Western

Olympus Property Acquires Cactus Forty-2 in Phoenix

by Nellie Day June 11, 2015

PHOENIX – Olympus Property has purchased Cactus Forty-2, a 200-unit apartment community in Phoenix, for an undisclosed sum. The community is located at 4242 E. Cactus Road. Common-area amenities include a resort-style pool and spa, outdoor kitchen, a social gathering space with an outdoor fireplace, a newly designed clubhouse featuring a “living wall” and a fitness center complete with on-demand fitness classes. Cactus Forty-2 is the sixth property to be added to Olympus Property’s fourth fund, WW Olympus Property IV LLC. The investment structure will provide investors an opportunity to diversify among six to seven Class A, multifamily assets in strong markets throughout the United States.

June 11, 2015

California Multifamily Western

Casa Verde Apartments in San Diego Sells for $3.5M

by Nellie Day June 11, 2015

SAN DIEGO – The 21-unit Casa Verde Apartments in the San Diego submarket of La Mesa has sold to Olasitas LLC for $3.5 million. The community is located at 7629-33 Normal Ave. It was built in 1958. Casa Verde Apartments has undergone extensive interior and exterior renovations over the past two years. Peter Scepanovic and Corey McHenry of Colliers International’s San Diego Multifamily Advisory Group represented both the buyer and seller, 7629 Normal Avenue LLC, in this transaction.

June 11, 2015

California Retail Western

Shea Properties Signs Tenants for Grocery-Anchored Alhambra Place

by Nellie Day June 11, 2015

Alhambra, Calif. — Shea Properties has signed four new tenants to open at the 140,000-square-foot Alhambra Place located in downtown Alhambra. Tenants include Blaze Fast Fire’d Pizza, The Habit Burger Grill, Bank of the West and Maido, a stationery store. The center broke ground in fall 2014, and will open in summer 2015.

June 11, 2015

California Office Western

MetLife Real Estate Advisors Buys The Campus in Silicon Valley for $96M

by Nellie Day June 10, 2015

SAN JOSE, CALIF. — MCP Trimble Campus LLC has purchased The Campus, a 250,000-square-foot office park in San Jose, for $96 million. The Campus is located at Trimble Road and Orchard Parkway. The four-building project received a significant redesign after it was purchased by a joint venture between Bixby Land Co. and Cornerstone in 2012. The building exteriors were reskinned and atrium entryways were installed. The property also received an outdoor living room and amenities area that included an outdoor gourmet kitchen, dining areas, fountains, plush couch seating around a fire table, eco-friendly landscaping and more. The property is occupied by Verizon and ASML US.

June 10, 2015

California Retail Western

Pair of Haggen Food & Pharmacy Portfolios Complete Sale-Leaseback on West Coast

by Nellie Day June 10, 2015

LOS ANGELES — HFF has completed the sale-leaseback on two separate Haggen Food & Pharmacy portfolios along the West Coast. The portfolios contain a total of 39 grocery stores in Washington, Oregon and California. HFF’s Mark West, Timothy Hall, Bryan Ley, Brandon Chavoya, Coler Yoakam, Michael George and Campbell Black marketed the portfolios on behalf of Haggen. The Washington-based grocery store chain entered into long-term leases with the purchasers. Haggen purchased 146 stores from Albertson’s as part of a $9.4 billion merger between Safeway and AB Acquisition, the owner of Albertson’s. This expansion grows the Haggen Food & Pharmacy portfolio from 18 stores in Washington and Oregon to 164 stores in five Western states. HFF also arranged the floating-rate financing for the 19 properties.

June 10, 2015

Loans Multifamily Western

Duo of Las Vegas Apartment Communities Receives $70M in Financing

by Nellie Day June 10, 2015

LAS VEGAS — A pair of apartment communities in Las Vegas has received $70 million in financing. The new Class A communities are located just off U.S. Highway 95 and I-215 at Centennial Parkway in northwest Las Vegas. The contiguous development contains 739 units, as well as amenities like fitness centers, clubhouses with multiple meeting rooms, resort-style pools with cabanas, and entertainment areas with outdoor fireplaces and gas grills. Both loans featured 15-year loan terms with interest-only payments during the first five years, followed by a 30-year amortization schedule. The interest rates for the transactions were locked at 3.93 percent. Financing was arranged by Tom Kenny and Josh Boehling of Grandbridge Real Estate Capital. Funding was provided through Fannie Mae’s DUS loan product.

June 10, 2015

California Office Western

Lincoln Property Co. Buys Burbank Collection Office Buildings

by Nellie Day June 10, 2015

LOS ANGELES — Lincoln Property Co. has purchased the Burbank Collection, a three-building office campus in the Los Angeles submarket of Burbank, for an undisclosed sum. The property is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The Burbank Collection occupies an entire city block in the downtown district. The project represents roughly half of the city’s 740,000-square-foot, Class A office inventory, according to Lincoln. Notable tenants at the project include Cartoon Network and Nickelodeon. The company plans to convert the three-acre site into a cohesive, walkable campus that emphasizes the existing open space. An unfinished loading alley that bisects the site will be converted into a central pedestrian walkway that will connect new outdoor decks and terraced dining areas. Public art and significant landscaping will be featured throughout the property. The renovation is scheduled for completion early next year. Lincoln Property Company was represented by CBRE. The seller was Kennedy Wilson.

June 10, 2015

California Office Western

Montana Avenue Capital Partners Buys Redondo Beach Office Building

by Nellie Day June 10, 2015

REDONDO BEACH, CALIF. – Montana Avenue Capital Partners (MAC) has acquired a 50,000-square-foot office/industrial building in Redondo Beach for $9.5 million. The office building is located at 2400 Marine Ave. MAC plans to invest $2 million into the property, which will be rebranded as a collaborative workspace called “LINQ on Marine.” MAC was represented by JLL’s Steve Solomon, who will also handle the building’s leasing. The seller, Klein Family Partnership, was represented by JLL’s Luke Staubitz, Harvey Beesen and Andrew Dilfer.

June 10, 2015

Arizona Multifamily Western

Crestwood Apartments in Mesa Changes Hands

by Nellie Day June 9, 2015

MESA, ARIZ. – The 276-unit Crestwood apartment complex in Mesa has sold to Aspen Square Management for an undisclosed sum. The community is located at 601 South Alma School Road. It was built in 1983. The seller, Lynd, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.

June 9, 2015

California Industrial Western

Magnolia Point Building in Corona Sells for $20.1M

by Nellie Day June 9, 2015

CORONA, CALIF. – A 201,345-square-foot industrial building inside the Magnolia Point redevelopment project in Corona has sold to Developlus Inc. for $20.1 million. It is the project’s largest building. The Class A warehouse and distribution space is located at 1560 E. Sixth Street. Amrapur manufactures bedding, towels, comforters, draperies and other home textiles overseas. It imports and distributes from its U.S. headquarters. The company was represented by Ted Sawyer of Lee & Associates. The seller, CT Realty, was represented by Jeff Ruscigno of the same firm, and by CBRE’s Ben Seybold.

June 9, 2015

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