Western

Keenan & Co. Arranges Sale of University of Arizona Student Housing for $6.7M

by Nellie Day September 8, 2015

TUCSON, ARIZ. — Keenan & Co. has arranged the sale of The Stone Avenue Standard, a 64-unit, 224-bed student housing complex at the University of Arizona, for $6.75 million. The $6.75 million purchase price equates to $105,470 per unit. Tom Keenan, president of Keenan & Co., represented the seller and procured the buyer, Quad Real Estate Partners, of New York. Dallas-based THP PM Group will manage the property. The Stone Avenue Standard features unfurnished three- and four-bedroom apartments, a resort-style pool, exercise room, study room, a lounge, secured and covered parking, and a shuttle to and from campus. It also features 12 two-story, two-bedroom, two-and-a-half bath townhome units with an attached garage.

September 8, 2015

Industrial Market Reports Nevada Western Western Market Reports

Industrial Becomes Particularly Attractive North of the Strip

by Nellie Day September 8, 2015

The Southern Nevada industrial market has continuously seen improvement through the second quarter of 2015 with a positive absorption of 878,151 square feet. The overall vacancy rate followed suit and decreased to 8 percent – down 2.1 points from the 12 previous months, which ended at 10.1 percent. The asking lease rates also increased to an average of $6.38 – up almost 10 percent in the fourth quarter of 2014 when it stood at $6.16. A new addition to the healthy market is the growth in new projects that are either planned or under construction. There is an estimated 2.4 million square feet currently under construction, with deliveries anticipated from the third quarter of 2015 through the second quarter of 2016. Big box distribution demand continues to climb, and most developers now believe “if you build it, they will come.” One of the largest deliveries planned for the third quarter of this year is Prologis’ 3700 Bay Lake Trail. Bay Lake was originally planned as a 464,203-square-foot, speculative project. The entire development was leased by Cushman & Wakefield to the Global Equipment Company (GEC), a subsidiary of Systemax, prior to the official groundbreaking, however. This deal was an expansion for …

September 8, 2015

California Multifamily Western

TownCentre Commons Apartments in Brentwood Sell for $26.4M

by Nellie Day September 4, 2015

LOS ANGELES — The ConAm Group has acquired the 137-unit TownCentre Commons apartments in the Los Angeles submarket of Brentwood for $26.4 million. The community is located at 1275 Central Blvd. TownCentre Commons is currently 98.5 percent leased. ConAm plans to implement a series of interior and exterior upgrades at the property, including the common area amenities. Seth Siegel and Jason Parr of Cushman & Wakefield represented both ConAm and the seller, Ridge Capital Investors, in this transaction.

September 4, 2015

California Office Western

Herald Examiner Building in LA to Undergo Redevelopment

by Nellie Day September 4, 2015

LOS ANGELES — The Herald Examiner Building in downtown Los Angeles will soon undergo redevelopment. to turn the historic space into a mix of creative office space, retail and restaurants. The Herald Examiner Building was originally constructed in 1914 between South Park and the Broadway Corridor. The two-story lobby will also undergo a restoration as part of the renovation. The Georgetown Company has partnered with the Hearst Corporation on this project. The Herald Examiner Building was initially designed by Julia Morgan, the same architect who designed Hearst Castle. Carl Muhlstein of Jones Lang LaSalle will lead the leasing efforts.

September 4, 2015

California Office Western

NGKF Arranges $27M Loan for Downtown Los Angeles Office Building

by Nellie Day September 4, 2015

LOS ANGELES — Newmark Grubb Knight Frank has arranged a $27 million loan for a 151,013-square-foot office building in downtown Los Angeles. The Class A building is located at 626 Wilshire Blvd. The property features ground-floor retail atop two below-grade parking levels. It was originally built in 1966 as the headquarters for State Mutual Savings & Loan, one of Southern California’s leading financial institutions at the time. The borrowers, Barker Pacific Group and Golden Boy Enterprises, will use these funds to retire existing debt. The financing will also be used for property upgrades. Jordan Roeschlaub, Daniel Fromm and Scott Selke of NGKF Capital Markets team arranged and restructured the loan.

September 4, 2015

California Retail Western

Landmark Buys Bancroft Center Near UC Berkeley for $18.5M

by Nellie Day September 4, 2015

BERKELEY, CALIF. — Landmark Properties has acquired The Bancroft Center, a mixed-use site that sits adjacent to UC Berkeley, for $18.5 million. The property is located at 2580 Bancroft Way. The center currently houses nine retail tenants. It also contains the Fred Turner Building, a city-designated landmark that will be preserved in any future development. Frank Wheeler, Brandon Geraldo, Tony Crossley and Tim Maas of Colliers represented the seller, Bancroft Center Company.

September 4, 2015

Arizona Multifamily Western

Willowick Square Office Building in Phoenix Sells for $5.9M

by Nellie Day September 4, 2015

PHOENIX — Liv Biltmore LLC has purchased Willowick Square, a 53,417-square-foot office building in Phoenix, for $5.9 million. The Class B complex was built in 1974. The seller was Presson Advisory LLC. Brad and Cindy Cooke of Colliers International executed the transaction.

September 4, 2015

Colorado Office Western

Laramie Energy Company Subleases Space in Downtown Denver

by Nellie Day September 4, 2015

DENVER — Laramie Energy Company has subleased 19,592 square feet of office space in downtown Denver. The space is located at the former offices of Pioneer Natural Resources Company in the Lower Downtown (LoDo) district. The address is 1401 17th St. Laramie Energy has outgrown its space at nearby Writer Square. CBRE’s Greg Holm represented the natural gas exploration and production company.

September 4, 2015

California Multifamily Western

Sienna Springs Apartments in Phoenix Sells for $20.5M

by Nellie Day September 3, 2015

PHOENIX — Liv Biltmore LLC has acquired the 395-unit Sienna Springs apartment complex in Phoenix for $20.5 million. The Class B community is located at 5120 N. 16th St. It was built in 1973 and renovated in 2006. The seller was P.B. Bell. Brad and Cindy Cooke of Colliers International executed the transaction

September 3, 2015

Hawaii Retail Western

Lowe’s Buys Site at Maui Business Park II in Hawaii for $18.7M

by Nellie Day September 3, 2015

MAUI, HAWAII — Lowe’s has acquired an 11-acre site at Maui Business Park II in Kahului for $18.7 million. The property is situated in Maui’s retail and industrial core near Kahului Airport. Lowe’s plans to build a 167,000-square-foot store on the site. The new property will be 16 percent larger than its current store in Kahului, which is leased from a third party. Maui Business Park is anchored by Maui’s first Target store. Recent buyers within the park include the County of Maui, Servco Pacific, American Savings Bank, Pacific Pipe and Shelton Holdings (BMW). Maui Business Park I is home to Walmart, Home Depot, Costco, Sports Authority, Office Max, Kmart and Pier1 Imports. The seller was A&B Properties, the real estate subsidiary of Alexander & Baldwin.

September 3, 2015

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