Western

Crystal Investment Property Arranges Sale of Olympic View Inn in Sequim, Washington

by Amy Works December 10, 2018

SEQUIM, WASH. — Crystal Investment Property (CIP) has brokered the sale of Olympic View Inn, a hotel located at 830 W. Washington St. in Sequim. The independent mid-scale hotel features 51 guest rooms spread across two exterior corridor buildings on four tax lots with excess land for future development. The hotel offers newly remodeled rooms, a conference room and fitness center. Joseph Kennedy of CIP worked closely with the undisclosed buyer and seller in the deal. The sales price was not released.

December 10, 2018

Acquisitions California Healthcare Office Western

Welltower Acquires Two Medical Office Buildings Near Los Angeles for $29.9M

by Amy Works December 10, 2018

WESTLAKE VILLAGE, CALIF. — Welltower has purchased two medical office buildings located in Westlake Village, approximately 40 miles from Los Angeles. Nadler Cypress Holdings2 LLC and La Venta LLC sold the assets for $29.9 million in an off-market transaction. Located at 1220 and 1250 La Venta Drive, the buildings offer a total of 50,000 square feet of medical office space. UCLA Health and Providence St. Joseph Health are anchor tenants at the fully occupied properties. Evan Kovac, Andrew Milne and Trent Jemmett of HFF represented the seller in the transaction. Anchor Health Properties will provide property management services for the buildings.

December 10, 2018

Acquisitions Industrial Nevada Western

RealComm Advisors Directs $3.9M Sale of Industrial Property Near Las Vegas

by Amy Works December 10, 2018

HENDERSON, NEV. — RealComm Advisors has arranged the sale of an industrial property, located within AirParc South in Henderson. Premier Analytical Solutions acquired the property from DEV Investment I for $3.9 million. Located at 1560 and 1570 Executive Airport Drive, the properties feature a total of 28,200 square feet of industrial space. Greg Pancirov and Mike De Lew of RealComm Advisors represented the seller in the deal.

December 10, 2018

Acquisitions Colorado Development Restaurant Retail Western

Evergreen Devco Acquires 6.8-Acre Site for Retail, Restaurant Development in Denver

by Amy Works December 10, 2018

DENVER — Evergreen Devco has purchased a 6.8-acre site at the northeast corner of 56th Avenue and Central Park Boulevard in Denver. Situated in the Beeler Park neighborhood of Stapleton, Evergreen and City Street Investors plan to develop a retail, restaurant and commercial development to the be called The Shops at Beeler Park. Construction is slated to begin in February 2019.

December 10, 2018

Arizona Development Industrial Western

Lincoln Property Co. Completes $85M Speculative Industrial Building in Metro Phoenix

by Amy Works December 7, 2018

GOODYEAR, ARIZ. — Lincoln Property Co. has completed Lincoln Logistics 40, an industrial building situated on 50 acres at Interstate 10 and Bullard Avenue in Phoenix’s West Valley. The 901,770-square-foot building is the area’s first-ever 40-foot clear height fully speculative industrial development. Located within The Airport Gateway at Goodyear, the building features 161 dock- and grade-level doors, 185 trailer storage units, 551 parking stalls (expandable to 1,340 stalls), fiber optic data and energy efficient clerestory windows in lieu of skylights. Additionally, the building offers move-in ready speculative suites with 3,202 square feet of fully built-out office space and high-end Class A finishes, 13-foot ceiling-to-floor glass, an outdoor amenity area and a functional interior layout with the ability to add office, conference room and administrative uses. The property also features a Foreign Trade Zone Magnet Site classification and direct access to the amenities of The Airport Gateway Center at Goodyear, which at build-out will include more than 2.5 million square feet of regional retail, hospitality, office and medical uses and 3 million square feet of industrial and warehouse space. The project team included Layton Construction and Butler Design Group. John Werstler, Rusty Kennedy and Cooper Fratt of CBRE are serving as …

December 7, 2018

Acquisitions Office Oregon Western

NBP Capital Acquires Historic Courthouse in Downtown Portland for $28M

by Amy Works December 7, 2018

PORTLAND, ORE. — Portland-based NBP Capital has purchased the historic Central Courthouse, located at 1021 SW Fourth Ave. in downtown Portland. Multnomah County sold the property for $28 million. Built between 1909 and 19014, the eight-story, neo-classical building offers a gross building area of 323,486 square feet, with a rentable building area to be determined after conversion. The courthouse has large floor plates more than 30,000 square feet and flexible CXd Zoning allowing for a variety of commercial uses. The building is currently home to Multnomah County’s court operations, and the County will continue to lease the property until completion of its new Central Courthouse at SW First Avenue and SW Madison Street. The new property is slated for completion in 2020. Charles Safley and Graham Taylor of CBRE’s Portland office represented the seller in the transaction.

December 7, 2018

Acquisitions California Multifamily Western

HFF Negotiates $41M Sale of Four-Property Multifamily Portfolio in Sonoma County

by Amy Works December 7, 2018

ROHNERT PARK, CALIF. — HFF has arranged the sale of a four-property multifamily portfolio in Rohnert Park, a community in Sonoma County. A Colorado-based private firm acquired the portfolio from a private investor for $41 million. The assets are Atherton, a 40-unit community at 181 Avram Ave.; Brewster Ames, a 27-unit property at 7300 Adrian Drive; Tivoli Gardens, a 29-unit complex located at 7380 Adrian Drive; and Lancaster Arms, a 105-unit property at 8288 Lancaster Drive. The properties have an average occupancy greater than 97 percent and provide direct access to Highway 101 and the Cotati and Rohnert Park SMART stations. Scott Bales and Peter Yorck of HFF represented the seller and procured the buyer in the deal.

December 7, 2018

Acquisitions California Multifamily Student Housing Western

CBRE Arranges Sale of 658-Bed Community Near University of California, Riverside

by Amy Works December 7, 2018

RIVERSIDE, CALIF. — CBRE has arranged the sale of Sterling Highlander, a 658-bed student housing community located near the University of California, Riverside. The property comprises four buildings and a clubhouse offering studio, two-, three- and four-bedroom units. Shared amenities include a swimming pool, fitness center, tanning dome, gourmet coffee bar, basketball court, private study rooms, a computer center, game room and courtyards with barbecue areas. Seattle-based Horizon Realty Advisors purchased the asset from Houston-based The Dinerstein Companies for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Cray Carlson of CBRE brokered the transaction. Ben Roelke and Ian Walker, also of CBRE, secured long-term financing on behalf of the buyer. The 10-year, fixed-rate loan was provided through CBRE’s Fannie Mae DUS program.

December 7, 2018

Acquisitions California Industrial Western

MCA Realty Purchases Industrial Property in San Diego County for $5.9M

by Amy Works December 7, 2018

ESCONDIDO, CALIF. — MCA Realty has entered the North San Diego submarket with the acquisition of a multi-tenant industrial property in Escondido. A private investor sold the property for $5.9 million. Located at 2750 Auto Park Way, the two-building asset features 40,990 square feet of industrial space spread across 13 suites. MCA Realty plans to renovate the existing vacant space, as well as update individual suites as leases expire. Additionally, the buyer plans to upgrade the exterior and increase identity signage. Tucker Hohenstein and Conor Boyle of Colliers International represented the buyer, while the seller was self-represented in the deal.

December 7, 2018

Embassy-Suites-Hilton-Anaheim-Garden-Grove-CA

California Hospitality Loans Western

CBRE Hotels Secures $71M Refinancing for Embassy Suites by Hilton Anaheim Near Disneyland Resort

by Amy Works December 6, 2018

GARDEN GROVE, CALIF. — CBRE Hotels has arranged $71 million loan for the Embassy Suites by Hilton Anaheim South, located at 11767 Harbor Blvd. in Garden Grove. Landmark Cos. is the borrower. Marc Sallette, Olga Lepow, Cara Leonard and Charlie Ryan of CBRE Hotel’s Debt & Structured Finance facilitated the 10-year, fixed-rate, interest-only loan to refinance existing debt. The debt is split into a $56 million senior mortgage to be securitized by Deutsche Bank, while Artemis Real Estate Partners provided a $15 million junior mezzanine loan to be held on book. The majority of the new mortgage is extinguishing existing loans. Additionally, Landmark is undertaking a five-year, $16 million renovation of the hotel in conjunction with the financing. Landmark developed the 375-room hotel, which is located near Disneyland Resort, in 2001.

December 6, 2018

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