Western

The Vista Student Housing Complex in Denver Changes Hands

by Nellie Day February 25, 2015

DENVER — The Preiss Company has acquired the Vista Student Housing Complex in Denver for an undisclosed sum. The 286-bed property is located at 1920 South University Blvd., directly across from the University of Denver campus. Preiss acquired the asset with a separate private investment group and its joint venture partner, Criterion Holdings, which will act as general manager. The company plans to invest an additional $500,000 to upgrade the facilities, including Internet bundled services, clubhouse and common area upgrades and enhancements to the vistas that overlook Denver’s Rocky Mountain range. Community amenities include a computer lab, business center with study rooms, clubhouse with television, outdoor television and pool table, fitness center, stand-up tanning bed, bocci ball court, outdoor fire pit and bike storage.

February 25, 2015

California Retail Western

Cypress Equities Buys the Strand Mixed-Use Development in Huntington Beach

by Nellie Day February 25, 2015

HUNTINGTON BEACH, CALIF. — Cypress Equities has acquired the Strand, a 96,638-square-foot mixed-use development in Huntington Beach. The property sits adjacent to the Huntington Beach Pier. The Strand contains a mix of office and retail tenants, including CVS Pharmacy, Forever 21, Rip Curl Surf Shop, Skechers, Johnny Rockets, RA Sushi, U.S. Taco Co., Bruxie Gourmet Waffle Sandwiches, Ritter’s Steam Kettle Cooking and INNOCEAN, a multi-national advertising and media agency. The larger mixed-use development also contains the 157-room Shorebreak Hotel, which was not a part of the transaction. The Strand’s four buildings were constructed in 2008. The transaction was executed by REZA Investment Group.

February 25, 2015

Arizona Multifamily Western

Table Rock Apartments in Flagstaff Sells for $14.3M

by Nellie Day February 24, 2015

FLAGSTAFF, ARIZ. – The 100-unit Table Rock Apartments in Flagstaff has sold to Red Rock Investment Management for $14.3 million. The community is located at 3400 S. Lake Mary Road. It was built in 1998. The seller, Virtu Investments, was represented by Jim Crews and Brett Polachek of Cushman & Wakefield.

February 24, 2015

Arizona Retail Western

Target, US Bank Buildings Sell in Tempe

by Nellie Day February 24, 2015

TEMPE, ARIZ. – A pair of free-standing, single-tenant buildings in Tempe that are triple-net leased to Target and US Bank have sold to Rosebud Tempe One LLC for $11.9 million. The properties are located at the northeast corner of McClintock Drive and Baseline Road. Target has occupied this space since 1988. Major employers in the area include Intel, Arizona State University and Maricopa Community Colleges. Acquisition financing was arranged by CBRE’s Geoffrey Harris. Joseph Compagno of the same firm represented both the buyer and seller, Hudson Retail Center LLC, in this transaction.

February 24, 2015

California Industrial Western

Murrieta Industrial Building Sells for $3.8M

by Nellie Day February 24, 2015

MURRIETA, CALIF. – A 41,472-square-foot industrial incubator property in Murrieta has sold to a private investor for $3.8 million. The two-building property is located at 26398 Deere Court and 41571 Corning Place. It was built in 2002 and is currently 96 percent occupied. The buyer funded this acquisition with proceeds from the sale of a golf course in Jurupa, Calif. The seller, Murrieta Commerce Center LLC, was represented by Dan Vittone and Alan Pekarcik of Avison Young.

February 24, 2015

California Industrial Western

Industrial Building in the City of Industry Sells for $3.5M

by Nellie Day February 24, 2015

CITY OF INDUSTRY, CALIF. – A 26,650-square-foot industrial building in the City of Industry has sold to Mygrant Glass for $3.5 million. The concrete, tilt-up building is located at 14235 Lomitas Ave. It was built in 1980. Mygrant Glass was represented by Nick Arnst and Tom Holland of Heger Industrial, and Michael Jeppesen of IPG. The seller, Weiss Industrial Holdings LLC, was represented by Charles A. Johnson of Daum Commercial Real Estate Services.

February 24, 2015

Office Washington Western

Sound Physicians Leases Space at Umpqua Bank Building in Tacoma

by Nellie Day February 24, 2015

TACOMA, WASH. – Sound Physicians has signed an 11-year lease for space at the Umpqua Bank Building in downtown Tacoma. The building is located at 1498 Pacific Ave. The office serves as the central hub for the hospitalist and transitional care organization. The company manages hospitalist, critical care and skilled nursing care for nearly 190 hospitals and close to 100 skilled nursing facilities that work in conjunction with these hospitals in 34 states. The administrative support staff in Tacoma includes 150 colleagues.

February 24, 2015

Arizona Industrial Market Reports Western Western Market Reports

E-Commerce Bolsters Phoenix’s Industrial Market

by Nellie Day February 24, 2015

Before raising the curtain on 2015, it is important to understand how the stage has been set. The Phoenix industrial sector continues to build for changes in the market. Local and national developers delivered 6.3 million square feet of speculative industrial warehousing in the market last year, primarily due to big box projects. While most of these projects were in the Southwest Phoenix submarket, we have seen construction in the Sky Harbor and Southeast Valley submarkets as well. The national economy continues to improve slowly, and while activity levels during the numerous projects have been steady, closed deals for large blocks of space continue to be elusive. Although net absorption was positive by the end of last year, lease transaction volumes were mostly in the 50,000 to 200,000 square feet range. This prompted developers to modify their efforts by offering to divide their big boxes to accommodate partial building tenants, where prior expectations were geared toward single-tenant, full-building occupancy. There were still several big box projects under construction by the end of last year. This includes projects by Wentworth Properties, Trammel Crow/Clarion Partners, Conor Commercial, Hillwood and several other projects in shovel-ready position. Those ready to break ground include Prologis, …

February 24, 2015

California Retail Western

Dave & Busters Building in San Diego Sells for $11.9M

by Nellie Day February 23, 2015

SAN DIEGO – A 45,000-square-foot building in San Diego that is net leased to Dave & Busters has sold to Store Capital for $11.9 million. The building is located at 2931 Camino Del Rio N., at the intersection of the 805 and 8 freeways, near Downtown San Diego. Store Capital was represented by Patrick Luther and Matthew Mousavi of Faris Lee Investments. The seller, San Diego Food & Games LLC, was represented by Jeff Conover of the same firm in this leasehold interest sale.

February 23, 2015

California Industrial Western

Industrial Building in Compton Sells for $4.7M

by Nellie Day February 23, 2015

LOS ANGELES – A 33,730-square-foot industrial building in the Los Angeles submarket of Compton has sold to Perera Family Trust for $4.7 million. The building is located at 2250 S. Central. It was built in 1990. The building also includes 12,000 square feet of Class A office space. The trust was represented by David Denitz of Gateway Business Properties. The seller, M&H Capital Investments LLC, was represented by Craig Poropat and Garen Ramyan of Lee & Associates’ Los Angeles – Long Beach.

February 23, 2015

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