WESTMINSTER, COLO. — Newmark Knight Frank has brokered the sale of an office building located at 1765 W. 121st Ave. in Westminster, a northwest suburb of Denver. Northridge Property Owner LLC/Westminster 121 LLC acquired the property from Denver Northridge Equities for $17.1 million. The building features 124,945 square feet of office space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the transaction.
PHOENIX — Faris Lee Investments has arranged the acquisition of a retail property located at 5035 W. Baseline Road in Phoenix. A family trust purchased the property from CF Albert Propco for $9.8 million. Safeway occupies the 55,259-square-foot property on a new 20-year, triple-net, corporate-guaranteed lease. The property includes 237 parking spaces and was built in 2008. Christopher DePierro of Faris Lee Investments represented the buyer, while Marcus & Millichap represented the seller in the deal.
PARKER, COLO. — Trevey Land and Commercial has arranged the sale of Bridgeside Professional Building, located at 11031 Pikes Peak Drive in Parker. Pikes Peak Properties sold the building to an undisclosed buyer for $2.1 million. With more than 10,500 square feet of leasable space, the two-story property features a brick façade and a basement. At the time of sale, several tenants, including a dental office, occupied the property. Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the seller, while Tom Ethington of Pinnacle Real Estate Advisors represented the buyer in the deal.
LAYTON, UTAH — 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has purchased Twin Trees Apartments, a 43-unti multifamily property in Layton. The buyer plans to invest approximately $10,000 per unit in capital improvements, including upgraded countertops, cabinets, floors, appliances, lighting and fixtures. Exterior renovations include upgraded landscaping, new heating and air conditioning units, and curb appeal enhancements. The name of the seller and the acquisition price were not released.
The Inland Empire continues to be one of the most dynamic industrial real estate markets in the country from both a user and investor perspective. Rent growth remains exceptionally strong, boasting a growth rate of more than 50 percent in the past five years, with a 10.1 percent increase in 2017. Although current average asking rents are at record highs, they remain at a 40 percent discount when compared to the neighboring infill markets of Los Angeles and Orange County, indicating ample room for further growth. Vacancy remains unchanged at 3.7 percent, despite 20 million square feet of deliveries last year, a testament to the market’s unrivaled user demand. Leasing momentum continues to outpace supply, particularly for recently constructed distribution space. This is demonstrated by the 46 percent pre-lease rate for deliveries greater than 1 million square feet last year. The Inland Empire’s proximity to world-class transportation infrastructure, combined with a relatively large supply of recently delivered distribution facilities, creates a highly optimistic future outlook when considering the projected exponential growth of e-commerce. The Inland Empire’s e-commerce primacy of location as it relates to underlying market fundamentals are attracting best-in-class domestic and global capital. This is creating a hyper-competitive buyer …
LAS VEGAS — Henley Tower 16, a joint venture between Henley USA and Tower 16 Capital Partners, has acquired Foothill Village Apartments, a multifamily property located in the Spring Valley submarket of Las Vegas. Greenberg Traurig sold the property for $50 million in an off-market transaction. The buyers plan to renovate the property and rebrand it as Altura on Tropicana. The community features 512 one-, two- and three-bedroom townhomes with central air conditioning and individual electric metering. On-site amenities include three swimming pools, two hot tubs, two basketball courts, four laundry facilities, a business center, a large playground and dog runs. Pat Sauter, Art Carll-Tangora and Antone Brazill of NAI Vegas retained the buyers in the transaction.
MONTEBELLO, CALIF. — Hunt Mortgage Group has provided $20 million in refinancing for Beverly Towers, an affordable seniors housing property located at 1315 W. Beverly Blvd. in Montebello. The borrower is Montebello Senior Housing, a California limited partnership backed by key principal Stephen Doty. Built in 1975, the property features 189 units in a mix of one-bathroom efficiency units and one-bedroom/one-bathroom apartments. The community is restricted to residents age 62 or older and is a Section 8 Low-Income Housing Tax Credit property. The property currently operates subject to a HUD Section 236(e)(2) use agreement that became effective in 2003 when the pre-existing Section 236 financing was retired.
GLENDALE, ARIZ. — Scottsdale-based YAM Properties has completed the disposition of Arrowhead Professional Center, located at 18301 N. 79th Ave. in Glendale. Cleveland, Ohio-based Woodside Health acquired the property for $16.5 million. Steve Lindley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield Phoenix’s capital markets group, along with the healthcare team of Sheila Bale, Tom Weinhold and Ryan O’Connor, represented the seller in the deal. The eight-building medical and professional office campus features 70,652 square feet of space. At the time of sale, the property was fully occupied and anchored by a surgery center jointly owned by Banner Health and the CORE Institute.
SCOTTSDALE, ARIZ. — KPN Industrial had purchased Cornwell Technology Center, located at 17301 N. Perimeter Drive in Scottsdale. Andersen Equities sold the property for $9.9 million, or nearly $175 per square foot. Situated on 4.7 acres, the 56,634-square-foot asset consists of two freestanding multi-tenant R&D industrial buildings. Built in 2000, the fully occupied asset is 100 percent air conditioned and offers high-quality space for tenants with complex and precise processes requiring clean rooms and labs. Current tenants include Hemisphere GNSS, Provista Diagnostics and Plastic Design Co. Andersen Equities arranged its own acquisition financing for the transaction. Mark Linsalata, Patrick Dempsey and Jan Fincham of Lee & Associates Arizona represented the seller, while Ron Schooler and Ken Elmer of Commercial Properties represented the buyer in the deal.
SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a restaurant property located at 1502 S. Main St. in Santa Ana. A private investor sold the property for $1.5 million. Jack in the Box occupies the 1,311-square-foot property on a net-lease basis. Lior Regenstreif of Marcus & Millichap’s Encino, Calif., office represented the seller. Jon Emrani of Marcus & Millichap’s West Los Angeles office represented the buyer, a private investor, in the transaction.