Western

American Realty Advisors Acquires Amazon-Occupied Building in Seattle

by Nellie Day July 24, 2015

SEATTLE — American Realty Advisors has purchased a 317,000-square-foot mixed-use building in Seattle’s South Lake Union neighborhood for a reported $215 million. The 12-story high rise is located at 2201 Westlake. Office and retail tenants include Amazon and global health company PATH. Amazon currently occupies more than half of the property. Bang & Olufsen, West Elm, Einstein Bagels and Ann Sacks Tile & Stone occupy the retail space. American is acquiring all of the building’s office and retail components. The property also includes the 135-unit Enso condominiums. The seller was Vulcan Real Estate. CBRE’s Kevin Shannon executed the transaction.

July 24, 2015

Multifamily Washington Western

TruAmerica Buys Pacific Northwest Multifamily Portfolio for $115M

by Nellie Day July 24, 2015

PORTLAND, ORE. — TruAmerica and its institutional partners DVO Real Estate and RCG Longview have acquired a five-property portfolio in the Pacific Northwest known as FPA Multifamily for $115 million. The transaction includes the 76-unit Lighthouse and the 177-unit Village at Lake Meridian in Kent, Wash., as well as the 210-unit Park at Tualatin in the Portland suburb of Tualatin. TruAmerica closed on the 126-unit Haven at Charbonneau in Wilsonville, Ore., and the 329-unit Somerset apartments in Kent this past June. The company plans to invest $8 million in interior-unit and common-area improvements throughout the portfolio. Renovations will include new kitchen appliances, cabinets, countertops, lighting and hardware. Common-area upgrades will enhance the renter experience with scenic landscaping, fresh pool furniture, a dog park and an outdoor kitchen. Noah Hochman led TruAmerica’s acquisition team.

July 24, 2015

California Hospitality Western

CBRE Global Investors Fund Buys Irvine Marriott Hotel

by Nellie Day July 24, 2015

IRVINE, CALIF. — CBRE Global Investors has acquired the 487-room Irvine Marriott Hotel for an undisclosed sum. The hotel is located at 18000 Von Karman Ave. Irvine Marriott Hotel features a newly renovated lobby, restaurants and a lounge, 27,000 square feet of meeting space, a fitness center and swimming pool. CBRE plans to reposition the asset through a significant capital program. This will include renovations to room finishes and improvements to the fitness center, pool area, common areas and landscaping. The CBRE Strategic Partners U.S. Value 7 fund purchased the property.

July 24, 2015

California Multifamily Seniors Housing Western

WNC Closes $75M Fund to Purchase Nine California Communities

by Nellie Day July 24, 2015

IRVINE, CALIF. — Real estate investment company WNC has closed WNC Institutional Tax Credit Fund X California Series 13 LP, a $75 million institutional, low-income housing tax credit (LIHTC) fund. The fund, which includes seven investors, will acquire nine properties in California. Composed of family and senior housing properties, the fund includes 978 units of affordable housing in both suburban and urban parts of the state, including Casa de Seniors in San Clemente, a 72-unit seniors housing rehabilitation project. This is the company’s second largest equity raise, thus far. WNC, which is based in Irvine, has closed a total of 18 California funds that have acquired more than 250 properties in 46 counties.

July 24, 2015

California Retail Western

Phillips Edison & Co. Acquires Central Valley Marketplace

by Nellie Day July 24, 2015

CERES, CALIF. — Phillips Edison & Co. has acquired Central Valley Marketplace, an 81,897-square-foot shopping center in Ceres. A 59,809-square-foot Food 4 Less anchors the center. Additional tenants include Starbucks Coffee, GameStop, H & A Wireless, Panda Express, Round Table Pizza, Wingstop, Bel Air Nails and Subway.

July 24, 2015

Arizona Office Western

Lowe Enterprises Investors Buys Three Buildings at Phoenix Gateway Center

by Nellie Day July 23, 2015

PHOENIX — Lowe Enterprises Investors (LEI) has purchased three office buildings at the Phoenix Gateway Center office complex for an undisclosed sum. The properties are located in the North Airport/44th Street corridor area of Phoenix. The transaction included the 107,755-square-foot Gateway I; the 107,963-square-foot Gateway II; and the 221,885-square-foot Gateway III buildings. LEI plans to improve the properties’ common areas and public spaces. The overall occupancy at the buildings is 94 percent. Peter Morgan led LEI’s acquisition team. CBRE’s Barry Gable and Kevin Shannon represented the seller, a partnership of Pearlmark/Transwestern and Oaktree Capital.

July 23, 2015

California Office Western

West Ridge Rentals Buys Manhattan Beach Medical Office Complex for $15.6M

by Nellie Day July 23, 2015

MANHATTAN BEACH, CALIF. — West Ridge Rentals LLC has purchased a 35,911-square-foot medical office complex in Manhattan Beach for $15.6 million. The three-building complex is located at 500 S. Sepulveda Blvd. The buildings include small retail elements that house related businesses. The complex was built in 1976. Eric Lastition and Geoff Ludwig of Colliers International represented the seller, Manhattan Beach Mall LP.

July 23, 2015

Industrial Western

Pool Corporation Leases Industrial Space in San Bernardino

by Nellie Day July 23, 2015

SAN BERNARDINO, CALIF. — The Pool Corporation has leased a 184,646-square-foot building in San Bernardino. The space is located at 1410 E. Central Ave., within Carson Alliance, a newly developed, two-building industrial park at the Gateway of the Master Alliance of California project. Chris Barbieri of ANR Asset Management and Ron Barbieri of Coldwell Banker Commercial represented Pool Corporation. JLL’s Ruben Goodsell, Peter McWilliams and Mike McCrary represented the landlord, Carson Companies.

July 23, 2015

Colorado Multifamily Western

Denver Apartment Building Sells for $2.8M

by Nellie Day July 23, 2015

DENVER — A local multifamily investor has purchased a 20-unit apartment building in Denver for $2.8 million. The community is located at 833 Dexter St. The new investor also owns a few other properties within the same neighborhood. Matt Lewallan and Kevin Calame of Pinnacle Real Estate Advisors represented the buyer.

July 23, 2015

California Retail Western

Fresh & Easy Relocates Moves Administrative Offices to Torrance

by Nellie Day July 23, 2015

TORRANCE, CALIF. — Grocery chain Fresh & Easy is relocating its executive and administrative hub from El Segundo to nearby Torrance. The hub will be located at 20101 Hamilton Place. NGKF’s David Kluth and Joel Smith negotiated the lease.

July 23, 2015

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