Western

Dermody Properties Starts Construction of 436,368 SF Industrial Expansion in Reno

by Nellie Day March 1, 2018

RENO, NEV. — Dermody Properties has started construction of LogistiCenter at 395 Phase II in the North Valleys of Reno. The building will add 436,368 square feet, bringing the total square footage of LogistiCenter at 395 Phase II to more than 1.1 million square feet. The project is slated for completion this September. The 130-acre, master-planned industrial business park will then be home to three buildings totaling more than 1.6 million square feet. The new building will feature a 36-foot clear height and parking, including 378 car stalls and 203 trailer stalls. The entire building is available for lease. Eric Bennett and Gordon Zack of CBRE are marketing the property. United Construction is the general contractor on the project. PCCP LLC is Dermody Properties’ strategic capital partner on the industrial park.

March 1, 2018

Colorado Multifamily Seniors Housing Western

Juniper Communities Buys Two-Property Seniors Housing Portfolio in Metro Denver

by Nellie Day March 1, 2018

LAKEWOOD, COLO. — Juniper Communities has acquired Applewood Place and Lakewood Reserve, two seniors housing communities in the Denver suburb of Lakewood. The seller and price were not disclosed. Built in 2008, Applewood Place is a 90,500-square-foot, two-story community featuring 65 assisted living units and 42 memory care units. Lakewood Reserve, built in 1999, is a 112,516-square-foot, two-story community featuring 118 assisted living units and 19 memory care units. The acquisitions bring Juniper’s total portfolio size to 1,862 units in 23 communities. Is also expands the company’s presence in the Denver area, where it already owns and operates three communities.

March 1, 2018

Arizona Office Western

PayPal Office in Scottsdale Sells for $30.5M

by Nellie Day February 28, 2018

SCOTTSDALE, ARIZ. — A Colorado-based, family-owned real estate company has acquired a 92,562-square-foot office building in Scottsdale that is net leased to PayPal. The sale price was $30.5 million. The single-tenant building is located at 9999 N. 90th St. The Class A building serves as one of PayPal’s four global, mission-critical network operations centers. The other three network operations centers are located in Silicon Valley, India and Malaysia. The corporately guaranteed lease has about 10 years remaining and features annual rent escalations. Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors represented the buyer. The seller was a Los Angeles-based private real estate company.

February 28, 2018

California Retail Western

CBRE Arranges $17.5M Sale of Shopping Center in Los Angeles

by Nellie Day February 28, 2018

LOS ANGELES — CBRE has arranged the $17.5 million sale of Triangle Center, a 16,128-square-foot strip retail center. The property, which cuts across the Los Angeles and Culver City boundaries, is home to four single-unit tenants and a freestanding 99 Cents Only store. Alex Kozakov, Patrick Wade and Neal Golub of CBRE arranged the transaction on behalf of the seller, private investor Triangle Center LLC. Mary Cronin of Urban Real Estate Investment represented the buyer, Bastion Development Corp.

February 28, 2018

Arizona Industrial Western

Pristine Auction Completes 37,000 SF Industrial Facility in Phoenix

by Nellie Day February 28, 2018

PHOENIX — Pristine Auction has completed construction on a 37,000-square-foot industrial facility at Spectrum Ridge Business Park in Phoenix. The facility is situated at the southeast corner of 7th Street and Deer Valley Road. The new space will provide Pristine Auction with room for expansion and increased efficiency. The project includes increased areas for inventory and product input. It was designed with a large executive balcony overlooking the surrounding mountain landscapes. The total project cost more than $4 million, which Chase Bank financed. Eric Bell and Mike Ciosek of Kidder Mathews handled the site selection and building transaction for the online sports memorabilia company. Wes Balmer Architects designed the property, which Sun State Builders constructed.

February 28, 2018

Nevada Office Western

NS8 Leases 12,890 SF Office Space in Downtown Las Vegas

by Nellie Day February 28, 2018

LAS VEGAS — NS8 has leased 12,890 square feet of office space at the Holsum Design Center (Lofts) in downtown Las Vegas. The online abuse, fraud and user experience protection platform will be the anchor tenant at the 46,000-square-foot center, which was formerly a bread factory. NS8 took occupancy of the space on March 1. The center is located at 241 W. Charleston Blvd. LaPour redeveloped the site in 2004. In addition to NS8, the building is home to architects, designers, real estate firms and financial firms, as well as other professional and creative users. Holsum is also home to Lola’s, A Louisiana Kitchen restaurant.

February 28, 2018

Colorado Restaurant Retail Western

Quiznos Reveals New Store Design Prototype

by Nellie Day February 28, 2018

DENVER — Quiznos has debuted its newest restaurant prototype, which will include a redesigned interior layout. The new layout includes a dedicated spot for online-order pick-up and orders made through the Toasty Points loyalty mobile app, as well as seating with power outlets to keep devices charged throughout a customer’s visit. Founded in 1981, Denver-based Quiznos is a quick-service restaurant chain serving toasted sandwiches in 35 countries.

February 28, 2018

Loans Office Washington Western

Investcorp, Schnitzer West Secure $170M Refinancing for Seattle Office Tower

by Nellie Day February 27, 2018

SEATTLE — A joint venture between Investcorp International Realty and Schnitzer West has secured $170 million in refinancing for a 540,589-square-foot office tower in downtown Seattle. The Class A tower is located at 901 Fifth Ave. The tower was originally built in 1998. The core office asset was recently renovated with more than $7 million in improvements, including updates to the lobby, conference center and executive board room. It is almost fully leased to credit tenants like the City of Seattle, St. Jude, State Farm Mutual, SVB Financial Group, AllState Insurance, Washington State University, the Federal Home Loan Bank of Des Moines and Pitchbook Inc. HFF’s Michael Gigliotti, Tom Wilson and Michael Tepedino secured the loan through HSBC.

February 27, 2018

California Retail Western

Colliers Brokers $19.9M Sale of 17,462 SF Retail Center in San Diego

by Nellie Day February 27, 2018

SAN DIEGO — Colliers International has arranged the $19.9 million sale of a 17,462-square-foot retail property located in San Diego’s Gaslamp Quarter. Bill Shrader, David Maxwell, Joe Brady and Serena Patterson of Collers arranged the transaction on behalf of both the seller, ASP/Blatteis 665 Urban 5th Venture LLC, and the undisclosed buyer. The three-unit property is home to Ghirardelli Café and Urban Outfitters. Colliers will handle leasing for the 2,692-square-foot unit located between the two retailers, which will become available in March.

February 27, 2018

California Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $11.6M Construction Financing for Assisted Living Community in Bakersfield

by Nellie Day February 27, 2018

BAKERSFIELD, CALIF. — Cushman & Wakefield has arranged $11.6 million in construction financing for The Palms at San Lauren, a 68-unit assisted living and memory care community in Bakersfield. The borrower was a joint venture between development firm Blue Mountain Enterprises Inc. and regional operator Pragma Management. The project is the third development project by the partnership. Pragma will manage the community once completed. PNC provided the capital for the loan. The Palms at San Lauren will be situated on a 3.5-acre site and will feature 44 assisted living units and 24 memory care units in a single-story building. The community will be situated next to a newly constructed skilled nursing facility. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner, Sam Dylag and Alex Petrosian.

February 27, 2018

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