Western

Western Wealth Capital Acquires 552-Unit Apartment Community in Phoenix for $90M

by Taylor Williams February 19, 2018

PHOENIX — Western Wealth Capital (WWC) has acquired Carlyle @ South Mountain, a 552-unit multifamily community in Phoenix, for $90 million. Carlyle @ South Mountain consists of 360 apartment units and 192 townhomes that were built in 1996 and 1997, respectively. Western Wealth Capital will invest in capital improvements to the units, most of which have not been upgraded since their initial construction. Physical amenities at the pet-friendly property include a resort-style pool, business lounge, basketball court and outdoor barbecue area. Service-based amenities include trash valet and package receiving. The property is located along the Interstate 10 corridor near the campuses of several national employers, including Intel, Wells Fargo and Bank of America. The property also offers proximity to Arizona Mills Mall, the Arizona Aquarium and Tempe Diablo Stadium, the training ground of the Los Angeles Angels baseball team. The acquisition, which raises the size of Western Wealth Capital’s multifamily portfolio to more than 7,500 units, is the company’s largest individual purchase by units and dollar value to date. Cushman & Wakefield brokered the sale of Carlyle @ South Mountain. The seller was not disclosed. — Taylor Williams

February 19, 2018

California Retail Western

NKF Arranges Sale of Target-Anchored Shopping Center in Southern California

by Nellie Day February 16, 2018

ORANGE, CALIF. — NKF Capital Markets has arranged the sale of Rusty Leaf Plaza, a neighborhood shopping center located at 2512 E. Chapman Ave. in Orange. A joint venture between Canyon Catalyst Fund and Paragon Commercial Group sold the property to Inland Real Estate Acquisitions for an undisclosed price in an off-market transaction. At the time of sale, the center was 98 percent occupied. Anchored by Target, the retail center also features a mix of service, medical and fast casual dining tenants. CJ Osbrink of NKF Capital Markets represented the seller in the deal.

February 16, 2018

California Retail Western

Faris Lee Brokers $21M Sale 66,958 SF Retail Center in Torrance, California

by Nellie Day February 16, 2018

TORRANCE, CALIF. — Faris Lee Investments has arranged the sale of Southwood Village, a neighborhood retail center located at 22214-22251 and 22217-22251 Palos Verdes Blvd. and 5230 Sepulveda Blvd. in Torrance. Los Angeles-based BIG Shopping Centers USA sold the property to a private investor for $21 million. Situated on 5.5 acres, the 66,958-square-foot property was built in the 1950s and renovated in 2013. At the time of sale, the property was 97 percent occupied by major tenants, including Dollar Tree, ACE Hardware, Goodwill and Chevron. Richard Chichester and Donald MacLellan of Faris Lee represented the seller, while Triwell Properties represented the buyer in the transaction.

February 16, 2018

Office Utah Western

Pluralsight to Occupy 350,000 SF Office Space in Utah for New Headquarters

by Nellie Day February 16, 2018

DRAPER, UTAH — Pluralsight has leased a 350,000-square-foot office property in Draper for its new worldwide headquarters. The space is located at 65 E. Highland Drive in an area known as Silicon Slopes. The enterprise technology learning company will break ground on its new office this summer. Pluralsight will lease the land from the Gardner Co./Staker Co., which owns the property and will develop Pluralsight’s new campus. Pluralsight will consolidate existing operations from Farmington and South Jordan to its new campus once it’s completed in late 2019. Newmark Grubb ACRES represented Pluralsight. Cushman & Wakefield represented the owner.

February 16, 2018

California Retail Western

Marcus & Millichap Negotiates $2.8M Sale of 5,000 SF Retail Property in LA

by Nellie Day February 16, 2018

LOS ANGELES — Marcus & Millichap has facilitated the sale of a retail property located at 9563 W. Pico Blvd. in Los Angeles. CRD Pico Associates acquired the property from a private investor for $2.8 million. The property features 5,000 square feet of retail space. Brandon Michaels and Andrew Leff of Marcus & Millichap represented the seller and buyer in the deal.

February 16, 2018

California Retail Western

Aldi Food Market Leases 23,931 SF Retail Space in Arroyo Grande, California

by Nellie Day February 16, 2018

ARROYO GRANDE, CALIF. — ALDI Food Market has signed a lease for retail space at the corner of East Grand Avenue and South Elm Street in Arroyo Grande. Grand & Elm Properties leased the 23,931-square-foot space to the grocer. Nick Frechou and Mike Arfsten of Retail California brokered the transaction.

February 16, 2018

California Office Western

Intercontinental Real Estate Corp. Acquires 337,904 SF Office Campus in Burbank for $123.5M

by Nellie Day February 15, 2018

BURBANK, CALIF. — Intercontinental Real Estate Corp. has acquired Connexion Burbank, a 337,904-square-foot office campus in downtown Burbank, for $123.5 million. The three-building urban campus is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The properties were built in 1983, 1978 and 1984, respectively, and recently underwent a major renovation. The renovation and rebranding, which totaled nearly $8 million, included upgrades to all three lobbies, addition of two outdoor decks that tier down into an open patio area, extensive plaza renovation, new common areas and other modern enhancements. The buildings are situated on just over three acres of land and provide direct access to downtown Burbank. Connexion Burbank is 91 percent occupied by tenants including Turner Broadcasting (Cartoon Network), Regus, Citibank, Blackmagic Design, University of Redlands, WGBH Educational Foundation and Gerencia 360. Intercontinental Real Estate represented itself in this transaction. NKF’s Kevin Shannon, Rob Hannan, Michael Moll and Laura Stumm represented the seller, a joint venture between Lincoln Property Co. and Angelo Gordon. Kent Handleman of Lincoln Property Co. and Doug Marlow of CBRE served as local market leasing advisors in the sale.

February 15, 2018

California Office Western

Foremost Cos. Buys 100,000 SF Office Building in Pomona

by Nellie Day February 15, 2018

POMONA, CALIF. — Foremost Cos. has purchased a 100,000-square-foot office building in Pomona for an undisclosed sum. The building is located at 901 Corporate Center Drive. The building’s interior is currently improved with classrooms and administrative offices. The asset is situated within the 50-acre University Corporate Center business park. Current owners and tenants at the business park include pharmaceutical, professional offices and businesses, educational, and state and county offices. Stonewood Properties was hired as property manager to undertake deferred maintenance and service current tenant needs. NKF’s John Ewart and John Daciolas have been hired as leasing agents.

February 15, 2018

Hospitality Nevada Western

Sandpiper Purchases 117-Room Courtyard by Marriott in Reno

by Nellie Day February 15, 2018

RENO, NEV. — An affiliate of Sandpiper LLC has acquired the 117-room Courtyard by Marriott in Reno for an undisclosed sum. The hotel is located at 6855 S. Virginia St. The LLC plans an extensive renovation, which will start this fall. It will include upgrades to the exterior façade, guestrooms, lobby and bistro. Sandpiper was attracted to the hotel’s in-place cash flow and location. Teague Hunter, Danny Givertz and Trey Scott of Hunter Hotel Advisors executed the transaction.

February 15, 2018

Multifamily Oregon Seniors Housing Western

Avamere Assumes Management of Five Assisted Living Communities in Pacific Northwest

by Nellie Day February 15, 2018

WILSONVILLE, ORE. — The Avamere Family of Companies, a Wilsonville-based operator, has taken over management of five Colony NorthStar Healthcare Income-owned assisted living communities in Oregon and Washington. The management partnership includes: Avamere at Albany, Albany, Ore. Avamere at Oak Park, Roseburg, Ore. Avamere at Cascadia Village, Bremerton, Wash. Avamere at Wenatchee, Wenatchee, Wash. Avamere at Port Townsend, Port Townsend, Wash. The Avamere Family operates nearly 50 independent living, assisted living, transitional care and skilled nursing facilities. Colony NorthStar Healthcare Income is a division of Colony NorthStar, a global real estate and investment management firm.

February 15, 2018

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