Western

IPA Arranges $55.5M Sale of 442-Unit Multifamily Property in Tempe, Arizona

by Amy Works November 15, 2018

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Davenport, a multifamily asset situated on 20.5 acres along Mill Avenue in Tempe. Tides Equities acquired the property from an affiliate of Abacus Capital Group for $55.5 million, or $125,566 per unit. Developed in 1973 and 1979, The Davenport features 442 units in a mix of studio, one- and two-bedroom layouts. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

November 15, 2018

Acquisitions California Mixed-Use Office Retail Western

Newmark Knight Frank Negotiates Sale of 586,407 SF Mixed-Use Property in San Leandro

by Amy Works November 15, 2018

SAN LEANDRO, CALIF. — Newmark Knight Frank has arranged the sale of Westgate Center, a grocery-anchored mixed-use retail center located at 1933 Davis St. in San Leandro. SKB and WHI Real Estate Partners sold the property to a New York-based global private equity firm for an undisclosed price. The 586,407-square-foot property features a 361,132-square-foot retail component and 225,275 square feet of flex office and prototyping space. Walmart, Home Depot, Ross Dress for Less, Burlington and Dollar Tree are tenants at the retail portion. The second-floor flex space, branded as Gate510, offers an environment for entrepreneurs and creators to collaborate, invent, work and manufacture. Nicholas Bicardo, Brandon Rogoff and Grant Lammersen of NKF represented the seller in the deal.

November 15, 2018

Acquisitions Colorado Retail Western

Dormie Capital Holdings Buys 86,659 SF Shopping Center in Colorado for $10.6M

by Amy Works November 15, 2018

CONIFER, COLO. — Dormie Capital Holdings has acquired Conifer Marketplace, a shopping center located at 10853 Highway 285 in Conifer, approximately 30 miles southwest of Denver. An undisclosed seller sold the property for $10.6 million. Built in 1984, the 86,659-square-foot retail property was 92 percent occupied at the time of sale. Tenants include Staples, O’Reilly Auto Parts and Anytime Fitness. Legend Investment Group, a division of Legend Partners, represented the seller. Matt Call and Heather Taylor of Navpoint represented the buyer in the deal.

November 15, 2018

Acquisitions Oregon Retail Western

Asana Partners Acquires Whole Foods 365-Anchored Retail Center in Suburban Portland

by Amy Works November 15, 2018

LAKE OSWEGO, ORE. — Asana Partners has purchased Oswego Village, a five-building retail center located at 11 State St. in Lake Oswego, from an institutional seller for an undisclosed price. Situated on 7.7 acres, the 102,809-square-foot property was 84.5 percent leased at the time of sale. Tenants include Whole Foods 365, Ace Hardware, Tuesday Morning, North Lake Physical Therapy, Banfield Pet Hospital, Great Clips and Subway. Nick Kassab and Bryan Ley of HFF represented the seller in the transaction. Asana Partners acquired the property free and clear of existing debt.

November 15, 2018

Acquisitions California Industrial Western

Cushman & Wakefield Brokers $1.8M Sale of Industrial Building in Metro San Diego

by Amy Works November 15, 2018

VISTA, CALIF. — Cushman & Wakefield has arranged the sale of a freestanding industrial building, located at 2530 Pioneer Ave. in Vista. Ki’s Kitchen purchased the 9,150-square-foot property from BS Ventures for $1.8 million. Built in 1989, the property features a modernized conference room, private office space, open break room/reception, floor-to-ceiling glass walls, multiple restrooms, motorized grade loading and a secured fenced yard. The buyer, a privately owned commercial kitchen company, plans to relocate its own operations to the property from its current location in Carlsbad. Chris Baumgart and Jeffrey Sallen of Cushman & Wakefield’s San Diego office represented the seller in the deal.

November 15, 2018

Acquisitions California Hospitality Western

Braemar Hotels & Resorts to Acquire Ritz-Carlton Lake Tahoe for $120M

by Amy Works November 14, 2018

TRUCKEE, CALIF. — Braemar Hotels & Resorts has agreed to acquire Ritz-Carlton Lake Tahoe, an upscale hotel and resort property located 13031 Ritz Carlton Highlands Court in Truckee. Additionally, the company is acquiring a 3.4-acre parcel of vacant land adjacent to the hotel. The land is being entitled for luxury residential townhome development. Total consideration for the acquisition is $120 million and consists of $103.4 million for the hotel, or $608,000 per key; $8.4 million for the adjacent development parcel; and $8.2 million for capital reserves. The acquisition is expected to close by Jan. 15, 2019. Built in 2009, the property features 170 guest rooms, including 17 suites; ski-in/ski-out access to Northstar Ski Mountain; Lake Club on the shore of Lake Tahoe, a 17,000-square-foot full-service spa; six food and beverage outlets; more than 37,000 square feet of flexible indoor/outdoor meeting space; two outdoor pools; a fitness club and yoga studio; and the Ritz Kids Club. Ritz-Carlton will continue to manage the property following the acquisition.

November 14, 2018

Acquisitions Nevada Office Western

American Nevada Co. Sells Three Office Buildings in Southern Nevada for $34M

by Amy Works November 14, 2018

HENDERSON, NEV. — American Nevada Co. has completed the disposition of three office buildings totaling 162,940 square feet in Henderson. San Francisco-based JMA Ventures acquired the assets for $34 million. This deal is the final transaction to complete the sale of American Nevada’s 1.2 million-square-foot master portfolio in Southern Nevada. The properties are located at 2475, 2485 and 2495 Village View Drive within the master planned Green Valley Corporate Center. Completed in 2004 and situated on 12.7 acres, the subportfolio consists of two two-story and one three-story Class A office buildings with reflective glass, well-designed lobby entries, common areas and tenant interiors, and large, flexible floor plates. Rick Reeder, Brad Tecca, Geoffrey West, Jayne Cayton and Michael Dunn of Cushman & Wakefield’s Capital Markets team in San Diego represented the seller in the transaction.

November 14, 2018

Acquisitions California Industrial Office Western

BLT Enterprises Divests 54,000 SF Flex Building in San Diego’s Kearny Mesa for $18M

by Amy Works November 14, 2018

SAN DIEGO — Santa Monica, Calif.-based BLT Enterprises has completed the sale of an R&D and flex building, located at 5454 Ruffin Road in San Diego’s Kearny Mesa district. San Diego Unified School District acquired the asset for $18 million, or $330 per square foot. BLT acquired the property in 2017. During its ownership, the company converted the 77,000-square-foot, two-story office building back to its original 54,000-square-foot size by removing the dated addition of a second-story office space that was constructed in the late 1980s. Additionally, BLT modernized the property and added an outdoor amenity space, new lobby, exposed high ceilings, skylights, dual-pane, energy-efficient glazing and LED lighting. Ron Jacobson of SD Realty Partners, in conjunction with Brad Black and Chris Pascale of CBRE, represented the seller, while Tom Mercer of Colliers International represented the buyer in the deal.

November 14, 2018

Loans Multifamily Utah Western

Bellwether Enterprise Arranges $12M Loan for Multifamily Property in Millcreek, Utah

by Amy Works November 14, 2018

MILLCREEK, UTAH — Bellwether Enterprise Real Estate Capital has secured a $12 million conversion loan for Artesian Springs Phase III in Millcreek. Located at 36 E. Columbia Ave., the property features 120 units, of the larger property’s 134 total units, with long-term rent restrictions at 50 percent and 60 percent of area median income per a Land Use Restrictive Agreement with Utah Housing. Doug Taylor and Cindy Hannon of Bellwether Enterprise arranged the loan for the borrowers, David Bevan and David Peterson. The company provided a 24-month forward conversion using Chase Bank as the construction lender. Originally a Freddie Mac forward Tax-Exempt Loan closed in 2016, the forward loan converted to the Freddie Mac permanent loan prior to the forward commitment expiration date. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

November 14, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Brokers $5.1M Sale of Shady Brook Apartments in Englewood, Colorado

by Amy Works November 14, 2018

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Shady Brook Apartments, a multifamily property located at 3655 S. Pennsylvania St. in Englewood. An undisclosed buyer acquired the 38-unit property for $5.1 million, or $134,211 per unit. Kevin Calame of Pinnacle represented the undisclosed seller, while Josh Newell, also of Pinnacle, represented the buyer in the deal.

November 14, 2018

Newer Posts

Older Posts