Western

InvenTrust Buys the Shops at Walnut Creek in Westminster for $57.1M

by Nellie Day April 29, 2015

WESTMINSTER, COLO. — InvenTrust Properties Corp. has purchased the Shops at Walnut Creek, a 216,325-square-foot shopping center in Westminster, for $57.1 million. The center is located at W 104th Circle. It is situated off US Highway 36, about 15 miles northwest of Downtown Denver. The Shops at Walnut Creek is anchored by T.J. Maxx/HomeGoods, Petsmart, Dollar Tree and Michaels. Most of the anchor tenants have eight years remaining on their leases. The center is currently 93 percent occupied. InventTrust also owns and manages three other retail properties in central Colorado. They include Cheyenne Meadows in Colorado Springs; Quebec Square Shopping Center in Denver; and Centerplace of Greeley in Greeley.

April 29, 2015

California Office Western

Vertical Ventures Buys Eastmont Town Center in Oakland

by Nellie Day April 29, 2015

OAKLAND, CALIF. — Vertical Ventures has acquired the 525,864-square-foot office portion of Eastmont Town Center in Oakland for a reported $54.5 million. The Class B space is located at 7200 Bancroft Ave. Eastmont Town Center is currently 80 percent occupied by 31 tenants, including agencies from Alameda County and the City of Oakland. Less than 20 percent of the leased space is scheduled to expire within the next five years. There are also multiple long-term leases that will run through 2028. The center originally operated as a mall until it was converted into a government services center in the ‘90s. A second building containing retail space is still on the market. Argosy Real Estate Partners III L.P. and its parallel funds partnered with Vertical Ventures on the transaction. Cushman & Wakefield represented both the buyer and the seller on this transaction. The firm will also provide on-site property management services, while CBRE will handle leasing.

April 29, 2015

Colorado Industrial Western

Additional Spec Property Coming to Majestic Commercenter in Aurora

by Nellie Day April 29, 2015

AURORA, COLO. — Majestic Realty Co. has announced plans to build an additional 452,400-square-foot speculative industrial warehouse and distribution facility at its Majestic Commercenter in Aurora. The center is located at the intersection of I-70 and Tower Road. The Class A industrial property is scheduled for completion in November. Majestic notes favorable market conditions, historically low industrial vacancy rates and recent lease agreements motivated the company to move forward on a sister property to its most recent 500,000-square-foot Building #28. Majestic recently signed long-term lease agreements with Fresca Foods for 158,000 square feet and Niagara Bottling for 132,000 square feet at Building #28. The new building will be constructed and designed by Commerce Construction Co.

April 29, 2015

Arizona Hospitality Western

Hilton Adds Boulders Resort & Spa Near Scottsdale to Curio Hotel Portfolio

by Nellie Day April 29, 2015

SCOTTSDALE, ARIZ. — Hilton Worldwide has acquired the 150-room Boulders Resort & Spa near Scottsdale for an undisclosed sum. The 1,300-acre resort is located at 34631 N. Tom Darlington Drive in the Sonoran Desert foothill town of Carefree, just north of Scottsdale. The property will soon undergo a significant remodel and upgrade. Hilton announced the hotel will now operate under the “Curio – A Collection by Hilton” portfolio. Curio is a global brand of upper-upscale and luxury hotels that focus on delivering travel experiences tailored to the local attractions and culture. Boulders Resort & Spa offers one-, two- and three-bedroom guest casitas, or small houses, in addition to a five-bedroom, 5,000-square-foot villa retreat. The resort also features two 18-hole, Jay Morrish-designed championship golf courses, a terraced tennis garden, four swimming pools, six restaurants, a 33,000-square-foot spa, a fitness center and a variety of outdoor adventure activities. The renovation will upgrade the casitas. The lobby bar, front desk and Palo Verde restaurant will also be remodeled. The redesign will be carried out by DiLEONARDO. The seller, an affiliate of Blackstone Group, was represented by Hodges Ward Elliott in this transaction. There are six hotels currently under the Curio brand, including the …

April 29, 2015

Colorado Office Western

Department of Energy Building in Lakewood Sells for $20.2M

by Nellie Day April 29, 2015

LAKEWOOD, COLO. — Easterly Government Properties Inc. has purchased a 115,650-square-foot office building in Lakewood for $20.2 million. The building is located at 12155 West Alameda Parkway in Lakewood’s Union Square office area. The structure is occupied by the Western Area Power Administration (WAPA). It is leased to the General Services Administration, on behalf of the Department of Energy, until 2029. The property was built in 1999. Easterly was represented by Richard Bird of Marcus & Millichap. The seller, a private investor, was represented by Tammy Saia of the same firm.

April 29, 2015

California Office Western

JOSS Realty Buys Silicon Beach Office Building for $23.7M

by Nellie Day April 28, 2015

SANTA MONICA, CALIF. – JOSS Realty Partners has purchased a 23,531-square-foot boutique office property in downtown Santa Monica for $23.7 million. The Class A property is located at 1315 Lincoln Blvd. in an area known as Silicon Beach. The space is fully occupied by five tenants, including City National Bank, Chandler Chicco Agency, Centro Media, O’Gara Coach Company and Dethrone Basecamp. JOSS paid $1,004 per square foot for the building – one of the highest prices paid for a Los Angeles-area property.

April 28, 2015

California Industrial Western

DHL Signs Lease Extension at Redondo Beach Logistics Facility

by Nellie Day April 28, 2015

REDONDO BEACH, CALIF. – DHL has signed a six-year lease extension for 234,858 square feet of industrial space in Redondo Beach. The facility is located at 4000 Redondo Beach Ave. The logistics company uses the space as an air freight hub. The lease is valued at $11.9 million. DHL was represented by Todd Taugner, Frank Schulz and David Prior of the Klabin Company in this transaction.

April 28, 2015

Arizona Office Western

Freedom Financial Network Leases 45,000 SF at Tempe 10/60 Corporate Center

by Nellie Day April 28, 2015

TEMPE, ARIZ. – Freedom Financial Network has leased 45,000 square feet of office space at Tempe 10/60 Corporate Center. The recently redeveloped office project is located at 4415 – 4625 S. Wendler Drive. The property was originally built in 1985. The building is now 50 percent leased. The remaining 45,000-square-foot building is still vacant. This is the financial solutions services company’s second office. Its first is in San Mateo, Calif. Tempe 10/60 Corporate Center was redeveloped by Greenlaw Partners and the Broe Group. Freedom Financial was represented by JLL’s Pat Williams, Steve Corney, Vicki Robinson, Andrew Medley and Chris Corney.

April 28, 2015

California Retail Western

Black Equities Buys Los Angeles Retail Center

by Nellie Day April 28, 2015

LOS ANGELES – Black Equities has purchased a retail center at 7300 Melrose Ave. in Los Angeles for $5.3 million. The center is home to Floyd’s Barbershop and the Dark Room bar and restaurant. The seller, Ness Holdings, purchased the center for $3.8 million in 2013. At that time, the firm renegotiated the anchor tenants’ leases and re-tenanted the additional spaces. The repositioning program was completed and the asset was sold in less than two years.

April 28, 2015

California Office Western

The Board of Equalization Renews Lease at Gateway Corporate Center in Sacramento

by Nellie Day April 28, 2015

SACRAMENTO, CALIF. – The Board of Equalization, the State of California’s elected tax commission, has renewed its lease for 66,593 square feet at Gateway Corporate Center in Sacramento. The Class A building is located at 160 Promenade Circle, near the downtown region. It is situated within Sacramento Gateway, a mixed-use development that includes a hotel and a 655,000-square-foot retail center. The Board was represented by Newmark Cornish & Carey. The landlord was represented by Ron Thomas and Sean Mullen of Cushman & Wakefield’s Sacramento’s office.

April 28, 2015

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