Newport Beach-based Stream Realty Partners has sold an industrial warehouse in Bloomington for $83.4 million. The buyer was BentallGreenOak.
The deal closed April 19 and the sales price was verified by Vizzda, a commercial real estate data company.
Stream bought the 8-acre parcel in 2019 and built a 175,000-square foot warehouse on the site, which was completed in October 2021. Mike Kendall at Colliers International Western Region brokered the sale.
“Alder Commerce Center is a great example of being able to leverage Stream’s fully integrated platform — development, construction management, investment management, and property management — to deliver successful opportunities for our clients and partners,” said Scott Sowanick, managing director for Stream’s Industrial Development Services Western Division.
The Alder Center warehouse includes 32-inch clear height, 21 dock-high loading doors, two drive-in doors, a 180-foot secured truck court, and both ground-floor and mezzanine office space.
Scant vacancy for big-box facilities has pushed the Inland Empire to the No. 1 spot for industrial rent growth, up 60% in a year, according to a first-quarter 2022 report by CBRE.
The inventory squeeze with record demand, CBRE said, caused taking rents to soar to $1.23 per square foot in the first quarter, a 74.6% increase year over year. “The largest rent gains occurred in the Inland Empire West where taking rents rose 83.6% year over year,” an April report by CBRE stated.
The two-county region has more than 25 million square feet of big-box development underway, CBRE said. One of the largest developments is taking shape in Ontario where Prologis is building a 4 million-square-foot distribution and automation center for Amazon.
In Anaheim, a 17,859-square-foot freestanding building at 1331 N. Blue Gum St. sold for $7.1 million. The buyer and seller were not identified by the brokerage. (Courtesy of Lee & Associates Orange)
In Brea a 27,734-square-foot building at 760 Challenger St. for $12.5 million, roughly 20% over the asking price, according to Lee & Associates Orange, which represented the seller. (Courtesy of Lee & Associates)
Brokers at Lee & Associates Orange have sold two industrial buildings in north Orange County for a combined $19.6 million.
In Anaheim, a 17,859-square-foot freestanding building at 1331 N. Blue Gum St. sold for $7.1 million. The buyer and seller were not identified by the brokerage.
Greg Diab, Jack Haley and Hudson Hankins represented the seller.
In Brea a 27,734-square-foot building at 760 Challenger St. for $12.5 million, roughly 20% over the asking price, according to Mark Hintergardt, who represented the seller.
Irvine-based Passco Cos. has acquired Sawgrass Point, a 272-unit asset in the Baton Rouge submarket of Gonzales. (Courtesy of Passco Cos.)
Irvine-based Passco Cos. bought Canal 1535, a 330-unit luxury high-rise in historic downtown New Orleans. The apartment acquisition was the firm’s first in the city. (Courtesy of Passco Cos.)
Irvine-based Passco Cos. has bought two luxury apartment complexes with a combined 602 units in Louisiana.
Canal 1535, a 330-unit luxury high-rise in historic downtown New Orleans, was the firm’s first acquisition in the city.
Sawgrass Point, a 272-unit asset in the Baton Rouge submarket of Gonzales, is the third buy for Passco in that metro area.
The Louisiana sales bring Passco’s multifamily holdings in the state to 1,690 units. The firm has $3.7 billion assets under management in the U.S.
Irvine-based NewPoint Real Estate Capital has hired Sean Huntsman as senior managing director of seniors housing originations. (Courtesy of NewPoint)
Irvine-based NewPoint Real Estate Capital hired Katherine Stewart as managing director and lead for NewPoint’s Seniors Housing Agency Platform. (Courtesy of NewPoint)
Irvine-based NewPoint Real Estate Capital has hired Sean Huntsman as senior managing director of seniors housing originations and Katherine Stewart as managing director and lead for NewPoint’s Seniors Housing Agency Platform.
The firm said the team will target expansion into the Fannie Mae and Freddie Mac seniors housing space in addition to working on financing options for the properties.
Huntsman previously was executive managing director at M&T Realty Capital Corp. where he grew the bank’s West Coast Healthcare Lending Group.
Stewart joins NewPoint from M&T Realty Capital Corp. where she was a senior vice president who specializes in Fannie Mae and Freddie Mac debt products.
NewPoint specializes in real estate finance for investors of multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties nationwide.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
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