Western

Levin Johnston Arranges $25M Sale of Two Self-Storage Facilities in Silicon Valley

by Amy Works July 18, 2018

LOS GATOS, CALIF — Levin Johnston of Marcus & Millichap has arranged the sale of two institutional-quality self-storage facilities located at 688 University Ave. and 17443 Farley Road West in Los Gatos within California’s Silicon Valley. A private high-net-worth family acquired the assets for $25 million. Constructed in 1999 and 2005, the Stor’ It Los Gatos facilities feature a total of 785 self-storage units, ranging from 25 square feet to 300 square feet, and in a mix of climate-controlled and standard unit offerings. At the time of sale, the 45,287-square-foot asset was 84 percent occupied. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the buyer and the seller, a private high-net-worth individual, in the deal.

July 18, 2018

Acquisitions Arizona Hospitality Western

Byrd Hotel Group Completes $20M Sale-Leaseback of Four Hotels in Metro Phoenix

by Amy Works July 18, 2018

GOODYEAR, ARIZ. — Byrd Hotel Group has completed the sale-leaseback of four hotel properties in Goodyear. Florida-based Kawa Capital Management acquired the properties for $20 million. The properties are the 90-room Red Lion Inn & Suites at 1313 N. Litchfield Road, the 110-guestroom Hampton Inn & Suites at 2000 N. Litchfield Road, the 100-key Holiday Inn & Suites at 1188 N. Dysart Road and the 78-suite Residence Inn at 2020 N. Litchfield Road. The four limited- and full-service hotels contain a total of 441,967 square feet of space on approximately 10.1 acres. Jon Grantham and James Meng of Colliers International’s Greater Phoenix office represented the seller, while Kawa Capital was self-represented in the transaction.

July 18, 2018

Acquisitions Arizona Industrial Western

Golden Eagle Distributors Sells Industrial Building in Tucson for $13.3M

by Amy Works July 18, 2018

TUCSON, ARIZ. — Golden Eagle Distributors, a Tucson-based beer distributor, has completed the sale of a 161,212-square-foot industrial building located at 705 E. Ajo Way in Tucson. 6455 Box Springs Blvd. LLC purchased the property for $13.3 million. Stephen Cohen and Michael Hammond of Cushman & Wakefield | PICOR represented the seller, while Art Day of CBRE represented the buyer in the transaction.

July 18, 2018

Acquisitions California Office Western

Colliers Brokers $4.1M Sale of Office Property in Hollywood

by Amy Works July 18, 2018

LOS ANGELES — Colliers International has negotiated the sale of a creative office property located at 6507-6509 De Longpre Ave. in Hollywood. Weinandroses LLC sold the property for $4.1 million, or $949 per square foot. The 4,320-square-foot asset includes an office building and a private writer’s bungalow. Formerly occupied by Go Film, a commercial and television production company, the property features private gated parking and a fully wired security/sound system. Nathan Pellow and Patrick Moody of Colliers’ Los Angeles office represented the seller. The name of the buyer was not released.

July 18, 2018

Acquisitions California Hospitality Western

Mani Brothers Real Estate Acquires 205-Room Hotel in Napa Valley

by Amy Works July 17, 2018

NAPA, CALIF. — Mani Brothers Real Estate Group has purchased the Embassy Suites by Hilton Napa Valley, located at 1075 California Blvd. in Napa, for an undisclosed price. The seller was RLJ Lodging Trust. The buyer plans to convert the 205-room hotel into a Curio Collection property, complete with a refurbishment and overall renovation of the existing property. Upgrades will include a redesign of all guest rooms and restaurant spaces, addition of a full-service space, new pools and a 54-room expansion. Situated on more than eight acres, the property features over 10,000 square feet of indoor and outdoor event space, including a rose garden, chef’s garden, fire pits, mill pond with resident swans and year-round pool.

July 17, 2018

Acquisitions California Retail Western

Kidder Mathews Arranges Sale of Four-Building Retail Property in California’s Central Valley

by Amy Works July 17, 2018

VISALIA, CALIF. — Kidder Mathews has brokered the sale of The Shops at Visalia Pavilion, located at 3833, 3837, 3927 and 4015 W. Caldwell Ave. in Visalia. Toor Capital purchased the four-building property for $8.7 million. At the time of sale, the 33,000-square-foot asset was 95 percent occupied by a variety of tenants, including Starbucks Coffee, T-Mobile and Papa Murphy’s Pizza. Peter Beauchamp, Darren Tappen and Jenette Bennett of Kidder Mathews represented the seller, a New York-based private equity firm, in the deal.

July 17, 2018

Acquisitions California Industrial Self-Storage Western

Loeffler Negotiates $4.5M Sale of Self-Storage Facility in Northern California

by Amy Works July 17, 2018

REDDING, CALIF. — Loeffler Self-Storage Group has arranged the sale of All-Preferred Mini-Storage, a self-storage facility located in Redding. The Raudman Family sold the property to a local investor for $4.5 million, or $57.62 per square foot. Situated on 3.9 acres, the 78,095-square-foot facility features 530 storage units and a cellular antenna. The property comprises 13 single-story buildings with asphalt drive aisles, plus a manager’s office and residence. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller and buyer in the transaction.

July 17, 2018

Acquisitions Multifamily Nevada Western

La Esperanza Apartments in North Las Vegas Trades for $4.5M

by Amy Works July 17, 2018

NORTH LAS VEGAS — Northcap Multifamily has facilitated the sale of La Esperanza Apartments, a multifamily property located at 900-1208 E. Carey Ave. in North Las Vegas. Tayla Family Trust & Miklos Steuer Trs sold the asset for $4.5 million, or $62,500 per unit. Built in 1962, the property features 72 apartment units. The buyer plans to renovate the property. Devin Lee, Robin Willett, Jared Roberts and Jason Dittenber of Northcap Multifamily represented the seller and buyer in the off-market deal.

July 17, 2018

Acquisitions Arizona Development Multifamily Western

Orion Investment Brokers Acquisition of Nine-Acre Land Parcel for Multifamily Development in Chandler, Arizona

by Amy Works July 17, 2018

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the purchase of a nine-acre land parcel located within the Price Corridor of Chandler. Houston-based Kaplan Cos. acquired the property from Price Revocable Trust and Circle R Investments for $4.4 million. The buyer plans to develop The District at Chandler, 340-unit multifamily project on the site. Larry Kush of Orion represented the buyer in the deal.

July 17, 2018

Colorado Market Reports Office Western Western Market Reports

Denver’s Dynamic Office Market Changes Face of Downtown

by Taylor Williams July 17, 2018

Denver’s office market has been riding a wave of expansion, entering its ninth straight year of growth, with net absorption totaling 186,826 square feet in the first quarter of 2018. While vacancy ticked up — ending at 15.9 percent, up from 15.1 percent in the prior quarter and from 14.6 percent one year ago — it is expected to fall over the next several quarters as tenants continue to absorb space in both new and existing buildings. The Denver office market’s impressive expansion has lasted 33 consecutive quarters, resulting in a total of 9.7 million square feet of absorption, 7.4 million square feet of new deliveries and a 409-basis-point plunge in vacancy. The majority of the 9.7 million square feet absorbed between the first quarter of 2010 and the first quarter of 2018 occurred in three key submarkets. This included the Southeast Suburban (SES), Downtown and Northwest (NW) markets, which recorded 3.3 million, 2.9 million and 1.3 million square feet of absorption, respectively. The Downtown market ended the quarter with absorption of 214,317 square feet, and Class A median asking rates were up 39.5 percent from year-end 2009 to $39.76 per square foot. Asking rates in some of the newest …

July 17, 2018

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