Property Type

Velocis Partners Buys Camelback Square in Scottsdale for $42.3M

by Nellie Day March 4, 2015

SCOTTSDALE, ARIZ. — Velocis Partners has purchased Camelback Square, a 174,917-square-foot office building in Scottsdale, for $42.3 million. The center is located at 6991 East Camelback Road. The three-story office building was 92 percent occupied at the time of sale. Notable tenants at the building include ZocDoc, Regus, Ashton Woods, Echo Global Logistics, Digital Airstrike and Mastro’s City Hall Steakhouse. The property is situated near Scottsdale Fashion Square and the Scottsdale Waterfront. This is Velocis’ first Phoenix-based acquisition. Velocis also received an acquisition loan totaling $26.5 million. The loan was arranged by Bruce Francis, Dana Summers, Bob Ybarra and Shaun Moothart of CBRE’s Capital Markets’ Debt and Structured Finance team. It was provided by JP Morgan Chase. CBRE’s Barry Gabel, Chris Marchildon, Kevin Shannon, Ken White and Paul Jones represented Velocis and the seller, a joint venture between Lincoln Property Company and Oaktree Capital, in this transaction.

March 4, 2015

Hospitality Washington Western

Wig Properties Buys Red Lion Hotel Bellevue for $35.4M

by Nellie Day March 4, 2015

BELLEVUE, WASH. — Wig Properties has acquired the 181-room Red Lion Hotel Bellevue for $35.4 million. The five-building hotel is located at 11211 Main Street. Red Lion Hotel Bellevue was built in 1969 and contains 5,700 square feet of meeting space. The hotel is situated in the planned East Main light rail station’s transit-oriented development overlay. It includes more than six acres of land, with Interstate 405 to the east and the Bellevue CBD to the north. The seller, Red Lion Hotels Corporation, was represented by Jason Rosauer, Gary Guenther and Rob Anderson of Kidder Mathews.

March 4, 2015

California Mixed-Use Western

Venice Beach Mixed-Use Building Sells for $11.5M

by Nellie Day March 4, 2015

LOS ANGELES – A joint venture between BLVD Partners LLC and Arris Investments has acquired a 25,000-square-foot, mixed-use building in the Los Angeles submarket of Venice Beach for $11.5 million. The two-story building is located on Lincoln Boulevard at Rose Avenue. It is divided between retail and office space, with a 30 percent occupancy rate at the time of closing. The creative office space will be marketed by Industry Partners. The acquisition also included an adjacent 55-stall surface parking lot. CBRE’s Jeff Pion represented both the buyer and seller, a private partnership, in this transaction. Acquisition financing was provided by Latitude Real Estate Investors. Sklar Kirsh attorney Andrew Kirsh also advised the JV on the purchase and acquisition financing.

March 4, 2015

Market Reports Massachusetts Northeast Northeast Market Reports Retail

New Construction & Increasing Vacancy in Eastern Massachusetts Retail Market

by Jaime Lackey March 4, 2015

While it was unfortunate to see retail vacancy in Eastern Massachusetts on the upswing during 2014, it was more than offset by new retail construction as major development resurfaced. At year-end, total retail inventory was 191.6 million square feet, an increase from the prior year of approximately 2.1 million square feet. Vacant retail space in the region was up more than 1.3 million square feet, due to major contractions and liquidations such as Building 19, Dots, and Shaw’s Supermarkets. Net absorption ended the year ahead by 712,500 square feet. The 10 towns with the greatest retail supply remain in place from a year ago with one exception: thanks to new Walmart Supercenter and Sam’s Club locations, Fall River replaced Peabody. The top retail hub is Boston, followed by Cambridge, Natick, Brockton and Framingham. Among communities with at least 500,000 square feet of retail space, five towns broke into the top 10 with lowest vacancy rates: Foxboro, Hingham, Hudson, Danvers, and Everett. Abington remained at the top with a 1.2 percent vacancy rate. Foxborough made the biggest leap — up from 58th last year — as the result of Patriot Place filling significant vacancy, and Ocean State Job Lot opening in …

March 4, 2015

California Industrial Western

Irvine Industrial Building Sells for $7.2M

by Nellie Day March 3, 2015

IRVINE, CALIF. – A 44,800-square-foot industrial property in Irvine has sold to 17392 Daimler LLC for $7.2 million. The building is located at 17392 Daimler Street, near the 55 and 405 freeways. The property includes three ground-level loading doors and a dock-high truck well-located at the rear of the building. The LLC was represented by Doug Killian of VRES. The seller, Burke Daimler LLC, was represented by Alan Pekarcik and Dan Vittone of Avison Young and Sam Olmstead of Voit Real Estate Services.

March 3, 2015

Colorado Multifamily Western

Denver Apartment Building Sells for $3.6M

by Nellie Day March 3, 2015

DENVER – A 21-unit apartment building in Denver has sold to an unnamed buyer for $3.6 million. The community is located at 1410 Poplar Street. It was renovated in 2012 and 2013, when it received condo-level finishes. The buyer and unnamed seller were represented by Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors.

March 3, 2015

California Office Western

Occupational Therapy Training Program Renews at Harbor Gateway Garden Office Park

by Nellie Day March 3, 2015

TORRANCE, CALIF. – Occupational Therapy Training Program (OTTP) has signed a five-year lease renewal at Harbor Gateway Garden Office Park in Torrance. The 94,112-square-foot, nine-building office property is located at 19401 S. Vermont. The lease is valued at $1.5 million. The non-profit agency that offers comprehensive life skills training, work readiness training, job placement and support services is a division of Special Service for Groups. OTTP was represented by Chris Runyen of Charles Dunn Company. The landlord, Harbor Gateway, LLC, was represented by Dwight Everest of Sunny Hills–Palladium.

March 3, 2015

California Office Western

Meridian Property Company Purchases Medical Office Building in Berkeley

by Nellie Day March 3, 2015

BERKELEY, CALIF. – Meridian Property Company has acquired a 15,915-square-foot medical office building in Berkeley for an undisclosed sum. The building is located at 2920 Telegraph Ave. It was built in 1971 and was vacant at the time of sale. Meridian plans to invest $2.6 million into the building. The company also plans to reduce the building’s footprint to 12,900 square feet. It will use that space to create internal, secure parking behind the ground floor, which will meet the conditional use permit requirement and allow medical use at this location. The renovation is scheduled this fall. The seller was Gambro. Dave McCarty of Lee & Associates of Oakland serves as the building’s exclusive leasing agent.

March 3, 2015

Arizona Office Western

Saint Xavier University Opens Recruitment Center in Gilbert

by Nellie Day March 3, 2015

GILBERT, ARIZ. – Saint Xavier University opened a new recruiting center in Gilbert. The center is located at 119 North Gilbert Road. It will allow the university to attract future students to its new Gilbert campus, which will open this fall. The building is still under construction, though students have begun online classes through the new university outpost.

March 3, 2015

Industrial Midwest Minnesota

Opus to Develop Spec Industrial Office/Warehouse Building in Brooklyn Park, Minn.

by Danielle Everson March 3, 2015

BROOKLYN PARK, MINN. — The Opus Group plans to develop a 145,800-square-foot speculative industrial office and warehouse facility in Brooklyn Park. The new property will be located at the intersection of 85th Avenue and Wyoming Avenue North. The building will be conducive for single or multi-tenant occupancy. Construction of the facility will begin in May and completion is scheduled for this fall. Opus Development Co. and Founders Properties will own the property. Opus Development Co. will be the project’s developer. Opus Design Build is the design-builder for the project and Opus AE Group is the architect and engineer of record. Cushman & Wakefield/NorthMarq will market the property for lease.

March 3, 2015

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