Western

JV Buys Former Hotel in Phoenix to Convert to Assisted Living

by Nellie Day June 26, 2017

PHOENIX — A joint venture between Bruckal Developments and Ridgeline Properties has purchased a former Country Inn & Suites in Phoenix for $8.3 million. The buyers plan to convert the property into an assisted living and memory care community. Built in 2000, the 126-room property is four stories tall. The 74,000-square-foot building sits on 3.3 acres of land and has 147 parking spaces, as well as an exterior pool and fenced patio area. The conversion will create a 119-room seniors housing community slated to open in February 2018. Tim Dulany of Colliers International arranged the sale on behalf of the seller, PV Deer Valley LLC, which is a joint venture between PacVentures LLC and RA Rauch & Associates. Bruckal Developments is a family-owned, Arizona-based company with real estate assets in the United States and Canada. Ridgeline Properties is a seniors housing development and management company based in Oregon. Bruckal will be responsible for all construction and conversion responsibilities. The general contractor for the project is Hawk General Contracting of Phoenix.

June 26, 2017

California Office Western

Savills Studley Leases Office Space in Newport Beach

by Nellie Day June 26, 2017

NEWPORT BEACH, CALIF. — Savills Studley has signed a long-term lease for 17,675 square feet of office space at 520 Newport Center Drive in Newport Beach. The relocation will combine Savills Studley’s two existing offices at 19100 Von Karman Ave. in Irvine and 610 Newport Center Drive in Newport Beach. The Newport Beach location was the former home of Cresa Orange County which Savills Studley acquired in February. The space will feature a modern aesthetic with an emphasis on simplicity and openness, including a series of strategically located collaborative hubs and flexible meeting areas for internal and external gatherings. Irvine Company Office Properties owns the property. Savills Studley will occupy the building’s eighth floor in September.

June 26, 2017

California Hospitality Western

Lone Oak Lodge in Monterey Changes Hands

by Nellie Day June 23, 2017

MONTEREY, CALIF. — A local, private investor has acquired the 46-room Lone Oak Lodge in Monterey for an undisclosed sum. The hotel is located at 2221 N. Fremont St. The boutique property is near the Monterey Bay Aquarium, Cannery Row, Fisherman’s Wharf and Pebble Beach. Joshua Miehl and Oliver Shah of Atlas Hospitality Group represented the seller.

June 23, 2017

Industrial Nevada Western

Dermody Properties Completes First Building at LogistiCenterSM Near Reno

by Nellie Day June 23, 2017

RENO, NEV. — Dermody Properties has completed the first building at LogistiCenterSM, four miles from the California border in western Reno. The 223,619-square-foot building is already fully leased. Dermody plans to develop an additional 803,022 square feet at the center. Building 2 will consist of 182,000 square feet. It is scheduled for completion in September, after which construction of Phase II will commence. CBRE’s Eric Bennett and Gordon Zach is marketing the properties for lease.

June 23, 2017

Arizona Multifamily Western

Greystar Real Estate Partners Acquires Green Leaf Promontory Pointe in Phoenix

by Nellie Day June 23, 2017

PHOENIX — Greystar Real Estate Partners has purchased the 424-unit Green Leaf Promontory Pointe in Phoenix for an undisclosed sum. The community is located at 888 E. Clinton St. within the 1,200-acre Pointe Tapatio master-planned community. It was built in two phases in 1984 and 1996. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, Green Leaf Partners, in this transaction.

June 23, 2017

Colorado Multifamily Western

Phoenix Realty Group Buys Silver Cliff Apartment Homes in Englewood, Colorado

by Nellie Day June 23, 2017

ENGLEWOOD, COLO. — Phoenix Realty Group has acquired the 312-unit Silver Cliff Apartment Homes in Englewood for an undisclosed sum. The Class B complex is located at 5275 S. Delaware St. It was completed in 1991. The property will undergo improvements in operations, enhancements to the on-site amenities and upgrades to the apartment interiors through a value-added program.

June 23, 2017

Office Utah Western

U of U Health Signs Lease for Office Space at Sugar House Development in Salt Lake City

by Nellie Day June 23, 2017

SALT LAKE CITY — The University of Utah Health has signed a lease for one of the two office buildings at the new Sugar House development in Salt Lake City. The project is located at 2290 S. 1300 East. The university’s new Sugar House Clinic will focus on promoting community health, offering health services to patients, including primary and preventative care, oncology care and weight-loss services. Westport’s Sugar House development is set to include two office towers and a multifamily residential building. Demolition on the site is expected to begin in June, with the U of U Health building scheduled for completion in mid-2019.

June 23, 2017

California Industrial Western

Rexford Industrial Buys Two Industrial Properties in Los Angeles for $35.9M

by Nellie Day June 22, 2017

LOS ANGELES — Rexford Industrial Realty has purchased two industrial assets in Los Angeles for a total of $35.9 million. The first acquisition was 4175 E. Conant St. in the Long Beach area for $30.6 million. The Class A asset is fully leased to a single tenant on a triple-net basis with 13 years remaining on the lease term. The second acquisition was 5421 Argosy Ave. in the Orange County West submarket. It is fully leased as a mission-critical facility. Rexford funded the acquisitions with cash on hand.

June 22, 2017

Arizona Multifamily Western

Jevan Capital Acquires La Reserve at Forty-Fifth Apartments in Phoenix for $12.7M

by Nellie Day June 22, 2017

PHOENIX — Jevan Capital has acquired the 301-unit La Reserve at Forty-Fifth apartment complex in Phoenix for $12.7 million. The community is located at 2627 N. 45th Ave. It was built in 1972. La Reserve offers one- to three-bedroom units. Amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. Brett Polachek and Jim Crews of Cushman & Wakefield Phoenix represented the seller, CEGOP-PHX 1 LLC, in this transaction.

June 22, 2017

California Retail Western

Hanley Investment Brokers $7.6M Sale of Retail Property in Rosamond

by Nellie Day June 22, 2017

ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant retail property located at 2938 Rosamond Blvd. in Rosamond. Newmar LLC acquired the property from a private partnership for $7.6 million. Rite Aid occupies the 17,277-square-foot property, which was built in 2016. Bill Asher of Hanley Investment Group represented the seller, while Jim Halferty of Lee & Associates represented the buyer in the deal.

June 22, 2017

Newer Posts

Older Posts