Western

NorthMarq Arranges $28M Refinancing of Glenwood Meadows in Colorado

by Nellie Day January 25, 2016

GLENWOOD SPRINGS, COLO. — NorthMarq has arranged the $28 million refinance of Glenwood Meadows, a 145,000-square-foot shopping center located in Glenwood Springs, approximately 150 miles west of Denver. Tenants at the center include Chili’s, Petco, Vitamin Cottage, Bed Bath & Beyond and Ulta Beauty. Target and Lowe’s anchor the center, neither of which are part of the subject collateral. Paul Bruder and Conor McCahill of NorthMarq arranged the refinancing for the borrower through a life insurance company.

January 25, 2016

Arizona Industrial Western

WLA Realty Group Acquires Roosevelt Business Park in Phoenix for $14.9M

by Nellie Day January 25, 2016

PHOENIX — WLA Realty Group has purchased Roosevelt Business Park, a 223,257-square-foot industrial campus in Phoenix, for $14.9 million. The park is located at 7150 W. Roosevelt St. It was 75 percent leased at the time of sale. Gary Anderson, Paul Boyle, Rick Danis and Mike Gilbert of Cushman & Wakefield executed the transaction. The seller was Pearlman Property Management. The Cushman & Wakefield team was also retained to lease the business park.

January 25, 2016

California Industrial Western

Strategic Storage Trust II Buys Self-Storage Facility in California for $4.7M

by Nellie Day January 25, 2016

LANCASTER, CALIF. — Strategic Storage Trust II has acquired a 550-unit self-storage facility in Lancaster for $4.7 million. The 10-building facility, located at 43707 North Sierra Highway, was built in 1991. It was 88 percent occupied at the time of sale. SmartStop Asset Management LLC sponsors the Strategic Storage Trust II fund.

January 25, 2016

Colorado Multifamily Western

Denver Apartment Community Sells for $2.8M

by Nellie Day January 25, 2016

DENVER — An unnamed buyer has purchased a 17-unit apartment complex in Denver for $2.8 million. The community is located at 2441 S. York St. It underwent a renovation prior to sale. Mark Goodman and Paul Schneider of Pinnacle Real Estate Advisors represented the buyer. Kevin Calame and Matt Lewallen of the same firm represented the seller.

January 25, 2016

California Multifamily Student Housing Western

Vertex, Harrison Street Buy Student Housing Project in Sacramento

by Nellie Day January 22, 2016

SACRAMENTO, CALIF. — VerTex Student Housing Partners, a joint venture of Vermilion Development and TEXLA Housing Partners, has acquired The Element, a 288-unit, 792-bed student housing development near Sacramento State University, for an undisclosed price. The acquisition is the fourth transaction in partnership with Chicago-based Harrison Street Real Estate Capital. The Element is located less than one mile from the campus, and was originally constructed in 2004. The garden-style property consists of 18 three-story residential buildings and a clubhouse and leasing office. The partnership will soon implement operational and capital improvements. VerTex Student Housing Management will act as property manager of the asset. All units are fully furnished with amenities such as full-size washers and dryers, microwaves, dishwashers, access to the Internet and digital satellite television. The community amenities include a resort-style swimming pool and hot tub, half-size indoor basketball court, fitness center and sand volleyball court. Additionally, a game room, resident business center, student lounge, private shuttle to campus and other amenities are available to all residents. VerTex has now acquired 3,200 beds with Harrison Street Real Estate Capital. Senior Vice President at TSB Capital Advisors Shawn Sweeney helped arrange the acquisition loan with Capital One.

January 22, 2016

California Retail Western

Charles Dunn Co. Arranges $2.1M Sale of Retail Property in Culver City

by Nellie Day January 22, 2016

CULVER CITY, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property located at 5400 Sepulveda Blvd. in Culver City. A partnership of two family trusts and two charitable organizations sold the property to Jack in the Box for $2.1 million. Jack in the Box has occupied the 9,309-square-foot property since it was built in 1963. Justin Mendelson and Ashley Saye of Charles Dunn Co. represented the seller in the transaction.

January 22, 2016

California Retail Western

Hanley Investment Group Negotiates $1.4M Sale of Hammer Plaza in Stockton

by Nellie Day January 22, 2016

STOCKTON, CALIF. — Hanley Investment Group has arranged the sale of Hammer Plaza, a 20,388-square-foot retail center located at 2701 E. Hammer Lane in Stockton. A Tracy, Calif.-based private investor acquired the property from a Stockton-based investor for $1.4 million. Built in 1980 and situated on 1.5 acres, the property was 55 percent vacant at the time of sale. Eric Vu of Hanley Investment Group represented the seller and buyer in the transaction.

January 22, 2016

California Retail Western

EMMES Realty Services to Open Crunch Fitness Downtown in San Diego

by Nellie Day January 22, 2016

SAN DIEGO — EMMES Realty Services has signed a lease with CFG Downtown LLC to open Crunch Fitness Downtown, a four-level fitness center at 701 B St. in downtown San Diego. Slated to open in the later this year, the 30,000-square-foot fitness center will feature a glass-enclosed cardio deck overlooking the renovated lobby; tiered memberships, including preferred pricing for all EMMES tenants; locker rooms; towel service; an advanced spin studio with state-of-the-art equipment; hydrotherapy and tanning; personal training; group training, including high intensity interval training; and turf and open areas for plyometric training and functional/athletic-based training. The new fitness center represents an approximately $3.5 million investment in the 24-story, Class A office building.

January 22, 2016

California Retail Western

Moshayedi Brothers Buy Newport Beach Land Parcels for $71.7M

by Nellie Day January 21, 2016

NEWPORT BEACH, CALIF. — Manouch and Mark Moshayedi have purchased three parcels of land in Newport Beach for $71.7 million. The parcels are located at 2101, 2201 and 2200 West Coast Highway. Two of the parcels are situated along the waterfront, while one is inland. The land contains existing retail buildings that are fully leased. The seller, Ardell Investment Company, will lease back four buildings, along with several boat slips. The buyers participated in a 1031 exchange under the name Chino Hills LLC. John Martin and David Romero of Lee & Associates Newport Beach represented the LLC. The seller represented itself in this transaction.

January 21, 2016

California Multifamily Western

Kennedy Wilson Sells Multifamily Property in San Francisco for $55M

by Nellie Day January 21, 2016

SAN FRANCISCO — Kennedy Wilson and its equity partners have sold a 159-unit multifamily property in the San Francisco Bay Area to an unnamed buyer for $55 million. Kennedy Wilson acquired the property in 2013. It then undertook a value-add asset management program and grew the property’s net operating income by 20 percent prior to the sale. The company and its partners have sold six multifamily properties totaling 1,997 units throughout the Western U.S. since Sept. 30, 2015. The gross proceeds from these sales total $479 million.

January 21, 2016

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