Western

Equus Purchases Pair of Office Buildings in Redmond’s Quadrant Willows for $25.6M

by Nellie Day March 17, 2016

REDMOND, WASH. — Equus Capital Partners has acquired a pair of office buildings within the Quadrant Willows business park in Redmond $25.6 million. The acquisition includes Building C and Building E, totalling 129,972 square feet. The buildings are located at 11121 & 11241 Willows Road NE. They were built in 1998 and 2000, respectively. Both structures underwent renovations in 2007. Joe Lynch, Andy Miller, Bob Conrad and Dan Harden of Kidder Mathews represented the seller, Steelwave, in this transaction.

March 17, 2016

California Office Western

Tarsadia Investments Leases Office Space Near Newport Beach’s Fashion Island

by Nellie Day March 17, 2016

NEWPORT BEACH, CALIF. — Tarsadia Investments has leased the top floor of a 21-story office building that sits across from Fashion Island in Newport Beach. The property is located at 520 Newport Center Drive. The financial company will occupy 18,000 square feet. The new lease brings the property’s occupancy to about 85 percent. Nearly half of the larger Newport Center’s 2.5 million square feet of office space is leased to financial services companies. Tarsadia will share a building with other financial institutions, including Merrill Lynch, Janus Capital Group, Wing Lung Bank, Stifel, Nicolaus & Co., Wells Fargo Advisors and Hightower Advisors. Irvine Company Office Properties owns the building. Additional banking, investment and financial companies that boast office space within Newport Center include PIMCO, Allianz, Pacific Life, UBS Financial Services, Oppenheimer, J.P. Morgan, BNY Mellon, Northern Trust, Morgan Stanley, Aviation Capital Group, ROTH Capital Partners, U.S. Trust and City National Bank.

March 17, 2016

Colorado Industrial Western

Garrison Business Park in Lakewood Sells for $7.5M

by Nellie Day March 17, 2016

LAKEWOOD, COLO. — CAM Lakewood LLC has purchased Garrison Business Park, a 49,000-square-foot flex-industrial property in Lakewood, for $7.5 million. The property is located at 9195-9197 W. 6th Ave., about seven miles outside of downtown Denver. The fully leased property is occupied by tenants like Pinkard Construction and Golder Associates. The seller, Pathfinder Partners, purchased the property in December 2012 from a CMBS special servicer’s real estate-owned (REO) department.

March 17, 2016

Colorado Industrial Western

Sovran Self Storage Acquires Extra Space Storage in Denver

by Nellie Day March 17, 2016

DENVER — Sovran Self Storage Inc. has purchased the 521-unit Extra Space Storage self-storage facility in the Denver submarket of Thornton for an undisclosed sum. The sales price equates to $203 per square foot, the highest price paid per square foot for a self-storage facility in Colorado, according to Marcus & Millichap, which represented both the buyer and seller, TRC Companies, in this transaction. The facility is located at 9000 Gale Blvd., about 10 miles north of downtown Denver. It was built in 2011. Adam Schlosser and Chico LeClaire led the Marcus & Millichap team.

March 17, 2016

Colorado Multifamily Western

Jackson Square Buys Arapahoe Club Apartments in Denver

by Nellie Day March 17, 2016

DENVER — Jackson Square Properties has acquired the 185-unit Arapahoe Club apartment community for an undisclosed sum. The community is located at 2800 S. Syracuse Way. It was built in 1994. The Class B property is situated near the Denver Technological Corridor, the area’s largest employment hub with more than 423,000 workers. ARA Newmark represented the seller, the Reliant Group, in this transaction.

March 17, 2016

California Office Top Stories Western

Google to Buy Eight Silicon Valley Office Buildings from NetApp for $250M

by John Nelson March 17, 2016

SUNNYVALE, CALIF. — Google Inc. (NASDAQ: GOOG) has entered into a purchase agreement to buy eight office buildings in Silicon Valley from NetApp (NASDAQ: NTAP) for $250 million, according to a document filed with the Securities and Exchange Commission on March 9. The tech companies amended the filing on March 11. NetApp plans to lease back an unspecified portion of the office footprint from Google, according to the filing. The office properties, located in Sunnyvale in Santa Clara County, include the following: • 1299 Orleans Drive (46,170 square feet) • 1277 Orleans Drive (42,624 square feet) • 1260 Crossman Ave. (95,464 square feet) • 1240 Crossman Ave. (125,648 square feet) • 549 Baltic Way (110,160 square feet) • 641 Baltic Way (88,320 square feet) • 611 Baltic Way (43,372 square feet) • 633 Caribbean Drive (43,372 square feet) According to the filing, the sale is expected to close prior to April 12, 2016, and in no circumstance later than April 22. NetApp, a data storage management provider and servicer, recently announced it would cut roughly 12 percent of its workforce, according to the Silicon Valley Business Journal. NetApp currently has more than 12,000 employees in more than 150 offices worldwide. …

March 17, 2016

Multifamily Oregon Western

Russellville Commons Apartments in Portland Sells for $57.8M

by Nellie Day March 16, 2016

PORTLAND, ORE. — MG Properties Group (MGPG) has acquired the 283-unit Russellville Commons Apartments in Portland for $57.8 million. The community is located at 10320 S.E. Pine St., within the Gateway District. Russellville was built in 1999. This is MGPG’s seventh acquisition in the past year. MGPG is currently targeting much of the West, including Arizona, California, Colorado, Nevada, Oregon and Washington. Cody Hagerman and Tyler Johnson of HFO Investment Real Estate represented the seller, the Reliant Group, in this transaction. Joe Briganti at PNC Real Estate arranged a 10-year, fixed-rate mortgage for the transaction.

March 16, 2016

Arizona Office Western

Lincoln Property Co., Goldman Sachs Purchase Gainey Center II in Scottsdale for $35.2M

by Nellie Day March 16, 2016

SCOTTSDALE, ARIZ. — A joint venture between Lincoln Property Co. and Goldman Sachs has purchased Gainey Center II, a 146,770-square-foot office building in Scottsdale, for $35.2 million. The building is located at 8501 N. Scottsdale Road. Gainey Center is situated about one mile from Loop 101 within the Gainey Ranch community. The building is 89 percent occupied. Notable tenants include J.P. Morgan, TPI Composites Inc., Apriva and McGraw Hill Financial. The space will undergo minor renovations to the lobby, common area, landscaping and signage. CBRE’s Jerry Roberts and Pat Boyle are handling the building’s leasing efforts, while LPC is providing management services.

March 16, 2016

California Office Western

Hileman Cowley Partners Acquires Victory Studios in Burbank for $15.3M

by Nellie Day March 16, 2016

LOS ANGELES — Hileman Cowley Partners has purchased Victory Studios, a 56,547 –square-foot television production and broadcast center in the Los Angeles submarket of Burbank, for $15.3 million. Telepictures Productions, a division of Warner Bros. Entertainment, currently occupies the studio. The company has occupied the property since 1994. Telepictures produces television shows like Extra, the Ellen DeGeneres Show and TMZ. Hileman Cowley purchased the existing ground lease and the underlying land. The assets were held by different entities. Mike Guterman and Brad Sevier of Highland Realty Capital arranged a non‐recourse, fixed-rate bank acquisition loan for the transaction. Andrew Burke and Mark Evanoff of Avison Young represented the undisclosed seller.

March 16, 2016

Colorado Multifamily Western

Advenir Buys 345-Unit Villas at Parker Apartments in Denver

by Nellie Day March 16, 2016

DENVER — Jackson Square Properties has sold the 345-unit Villas at Parker apartment community in Denver to Advenir for an undisclosed sum. The community is located at 1090 S. Parker Road. It was built in 1972 and renovated in 2008 and 2009. ARA Newmark represented Jackson Square in this transaction.

March 16, 2016

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