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

Arizona Industrial Western

Prologis Completes 710,000 SF Industrial Improvement Project in Phoenix

by Nellie Day February 27, 2018

PHOENIX — Prologis has completed 710,000 square feet of tenant improvements and shell space in Phoenix. The new space is situated within Prologis Riverside Distribution Center and Prologis Park Riverside. Prologis Riverside Distribution Center received a 115,000-square-foot build-out for bathroom refurbishment company Home Brand, which is expanding and relocating within metro Phoenix. In addition, the property received a 115,000-square-foot build-out for video game accessory company Performance Designed Products (PDP), which relocated from California to Arizona. The tenants occupy the entire 230,000-square-foot Prologis Riverside Building II. Shell construction was also completed on the 480,000-square-foot Building III at Prologis Park Riverside, an industrial distribution center at 55th Avenue and Lower Buckeye Road. The project also included a 15-week, $15 million tenant improvement for a national e-commerce tenant. Building III sits adjacent to Prologis Park Riverside Building II, which is fully occupied by StitchFix, and Prologis Park Riverside Building I, which is fully occupied by Marshalls. Graycor Construction Co. completed construction on all the projects.

February 27, 2018

California Industrial Western

DHL Leases 76,375 SF Warehouse Building in Bay Area

by Nellie Day February 27, 2018

BRISBANE, CALIF. — DHL Global Forwarding has leased a 76,375-square-foot industrial warehouse building in the San Francisco Bay Area submarket of Brisbane. The building is located at 99 S. Hill Drive. The full complex contains 165,000 square feet on seven acres. The building features 22-foot clear height, 15 loading docks, two grade-level openings, sprinklers and trailer/employee parking. There is immediate access to US 101 and to the Bayshore Commuter Rail. The property is close to San Francisco International Airport and the Port of Oakland. Greig Lagomarsino and Mike Davis of Colliers International represented DHL, while Joe Harney of HCM Commercial Properties represented the landlord in this transaction.

February 27, 2018

Hawaii Retail Top Stories Western

Alexander & Baldwin Acquires Three Shopping Centers in Hawaii for $254M

by Katie Sloan February 27, 2018

HONOLULU — Honolulu-based Alexander & Baldwin (NYSE: ALEX) has acquired three shopping centers located in Hawaii. Terramar Retail Centers LLC sold the properties for $254 million. The buyer also assumed $62 million in mortgage debt in the transaction. Acquisitions include Laulani Village, Hokulei Village and Pu`unene Shopping Center. Laulani Village is a 175,000-square-foot, community retail center located in Ewa Beach on the island of Oahu. Safeway, Ross Dress for Less, Petco and City Mill anchor the 95 percent leased property. The center is also home to Buffalo Wild Wings, Teddy’s Bigger Burgers, Starbucks Coffee and Panda Express. Hokulei Village is a 103,000-square-foot center located in Lihue on the island of Kaua`i. The center was 97 percent leased at the time of sale to tenants including Safeway, Petco, American Savings Bank, Chevron, Jack in the Box, Domino’s Pizza and Panda Express. Pu`unene Shopping Center is a 113,000-square-foot retail center located in Kahului on the island of Maui. The property was completed in 2017, and is home to tenants including Ulta Beauty, Starbucks Coffee, Petco, Maui Tacos, Massage Envy, Planet Fitness and Verizon. Alexander & Baldwin Inc. owns, operates and manages a portfolio of approximately 87,000 acres in Hawaii, making it the state’s fourth largest …

February 27, 2018

Retail Utah Western

NKF Arranges $142M Sale of 688,549 SF Retail Center Near Salt Lake City

by Nellie Day February 26, 2018

MIDVALE, UTAH — NKF Capital Markets has arranged the $142 million sale of a 688,549-square-foot portion of The Shops at Fort Union, a shopping center in Midvale, 12 miles south of Salt Lake City. The centers totals more than 830,000 square feet and was 86 percent leased at the time of sale to tenants such as Smith’s Food & Drug, Walmart Supercenter, Dick’s Sporting Goods, Ulta Beauty, Ross Dress for Less, Michaels and DSW. Pete Bethea, Rob Ippolito and Glenn Rudy of NKF Capital Markets, in conjunction with Ben Brown of NKF affiliate Newmark Grubb ACRES, arranged the transaction on behalf of the undisclosed seller. The buyer, CCA Acquisition Co. LLC, was represented internally.

February 26, 2018

California Multifamily Seniors Housing Western

Wolff Plans 185-Unit Independent Living Community Near LA

by Nellie Day February 26, 2018

TORRANCE, CALIF. — The Wolff Company has unveiled plans for Revel South Beach, a 185-unit independent living community in the coastal Los Angeles suburb of Torrance. Wolff, an Arizona-based private equity firm and developer, plans to break ground on the community before the end of the 2018 and open the community during 2019. The property is located near many of Southern California’s most notable beaches, including Manhattan, Redondo, Torrance and Palos Verdes. The four-story property will be the 10th seniors housing community Wolff has developed since 2016. The company plans to invest $300 million to $400 million annually in seniors housing developments, in addition to seeking acquisition opportunities.

February 26, 2018

California Office Western

Pacshore Partners, Canyon Partners Buy Office Park in Santa Ana, California

by Nellie Day February 26, 2018

SANTA ANA, CALIF. — A joint venture between Pacshore Partners and Canyon Partners Real Estate LLC has purchased Harbor Corporate Park in Santa Ana for an undisclosed sum. The park is situated on Harbor Boulevard near the central corridor in the SOCO office market. Harbor Corporate Park contains four two-story buildings set on 8.93 acres with 574 parking spaces. A capital improvement plan will include upgrades to enhance the aesthetic of the property, and a spec suite will be built to market to prospective tenants.

February 26, 2018

Arizona Multifamily Seniors Housing Western

Blueprint Brokers Sale of 90-Unit Assisted Living Community Near Phoenix

by Nellie Day February 26, 2018

LITCHFIELD PARK, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Hacienda Del Rey, a 90-unit assisted living and memory care community in the Phoenix suburb of Litchfield Park. Hacienda Del Rey is arranged as nine 10-unit buildings surrounding a courtyard. A local developer built the Class A community in 2015. Recognizing the need for a more experienced operator, the developer sold the property to MBK Senior Living, a Southern California-based operator looking to expand its footprint in Arizona. Blueprint’s Jacob Gehl, Amy Sitzman and Giancarlo Riso led the transaction. The price was not disclosed.

February 26, 2018

Arizona Industrial Western

ViaWest Group Acquires Three Industrial Buildings in Phoenix for $34.2M

by Nellie Day February 23, 2018

PHOENIX — ViaWest Group has purchased three buildings at Blackhawk Corporate Center in Phoenix for $34.2 million. The buildings are located at 20401 N. 29th Ave., 2902 and 3010 W. Agua Fria Freeway. The complex was built in 1997 and 1998. Darren Tappen and Peter Beauchamp of Kidder Mathews and Ryan Timpani of Colliers International, the project’s leasing agent, represented both parties in the transaction. The seller was Cohen Equities.

February 23, 2018

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