Western

Hanley Investment, Oaks Commercial Arrange $3.8M Sale of McDonald’s-Occupied Property in Fountain Valley, California

by Amy Works July 2, 2024

FOUNTAIN VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors, in conjunction with Oaks Commercial Real Estate, has arranged the sale of a single-tenant restaurant property located at 11321 Talbert Ave. in the Orange County city of Fountain Valley. A Newport Beach-based family trust sold the absolute triple-net ground lease to a Fountain Valley-based 1031 exchange buyer for $3.8 million in an all-cash transaction. McDonald’s occupies the 3,500-square-foot property, which is an outparcel to a Costco Wholesale. Situated on an acre, the building was constructed in 2011. Bill Asher and Jeff Lefko of Hanley Investment Group, in association with Fred Encinas of Eastvale-based Oaks Commercial Real Estate, represented the seller. Robert Tran of Westminster-based HPT Realty represented the buyer in the deal.

July 2, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $2.7M Sale of Copper Gold Apartments in Golden, Colorado

by Amy Works July 2, 2024

GOLDEN, COLO. — NorthPeak Commercial Advisors has brokered the sale of Copper Gold Apartments, a 14-unit multifamily building located at 510 24th St. in Golden, a suburb west of Denver. The 4,464-square-foot asset traded for $2.7 million, or $192,857 per unit. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors handled the transaction. The names of the seller and buyer were not released.

July 2, 2024

Acquisitions Office Washington Western

King County Acquires Dexter Horton Office Building in Seattle for $36.6M

by Amy Works July 1, 2024

SEATTLE — King County has purchased the Dexter Horton Building, an office building in downtown Seattle, for $36.6 million. The county worked with ING Group, a lender to the original property owner, to create a deal to transfer ownership. CIM Group acquired the asset in 2019 for $151 million. King County’s Department of Public Defense is one of nine tenants in the building and will now expand its presence at the property. The deal will save King County nearly $2 million per year in leasing costs and has the potential to be a future source of additional revenue to the county when new tenants fill the vacant space currently available in the building.

July 1, 2024

Acquisitions Multifamily Nevada Western

Berkadia Arranges $24.1M Sale of Prosper 89 Multifamily Asset in Las Vegas

by Amy Works July 1, 2024

LAS VEGAS — Berkadia has arranged the sale of Prosper 89, a garden-style apartment community in Las Vegas. Nevada-based Turtle Bay 89 sold the asset to California-based Benedict Canyon Equities for $24.1 million, or $270,787 per unit. Located at 10750 El Camino Road, Prosper 89 features 89 units in a mix of one- and two-bedroom apartments with private garages. Community amenities include a pool, clubhouse, business center, fitness center and open grass areas. Jared Glover of Berkadia Las Vegas facilitated the transaction on behalf of the seller.

July 1, 2024

Acquisitions Colorado Multifamily Western

Capstone Negotiates Sale of 102-Unit Eastglen Apartments in Longmont, Colorado

by Amy Works July 1, 2024

LONGMONT, COLO. — Capstone Apartment Partners has negotiated the sale of Eastglen Apartments, a 109,210-square-foot multifamily property in Longmont, approximately 35 miles north of Denver. Two Arrows Group acquired the asset for an undisclosed price. The seller was not disclosed. Located at 630 Lashley St., Eastglen Apartments features 102 units, with 20 percent designated as Low-Income Housing Tax Credit units. Sean Holamon, Adam Riddle and Jason Koch of Capstone Apartment Partners facilitated the transaction.

July 1, 2024

Acquisitions Multifamily Washington Western

WDC Properties Sells 30-Unit Clara Flats Multifamily Community in Camas, Washington

by Amy Works July 1, 2024

CAMAS, WASH. — Portland, Oregon-based WDC Properties has completed the disposition of Clara Flats, a mixed-use multifamily property in Camas, just across the Columbia River from Portland. An undisclosed, out-of-state buyer acquired the asset for $11.9 million. Located at 608 NE Birch St., the two-building Clara Flats features 30 apartments and two fully leased retail spaces. Completed in 2020, the property features mountain and river views. Jordan Carter, Clay Newton and Tyler Linn of Kidder Mathews represented the seller in the deal.

July 1, 2024

3055-Mowry-Ave-38780-Paseo-Padre-Pkwy-Fremont-CA

Acquisitions California Healthcare Net Lease Office Western

Marcus & Millichap Brokers Sale of 7,200 SF Western Dental-Occupied Properties in Fremont, California

by Amy Works July 1, 2024

FREMONT, CALIF. — Marcus & Millichap has arranged the sale of two buildings with a combined size of 7,200 square feet in the Bay Area city of Fremont. A private investor sold the medical office assets to an undisclosed buyer for $3.7 million. Western Dental occupies the assets, located at 3055 Mowry Ave. and 38780 Paseo Padre Parkway, on a net-lease basis. Yuri Sergunin, J.J. Taughinbaugh and Eric Carrillo of Marcus & Millichap’s Palo Alto office represented the seller in the deal.

July 1, 2024

Development Industrial Nevada Western

Standard Real Estate, Mohr Capital Plan 180,000 SF Industrial Project in Reno, Nevada

by Amy Works June 28, 2024

RENO, NEV. — Standard Real Estate, in partnership with Mohr Capital, is developing an industrial facility on 11 acres in Reno. Located at 9865 N. Virginia St., the project will offer 180,000 square feet of multi-tenant industrial space. Developed by Mohr Capital, the single-story facility will offer 14- by 16-foot grade-level doors designed for logistics and distribution tenants; 32-foot clear heights; 25 dock positions outfitted with 40,000-pound levelers and seals; motion-sensing LED light fixtures; an ESFR fire protection sprinkler system; 3,000 amp, 277/480 volt, 3-phase power; and 80/20 outside-air, roof-mounted, gas-fired make-up air units. Additionally, the facility will include options to build office spaces on the end caps and in-line. Completion is slated for third-quarter 2025. Greg Shutt of CBRE will manage leasing for the development.

June 28, 2024

California Development Hospitality Western

Replay Destinations to Develop 53-Room Luxury Hotel on Former Lumber Yard in Downtown Healdsburg, California

by Amy Works June 28, 2024

HEALDSBURG, CALIF. — Replay Destinations is developing a luxury hotel within Mill District, a master-planned neighborhood in downtown Healdsburg in Sonoma County. The company will redevelop a 10-acre former lumber site to construct the hotel. The hotel will offer 53 guest rooms; a spa and wellness center; an outdoor pool and spa deck; a restaurant and bar; and a vintners and wine program, as well as curated local guest experiences throughout Healdsburg and Sonoma County. Replay will retain ownership in the hotel “to ensure the realization of the company’s vision.” Dunnigan Sprinkle Architects will blend local agrarian influences and industrial inspiration from the site’s past with a contemporary wine-country aesthetic. The project is currently in the design review process with the City of Healdsburg, with construction expected to begin in spring 2025.

June 28, 2024

Development Healthcare Loans Office Utah Western

JLL Arranges Equity for Development of Syracuse Medical Office Building in Utah

by Amy Works June 28, 2024

SYRACUSE, UTAH — JLL has arranged an equity placement for the Syracuse Medical Office Building development in Syracuse, approximately 30 miles north of Salt Lake City. CJ Kodani and Mark Root of JLL Capital Markets secured the equity through Chesnut Healthcare Real Estate for the developer, Fort Street Partners. Located at 3000 W. Antelope Drive, the 20,399-square-foot medical office building is fully pre-leased by three regional physical groups. Completed is slated for 2025.

June 28, 2024

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