Western

NKF Arranges $196M Sale of Trophy Office Building in Downtown Los Angeles

by Kristin Harlow March 2, 2018

LOS ANGELES — NKF Capital Markets has arranged the sale of Wedbush Center at 1000 Wilshire Blvd. in downtown Los Angeles for $196 million. Lincoln Property Co. sold the building to Cerberus Capital Management LP. The 476,491-square-foot office building is 86 percent leased. Financial services firm Wedbush Securities anchors the property. Located along Wilshire Boulevard, the Class A office tower is near entertainment destinations such as Staples Center and LA Live. The 21-story building recently underwent a $4 million renovation focused on repositioning the building’s ground-floor lobby, including the addition of a full-service bar and café. Designed by Kohn Pederson Fox Associates, 1000 Wilshire opened in 1987, according to The Skyscraper Center. Kevin Shannon, Rob Hannan, Laura Stumm, Michael Moll and Ken White of NKF represented the seller, while David Milestone and Brett Green of NKF procured financing on behalf of the buyer. Dallas-based Lincoln is a commercial real estate developer and property manager. Cerberus, headquartered in New York City, is a private investment firm. — Kristin Hiller

March 2, 2018

Oregon Retail Western

Capital Pacific Arranges Sales of Two Shopping Centers Near Portland for $44M

by Nellie Day March 1, 2018

WOOD VILLAGE AND MCMINNVILLE, ORE. — Capital Pacific has arranged the sales of two shopping centers in the Portland area: Wood Village Town Center in Wood Village, located 15 miles east of Portland, and McMinnville Plaza in McMinnville, 37 miles southwest of Portland. Wood Village Retail I LLC acquired the 139,831-square-foot Wood Village Town Center for $26.6 million. Wood Village GARP LLC sold the asset, which is home to Kohl’s. Fred Meyer and Lowe’s shadow-anchor the property. March Hare LLC, in conjunction with Mcmincenter LLC, purchased the 135,873-square-foot McMinnville Plaza for $17.4 million. REEF McMinnville Plaza LLC sold the property, which is home to tenants such as Ross Dress for Less, Petco, T.J. Maxx and JCPenney. Safeway shadow-anchors the center. Capital Pacific represented the buyers and sellers in both transactions.

March 1, 2018

Colorado Multifamily Western

BMC Investments Purchases 282-Unit Apartment Complex in Colorado for $31.5M

by Nellie Day March 1, 2018

AURORA, COLO. — BMC Investments has acquired the 282-unit Vista Park apartments in Aurora for $31.5 million. The community is located at 12707 E. Mississippi Ave. Vista Park was built in 1973. About 60 percent of the units have undergone light renovations, including vinyl plank flooring, new cabinets and new plumbing hardware. Select units feature walk-in closets and dishwashers. The property’s community amenities include a swimming pool, courtyard, fitness center, on-site laundry and business center. Terrance Hunt and Shane Ozment of ARA Newmark represented the seller, Capital Real Estate, in this transaction.

March 1, 2018

Multifamily Seniors Housing Utah Western

Strategic Student & Senior Housing Trust Acquires Three Assisted Living Communities in Salt Lake City

by Nellie Day March 1, 2018

SALT LAKE CITY — Strategic Student & Senior Housing Trust Inc. has acquired a portfolio of three assisted living communities in Salt Lake City totaling 294 units. The seller and price were not disclosed. The portfolio includes The Wellington, Cottonwood Creek and The Charleston at Cedar Hills. Although the operator was not named, all three communities appear on the website of California-based operator MBK Senior Living. The Wellington features 119 units, Cottonwood Creek features 111 units and The Charleston features 64 units. Strategic Student & Senior Housing Trust Inc. is a private real estate investment trust sponsored by SmartStop Asset Management. This acquisition marks SmartStop’s first entry into the seniors housing space. The company specializes in self-storage assets.

March 1, 2018

Industrial Nevada 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

Newer Posts

Older Posts