Western

Centerpark-Denver-CO

DENVER — A joint venture between Westfield and Reinsurance Group of America has purchased Centerpark, a three-building industrial project in Denver, from an undisclosed seller for $73 million. Situated on more than 22 acres, the three buildings are located at 4900, 5000 and 5050 Osage St. At the time of sale, the 431,157-square-foot multi-tenant property was fully leased to 10 tenants. Centerpark features multiple points of ingress/egress, suitable tenant size flexibility with various storefronts, loading options (Buildings C and D are spine cross-dock), functional column spacing, ample parking, concrete truck aprons and ESFR sprinklers. Additionally, the property is located within a Denver Enterprise Zone. Will Strong, Jim Carpenter, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group brokered the transaction. Alec Rhodes, Aaron Valdez and Tyler Smith of Cushman & Wakefield provided leasing advisory for the buyers, which retained the team for future leasing of Centerpark.

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14011-S-Normandie-Ave-Gardena-CA

GARDENA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of an industrial property located at 14011 S. Normandie Ave. in Gardena. Classic Components acquired the vacant asset from California-based Marmon Properties for $10.7 million. Austin Borges and Alexander Harrold of Matthews handled the transaction. Classic Components, a leader in supply chain solutions, intends to use the 37,072-square-foot, single-tenant facility as its new corporate headquarters.

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IHOP-Lancaster-Palmdale-CA

LANCASTER AND PALMDALE, CALIF. — A private investor has acquired two retail locations in Los Angeles County for $3.4 million each, or $6.8 million combined. The properties are net-leased to IHOP. The restaurants are located at 1650 W. Ave. K in Lancaster and at 39176 10th St. W in Palmdale. The deal terms consisted of a new 23-year lease that commenced at the close of escrow, 1.5 percent annual increases and a 30-unit guarantee. Andre Thompson and Peter Deltondo of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.

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1314-Maple-Sumner-WA.jpg

SUMNER, WASH. — Marcus & Millichap has brokered the sale of 1314 Maple, a multifamily property in Sumner. A limited liability company sold the asset to an undisclosed buyer for $3.6 million, or $495 per square foot. Located at 1314 Maple St., the building features 16 studio and urban one-bedroom units, averaging 458 square feet. The sellers completed a more than $1 million interior and exterior renovation to the property. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller in the deal.

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DENVER — Malman Commercial Real Estate has arranged the sale of 131 Madison Street, an office building located in Denver’s Cherry Creek district. University of Colorado Health, a Colorado nonprofit corporation, acquired the asset from 131 Madison Investors, a Texas limited liability company, for $3.1 million. The property offers 6,156 square feet of office space. Jake Malman and Taylor Roy of Malman Commercial Real Estate represented the seller, while Kyle Underwood and Julie Burch of Legend Partners represented the buyer in the deal.

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Alta-Chandler-Apts-Chandler-AZ

CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Alta Chandler at The Park, a mid-rise apartment community in the Phoenix suburb of Chandler. Wood Partners sold the asset to Olympus Property for $94.5 million, or $324,742 per unit. IPA Capital Markets also arranged $52 million in acquisition financing for the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged the loan, which features eight years of interest-only payments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the acquisition. Atla Chandler features 291 apartments with open-concept floor plans; nine-foot ceilings; laundry closets with full-size or stackable washers/dryers; extended primary bedrooms with dedicated work-from-home space; and separate den or loft quarters. Select units have direct-access garages. Community amenities include an open-concept leasing office and clubhouse, convenience market, sky lounge, fitness center and private multi-purpose fitness room.

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Aloft-Glendale-Westgate-Glendale-AZ

GLENDALE, ARIZ. — Bradford Allen’s investment arm has purchased Aloft Glendale at Westgate, a hotel located at 6920 N. 93rd Ave. in the Phoenix suburb of Glendale. Terms of the transaction were not released. The 100-room hotel features an outdoor splash pool, Re:charge fitness center, gift shop, convenience store, meeting spaces, social lounge and the WXYZ bar featuring a full menu, signature cocktails and live music. Bill Murney of Cushman & Wakefield represented the seller, HCW Hospitality & Development, in the transaction. The acquisition marks the Bradford Allen’s second purchase in the Westgate Entertainment District, joining nearby TownePlace Suites Glendale, an extended-stay hotel purchased in late 2022.

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Creekview-Crossing-Sherwood-OR

SHERWOOD, ORE. — JLL has arranged the sale of Creekview Crossing, a garden-style apartment community located at 21759 SW Cedar Brook Way in Sherwood, a suburb southwest of Portland. A fund managed by LaSalle Investment Management acquired the asset for an undisclosed price. The name of the seller was not released. Built in 2009, Creekview Crossing features 183 one-, two- and three-bedroom apartments with attached garages, nine-foot ceilings, granite countertops and central HVAC. Community amenities include a 24-hour fitness center, a playground, pool and picnic tables. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets’ investment sales advisory team represented the seller and procured the buyer in the deal.

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CHANDLER, ARIZ. — LNR Partners has completed the sale of Sun Village Fair, a shopping center in the Phoenix suburb of Chandler, to Arizona Partners (AZP) for $12.5 million. Situated on 20.46 acres at Alma School and Warner roads, Sun Village Fair consists of 189,022 square feet of existing retail space and six acres of slated for pad development. The redevelopment of the property will be aided by existing tenants, Walmart, First Bank and Wendy’s, that are still operating within the development but were not included in the sale. Darren Tappen, Nathan Thinnes, Peter Beauchamp, Trask Switzenberg and Matthew Ault of Kidder Mathews, along with Trevor Koskovich of Northmarq and Brett Rinehart of Land Advisors, represented the seller in the deal.

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GLENDALE, CALIF. — NAI Capital Commercial has brokered the sale of a two-building retail and commercial asset in Glendale, just north of Los Angeles. The property traded for $3.2 million, or $468 per square foot. Guillermo Olaiz and John Archibald of NAI Capital Commercial represented the undisclosed seller in the transaction. The name of the buyer was not released. Located at 1212 S. Brand Blvd. within Brand Boulevard of Cars, a strip of 21 car dealerships, the asset includes 6,733 square feet of improvements.

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