West Harbor Capital, a real estate investment firm focused exclusively on infill industrial properties, acquired a 33,673-square-foot industrial building located at 2551 Santa Fe Ave. in Redondo Beach. West Harbor immediately launched a repositioning plan to enhance the vacant property’s functionality and image.

“This acquisition aligns with our strategy to expand our portfolio of high-quality infill logistics assets with significant long-term value potential,” said West Harbor managing partner and co-founder Eric Ruehle. “We are focused on growing our presence in Southern California, given the sound fundamentals and basis value available in the market today.”

Marketing efforts will be led by Kidder Mathews’ Andrew Dilfer, Luke Staubitz and Harvey Beason. Located west of Interstate 405 between Los Angeles International Airport and the ports of Los Angeles and Long Beach, the property features eight dock-high and one grade-level loading positions. Its location makes it suitable for a variety of tenants.

A joint venture of Harbor Associates, LLC and F&F Capital Group has acquired Highlands Corporate Center, a Class A 211,000-square-foot, five-building multi-tenant office campus in San Diego. Deal terms were not disclosed. 

Located at 12730-1278 High Bluff Dr. in Del Mar Heights, 20 miles north of downtown San Diego, the approximately 90% leased campus was extensively renovated over the past several years. Leasing activity can be attributed to, among other things, its location across the street from One Paseo, the 23-acre mixed-use retail, residential and office development.

“Office performance today is bifurcated with the best locations and buildings seeing strong tenant demand and Highlands is a perfect example,” said Harbor principal Rich McEvoy. “The project’s walkable location to more than 40 restaurants at One Paseo is a game changer and one of the reasons that 150,000 square feet of leasing activity has occurred over the past three years.”

Eastdil Secured’s Adam Edwards, Justin Shepherd and Bailey Bland advised the seller.

Two portfolios totaling five properties and 1,234 units were sold by Harbor Group International for $159.7 million. Three of the apartment complexes were purchased by LRE Management LLC, while the other two were bought by Greybrook.

CBRE’s Shea Campbell, Ashish Cholia, Kevin Geiger, Keith Geiger, Colleen Hendrix, Don Hoffman, Malcolm McComb, and Kurt McGarry represented the seller on both transactions. 

Geiger added, “Most everyone in the multi-housing industry has acknowledged that there will be a shortage of housing over the next five years – and certainly, the new owners of these five properties are going to experience great value appreciation.” 

The largest of the two transactions involved LRE Management buying three properties with 778 total units for $102.5 million. The portfolio includes Peachtree Landing in Fairburn (photo), Eastwood Village in Stockbridge, and Monterey Village in Jonesboro. The smaller transaction, executed by Greybrook, includes Meadow Springs and Meadow View, both in College Park. The two properties have 456 apartment units combined and were purchased for $57.2 million. 

Northmarq SVP/managing director Stuart Oswald arranged the $35-million refinance of The Lodge at Mallard’s Landing. The 147-unit, private-pay independent living, assisted living and memory care community is located in Gig Harbor, WA, 10 miles north of Tacoma, and is managed by locally based Senior Services of America. 

This is the third financing Northmarq has arranged for the property over the past decade. “We are grateful to have been chosen again for this financing assignment,” said Oswald. “Fortunately, I toured the property with the lender three years ago, and it has remained on their radar since that visit.” 

The six-year, fixed-rate loan was rate locked at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. It features an earn-out component that allows the borrower to draw additional dollars as the NOI improves. 

Harbor Custom Development, Inc., a Tacoma-based commercial real estate developer, announced its plan to continue to wind down operations and voluntarily liquidate all of its assets through an approved Chapter 11 Plan. The company which is known for multifamily housing development in the Pacific Northwest region and other parts of the country, filed for Chapter 11 bankruptcy protection late last year.

Harbor has retained Keen-Summit Capital Partners LLC, a real estate brokerage and investment banking firm based in New York, to manage the sale of its multi-family real estate portfolio.  “Our decision to partner with Keen-Summit is a strategic step towards maximizing value on our multi-family portfolio under a Chapter 11 Plan,” said Shelly Crocker, Harbor’s chief restructuring officer.  

The multi-family portfolio consists of four projects, including the Belfair View Apartments, Bridgeview Trail Apartments, Meadowscape Apartments and Pacific Ridge Apartments. Harbor intends to sell its remaining assets in Washington, California, Florida, and Texas. The company’s holdings near Semiahmoo, Washington, will also be put on the market.

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to refinance the recently completed Morrison Yard Residences, a 379-unit rental project in Charleston. CBRE arranged the loan for the venture, which also includes 27,608 square feet of ground-level retail space.

Northwestern Mutual Life Insurance Company provided a 6% range fixed-rate refinancing loan.

Located at 838 Morrison Dr., Morrison Yard Residences was completed in April 2023. The property comprises a 10-story high-rise and 6-story mid-rise split with 1.5 acres of outdoor courtyards, an open-air saltwater pool overlooking Charleston Harbor, a game room and a Bocce court.

The property is on six acres in downtown Charleston along the Cooper River. It is adjacent to the recently delivered Morrison Yard office building.

CBRE’s Nate Sittema added, “Morrison Yard saw strong leasing in its initial lease-up, which continued throughout the refinancing closing,” said CBRE’s Sittema.