Western

1784 Capital Holdings Breaks Ground on Gold Dust Self Storage in Scottsdale, Arizona

by Amy Works January 11, 2019

SCOTTSDALE, ARIZ. — Scottsdale-based 1784 Capital Holdings has broken ground on its Gold Dust Self Storage, located at 7245 E. Gold Dust Ave. in Scottsdale. Situated on a 2.1-acre former Macaroni Grill site, the facility will feature two above-ground floors and one below-ground floor totaling 117,567 gross square feet and 82,505 square feet of net rentable space. The high-end self-storage property will feature climate-controlled loading areas, hotel-style lobbies, conference rooms and play areas. The self-storage facility is slated to open at the end of 2019. TLW Construction is serving as general contractor for the project.

January 11, 2019

California Development Hospitality Western

Sudberry Properties Starts Construction of Hampton Inn & Suites in Imperial Beach, California

by Amy Works January 11, 2019

IMPERIAL BEACH, CALIF. — Sudberry Properties and Tharaldson Development and Hospitality has started construction of Hampton Inn & Suites by Hilton at Breakwater Town Center, located at 771 Palm Ave. in Imperial Beach. Scheduled to open in early 2020, the four-story, 62,000-square-foot hotel will feature 100 guest rooms, beach modern architecture, a fitness center, breakfast and lounge area, business center and swimming pool. Situated on 1.5 acres and including 100 parking spaces, the hotel is the final phase of Breakwater Town Center, public-private partnership by the city of Imperial Beach and Sudberry Properties. The development team includes Las Vegas-headquartered Design Cell Architecture and Carlsbad, Calif.-based Watkins Landmark Construction. Heritage Inn of Imperial Beach LLC will own the hotel, while Sudberry Properties will serve as a managing partner.

January 11, 2019

Acquisitions California Industrial Western

Avison Young Brokers $3.6M Sale of Industrial Warehouse in Los Angeles

by Amy Works January 11, 2019

LOS ANGELES — Avison Young has arranged the sale of an industrial warehouse facility, located at 7727 and 7729 Burnet Ave. in the Los Angeles neighborhood of Van Nuys. Los Angeles-based Burnet Investments sold the property to JP Burnet for $3.6 million. California Contractors Supplies has occupied the 16,230-square-foot warehouse since the late 1970s. The single-story building features an office space build-out, 32 parking stalls, a gated lot, 16-foot clear heights and two ground-level roll-up doors. Andrew Berk and Mark Evanoff of Avison Young represented the seller, while Berk also represented the buyer in the deal.

January 11, 2019

Acquisitions California Retail Western

Weiss Development Sells Los Angeles County Retail Portfolio for $35M

by Amy Works January 10, 2019

LOS ANGELES — Beverly Hills, Calif.-based Weiss Development has completed the sale of a four-property retail portfolio located in Los Angeles’ Northridge and South Bay neighborhoods. A mix of private and institutional investors acquired the portfolio for $35 million. Totaling more than 65,400 square feet, the properties include a Petco-occupied asset in Northridge and a Petco-occupied, an Office Depot-occupied and a multi-tenant property in South Bay. Tenants at the multi-tenant property include Starbucks Coffee, Subway, Flame Broiler and Sushi Boy. Bill Bauman, Kyle Miller and Dan Samulski of Newmark Knight Frank represented the seller in the transaction.

January 10, 2019

Acquisitions California Industrial Utah Western

Nearon Adds 730,000 SF of Industrial Space to its California, Utah Holdings

by Amy Works January 10, 2019

SACRAMENTO, CALIF., AND SALT LAKE CITY — Nearon has added 730,000 square feet of industrial space to its portfolio of industrial properties through two separate transactions. In the first deal, Nearon acquired three buildings, totaling 521,000 square feet, in Sacramento, for an undisclosed price. American Building Supply, a subsidiary of Jeld-Wen Holding, occupies and utilizes the properties for manufacturing, distribution and headquarters functions. The portfolio includes a 196,267-square-foot asset at 8360 Elder Creek Road, a 217,500-square-foot building at 6300 S. Watt Ave. and a 108,000-square-foot property at 8920 43rd Ave. Nick Rini of Nearon directed the Sacramento portfolio acquisition, while Kevin Partington and Matt Cologna of Cushman & Wakefield represented the undisclosed seller. In the second transaction, the company completed a sale-leaseback with Regis Corp. for an 210,000-square-doot distribution center located at 5300 W. Harold Gatty Drive within Salt Lake International Center in Salt Lake City. Upon close of escrow, Regis leased the property, which was developed as a build-to-suit for the tenant in 2001, for 15 years. Chang Soo Lee of Nearon orchestrated the off-market acquisition and sale-leaseback, while Wick Udy and Andrea Robb of JLL sourced the transaction on behalf of Nearon. With these acquisitions, Nearon’s industrial portfolio …

January 10, 2019

California Loans Retail Western

CBRE Facilitates $25.9M Acquisition Loan for North Ranch Gateway in Westlake Village

by Amy Works January 10, 2019

WESTLAKE VILLAGE, CALIF. — CBRE has arranged $25.9 million in debt financing Palm Beach, Fla.-based Sterling Organization’s acquisition of North Ranch Gateway, a retail center in Westlake Village. The vertically integrated private equity real estate firm purchased the 86,520-square-foot property for $35 million in 2018 on behalf of its managed funds. Located at 30805-30895 Thousand Oaks Blvd., the property is anchored by TJ Maxx and was 78 percent occupied at the closing of financing. Shaun Moothart, Dana Summers, Bruce Francis, Bob Ybarra and Doug Birrell of CBRE’s Debt and Structured Finance team arranged the floating-rate financing.

January 10, 2019

Acquisitions California Hospitality Western

Marcus & Millichap Directs $8.6M Sale of 82-Room Hotel in Patterson, California

by Amy Works January 10, 2019

PATTERSON, CALIF. — Marcus & Millichap has arranged the sale of Best Western Plus Villa Del Lago Inn, a hospitality property located at 2959 Speno Drive in Patterson. A limited liability company sold the property for $8.6 million. Built in 2000, the property features 82 interior corridor rooms and a restaurant, Francesca’s Restaurant and Lounge. Gordon Allred and Kelly Hansen of Marcus & Millichap represented the seller and the buyer, a limited liability company, in the deal.

January 10, 2019

Acquisitions Office Oregon Western

Compass Commercial Real Estate Negotiates $3.4M Sale of Office Building in Bend, Oregon

by Amy Works January 10, 2019

BEND, ORE. — Compass Commercial Real Estate has brokered the sale of The Scanlon Building, an office property located at 300 SW Columbia St. in Bend. Clise Realty sold the property to Paul and Tanya Alston for $3.4 millon. The two-story property features 12,395 square feet of office space. Jay Lyons and Grant Schultz of Compass Commercial Real Estate represented the seller, while Lyons, Schultz and Peter May, also of Compass Commercial, represented the buyer in the transaction.

January 10, 2019

Features Retail Western Western Feature Archive

10 Ways to Screw Up a Retail Investment Sale

by Amy Works January 9, 2019

By Philip D. Voorhees, Vice Chairman, CBRE During more than 730 retail investment transactions in the Western U.S. totaling more than $11 billion, we’ve identified some sure-fire ways to make an already tough retail investment sale transaction even more challenging. Our pain is your gain. In the cases below, we’re giving you the test after the lessons! 1. Move Slowly, and Lack Urgency. Nothing kills a retail investment sale transaction like a lack of urgency. All too often, sellers fail to have a Purchase and Sale Agreement (PSA) ready when an agreement is reached on the Letter of Intent (LOI), subsequently squandering a week or two while their attorney completes the draft PSA. It can also be difficult to circle the partners to obtain consensus on the next action step if you don’t have a “point” person designated as the lead for a partnership. Sellers will oftentimes mirror slow PSA comment turnaround times from a buyer, assuming the stance that, “if the buyer is slow, we’ll take our time, too.” This makes no sense: Eyes on the prize, sellers! Solutions: • Approve template LOI/counter proposal and PSA drafts early in the marketing process. • Put legal counsel on standby when …

January 9, 2019

Acquisitions Arizona Office Western

ViaWest Group Buys 240,000 SF Office Building in Downtown Phoenix for $37.6M

by Amy Works January 9, 2019

PHOENIX — ViaWest Group has purchased an office building and a semi-adjacent parking garage located at 200 E. Van Buren St. and 460 N. 3rd St., respectively. Phoenix Newspapers Inc. sold the 240,000-square-foot property for $37.6 million. Barry Gabel and Chris Marchildon of CBRE’s Capital Markets Institutional Properties in Phoenix represented the seller in the deal. The Arizona Republic and azcentral.com will remain anchor tenants, occupying approximately 99,000 square feet, of the property. Additional tenants include KPNX-TV (Channel 12) and G/O Digital. This transaction was ViaWest’s sixth acquisition in 2018 and its second purchase in downtown Phoenix.

January 9, 2019

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