Western

CBRE Negotiates Sale of 400-Unit The Blake Multifamily Development in Phoenix

by Amy Works July 2, 2024

PHOENIX — CBRE has arranged the sale of The Blake, a multifamily community currently under development in Phoenix. A venture between StreetLights Residential and an affiliate of RED Development sold the asset to a venture between RXR and Korman Communities for an undisclosed price. Slated for completion in early 2025, The Blake will offer 400 apartments featuring 10-foot ceilings with coves in the living rooms; wood-style flooring in living areas and bedrooms; tile flooring in bathrooms; both granite and quartz countertop design options in bathrooms; walk-in closets; washers/dryers; energy-efficient stainless steel appliances; custom cabinetry and hardware; and Sonos speaker systems in all units. Community amenities will include a clubhouse with library, dining room, coffee bar, conference rooms, co-working stations and TV seating areas. The private resident bar includes a roll-up window leading to outdoor seating around a resort-style pool and spa area with cabanas, fire features, televisions, barbecue grills and dining areas. The Blake is part of the mixed-use project being developed on the former Paradise Valley Mall site. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen of CBRE represented the sellers in the transaction.

July 2, 2024

Acquisitions Retail Utah Western

Capstone Enters Utah Market, Acquires Trail Crossing Shopping Center in South Jordan

by Amy Works July 2, 2024

SOUTH JORDAN, UTAH — Capstone Advisors has entered the Utah market with the acquisition of Trail Crossing Shopping Center, a retail property at 5414 W. Daybreak Parkway in South Jordan, a suburb south of Salt Lake City. Wright Development Group sold the asset for an undisclosed price. Completed in 2017, Trail Crossing Shopping Center offers 38,397 square feet of retail space across five buildings. At the time of sale, the property was fully occupied, with Smith’s Food and Drug as the anchor tenant.

July 2, 2024

California Industrial Loans Self-Storage Western

Seven Hills Realty Trust Provides $23.8M Loan for Self-Storage Facility in Los Angeles

by Amy Works July 2, 2024

LOS ANGELES — Seven Hills Realty Trust (SEVN) has secured $23.8 million floating-rate first mortgage loan to recapitalize a self-storage facility located at 2515 S. Broadway in Los Angeles. Staley Point Capital is the borrower. The Extra Space Storage-branded facility offers 80,000 square feet of self-storage space. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Staley Point Capital.

July 2, 2024

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment, Oaks Commercial Arrange $3.8M Sale of McDonald’s-Occupied Property in Fountain Valley, California

by Amy Works July 2, 2024

FOUNTAIN VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors, in conjunction with Oaks Commercial Real Estate, has arranged the sale of a single-tenant restaurant property located at 11321 Talbert Ave. in the Orange County city of Fountain Valley. A Newport Beach-based family trust sold the absolute triple-net ground lease to a Fountain Valley-based 1031 exchange buyer for $3.8 million in an all-cash transaction. McDonald’s occupies the 3,500-square-foot property, which is an outparcel to a Costco Wholesale. Situated on an acre, the building was constructed in 2011. Bill Asher and Jeff Lefko of Hanley Investment Group, in association with Fred Encinas of Eastvale-based Oaks Commercial Real Estate, represented the seller. Robert Tran of Westminster-based HPT Realty represented the buyer in the deal.

July 2, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $2.7M Sale of Copper Gold Apartments in Golden, Colorado

by Amy Works July 2, 2024

GOLDEN, COLO. — NorthPeak Commercial Advisors has brokered the sale of Copper Gold Apartments, a 14-unit multifamily building located at 510 24th St. in Golden, a suburb west of Denver. The 4,464-square-foot asset traded for $2.7 million, or $192,857 per unit. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors handled the transaction. The names of the seller and buyer were not released.

July 2, 2024

Acquisitions Office Washington Western

King County Acquires Dexter Horton Office Building in Seattle for $36.6M

by Amy Works July 1, 2024

SEATTLE — King County has purchased the Dexter Horton Building, an office building in downtown Seattle, for $36.6 million. The county worked with ING Group, a lender to the original property owner, to create a deal to transfer ownership. CIM Group acquired the asset in 2019 for $151 million. King County’s Department of Public Defense is one of nine tenants in the building and will now expand its presence at the property. The deal will save King County nearly $2 million per year in leasing costs and has the potential to be a future source of additional revenue to the county when new tenants fill the vacant space currently available in the building.

July 1, 2024

Acquisitions Multifamily Nevada Western

Berkadia Arranges $24.1M Sale of Prosper 89 Multifamily Asset in Las Vegas

by Amy Works July 1, 2024

LAS VEGAS — Berkadia has arranged the sale of Prosper 89, a garden-style apartment community in Las Vegas. Nevada-based Turtle Bay 89 sold the asset to California-based Benedict Canyon Equities for $24.1 million, or $270,787 per unit. Located at 10750 El Camino Road, Prosper 89 features 89 units in a mix of one- and two-bedroom apartments with private garages. Community amenities include a pool, clubhouse, business center, fitness center and open grass areas. Jared Glover of Berkadia Las Vegas facilitated the transaction on behalf of the seller.

July 1, 2024

Acquisitions Colorado Multifamily Western

Capstone Negotiates Sale of 102-Unit Eastglen Apartments in Longmont, Colorado

by Amy Works July 1, 2024

LONGMONT, COLO. — Capstone Apartment Partners has negotiated the sale of Eastglen Apartments, a 109,210-square-foot multifamily property in Longmont, approximately 35 miles north of Denver. Two Arrows Group acquired the asset for an undisclosed price. The seller was not disclosed. Located at 630 Lashley St., Eastglen Apartments features 102 units, with 20 percent designated as Low-Income Housing Tax Credit units. Sean Holamon, Adam Riddle and Jason Koch of Capstone Apartment Partners facilitated the transaction.

July 1, 2024

Acquisitions Multifamily Washington Western

WDC Properties Sells 30-Unit Clara Flats Multifamily Community in Camas, Washington

by Amy Works July 1, 2024

CAMAS, WASH. — Portland, Oregon-based WDC Properties has completed the disposition of Clara Flats, a mixed-use multifamily property in Camas, just across the Columbia River from Portland. An undisclosed, out-of-state buyer acquired the asset for $11.9 million. Located at 608 NE Birch St., the two-building Clara Flats features 30 apartments and two fully leased retail spaces. Completed in 2020, the property features mountain and river views. Jordan Carter, Clay Newton and Tyler Linn of Kidder Mathews represented the seller in the deal.

July 1, 2024

3055-Mowry-Ave-38780-Paseo-Padre-Pkwy-Fremont-CA

Acquisitions California Healthcare Net Lease Office Western

Marcus & Millichap Brokers Sale of 7,200 SF Western Dental-Occupied Properties in Fremont, California

by Amy Works July 1, 2024

FREMONT, CALIF. — Marcus & Millichap has arranged the sale of two buildings with a combined size of 7,200 square feet in the Bay Area city of Fremont. A private investor sold the medical office assets to an undisclosed buyer for $3.7 million. Western Dental occupies the assets, located at 3055 Mowry Ave. and 38780 Paseo Padre Parkway, on a net-lease basis. Yuri Sergunin, J.J. Taughinbaugh and Eric Carrillo of Marcus & Millichap’s Palo Alto office represented the seller in the deal.

July 1, 2024

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