Property Type

VenSure Employer Services Leases Space at Chandler Freeway Crossing

by Nellie Day June 8, 2016

CHANDLER, ARIZ. — VenSure Employer Services has leased 25,000 square feet at Chandler Freeway Crossing. The Class A office space is located in Building One at the intersection of the Loop 101 and Loop 202 freeways in Chandler. All three buildings at Chandler Freeway Crossing are now fully occupied. VenSure will relocate from Mesa to the new space this September. Hani Aldulaimi of KW Commercial represented the firm. JLL’s Dave Seeger, Karsten Peterson, Mark Gustin and Elizabeth Collins are the exclusive leasing brokers for Chandler Freeway Crossing and represented Mark IV Capital in the lease transaction.

June 8, 2016

Colorado Multifamily Western

Apartment Building in Arvada Sells for $2.4M

by Nellie Day June 8, 2016

ARVADA, COLO. — An unnamed buyer has purchased a 20-unit apartment building in Arvada for $2.4 million. The community is located at 5351-5361 Everett St. It was originally built in 1961 and renovated in 2014. The building is just off West 52nd Avenue near Olde Town Arvada. Josh Newell of Pinnacle Real Estate Advisors’ The Newell Team represented the buyer. The firm’s Jeff Johnson and Matt Ritter of the Johnson Ritter Team represented the seller in this transaction.

June 8, 2016

Hospitality Top Stories

Wyndham Plans Rebranding for Its 16 Hotel Chains

by Haisten Willis June 8, 2016

PARSIPPANY, N.J. — Wyndham Hotel Group (WHG) has unveiled a rebranding plan for all 16 of its brands, including Days Inn, Travelodge, Howard Johnson, Dolce Hotels and Resorts, Wyndham Grand, Wyndham Garden, TRYP by Wyndham, Wingate by Wyndham, Hawthorn Suites, Microtel Inn & Suites, Baymont Inn & Suites, Super 8, Knights Inn and Ramada Worldwide. All of the brands will see a revitalization effort aimed at younger, middle-income travelers. The Parsippany-based company conducted an 18-month study with brand strategy firm Siegel+Gale to assess the hotel landscape and the needs of business and leisure travelers. Changes will begin as early as this summer. The rebranding targets what WHG describes as the “everyday traveler,” as the global middle class grows from a population of 2 billion to 4.9 billion over the next decade, according to the company. WHG has a portfolio of nearly 8,000 hotels worldwide in the economy, midscale and upscale segments. WHG is also refreshing its loyalty program, Wyndham Rewards, and aims to more clearly define each brand in its portfolio. Super 8 will have a new slogan of “An American Road Original.” Travelodge’s new slogan will be “Your Basecamp for Adventure.” The new slogan for Microtel Inn & Suites …

June 8, 2016

Market Reports Office South Carolina Southeast Southeast Market Reports

Greenville’s Booming Office Market Drives Interest from New Investors

by John Nelson June 8, 2016

Greenville is undergoing significant growth and capturing the attention of national investors and tenants. Historically high rental rates, increased occupancy and strong construction activity for the first time in recent years collectively indicate a healthy market. Additionally, tight market conditions provide an ideal investment sales environment encouraging landlords to market their office assets for sale, something they couldn’t justify doing a few years ago. The market’s occupancy rate was up to 85.2 percent at year-end 2015 from 83.7 percent the previous year. As demand grows and space is absorbed, the market is shifting in favor of landlords, who are pushing up rental rates to levels never before seen in the market. Asking rental rates for Class A office space in the market averaged $22.41 per square foot at year-end 2015, increasing 9 percent in a one-year span. Class A space in the central business district (CBD) is even more costly with asking rental rates averaging $25 per square foot. With office users showing a strong desire to locate in the market and willingness to pay higher rental rates for quality space, developers are turning to new construction and adaptive reuse projects to meet the heightened demand for space. Several projects …

June 8, 2016

California Multifamily Western

IPA Brokers $142.1M Sale of 736-Unit Apartment Community Near Los Angeles

by Nellie Day June 7, 2016

ONTARIO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Terracina Apartment Homes for $142.1 million or $193,000 per unit. Terracina Apartment Homes a 736-unit garden-style apartment community located in Ontario, approximately 40 miles east of Los Angeles. A joint venture partnership between MG Properties Group and Rockwood Capital sold the property, which is located on two parcels totaling 41.3 acres. The complex, located at 3303 S. Archibald Ave., is situated within Ontario Ranch, an 8,200-acre master-planned community. Terracina Apartment Homes was built in 1988 and features amenities such as a resort-style pool, spa, lounge and fitness center. A team comprised of Greg Harris, Stewart Weston, Kevin Green, Alexander Garcia Jr., Joseph Grabiec, Christopher Zorbas, David Sperling and John Montakab of IPA represented the seller. MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multifamily assets. Rockwood Capital LLC is a real estate investment management firm that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research throughout the United States.

June 7, 2016

Colorado Multifamily Western

The Preserve at the Meadows Apartment Complex in Fort Collins Sells for $46.1M

by Nellie Day June 7, 2016

FORT COLLINS, COLO. — Ft. Collins Multifamily III DST has acquired The Preserve at the Meadows, a 220-unit apartment complex in Fort Collins, for $46.1 million. The community is located at 350 Riva Ridge Drive, adjacent to the MAX bus rapid transit line. Jeff Slinde and Bert Slinde of Slinde Realty represented the buyer. Jake Hallauer and Ryan Schaefer of Chrisland Real Estate Companies represented the sellers, The Preserve at the Meadows Ltd., SC Residential LLC and multiple other entities, in this transaction.

June 7, 2016

Office Washington Western

Ascentis Real Estate Partners Buys Redmond Technology Center

by Nellie Day June 7, 2016

REDMOND, WASH. — Ascentis Real Estate Partners has acquired the Redmond Technology Center, a 101,855-square-foot creative office building in Redmond, for an undisclosed sum. The Class A building is located at 18300 Redmond Way, 15 miles east of downtown Seattle. Redmond Technology Center is situated within walking distance of Whole Foods, Peet’s Coffee, Jimmy John’s and Chipotle Mexican Grill. It was built in 2008. The transaction was completed through the company’s equity fund, Diversified International Partners.

June 7, 2016

California Retail Western

CBRE Arranges $15.3M Sale of the Terrace Shopping Center in Newbury Park

by Nellie Day June 7, 2016

NEWBURY PARK, CALIF. — CBRE has arranged the $15.3 million sale of the Terrace, a two-level, 39,634-square-foot shopping center located in Newbury Park. Tenants at the fully occupied property include Orangetheory Fitness, Hot Yoga 1000, Road Runner Sports and Bottle and Pint. Philip Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Todd Goodman, John Read and Preston Fetrow of CBRE represented the seller, a Los Angeles-based private investor, in the transaction. A Los Angeles-based private investor partnership acquired The Terrace with funds from the refinancing on a long-held multifamily property in the nearby San Fernando Valley.

June 7, 2016

Industrial Nevada Western

The Bendetti Company Purchases Industrial Facility in Reno

by Nellie Day June 7, 2016

RENO, NEV. — The Bendetti Company has purchased a 631,115-square-foot industrial campus in Reno for an undisclosed sum. The Class B property contains three single-tenant and three multi-tenant buildings for a total of nine fully occupied units. The units range from 12,220 to 149,600 square feet. The property also contains a 12,220-square-foot cold-storage unit. Bendetti was able to complete the all-cash transaction using short-term financing from its partner, JCR Capital. The project was then recapitalized for a longer hold period with Reinsurance Group of America acting as the equity provider. Wells Fargo financed the debt. Both RGA and Wells Fargo were sourced through HFF. Bendetti also recently purchased the 165,000-square-foot Spice Island multi-tenant industrial building in Sparks for an undisclosed sum.

June 7, 2016

Illinois Midwest Retail

Cushman & Wakefield Brokers $53.2M Sale of Retail Property in Chicago

by Christina Cannon June 7, 2016

CHICAGO — Cushman & Wakefield has brokered the $53.2 million sale of a 33,597-square-foot retail property in Chicago’s Gold Coast neighborhood. The Ohio State Teachers Retirement System acquired the fully leased property, which is located at 1100 N. State St. Urban Outfitters occupies 19,007 square feet at the four-story building, and Maple & Ash leases the remaining space. Cushman & Wakefield represented the seller, Eleven Hundred LLC, in the transaction. Michael Marks and Trisha Connolly of Cushman & Wakefield also provided financial advisory services.

June 7, 2016

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