Western

Cushman & Wakefield Arranges $8.5M Sale of Office for Conversion to Assisted Living

by Nellie Day January 28, 2016

PHOENIX — Cushman & Wakefield has arranged the sale of the former Giant Industries corporate headquarters office building in Phoenix for $8.5 million. United Insurance Co. of America sold the asset to Generations at Pinnacle Peak LLC, a Michigan-based investor that plans to convert the office property into an assisted living community. The two-story building was constructed in 1989 and contains approximately 66,283 square feet of space. The structure is situated on four acres of land. Larry Downey, vice chairman for Cushman & Wakefield, represented the seller in the transaction.

January 28, 2016

Colorado Multifamily Western

Littleton Apartment Building Sells for $8.3M

by Nellie Day January 28, 2016

LITTLETON, COLO. — A 54-unit apartment building in Littleton has sold to an out-of-state buyer for $8.3 million. The community, called Broadridge Apartments, is located at 6900 S. Bannock St. It was built in 1965. Jeff Johnson and Matt Ritter, with the Johnson Ritter Team of Pinnacle Real Estate Advisors represented the buyer. Josh Newell of the same firm represented the seller.

January 28, 2016

Arizona Office Western

Gabriel Partners Expands Office Space in Phoenix

by Nellie Day January 28, 2016

PHOENIX — Gabriel Partners has signed a long-term agreement for 19,202 square feet of office space in downtown Phoenix. The space is located at 40 North Central Ave. The technology-based, anti-money-laundering company will occupy the entire 22nd floor. Ryan Bartos and Matthew Coxhead of Savills Studley represented Gabriel Partners in the transaction. Pat Divine of Cushman and Wakefield represented the landlord.

January 28, 2016

Industrial Utah Western

Land Advisors Purchases Honeyville Grain Building in West Valley City

by Nellie Day January 28, 2016

WEST VALLEY CITY, UTAH — Land Advisors has purchased the 61,630-square-foot Honeyville Grain Building in West Valley City for an undisclosed sum. The property is located at 1811 W. Alexander St., within the Decker Lake Business Complex. The seller, Intercon, formerly occupied the building. The company was represented by Luke Burbank of Newmark Grubb ACRES.

January 28, 2016

Hospitality Oregon Western

Edgecliff Motel in Oregon Changes Hands

by Nellie Day January 28, 2016

LINCOLN CITY, ORE. — The 54-room Edgecliff Motel in Lincoln City has sold to an unnamed buyer for $1.6 million. The hotel is located at 3733 Highway 101. It overlooks the Pacific Ocean, and is about one mile south of the Tanger Outlet Mall. The hotel will undergo a $1 million remodel. Joseph P. Kennedy of Crystal Investment Property represented the seller in this transaction.

January 28, 2016

Arizona Industrial Western

The Opus Group Launches Spec Industrial Project in Phoenix

by Nellie Day January 27, 2016

PHOENIX — The Opus Group has commenced construction on a 393,300-square-foot speculative warehouse and distribution building in Phoenix. The Opus Airport Industrial will be situated on 23 acres of land at the northeast corner of 7th and Elwood streets, near Phoenix Sky Harbor International Airport. Opus Airport Industrial will be the largest available industrial space in the submarket once it’s completed in September, according to the developer. It will also be able to accommodate single- or multi-tenant occupants looking for manufacturing, distribution and light assembly uses, among others. Opus Development Company LLC is developing the project. Opus Design Build LLC is the design-builder, while Opus AE Group LLC is the architect and structural engineer of record. Ware Malcomb is the design architect. CBRE’s John Werstler, Cooper Fratt and Jerry McCormick will market the property for lease. The team also executed the land sale between Opus and the seller, 7th Street Industrial LLC.

January 27, 2016

Office Washington Western

AAA Washington Buys One Newport Building in Bellevue for $29M

by Nellie Day January 27, 2016

BELLEVUE, WASH. — AAA Washington has purchased One Newport Building, an 89,850-square-foot office building in Bellevue, for $29 million. The Class A building is located at 3605 132nd Ave. SE. The insurance and full-service travel agency plans to occupy the first three floors of the building. The space was formerly occupied by T-Mobile. AAA Washington will renovate the property before moving in. Construction will commence Feb. 1, with a scheduled occupancy in the third quarter of 2016. The company’s construction and purchasing partners on this project include Swinerton Builders, JPC Architects, Pacific Project Management, Kidder Mathews, Wells Fargo and McCullough Hill Leary. Gary Guenther, Jason Rosauer, and Rob Anderson of Kidder Mathews represented AAA Washington. JLL’s J.J. Shephard and Riley Shephard represented the seller, Ivanhoe Cambridge.

January 27, 2016

Loans Multifamily Utah Western

Wasatch Capital, Dougherty Mortgage Arrange $11.8M Refinancing for Apartment Community in Utah

by Nellie Day January 27, 2016

PLEASANT VIEW, UTAH — Wasatch Capital Group and Dougherty Mortgage LLC have arranged an $11.8 million refinancing for The Cove at Pleasant View, an 88-unit multifamily community in Pleasant View, approximately 40 miles north of Salt Lake City. The community is located at 255 E. 2700 N. in Pleasant View. The Fannie Mae loan features a 12-year term and a 30-year amortization schedule. The borrower is Westates Investments LLC.

January 27, 2016

Hospitality Nevada Western

The Siegel Group Nevada Buys Former Rodeway Inn Convention Center Hotel in Las Vegas for $6.1M

by Nellie Day January 27, 2016

LAS VEGAS — The Siegel Group Nevada has purchased the former 102-room Rodeway Inn Convention Center hotel in Las Vegas for $6.1 million. The hotel is situated on Convention Center Drive, half a block from Las Vegas Boulevard and the Las Vegas Convention Center. The property will be converted into a Siegel Suites Select extended-stay brand.

January 27, 2016

California Office Western

Indian Tribe Leases Space at Monterey Park Office Campus

by Nellie Day January 27, 2016

LOS ANGELES — The Torres Martinez Desert Cahuilla Indian Tribe has signed a 126-month lease for a 24,408-square-foot office in the Los Angeles submarket of Monterey Park. The lease is valued at $8 million. The tribe will use the space for administrative offices. The property is located at 900 Corporate Center Drive, within the LA Corporate Center. The new lease takes the center to 94 percent occupancy. Steve Seinfeld of Cresa represented the tribe. Linda Lee, Scott Unger and Bill Boyd of Charles Dunn Company’s Glendale office represented the landlord, Los Angeles Corporate Center LLC, in this transaction.

January 27, 2016

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