Western

Walker & Dunlop Secures $24M Financing for Retail Center in Clovis

by Nellie Day October 31, 2017

CLOVIS, CALIF. — Walker & Dunlop has secured $24 million in permanent financing for The Trading Post Shopping Center, a 127,764-square-foot retail center in Clovis. Jeff Hudson, Riley Manke and Andrew Westling of Walker & Dunlop secured the 10-year, fixed-rate loan on behalf of the borrower, Rich Development Enterprises LLC. At the time of sale, The Trading Post Shopping Center was more than 95 percent leased to tenants including Sprouts Farmer’s Market, Ross Dress for Less, Sketchers, Tuesday Morning, Dollar Tree, Pieology, Deli Delicious and Union Bank.

October 31, 2017

California Industrial Western

Duke Realty Buys Two Industrial Assets in Southern California Totaling 873,870 SF

by Nellie Day October 31, 2017

FONTANA AND CITY OF INDUSTRY, CALIF. — Duke Realty Corp. has purchased two industrial buildings totaling 873,870 square feet in Southern California. The assets are part of a larger $700 million, 12-property industrial portfolio Duke has purchased from Bridge Development Partners. The assets include a 429,870-square-foot building at South Ajax Avenue in the City of Industry and a 444,000-square-foot facility at 11250 Poplar Ave. in Fontana. Poplar Avenue was completed and leased in 2016, while Ajax Avenue was completed in 2017. HFF’s Anthony Brent and Ryan Martin represented both the buyer and seller in this transaction.

October 31, 2017

California Retail Western

HFF Arranges Sale of 165,528 SF Grocery-Anchored Center in Burbank

by Nellie Day October 31, 2017

BURBANK, CALIF. — HFF has arranged the sale of Plaza del Sol, a 165,528-square-foot grocery-anchored center in Burbank. Gleb Lvovich and Bryan Ley of HFF represented the seller, Tourmaline Capital, in the transaction. The buyer and sales price were not disclosed. Constructed in 1984, Plaza del Sol served as a Costco store until a retrofit in 2005 and 2006 that transformed the project into a retail center with street-facing retail in the front and last-mile industrial space in the back. Vallarta Supermarkets anchors Plaza del Sol, which was leased to 23 tenants with food, fitness and distribution uses at the time of sale.

October 31, 2017

Arizona Industrial Western

AllState Buys Last-Mile Warehouse Facility in Tempe

by Nellie Day October 31, 2017

TEMPE, ARIZ. — AllState has purchased Tempe Logistics Center, a 175,314-square-foot industrial building in Tempe, for an undisclosed sum. The building is located at 1524 W. 14th St. The asset serves as a “last-mile” warehouse with 18- to 24-foot clear heights, automatic fire suppression, 23 dock loading doors, six grade-level doors, an over-standard parking ratio and 130-foot truck courts. Recent tenant improvements include the installation of full air conditioning in the office and warehouse space, a new office and kitchen buildout, and an upgraded power supply. The asset is fully leased to investment-grade tenants. CBRE Global Investors acquired the property on behalf of AllState. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, LBA Realty, in this transaction.

October 31, 2017

California Loans Multifamily Student Housing Western

Positive Investments Receives $16.9M Refinancing for Student Housing Property in Riverside, California

by Nellie Day October 31, 2017

RIVERSIDE, CALIF. — Positive Investments has received a $16.9 million refinancing for International Village, a 341-bed student housing community located on the University of California, Riverside campus. Positive Investments acquired the property, which is subject to a ground lease agreement with regents of the University of California, in 2016. The community partners with the University of California, Riverside, to provide housing for students from around the world attending the university’s International Education programs. Capital One provided the Fannie Mae, fixed-rate loan, which features a 30-year amortization schedule. Andrew Kwok of Capital One originated the transaction. The property offers studio, loft, two-, three- and five-bedroom units. Shared amenities include a fitness center, music room with a piano, soccer field, bike rental, basketball court, barbecue areas, study lounges and TV lounge with billiards tables.

October 31, 2017

California Industrial Western

Westcore Properties Buys Warehouse in Metro Los Angeles

by Nellie Day October 30, 2017

SANTA FE SPRINGS, CALIF. — Westcore Properties has purchased a 74,038-square-foot warehouse building in the Los Angeles submarket of Santa Fe Springs for an undisclosed sum. The warehouse is located at 13915 Maryton Ave. The purchase marks Westcore’s return to the Los Angeles industrial market after an 18-month hiatus. The firm plans to add about 5,000 square feet of speculative office space to the vacant warehouse building. It will also make limited upgrades to the existing structure. The asset is the only modern building of its size available along the 5 Freeway corridor that spans from the City of Commerce to the North Orange County marketplace, according to Scott Heaton, who, along with Chris Sheehan of Colliers International, represented both parties in the transaction. The seller was Bridge Development.

October 30, 2017

Hospitality New Mexico Western

Marriott SpringHill Suites in Las Cruces Changes Hands

by Nellie Day October 30, 2017

LAS CRUCES, N.M. — The 101-room Marriott SpringHill Suites in Las Cruces has sold to a California-based investor for an undisclosed sum. The hotel is located at 1611 Hickory Loop. The property is situated near New Mexico State University, Downtown Mall, Las Cruces Conventions Center, Memorial Medical Center and White Sands Missile Range. The buyer owns and operates a hotel portfolio throughout the Southwest under major brands including Marriott and Hilton. Mike Armstrong of HREC Investment Advisors represented the private seller in the transaction.

October 30, 2017

Colorado Office Western

Goldman Sachs, Harbor Associates Buy Colorado Bank Building in Denver

by Nellie Day October 30, 2017

DENVER — A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM PRE) and Harbor Associates has purchased the Colorado Bank Building, a 115,000-square-foot historic office building in Denver, for an undisclosed sum. The building is situated at the corner of 17th Street and Champa. The asset was built in 1907. The joint venture plans to reposition the property into high-quality creative office space. The renovation will also include a refresh of the property’s historic lobby, added bike storage, locker rooms and showers and the build-out of other on-site food and beverage amenities.

October 30, 2017

California Hospitality Western

La Dolce Vita Resort & Spa in Palm Springs Sells for $2.7M

by Nellie Day October 30, 2017

PALM SPRINGS, CALIF. — The 19-room La Dolce Vita Resort & Spa in Palm Springs has sold to 1491 Via Soledad LLC for $2.7 million. The hotel is located at 1491 S. Via Soledad. Joshua Yammer, Sarhan Mheni and Walter Brauer of Marcus & Millichap represented the limited liability company in the transaction. The team also represented the seller, another limited liability company, in the transaction.

October 30, 2017

California Industrial Western

OnTrac Renews Lease for Distribution Center in Metro San Diego

by Nellie Day October 30, 2017

MIRAMAR, CALIF. — OnTrac has renewed its lease for an 84,000-square-foot industrial distribution property in the San Diego submarket of Miramar. The space is located at 7077 Consolidated Way. The facility was built in 1981. OnTrac has occupied this building for the past five years to support the company’s logistics and regional shipping services in the Western U.S. The renewal will also facilitate the company’s growth locally. Evan McDonald of Colliers International represented OnTrac in the lease transaction. The landlord is 7077 Associates LP.

October 30, 2017

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