Western

Kilroy Realty Sells 225,340 SF Calabasas Park Centre Office Campus in California for $78.2M

by Amy Works January 7, 2019

CALABASAS, CALIF. — Kilroy Realty Corp. has completed the disposition of Calabasas Park Centre, a three-building, Class A office campus in Calabasas. A joint venture between Related Fund Management and Cruzan acquired the asset for $78.2 million. Calabasas Park Centre was developed by Kilroy Realty in phases between 2000 and 2001. It consists of two four-story buildings and one two-story building located at 23925, 23975 and 24025 Park Sorrento. At the time of sale, the 225,340-square-foot property was 96 percent leased to 38 tenants. Kevin Shannon, Rob Hannan, Brunson Howard, Michael Moll and Laura Stumm of Newmark Knight Frank represented the seller in the transaction.

January 7, 2019

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Negotiates Sale of 200-Bed Skilled Nursing Portfolio in New Mexico

by Amy Works January 7, 2019

SANTA FE AND HOBBS, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities, located in Santa Fe and Hobbs and totaling 200 beds. The seller was a Texas-based regional owner-operator looking to divest non-core assets. O&M Investments acquired the Santa Fe facility, while a Southern California-based private REIT acquired the Hobbs property. The prices were not disclosed. Christopher Hyldahl and Gideon Orion of Blueprint were the lead advisors on the transaction.

January 7, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Brokers $3.7M Sale of Apartment Property in Denver

by Amy Works January 7, 2019

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an apartment building and duplex located at 2818-2836 Wyandot St. in Denver. An undisclosed seller sold the asset for $3.7 million. The 23-unit apartment building was built in 1962, while the duplex was built in 1886. Josh Newell and Barton Thompson of Pinnacle Real Estate Advisors represented the seller in the deal. The name of the buyer was not released.

January 7, 2019

Acquisitions Arizona Retail Western

Orion Arranges $3.5M Sale of Family Dollar-Anchored Retail Center in Phoenix

by Amy Works January 7, 2019

PHOENIX — Orion Investment Real Estate has negotiated the sale of Bell Canyon Plaza, a multi-tenant retail center located at the corner of 24th and Roosevelt streets in Phoenix. Ramsey Real Estate Group acquired the property from Ten Fourteen 24th Associates for $3.5 million, or $194 per square foot. Family Dollar anchors Bell Canyon Plaza on a newly extended lease. Additional tenants include Taco Bell and MetroPCS. Ari Spiro, Derek Buescher and Jared Williams of Orion represented the buyer and seller in the deal.

January 7, 2019

California Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Joint Venture to Develop 131-Acre Mixed-Use Project in San Luis Obispo, California

by Amy Works January 4, 2019

SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …

January 4, 2019

Acquisitions Arizona Office Western

Equus Capital Partners Sells Raintree Corporate Center in Arizona for $91.7M

by Amy Works January 4, 2019

SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the sale Raintree Corporate Center, an institutional-quality office project in Scottsdale. Funds managed by Oaktree Capital Management and Cypress Office Properties acquired the multi-tenant property for $91.7 million. Situated on 11.6 acres at 8800 and 8888 E. Raintree Drive, the 345,417-square-foot property was 90 percent leased at the time of sale. The asset consists of two three-story office buildings featuring a six-level parking garage and on-site amenities including a deli/restaurant and fitness center. CJ Osbrink, Kevin Shannon, Ken White, Brad Burton and Paul Jones of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.

January 4, 2019

Prologis-Vernon-Business-Center-Los-Angeles-CA

California Development Industrial Western

Prologis Starts Construction of Two-Building Vernon Business Center in Los Angeles

by Amy Works January 4, 2019

LOS ANGELES — Prologis is developing a two-building industrial park located at 5215 S. Boyle Ave. in Los Angeles. Dubbed Prologis Vernon Business Center 1 and 2, the asset will include a 113,952-square-foot building and a 232,229-square-foot building. Slated for completion this fall, the facilities will each feature more than 10,000 square feet of corporate office build-out space, 36-foot clearance, ESFR sprinkler system, concrete truck courts and 2.5 percent skylights. Business Center 1 will include 20 dock-high positions, 13 trailer stalls and 111 car parking spaces, while Business Center 2 will include 38 dock-high positions, 54 truck stalls and 184 car parking spaces. John McMillan, Jeff Sanita, Danny Williams and Greg Stumm of Newmark Knight Frank are handling the leasing for industrial center.

January 4, 2019

Phoenix-Airport-Industrial-Center-Phoenix-AZ

Acquisitions Arizona Industrial Western

Cohen Asset Management Completes Sale of 77,642 SF Phoenix Airport Industrial Center for $8.6M

by Amy Works January 4, 2019

PHOENIX — Los Angeles-based Cohen Asset Management has completed the disposition of Phoenix Airport Industrial Center, an industrial building in Phoenix. Denver-based EverWest Real Estate Investors acquired the property for $8.6 million. Will Strong of Cushman & Wakefield Capital Markets represented the seller in the deal. Situated on 3.9 acres at 824 E. University Drive, the 77,642-square-foot Phoenix Airport Industrial Center features ample loading capabilities, a fenced truck yard and an office-to-warehouse ratio of 6.6 percent. DIRTT Environmental Solutions occupies the entire building on a lease that runs through May 2027.

January 4, 2019

Industrial Leasing Activity Western

ATISA Industrial Arranges 56,333 SF Industrial Lease at Pacifico Park in Tijuana

by Amy Works January 4, 2019

TIJUANA, MEXICO — ATISA Industrial has announced that Pipedream has signed a lease to occupy space at Pacifico Park in Tijuana. Pipedream will occupy 56,333 square feet within the Violeta Building. Arturo Valdez of NAI Mexico brokered the deal.

January 4, 2019

Acquisitions California Multifamily Western

IPA Negotiates $56.2M Sale of Newly Built Multifamily Property in Santa Barbara, California

by Amy Works January 3, 2019

SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Marc, a newly constructed multifamily asset located on State Street in Santa Barbara. Realty Center Management acquired the property for $56.2 million. The sellers are a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners. Built in 2017, the property features 89 multifamily apartments and 2,500 square feet of ground-floor retail space for a total of 78,166 net rentable square feet. Additionally, the property features dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective low-heat roof. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of IPA represented the sellers in the transaction.

January 3, 2019

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