Property Type

Garaventa Properties Sells Northern California Industrial Portfolio for $63.4M

by Nellie Day March 2, 2016

FOLSOM, FAIRFIELD AND CONCORD, CALIF. — Garaventa Properties has sold a three-building industrial portfolio to a partnership between Birtcher Anderson Realty and Merced Capital for $63.4 million. The portfolio totals 533,700 square feet. The transaction includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom. The portfolio features 18 industrial, flex and office buildings leased to more than 30 tenants. The three properties have an average occupancy rate of 85 percent. The portfolio buy represents Birtcher Anderson’s first Northern California acquisition. Steve Hermann and Robert Gilley of Cushman & Wakefield represented Garaventa in the deal.

March 2, 2016

California Office Western

Bosa Purchases Five Thirty B Office High Rise in Downtown San Diego for $53.2M

by Nellie Day March 2, 2016

SAN DIEGO — Bosa Development has acquired Five Thirty B, a 232,936-square-foot office building in downtown San Diego, for $53.2 million. The high-rise building is located at 530 B St. The property underwent a $15 million renovation in early 2014 that included new restrooms, a redesigned lobby, a refurbished conference center with new audio/visual equipment, and a 15,000-square-foot sky terrace that wraps around the building’s third floor. Five Thirty B also features a roof garden and collaborative outdoor meeting space with plants, walking paths and private seating areas. Five Thirty B is currently 78 percent leased to tenants like Lewis PR, NCRC Mediation, Nyhart and Smash Lab. CBRE’s Louay Alsadek, Andrew Taylor and Hunter Rowe represented both the buyer and seller, Kearny Real Estate Company, in this transaction.

March 2, 2016

Multifamily Nevada Western

TruAmerica Multifamily Buys Montego Bay Apartments in Las Vegas for $51.1M

by Nellie Day March 2, 2016

LAS VEGAS — TruAmerica Multifamily has purchased the 420-unit Montego Bay apartment community in the Las Vegas submarket of Henderson for $51.1 million. Montego Bay was built in 1990. The Class B community is located at 1050 Whitney Ranch Drive. TruAmerica plans to renovate the property. The renovation will target the interior units, as well as exterior and common areas. The company now owns about 1,000 rental units within the Las Vegas Valley.

March 2, 2016

Colorado Multifamily Western

JV Acquires The Artisan Townhomes and Apartments in Denver for $50.8M

by Nellie Day March 2, 2016

DENVER — Oak Coast Properties and BMC Investments have purchased The Artisan Townhomes and Apartments, a 434-unit community in Denver, for $50.8 million. The community is located at 10025 E. Girard Ave. It is situated near Dayton Station, the Denver Tech Center and the Southeast Business Corridor. The Artisan has received nearly $3.2 million in capital improvements since 2013. It was built in 1973. Renovation plans are in place that will tackle the clubhouses, air conditioning, pools, landscaping, carports, and exterior paint and siding. BLDG Management, an affiliate of BMC Investments, will manage the property. HFF secured a loan for the JV. HFF’s Jordan Robbins and Jeff Haag also represented the seller, Peak Capital Partners, in this transaction.

March 2, 2016

California Retail Western

Ethan Allen Opens New Design Center in Dublin

by Nellie Day March 2, 2016

DUBLIN, CALIF. — Ethan Allen has opened a new 7,200-square-foot location at 5170 Dublin Blvd. in Dublin, located in the Bay Area. The design center, which opened in January, joined Whole Foods Market, Nordstrom Rack, Home Goods, Starbucks Coffee and Sur La Table at Persimmon Place. Ethan Allen operates three other design centers in the San Francisco Bay Area, including Concord, San Mateo and Corte Madera, as well as two stores in the South Bay area. Tom Power of SRS Real Estate Partners represented Ethan Allen, while Doug Shaffer provided in-house representation for the landlord, Regency Centers, in the transaction.

March 2, 2016

Retail Top Stories

Sports Authority Files for Chapter 11, Plans to Sell or Close About 140 Stores

by Katie Sloan March 2, 2016

ENGLEWOOD, COLO. — Facing stiff competition on the retail playing field, particularly online, Englewood-based Sports Authority Inc. announced today that it has filed for Chapter 11 bankruptcy protection. The company plans to sell or close about 140 stores, or nearly one-third of its locations. The store closing process is expected to take up to three months. “We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” said Michael Foss, CEO of Sports Authority, in a press release. “We intend to use the Chapter 11 process to streamline and strengthen our business, both operationally and financially, so that we have the financial flexibility to continue to make necessary investments in our operations.” The decision follows a comprehensive review of the Sports Authority portfolio in light of the increasing amount of shopping that is occurring online, the company stated. “As a result of these changes in consumer buying patterns, Sports Authority determined that it needs fewer stores as part of its long-term business model,” according to the press release. All Sports Authority stores nationwide remain open at this point and continue to operate on normal schedules, the company emphasized. …

March 2, 2016

Florida Hospitality Mixed-Use Multifamily Office Restaurant Retail Southeast Top Stories

Construction Begins on $1.7B Miami Worldcenter Mixed-Use Development

by Haisten Willis March 2, 2016

MIAMI — Construction has begun on Miami Worldcenter, one of the largest urban mixed-use projects in the country, and its signature residential tower, Paramount Miami Worldcenter. This marks the start of the $1.7 billion, 27-acre development’s retail component. “You are literally going to see six blocks being developed all at the same time. This is basically step one of multiple steps in which you are going to see six buildings going vertical,” says Daniel Kodsi, developer and CEO of Paramount Miami Worldcenter. Miami Worldcenter will include Paramount and six other residential and office buildings, an 1,800-room Marriott Marquis and convention center, an intermodal hub and a retail and restaurant promenade. CoastalTishman, a joint venture between Miami-based Coastal Construction and New York-based Tishman Construction, is close to completing the installation of 400 pilings that will support the glass-clad tower designed by Elkus Manfredi Architects in collaboration with Paramount Miami Worldcenter’s in-house design team. Upon completion of the pilings, CoastalTishman will start building the tower’s foundation. The first phase of construction will focus on Paramount Miami Worldcenter, a 700-foot, 60-story residential skyscraper. The $500 million tower will feature one of the largest amenity decks in the country, spanning 90 feet above downtown …

March 2, 2016

Multifamily Texas

M&M Arranges Sale of 51-Unit Apartment Building

by Haisten Willis March 1, 2016

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Crescent Ridge, a 51-unit apartment property located in Irving. Ford Braly of the Silva multifamily team in Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual California investor. Juan Cuevas and Lucas Fertitta of Marcus & Millichap’s Houston office secured the buyer, a private out-of-state investor. Crescent Ridge is located at 506 N. Rogers Road along Irving Boulevard. The property was built in 1964 on a concrete slab foundation and has wood framing with a brick veneer exterior. Units average 795 square feet. Amenities include a courtyard with barbeque grills and a picnic area, laundry facilities and an onsite leasing office.

March 1, 2016

Oklahoma Retail Texas

Sam’s Club to Open Seventh Location in Oklahoma City

by Haisten Willis March 1, 2016

OKLAHOMA CITY, OKLA. — Sam’s Club will officially open the doors of its newest location Thursday, March 3, in Oklahoma City. Doors open at the 4101 N. May Ave. location at 8 a.m. Prior to the public grand opening, the company will host a business appreciation event for customers. Walmart founder Sam Walton opened the first Sam’s Club in 1983 in Midwest City, Okla., with the idea that small business owners deserved the same access to warehouse prices as big businesses. More than 650 Sam’s Club locations are in operation today.

March 1, 2016

scarbrough-building-522-congress-avenue-austin

Office Texas

ECR Arranges Office Lease in Austin

by Haisten Willis March 1, 2016

AUSTIN, TEXAS — ClearDATA, which is a health care cloud-computing software and service provider, has leased 10,536 square feet of office space at the Scarbrough Building, located at 522 Congress Ave. in Austin. Jason Steinberg and Matt Levin of ECR represented the unnamed landlord. Keith Zimmerman with Oxford Commercial represented the tenant.

March 1, 2016

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