Western

Quail Ridge Apartments in Thornton, Colorado, Sells for $22M

by Nellie Day November 28, 2017

THORNTON, COLO. — Pathfinder Partners has acquired the 140-unit Quail Ridge Apartments in Thornton for $22 million. The community is located at 501 E. 102nd Ave. Pathfinder plans to renovate and rebrand the community, as well as upgrade its amenity package. Built in 1985, Quail Ridge is situated on 6.2 acres. The community includes a one-story leasing office and clubhouse, along with a variety of amenities, including covered parking, swimming pool, spa, business center, basketball court and fitness center. Shane Ozment and Terrance Hunt of ARA Newmark brokered the transaction. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged debt financing.

November 28, 2017

Colorado Multifamily Western

Griffis/Blessing Acquires 152-Unit Apartment Complex in Colorado Springs for $21M

by Nellie Day November 28, 2017

COLORADO SPRINGS, COLO. — Griffis/Blessing has purchased the 152-unit Western Hills apartments in Colorado Springs for $21 million. The community is located at 810 Western Drive. The site is near the Colorado Springs Airport in an area seeing more than $100 million in new development. Community amenities include a clubhouse, business center, 24-hour fitness center, heated outdoor pool, playground, basketball court and café/lounge area. Prior to the sale, Western Hills had begun capital improvements, including replacement of windows, appliances, countertops, cabinets, flooring and landscaping. CBRE’s Dan Woodward, David Potarf, Matt Barnett and Jake Young, along with Colorado Multifamily Investment Properties, represented the seller, Evergreen Real Estate, in this transaction. Brady O’Donnell of CBRE Capital Markets, Debt & Structured Finance arranged the FMAC financing.

November 28, 2017

California Office Western

Laurus Corp. Buys 72,928 SF Medical Office Building in Southern California

by Nellie Day November 28, 2017

LAGUNA HILLS, CALIF. — An affiliate of Laurus Corp. has purchased Saddleback Financial Center, a 72,928-square-foot medical office tower in Laguna Hills, for an undisclosed sum. The building is situated adjacent to Laguna Woods Village and the Laguna Hills Mall in the South Orange County submarket. Saddleback Financial Center is currently 68 percent leased. Notable tenants include the Department of Rehabilitation and California Bank and Trust. The four-story building was renovated in 2003. HFF’s Evan Kovac, Derreck Barker, Andrew Milne and Trent Jemmett represented both the buyer and seller, True North Management Group, in this transaction.

November 28, 2017

California Office Western

Tower Investments Purchases Office Building in San Diego for $3.2M

by Nellie Day November 28, 2017

SAN DIEGO — Tower Investments LLC has acquired a 19,129-square-foot office building in the San Diego submarket of La Jolla for $3.2 million. The building is located at 800 Silverado St. The three-story building is situated on an 11,326-sqaure-foot parcel with a remaining 31-year ground lease. The building was constructed in 1986. It was fully occupied at the time of sale. Notable tenants include City National Bank and Blanchard, Krasner and French law firm. The LLC represented itself, while Paul Lafrenz of Colliers International and Pascal Aubry-Dumand of JLL represented the seller, Laubro No.1 LLC, in this transaction.

November 28, 2017

Office Utah Western

Sorenson Media Expands Headquarters in Lehi, Utah

by Nellie Day November 28, 2017

LEHI, UTAH — Sorenson Media has expanded its headquarters in Lehi, absorbing an additional 30,648 square feet. The office building is located at 2000 W. Ashton Blvd. in Thanksgiving Station. Construction of the project is ongoing, and Sorenson will occupy a total of 91,977 square feet. Chris Falk and Braxton Willie of Newmark Grubb ACRES represented Sorenson in this transaction.

November 28, 2017

California Office Top Stories Western

KBS Strategic Opportunity REIT Sells 11-Property Office Portfolio to Singapore-Based Investor for $804M

by Katie Sloan November 28, 2017

NEWPORT BEACH, CALIF. — KBS Strategic Opportunity REIT Inc. has sold a portfolio of 11 office properties to various subsidiaries of Keppel-KBS US REIT, a newly formed Singapore-based REIT, for $804 million. “We believe that the Singapore transaction was an excellent opportunity to monetize these assets at attractive pricing and to utilize a substantial portion of the net proceeds to invest in new opportunistic investments, as well as current capital projects,” says Keith Hall, CEO and director of KBS Strategic Opportunity REIT. The portfolio of properties includes: 1800 West Loop, a 400,101-square-foot office tower in Houston. Westech 360, a 175,529-square-foot, four-building office park in Austin, Texas. Great Hills Plaza, a 139,252-square-foot, three-story office building in Austin. Westmoor Center, a 612,890-square-foot, six-building office campus in Westminster, Colo., 11 miles northwest of Denver. Iron Point Business Park, a five-building, 211,887-square-foot office park in Folsom, Calif. The Plaza Buildings, two office properties totaling 490,994 square feet in Bellevue, Wash., 10 miles outside Seattle. Bellevue Technology Center, a 330,508-square-foot, nine-building office campus located in Bellevue. Northridge Center I and II, two office buildings totaling 188,509 square feet in Atlanta. West Loop I and II, a 313,873-square-foot, multi-tenant office complex in the Bellaire submarket of Houston. Powers …

November 28, 2017

California Industrial Western

Carpenter Co. Sells 417,600 SF Industrial Building in California for $21.5M

by Nellie Day November 27, 2017

LATHROP, CALIF. — Carpenter Co. has sold a 417,600-square-foot industrial building south of Stockton to an undisclosed buyer for $21.5 million. The facility is located at 17100 S. Harlan Road in Lathrop. The property is situated on nearly 35 acres about 60 miles east of the Port of Oakland. Jim Martin of Lee & Associates Stockton represented Carpenter Co. in this transaction.

November 27, 2017

Hospitality Nevada Western

Heritage Inn Opens 158-Room Homewood Suites Las Vegas City Center

by Nellie Day November 27, 2017

LAS VEGAS — The 158-room Homewood Suites by Hilton Las Vegas City Center has opened in Las Vegas. The hotel is located at 4625 Dean Martin Drive, half a mile from the Las Vegas Strip. Heritage Inn and Suites of Las Vegas owns the property, which Tharaldson Hospitality Management Co. manages. It offers studio to two-bedroom units that feature fully equipped kitchens, as well as separate living and sleeping areas.

November 27, 2017

Colorado Multifamily Western

Denver Apartment Community Sells for $6.6M

by Nellie Day November 27, 2017

DENVER — An unnamed buyer has purchased a 41-unit apartment community in Denver for $6.6 million. The community is located at 2920 W. 32nd Ave. in the Highlands neighborhood. The asset is fully occupied. Josh Newell of the Newell Team represented the buyer in a 1031 exchange that swapped a stabilized asset for this value-add opportunity. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented the seller in this transaction.

November 27, 2017

Colorado Multifamily Western

Inland Affiliate Buys 200-Unit Arterra Place Apartments in Aurora, Colorado

by Nellie Day November 27, 2017

AURORA, COLO. — An Inland Real Estate Acquisitions affiliate has acquired the 200-unit Arterra Place Apartments in Aurora for an undisclosed sum. The community is located at 17036 E. Ohio Drive. Arterra Place was built in 2014. Each unit features nine-foot ceilings, granite countertops, a fireplace, walk-in closets, full-size washer and dryer, balcony and scenic mountain views. The property also features community amenities like a clubhouse with Wi-Fi, media room, heated swimming pool, outdoor fireplaces, 24-hour fitness center, bicycle/jogging path, barbecue grills, playground and heated pet wash station. Matthew Tice of Inland Real Estate Acquisitions executed the transaction.

November 27, 2017

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