Western

Newmark Knight Frank Arranges Sale of 174,546 SF Canyon Pointe Office Campus in Washington

by Amy Works January 30, 2019

BOTHELL, WASH. — Newmark Knight Frank (NKF) has arranged the sale of Canyon Pointe, a single-tenant office campus located at 22309 and 22213 30th Drive SE in Bothell. Terms of the transaction were not released. T-Mobile occupies the 174,546-square-foot Class A office campus under a long-term lease agreement. Built in 2007 on 9.8 acres, the property includes two three-story buildings with private third-floor balconies, abundant on-site parking, 30,000-square-foot floorplates and an outdoor landscaped area. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of NKF represented the undisclosed seller in the deal.

January 30, 2019

Acquisitions California Restaurant Retail Western

Valore Ventures Acquires Fee Simple Interest in Four Disneyland-Area Restaurants for $13.1M

by Amy Works January 30, 2019

GARDEN GROVE, CALIF. — Beverly Hills, Calif.-based Valore Ventures has closed on fee simple interest in four brand-name restaurants in Garden Grove for $13.1 million. The restaurants include Oggi’s Pizza & Brewery, Outback Steakhouse, Red Robin Gourmet Burgers and Brews, and Joe’s Crab Shack. The assets are all subject to ground leases and were built between 2001 and 2008 in conjunction with surrounding development that includes three high-rise hotels in Garden Grove. The properties also feature a 2.8-acre parking lot, which is owned by the nearby Sheraton, Marriott and Delta hotels, but is exclusively for restaurant use. Valore Ventures purchased the site as one large parcel, which the company plans to spilt into four individual parcels for sale. Tom Fazekas of Fazekas Retail Group in San Francisco represented the seller in the transaction.

January 30, 2019

2510-2530-West-Coast-Hwy-Newport-Beach-CA

Acquisitions California Retail Western

CBRE Brokers $6.4M Sale of Two-Building Retail Asset in Newport Beach

by Amy Works January 30, 2019

NEWPORT BEACH, CALIF. — CBRE has arranged the sale of a retail and showroom property, located at 2510-2530 West Coast Highway in Newport Beach. A high-net-worth investor acquired the asset from Shafer Family Trust for $6.4 million. Anthony DeLorenzo, Gary Stache, Doug Mack and Ross Bourne of CBRE represented the seller and buyer in the transaction. Bayport Yachts occupies the two single-story buildings, which total 4,452 square feet. The property currently serves as the retail building and showroom for a yacht dealership, a tenant since 2001.

January 30, 2019

Industrial Leasing Activity Western

Atisa Industrial Signs Dynasty Golf to Occupy 28,690 SF Manufacturing Plant in Tijuana, Mexico

by Amy Works January 30, 2019

TIJUANA, MEXICO — Atisa Industrial has signed a lease with Dynasty Golf to occupy the Coral Building at Pacifico Industrial Park in Tijuana. Dynasty Golf will utilize the 28,690-square-foot property to house golfing equipment manufacturing. This is the company’s first operation in Mexico. Octavio McFarland of NAI represented Atisa Industrial in the transaction.

January 30, 2019

Hawaii Industrial Loans Top Stories Western

Industrial Logistics Properties Trust Secures $650M Refinancing for Hawaiian Portfolio

by David Cohen January 30, 2019

OAHU, HAWAII — Industrial Logistics Properties Trust (NASDAQ: ILPT) has secured a $650 million mortgage loan secured by an industrial portfolio in Oahu. The portfolio includes 186 properties, which total approximately 9.6 million square feet. The 10-year loan applies to approximately 57 percent of ILPT’s total owned square footage in Hawaii. As of Dec. 31, 2018, the average remaining lease term for these properties was more than 14 years and the occupancy was nearly 100 percent. “We are pleased to term out our floating rate debt with attractive, long-term, fixed-rate debt and to demonstrate the tremendous value of these unique Hawaiian assets,” says John Murray, CEO of Industrial Logistics Properties Trust. “While the underlying assets had a net book value of less than $500 million at year end 2018, this loan provides us with $650 million of capital to fund value-enhancing external growth opportunities.” Terms of the non-amortizing financing included a fixed interest rate of 4.3 percent. Morgan Stanley, Citi, UBS and J.P. Morgan provided the capital. Sullivan & Worcester LLP provided legal counsel to Industrial Logistics Properties Trust in the transaction. ILPT stock closed at $20.79 per share on Tuesday, Jan. 29, down from $22.47 one year ago. — David …

January 30, 2019

Acquisitions Multifamily Oregon Western

Marcus & Millichap Brokers $19.2M Sale of Seven-Property Apartment Portfolio in Portland

by Amy Works January 29, 2019

PORTLAND, ORE. — Marcus & Millichap has arranged the sale of the Ashley Portfolio, a seven-property multifamily portfolio in Portland. An undisclosed buyer acquired the assets for $19.2 million. Built between 1904 and 1943, the portfolio includes six properties located in Northwest Portland and one in Northeast Portland. The properties range from a 39-unit building sold for $7 million to a five-unit building sold for $1 million. Whitney Rhoades, Elizabeth Davis and Danalee Corso of Marcus & Millichap’s Portland office represented the undisclosed seller.

January 29, 2019

Acquisitions Multifamily Nevada Western

29th Street Capital Buys 188-Unit Multifamily Community in Las Vegas

by Amy Works January 29, 2019

LAS VEGAS — 29th Street Capital (29SC), a privately held real estate operator, has purchased Willows at Town Center Apartments, a multifamily community in Las Vegas. Long Beach, Calif.-based RK Properties sold the property for an undisclosed price. 29SC plans to invest more than $1.8 million in capital improvements at the 188-unit property. Renovations will include stainless steel appliances, quartz countertops, plank flooring and refaced cabinets, and all interior units will also be equipped with Nest thermostats. Exterior improvements will include modern paint, as well as enhancing the pool area, fitness center and clubhouse.

January 29, 2019

Acquisitions Arizona Office Western

Helix Properties Purchases 81,922 SF Office Building in Phoenix for $8.5M

by Amy Works January 29, 2019

PHOENIX — Helix Properties LLC, on behalf of Next Gen 101 LLC, has purchased West 101 Corporate Center, an office property located at 1860 N. 95th Lane in Phoenix. Regent Properties sold the property for $8.5 million. Situated on a 230,432-square-foot lot, the three-story building features 81,922 square feet of Class A office space. Designed by DFD Architects, the property features 452 linear feet of Loop 101 frontage. At the time of acquisition, the property was 53 percent occupied. Chris Toci and Chad Littell of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. The buyer is a single entity controlled by Helix.

January 29, 2019

Acquisitions California Hospitality Western

J Street Hospitality Acquires 174-Room Hotel Karlan San Diego

by Amy Works January 29, 2019

SAN DIEGO — J Street Hospitality, a San Diego-based hotel developer and owner, has purchased Hotel Karlan San Diego – a Doubletree by Hilton, for an undisclosed price. Azul Hospitality Group has been retained to manage the hotel. Located at 14455 Penasquitos Drive in San Diego, the 174-room hotel features a fitness room, swimming pool, tennis court, 24-hour pavilion pantry market and room service. Mark Armstrong of HREC Investment Advisors represented the undisclosed seller in the transaction.

January 29, 2019

Acquisitions New Mexico Restaurant Retail Western

Four Corners Property Trust Buys Outback Steakhouse-Occupied Property in New Mexico for $3.9M

by Amy Works January 29, 2019

NEW MEXICO — Mill Valley, Calif.-based Four Corners Property Trust has purchased a restaurant property located in New Mexico for $3.9 million. The asset was acquired through a sale-leaseback transaction and will operate under a new triple-net lease with Cerca Trova Restaurant Concepts, the largest domestic franchisee in the Bloomin’ Brands system. Outback Steakhouse occupies the property under a lease with 20 years of the initial term and rent increases of 10 percent every five years during the initial term.

January 29, 2019

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