Western

Decron Properties, Sequoia Trade California Apartment Complexes in $193M Deal

by Nellie Day June 9, 2017

SACRAMENTO, CALIF., AND LOS ANGELES — Decron Properties has traded a 264-unit multifamily property in Sacramento, plus some cash, to Sequoia in a direct exchange for a two-property, 504-unit apartment portfolio in Simi Valley. The combined value of the properties was estimated at $193 million. Decron acquired the 372-unit the Villas and the 132-unit Overlook for $141 million. Both communities are situated on Country Club Drive within half a mile of each other in the 4,000-acre Wood Ranch master-planned community. Sequoia took title to Broadstone at Strawberry Creek, a 264-unit apartment community in the Sacramento suburb of Elk Creek, for $52 million. Broadstone was Decron’s first investment in Northern California when they acquired the property in June 2012. Stan Jones, Philip Saglimbeni, Salvatore Saglimbeni, Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both Decron and Sequoia in the transaction. The trade required more than 15 lawyers across five law firms.

June 9, 2017

Multifamily Oregon Student Housing Western

Core Spaces Breaks Ground on Multifamily Community in Portland

by Nellie Day June 9, 2017

PORTLAND, ORE. — Core Spaces has broken ground on The Collective on 4th, a 569-bed multifamily community located near Portland State University in Portland. The property will target students, as well as young professionals, families and empty nesters. The development is set to include studio, micro-, one- and two-bedroom units alongside two- and three-bedroom townhomes. Outdoor amenities will include bocce ball courts, fire pits, barbecues, private terraces and a fourth-floor terrace with a hot tub. A fitness center, business center, rooftop chef’s kitchen and lounge, Pilates/yoga space and sauna and steam room will also be included at the property. The project is scheduled for completion in summer 2019.

June 9, 2017

California Retail Western

Faris Lee Arranges $12.5M Sale of Two Retail Buildings in Paramount

by Nellie Day June 9, 2017

PARAMOUNT, CALIF. — Faris Lee Investments has brokered the sale of two freestanding, single-tenant retail buildings located on a 1.5-acre land parcel at 8819 Alondra Blvd. in Paramount. A private investor acquired the properties, which total 15,772 square feet, for $12.5 million. A 13,972-square-foot CVS/pharmacy and a 1,800-square-foot Starbucks Coffee occupy the buildings. Nicholas Coo and Joseph Chichester of Faris Lee Investments represented the seller, a private family company, while RE/MAX Premier Properties represented the buyer in the deal.

June 9, 2017

Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 27-Unit Memory Care Community in Portland

by Nellie Day June 9, 2017

PORTLAND, Ore. — Senior Living Investment Brokerage has arranged the sale of Tabor Crest Memory Care, a 27-unit memory care community in Portland. The price was not disclosed. Tabor Crest was built in 2004 and expanded in 2008. Totaling 11,335 square feet on a 21,700-square-foot infill plot, the beds could potentially be expanded from 30 to 38. The buyer was an affiliate of Granite Investment Group. The new owner has leased the property to Avalon Health Care Group. This is the buyer’s first acquisition in Oregon with the plans to continue to acquire in the state. The seller was not disclosed. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

June 9, 2017

California Retail Western

Marcus & Millichap Negotiates $2.1M Sale of 7,680 SF Shopping Center in San Dimas

by Nellie Day June 9, 2017

SAN DIMAS, CALIF. — Marcus & Millichap has arranged the sale of Bonita Canyon Gateway, a retail property located at 671 E. Bonita Ave. in San Dimas. An undisclosed developer sold the 7,860-square-foot property for $2.1 million. At the time of sale, the shopping center was 78 percent occupied. Richard Longobardo of Marcus & Millichap represented the seller. The name of the buyer was not released.

June 9, 2017

Multifamily Utah Western

SALT Development Completes Two Phases at $100M 4th West Apartments in SLC

by Nellie Day June 8, 2017

SALT LAKE CITY — SALT Development has completed the first two phases of 4th West Apartments in downtown Salt Lake City. The 493-unit community is located at 255 N. 400 W. The two completed phases feature 373 units, common areas and a majority of the community’s amenities, including a sky lounge, health club, business center, bike shop and dog park. Phase III will contain 120 units that should be delivered in the third quarter of 2017. The project is estimated to cost about $100 million. Architecture Belgique designed the property.

June 8, 2017

California Healthcare Western

Easterly Government Properties Buys VA Ambulatory Care Center in Loma Linda

by Nellie Day June 8, 2017

LOMA LINDA, CALIF. — Easterly Government Properties has purchased the 327,614-square-foot Department of Veterans Affairs (VA) Ambulatory Care Center in Loma Linda. The center is located at 26001 Redlands Blvd. The price was not disclosed. The property serves as the U.S. Department of Veterans Affairs’ flagship outpatient facility. It is fully leased to the VA for 20 years. The center is situated on 37 acres in an enclave that features the Jerry L. Pettis Memorial VA Medical Center and Loma Linda University. The collective VA Loma Linda Healthcare System currently serves more than 72,000 area veterans. JLL’s Brian Saal, Bill Prutting, Lucy Fletcher, Mike Yavinsky, Joe Brennan, Marc Rampulla, Ryan Smith and Tom Bohlinger executed the transaction.

June 8, 2017

California Office Western

New York Life Real Estate Investors Buys 351,301 SF Office Building in Burbank

by Nellie Day June 8, 2017

BURBANK, CALIF. — New York Life Real Estate Investors has purchased a 351,301-square-foot office building known as 2300 Empire in Burbank for an undisclosed sum. The Class A building is situated in Burbank’s Media North submarket. It has an adjacent 1,334-stall parking garage. The building’s lobby will be upgraded, and some collaborative outdoor seating areas will be created in the next 12 months, according to the buyer. The office building is within walking distance of a 750,000-square-foot shopping center that features tenants like Target, Lowe’s, Nordstrom Rack and numerous dining options. Lincoln Property Co. will manage the property, while JLL will handle leasing.

June 8, 2017

Nevada Office Western

McKenzie Properties Breaks Ground on Spec Office Building in Reno

by Nellie Day June 8, 2017

RENO, NEV. — McKenzie Properties has broken ground on a 40,000-square-foot speculative office building within the Mountainview Corporate Center in Reno. The Class A building is located at 5520 Kietzke Lane. The four-story structure will feature customized floor plans, with balconies on two of the floors. This will be the first spec office project the company has undertaken since 2008.

June 8, 2017

California Retail Western

Dick’s Sporting Goods to Open New Store in Torrance

by Nellie Day June 8, 2017

TORRANCE, CALIF. — Dick’s Sporting Goods will open five new stores this month, including an outpost at the Del Amo Fashion Center in Torrance. That store celebrated its grand opening between June 2 and 4. With the grand opening of these new stores, Dick’s will have 702 Dick’s locations in the country. Founded in 1948 and headquartered in Pittsburgh, Dick’s also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as Dick’s Team Sports HQ, a youth sports digital platform.

June 8, 2017

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