Western

Newmark Affiliate Arranges $91.3 Sale of Retail Portfolio in Mountain West

by Taylor Williams April 23, 2018

SALT LAKE CITY — Newmark Grubb ACRES, a Utah-based brokerage firm, has arranged the sale of a portfolio of single-tenant retail properties leased to Codale Electric Supply Inc., a Salt Lake City-based distributor of electric, energy and lighting products. The sales price was $91.3 million. The portfolio includes nine properties, six of which are located in Utah. One of the assets is in Nevada (Elko), and two of the properties are in Wyoming (Rock Springs and Casper). Codale has a total of 13 retail locations throughout the western United States. According to Codale’s website, its stores range in size from 15,000 square feet to 54,000 square feet, not including the company’s 210,000-square-foot headquarters, which was one of the assets included in the portfolio sale. All totaled, the portfolio spans 476,500 square feet. Bryce Blanchard of Newmark Grubb ACRES represented the seller, Holt Properties, a real estate company owned and operated by the Holt family, which founded Codale Electric in 1975. Blanchard also procured the buyer, an undisclosed, out-of-state REIT. Sonepar, a French electronics distribution firm, acquired Codale in 2012. — Taylor Williams

April 23, 2018

California Development Office Western

HFF Arranges $145M Construction Loan for Office Building Renovation, Expansion in San Francisco’s SOMA District

by Amy Works April 20, 2018

SAN FRANCISCO – HFF has arranged $145 million in construction financing for 633 Folsom, a seven-story office building located in the SOMA submarket of San Francisco. The Swig Co. will use the loan proceeds to complete a full-building renovation and expansion, which will add five floors to the property. Once completed, the 171,632-square-foot building will become a 12-story, 266,053-square-foot Class A office building. Originally built in 1967 by The Swig Co., 633 Folsom has been fully leased for the past 20 years, most recently to California Pacific Medical Center. The project is scheduled to commence this summer. Bruce Ganong and Bercut Smith of HFF secured the financing for Swig.

April 20, 2018

Arizona Development Multifamily Seniors Housing Western

BridgeWater Opens 140-Unit Affordable Seniors Community in Midtown Phoenix

by Amy Works April 20, 2018

PHOENIX – BridgeWater Assisted Living has opened BridgeWater Assisted Living Midtown, a 140-unit affordable seniors housing community in Phoenix. This is BridgeWater’s second affordable community in the Phoenix metro. The property is seven stories tall and offers assisted living and memory care services using the Medicaid ALTCS program, which allows Medicaid to pay for services that are normally private pay. Veterans eligible for Wartime Pension may also qualify for supplemental aid and benefits.

April 20, 2018

Acquisitions Office Washington Western

Spire Real Estate Acquires 68,766 SF Office Building in Bellevue, Washington

by Amy Works April 20, 2018

BELLEVUE, WASH. – Spire Real Estate has purchased Swift Gateway, a multi-tenant office building located in Bellevue. The three-story, 68,766-square-foot building was renovated in 2016. Brian Bonipart, Michael Taylor and Skip Slavin of Newmark secured a five-year, $14.5 million acquisition loan with a 30-year amortization schedule on behalf of Spire. Newmark will service the non-recourse financing.

April 20, 2018

Acquisitions Colorado Retail Western

Pinnacle Brokers $5M Sale of 8,318 SF Retail Property in Castle Rock, Colorado

by Amy Works April 20, 2018

CASTLE ROCK, COLO. – Pinnacle Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 1341 New Beale St. in Castle Rock. A Colorado-based developer sold the property to a California-based private investor for $5 million, or $601 per square foot, in a 1031 exchange. The newly built property features 8,318 square feet of retail space. At the time of sale, the property was fully occupied by Potbelly Sandwich Shop, Smoothie King, European Wax Center, Fine Nails and Beau Thai.

April 20, 2018

Acquisitions Hospitality Washington Western

Crystal Investment Property Negotiates Sale of Super 8 Hotel in Port Angeles, Washington

by Amy Works April 20, 2018

PORT ANGELES, WASH. – Crystal Investment Property (CIP) has brokered the sale of a Super 8 hotel located at 2104 E. First St. in Port Angeles. An undisclosed buyer acquired the 63-key hotel. The fully staffed, turn-key hotel features a large lot with ample truck and RV parking. Joseph Kennedy of CIP represented the buyer and undisclosed seller in the sale. The acquisition price was not released.

April 20, 2018

Acquisitions California Data Centers Industrial Western

CV Mission Critical REIT II Acquires Two-Building Data Center Portfolio in Sacramento from Digital Realty Trust for $51M

by Amy Works April 19, 2018

SACRAMENTO, CALIF. – Carter Validus Mission Critical REIT II (CV Mission Critical REIT II) has purchased the Rancho Cordova Data Center Portfolio for $51 million, excluding acquisition fees and costs. Located in Sacramento, the portfolio consists of two single-story facilities: a 69,048-square-foot turnkey colocation data center, located at 11085 Sun Center Drive, and a 63,791-square-foot, multi-tenant wholesale data center, located at 3065 Gold Camp Drive. At the time of sale, the portfolio was 82.4 percent occupied. Michael Hochanadel, Raul Saavedra and Jake Wagner of JLL represented the seller, Digital Realty Trust, in the deal.

April 19, 2018

Loans Office Washington Western

Newmark Secures $15M Acquisition Loan for 71,329 SF Office Building in Bellevue, Washington

by Amy Works April 19, 2018

BELLEVUE, WASH. – Newmark has arranged $15 million in acquisition financing for Mercer Pointe, a single-tenant office building located within the Bellevue Office Park in Bellevue. The borrower is Spire Real Estate, a subsidiary of Vancouver-based Nicola Crosby Wealth Management. OfferUp.com occupies the 71,329-square-foot, Class A building. OfferUp is an online, mobile marketplace that gives consumers a platform to buy and sell products locally. Brian Bonipart, Michael Taylor and Skip Slavin of Newmark secured the 25-year, fully amortizing, full-recourse loan, which will be serviced by Newmark.

April 19, 2018

Acquisitions Industrial Washington Western

Colliers Brokers $14.5M Sale of 102,882 SF Industrial Portfolio in Metro Seattle

by Amy Works April 19, 2018

TUKWILA AND KENT, WASH. – Colliers International has arranged the sale of a two-building industrial portfolio located in Tukwila and Kent, two southern suburbs of Seattle. LBA Realty purchased the portfolio from a private investor for $14.5 million. The portfolio includes the 72,882-square-foot Andover Park East, located at 720-790 Andover Park E. in Tukwila, and the 30,000-square-foot Allied Building, located at 19130 84th Ave. S. in Kent. Bill Condon and Matt McGregor of Colliers represented the seller and procured the buyer in the deal.

April 19, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Arranges $6.9M Sale of 22,236 SF Mixed-Use Building in Denver

by Amy Works April 19, 2018

DENVER – Pinnacle Real Estate Advisors has arranged the sale of Zuma Lofts, a mixed-use building located at 3455 W. 38th Ave. in Denver. Zuma Lofts LLC sold the property to RLC Zuma LLC for $6.9 million. The 22,236-square-foot building features 18 multifamily units and two ground-level retail units. Matt Lewallen of Pinnacle represented the buyer and seller in the deal.

April 19, 2018

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