Western

CBRE Arranges $106M Acquisition Financing for 118,000 SF Office Building in San Francisco

by Amy Works March 12, 2019

SAN FRANCISCO — CBRE Capital Markets has secured $106 million in acquisition financing for 600 Battery Street, a Class A office building located in San Francisco’s Jackson Square submarket. The owners are a joint venture between Invesco and TMG Partners. IPG, a media and advertising company, fully occupies the 118,000-square-foot building. Mike Walker and Brad Zampa of CBRE Capital Markets team arranged the five-year, non-recourse financing with full-term interest-only payments for the owners. Square Mile Capital provided the financing, which Eric Cohen originated. Mike Taquino and Kyle Kovac of CBRE’s Institutional Capital Markets team led the 600 Battery sale, which closed earlier this year.

March 12, 2019

Acquisitions Arizona Multifamily Western

Bridge Acquisitions Buys 460-Unit Laguna Village in Arizona for $70.2M

by Amy Works March 12, 2019

CHANDLER, ARIZ. — Salt Lake City-based Bridge Acquisitions has purchased Laguna Village, an apartment community located at 102 Palomino Drive in Chandler. Scottsdale, Ariz.-based PB Bell sold the property for $70.2 million. Built in 1985, the property consists of 31 two-story buildings totaling 363,684 square feet. The 460-unit property features one- and two-bedroom units, averaging 792 square feet with full-size, in-unit washers and dryers. The buyer plans to modernize the property. Cindy Cooke and Brad Cooke of Colliers International represented the seller, while the buyer was self-represented in the deal.

March 12, 2019

Colorado Development Multifamily Western

Shea Apartments Opens 140-Unit Tangent Apartments in Denver Tech Center

by Amy Works March 12, 2019

DENVER — Shea Apartments, a division of Shea Properties, has opened Tangent Apartments, an apartment community located along Interstate 25 in Denver Tech Center. Located at 4300 S. Monaco St. in Denver, Tangent Apartments features 140 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 566 square feet to 1,150 square feet. Interiors feature a modern design with granite countertops, wood-style flooring, stainless appliances and high-end finishes. On-site amenities includes a 24-hour fitness center, resort-style pool and spa, grilling stations, fire pits, resident lounge with pool table, and business center.

March 12, 2019

Acquisitions Colorado Retail Western

Lone Star Partners Sells The Shops at Green Valley Ranch in Denver for $8.6M

by Amy Works March 12, 2019

DENVER — Houston-based Lone Star Partners has completed the disposition of The Shops at Green Valley Ranch, a newly constructed retail center located at 4906-4998 N. Tower Road in Denver. A California-based investment partnership acquired the property for $8.6 million. Matthew Henrichs and Brad Lyons of CBRE represented the seller, while Seshu Velpuri of The AMR Group represented the buyer in the transaction. Built in 2017, The Shops at Green Valley Ranch includes two Class A, freestanding retail buildings, totaling 19,840 square feet on 2.8 acres. The property is fully leased to a mix of 11 national and local retailers, including Burger King, Sport Clips, Pizza Hut, Jimmy John’s Gourmet Sandwiches, Cold Stone Creamery, David Nails & Spa and GVR Dental and Orthodontics.

March 12, 2019

Acquisitions California Industrial Western

NAI Capital Negotiates $3.3M Sale of Industrial Park in Rialto, California

by Amy Works March 12, 2019

RIALTO, CALIF. — NAI Capital has negotiated the sale of a multi-tenant industrial park, located at 170-190 N. Arrowhead Ave. in Rialto. A private investor acquired the property from 170 Arrowhead Partners LLC for $3.3 million, or $106 per square foot. The two-building park offers a total of 16 units ranging in size from 984 square feet to 2,816 square feet. The 30,938-square-foot property features grade-level loading, 16-foot minimum clear heights, separately metered units and 39,000 square feet of excess land. At the time of sale, the property was fully occupied. Nicholas Chang and Richard Lee of NAI Capital’s Investment Services Group and Justin Kuehn, also of NAI Capital, represented the seller in the transaction.

March 12, 2019

California Conference Coverage Features Seniors Housing Western Western Feature Archive

ProMatura’s Wylde: Seniors Housing Must Get Back to Basics

by John Nelson March 12, 2019

LOS ANGELES — Bells and whistles may be a distracting way to get a prospective seniors housing resident’s attention, but Margaret Wylde, CEO of ProMatura Group, believes they can take away from the core purpose of providing a safe, welcoming environment for seniors. “We spend so much money in this industry on amenities that people will never use,” she said. “People want a place they can call home. A place they can live in. A place where they don’t have to hide their things. We can cut out some amenities and invest more in rentable space and give them a better home to live in.” Wylde made the comments during her keynote address at InterFace Seniors Housing West, held March 7 at the Omni Los Angeles. The audience for her address was nearly 300 seniors housing industry professionals. The latest data from Mississippi-based research firm ProMatura notes that amenities aren’t identified as a priority to seniors, though they can make their families feel optimistic about a facility. The actual residents are focused on the type of unit, floor plan and price. “Gardening areas, libraries — they don’t help,” said Wylde. “It’s not about how much we can cram in to entertain. …

March 12, 2019

Arizona Development Industrial Western

LGE Breaks Ground on 790,980 SF The HUB at Goodyear in Phoenix’s West Valley

by Amy Works March 11, 2019

GOODYEAR, ARIZ. — Phoenix-based LGE Design Build, in partnership with Clarius Partners, has broken ground on The HUB at Goodyear, a speculative industrial development. Situated on 43 acres at 305 S. Bullard Ave. in Goodyear, the 790,980-square-foot single-building property will feature 40-foot clear heights and 190-foot truck courts with 144 dock-high and four grade-level doors. Additional features will include a reinforced concrete slab, R-38 roof insulation, heavy power, energy efficient clerestory windows and gate-secure loading supported by 181 trailer and 420 auto parking spaces.

March 11, 2019

Acquisitions Arizona Retail Western

Larsen Baker Acquires 116,400 SF Manzanita Plaza in Tucson for $15.1M

by Amy Works March 11, 2019

TUCSON, ARIZ. — Larsen Baker, through its affiliate Manzanita Investment Group, has purchased Manzanita Plaza, a neighborhood retail center located at the northwest corner of Valencia and Cardinal roads in Tucson. Community Centers of America-Glendale LLC sold the property for $15.1 million. Built in 1986, Safeway anchors the 116,400-square-foot plaza. The property includes McDonalds, Chase Bank and KFC out-parcels. At the time of purchase, the property was fully occupied. David Murphy and David Bernstein of Bernstein Murphy represented the seller, while Larsen Baker represented the buyer in the deal.

March 11, 2019

Arizona Development Multifamily Western

Leon Capital to Develop 380-Unit Residences at SanTan Village in Gilbert, Arizona

by Amy Works March 11, 2019

GILBERT, ARIZ. — Dallas-based Leon Capital Group plans to develop Residences at SanTan Village, a multifamily community located north of SanTan Village Mall in Gilbert. Situated on 15.8 acres, the Residences at SanTan Village will feature 380 units in six three- and four-story buildings designed in a modern prairie style. Construction is slated to begin in summer 2019 with the first units available in early fall 2020. The property will feature a variety of floor plans with best-in-class interior finishes, including nine- to 10-foot ceilings, urban mudrooms, smart locks, walk-in showers, soaking tubs, granite countertops, stainless steel appliances, wood-plank vinyl flooring and private garages. On-site amenities will include a two-tiered, zero-edge resort pool with swim-up hospitality and entertainment area with televisions; poolside cabanas; and a two-story fitness and wellness center with Peloton bikes and an indoor/outdoor yoga garden. The property will also feature a 1,900-square-foot sky terrace with chef’s kitchen; resident’s club and sports bar with kitchen and a multi-screen television wall; a business and conference center; outdoor gaming garden with grilling stations; and on-site, fully furnished guest suites. The property will also be walking distance to Top Golf, Main Event and SanTan Village, a 500-acre, open-air development featuring 3 million …

March 11, 2019

Acquisitions California Office Western

Newmark Knight Frank Arranges $11.3M Sale of Office Property in Torrance, California

by Amy Works March 11, 2019

TORRANCE, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office building, located at 3520 Challenger St. in Torrance. Excelsior Partners acquired the asset from Fairway LLC for $11.3 million. Sean Fulp, Ken White, Ryan Plummer and Mark Schuessler of NKF’s Team Shannon Private Capital Group, led by Fulp and Kevin Shannon, represented the seller, while the buyer was self-represented in the transaction. Built in 1990 and renovated in 2016, the two-story property is situated on 2.5 acres and offers a flex industrial component with approximately 5,200 square feet of storage warehouse space accessible by two dock-high loading doors and one ramped loading area. Bobit Business Media, a media publisher and events producer, fully occupies the 49,336-square-foot property.

March 11, 2019

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