Western

Tristar Capital, RFR Holding Acquire Amazon Phase VII Office Property in Seattle for $244M

by Nellie Day November 23, 2016

SEATTLE — A joint venture between Tristar Capital and RFR Holding has purchased Amazon Phase VII, a 12-story office building with ground-floor retail in the South Lake Union neighborhood of Seattle, for $244 million. The building is located at 400 Ninth Ave. N. Amazon Phase VII features 313,000 square feet of office space fully leased to Amazon, 5,700 square feet of ground-floor retail space fully leased to Sam’s Tavern and a four-level subterranean garage. The development also includes a public plaza and a landscaped rooftop terrace with sweeping views of the city. “Nebulous,” a public art installation by local artist Dan Corson, is suspended above the public plaza. The building was completed in 2015 and is LEED-Gold certified. NBBJ designed the project, which Turner Construction built. The Washington State Chapter of NAIOP honored the building’s seller, Vulcan Real Estate, with the 2015 Office Development of the Year award for its 1 million-square-foot expansion of Amazon’s South Lake Union headquarters. This expansion included Amazon Phase VI, Phase VII and VIII. Kevin Shannon, Ken White, Michael Moll and David Milestone of Newmark Grubb Knight Frank, along with CBRE’s Tom Pehl, Lou Senini and Owen Rice, negotiated the transaction. “Core, best-in-class office product in …

November 23, 2016

California Office Western

Fulcrum Properties Buys University Research Park in Davis for $70M

by Nellie Day November 22, 2016

DAVIS, CALIF. — Fulcrum Properties has acquired University Research Park, a 304,912-square-foot campus in Davis, for $70 million. The 17-building park is located at 1440-1590 Drew Ave., 1850-2020 Research Park Drive and 1947 Galileo Court, less than one mile from the University of California, Davis. The property was 92 percent occupied at the time of sale. Major tenants include Novozymes, Marrone Bio Inovations and UC Regents. CBRE’s Russell Ingrum, Joe Moriarty, Tyler Meyerdirk, Sean Sullivan, Stuart Wright and Matt Post represented the seller, Interland LLC. The firm’s Mike Stassi and Daniel Baker provided leasing market expertise .

November 22, 2016

California Office Western

Ridge Capital Investors Purchases 320,559 SF Office Complex in San Jose

by Nellie Day November 22, 2016

SAN JOSE, CALIF. — Ridge Capital Investors has purchased One Eleven Market Square, a 320,559-square-foot office property in San Jose, for an undisclosed sum. The property is composed of two towers. A 163,775-square-foot building is located at 111 W. St. John St., while a 156,784-square-foot building is located at 111 N. Market St. The property is 78 percent leased to tenants like Pacific Business Centers, Rockwell Automation, Kerio Technologies, BAM Labs Opportunity Fund and Diamanti. Ridge Capital Investors purchased the property in partnership with an undisclosed commingled discretionary equity fund. The seller was Swift Real Estate Partners, which made capital improvements during its two years of ownership.

November 22, 2016

California Multifamily Seniors Housing Western

JCH Negotiates $15.5M Sale of 119-Unit Assisted Living Community in Montlcair

by Nellie Day November 22, 2016

MONTCLAIR, CALIF. — JCH Consulting Group has arranged the $15.5 million sale of a 119-unit assisted living and memory care community in the Los Angeles suburb of Montclair. The community was built in 1990 and was 67 percent occupied at the time of sale. An investment company sold the community to a regional owner-operator as a value-add opportunity. The name of the facility was not disclosed. Nick Stahler and Jim Hazzard of JCH arranged the transaction.

November 22, 2016

California Retail Western

AEG, Regal, Barco Complete First All-Laser Movie Theater on the West Coast

by Nellie Day November 22, 2016

LOS ANGELES — AEG, Regal and Barco have converted all auditoriums at Regal L.A. LIVE: A Barco Innovation Center to 100 percent laser projection. This final phase of installations and upgrades makes the cinema the first all-laser multiplex on the West Coast. AEG owns the theater, which opened in 2009. Regal operates the property, and Barco installed the laser projectors. In addition to improving image quality, Barco’s laser technology reduces costs via lowered energy costs. Additionally, the theater has reduced its carbon footprint by no longer using cardboard standees from movie studios and instead plays the content directly on digital displays in the lobby. Headquartered in Los Angeles, AEG is a sports and live entertainment company.

November 22, 2016

California Multifamily Western

Maroon Town Apartments in Palm Springs Sells for $1M

by Nellie Day November 22, 2016

PALM SPRINGS, CALIF. — A private investor has acquired the six-unit Maroon Town Apartments in the Palm Springs submarket of Bermuda Dunes for $1 million. The community is located at 41560 Maroon Town Road. It was built in 2000. Andrew Irvine and Alexander Garcia Jr. of Marcus & Millichap represented both the buyer and seller, an undisclosed partnership, in this transaction.

November 22, 2016

California Oregon Retail Top Stories Uncategorized Washington Western

CBRE Global Investment Partners Acquires Minority Stake in $1.5B West Coast Retail Portfolio

by John Nelson November 22, 2016

LOS ANGELES AND SAN FRANCISCO — CBRE Global Investment Partners has acquired a 45 percent stake in a $1.5 billion portfolio of 55 retail assets located on the West Coast. The investment was made on behalf of the company’s flagship Global Alpha Fund and various separate account clients and totals roughly $450 million, according to reports by The Wall Street Journal. San Francisco-based Merlone Geier Partners (MGP) is the majority owner in the portfolio, which totals nearly 7 million square feet, and will maintain its position as operating partner. The properties are largely anchored by grocery and necessity-based retailers, and are concentrated in Southern California, Seattle, Sacramento, the San Francisco Bay Area and Portland. “This joint venture gives us a rare opportunity to access for our clients a large diversified portfolio of high-quality retail centers that would be challenging to acquire in scale,” says Ian Gleeson, CIO for CBRE Global Investment Partners. “We are pleased to partner with Merlone Geier because it is a leading operator that has significant experience in the retail sector.” Eastdil Secured advised MGP in the transaction. MGP is a private real estate investment company focused on the acquisition, development and redevelopment of retail and mixed-use …

November 22, 2016

California Market Reports Multifamily Western Western Market Reports

New Jobs Mean More Housing for San Francisco, San Mateo

by Camren Skelton November 22, 2016

San Francisco and San Mateo counties boast above average employment numbers and wages and have been strong all through the current business cycle. Over the past four quarters ending in June, organizations in these counties, along with Marin County, (henceforth referred to as “the metro,”) have created 30,750 new jobs. This expansion of the metro’s labor force by 2.9 percent far exceeds the national average over the same time period. Businesses are expected to create 40,000 new positions this year and employment growth will reach 3.7 percent. Hence, the metro’s economy has created substantial demand for housing and apartments are leading the way, as the high cost of single-family homes, rigorous regulation, and the infill nature within the metro has constrained deliveries during previous years in the cycle. There are multiple major projects that will boost the rate of completions significantly above previous years in the cycle. Builder activity will surge to a multi-decade high with 6,440 apartments slated for delivery, exceeding the 1,488 units brought to market in 2015. The majority of completions will target the South of Market (SoMA) and South San Mateo County submarkets. Vacancy rate in the metro will register a 110-basis-point increase in 2016, rising …

November 22, 2016

California Industrial Western

DivcoWest, Orchard Partners Complete Phase I of Napa Logistics Park

by Nellie Day November 21, 2016

NAPA, CALIF. — DivcoWest and Orchard Partners have completed the first phase of Napa Logistics Park, a 2.9 million-square-foot, master-planned warehouse distribution park in Napa County. It is situated on 218 acres adjacent to Highway 29. The project’s first phase includes a 646,000-square-foot cross-dock logistics facility, which is currently available for sale or lease. Brooks Pedder and Benjamin Conwell of Cushman & Wakefield and Greig Lagomarsino of Colliers International represent the landlords.

November 21, 2016

California Office Western

Dunbar Real Estate Purchases Eight Medical Office Properties at Tustin Corporate Center

by Nellie Day November 21, 2016

TUSTIN, CALIF. — Dunbar Real Estate Investment Management has purchased eight medical office properties at Tustin Corporate Center for an undisclosed price. The center is located at 2492 Walnut Ave. in Tustin. The building is zoned for wet lab medical space. Tustin Corporate Center was built in 1986 and later converted into a mixed-use medical building with individual office condos. The eight office/medical condo units total 31,388 square feet. There are three additional units in the building that are under separate ownership and were not included in this sale. The buyer intends to refurbish and update the building before selling the individual condos.

November 21, 2016

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