805-1850 W. Drake Drive in Tempe, Ariz., has traded hands between Kieckhefer Properties and Libitzky Holdings for $19.1 million. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan of Cushman & Wakefield represented the seller. Kachina Industrial Park is an eight-building, 202,941-square-foot general industrial property. The modern, high-image, multi-tenant complex is a well-built, low- to mid-buildout general industrial property with flexible loading and suite configurations to accommodate a variety of tenants. With a current occupancy of 98.7%, to high-credit tenants, Kachina Industrial Park is well located within the Tempe submarket, one of the strongest and most dynamic industrial areas in Metro Phoenix.
PHOENIX— The Verde Dimora Apartments at 2217 N. Power Rd. in Mesa has been sold to a Canadian investor for $22,250,000. The buyer is expanding its portfolio of Arizona properties and plans long-term ownership of the community. WWC Holdings, LLC of Arizona purchased the property from Verde Dimora, LLC, an Arizona limited liability company. Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction. Verde Dimora was built in 2016 and consists of 12 three-story buildings. The community contains 153 apartment units in one and two-bedroom configurations. The units range in size from 657 to 943 square feet. The property offers a total of 121,399 rentable square feet on a parcel that is 5.34 acres. The community offers both covered carport and uncovered parking spaces.
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