Western

Lincoln Property Co. Buys Burbank Collection Office Buildings

by Nellie Day June 10, 2015

LOS ANGELES — Lincoln Property Co. has purchased the Burbank Collection, a three-building office campus in the Los Angeles submarket of Burbank, for an undisclosed sum. The property is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The Burbank Collection occupies an entire city block in the downtown district. The project represents roughly half of the city’s 740,000-square-foot, Class A office inventory, according to Lincoln. Notable tenants at the project include Cartoon Network and Nickelodeon. The company plans to convert the three-acre site into a cohesive, walkable campus that emphasizes the existing open space. An unfinished loading alley that bisects the site will be converted into a central pedestrian walkway that will connect new outdoor decks and terraced dining areas. Public art and significant landscaping will be featured throughout the property. The renovation is scheduled for completion early next year. Lincoln Property Company was represented by CBRE. The seller was Kennedy Wilson.

June 10, 2015

California Office Western

Montana Avenue Capital Partners Buys Redondo Beach Office Building

by Nellie Day June 10, 2015

REDONDO BEACH, CALIF. – Montana Avenue Capital Partners (MAC) has acquired a 50,000-square-foot office/industrial building in Redondo Beach for $9.5 million. The office building is located at 2400 Marine Ave. MAC plans to invest $2 million into the property, which will be rebranded as a collaborative workspace called “LINQ on Marine.” MAC was represented by JLL’s Steve Solomon, who will also handle the building’s leasing. The seller, Klein Family Partnership, was represented by JLL’s Luke Staubitz, Harvey Beesen and Andrew Dilfer.

June 10, 2015

Arizona Multifamily Western

Crestwood Apartments in Mesa Changes Hands

by Nellie Day June 9, 2015

MESA, ARIZ. – The 276-unit Crestwood apartment complex in Mesa has sold to Aspen Square Management for an undisclosed sum. The community is located at 601 South Alma School Road. It was built in 1983. The seller, Lynd, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.

June 9, 2015

California Industrial Western

Magnolia Point Building in Corona Sells for $20.1M

by Nellie Day June 9, 2015

CORONA, CALIF. – A 201,345-square-foot industrial building inside the Magnolia Point redevelopment project in Corona has sold to Developlus Inc. for $20.1 million. It is the project’s largest building. The Class A warehouse and distribution space is located at 1560 E. Sixth Street. Amrapur manufactures bedding, towels, comforters, draperies and other home textiles overseas. It imports and distributes from its U.S. headquarters. The company was represented by Ted Sawyer of Lee & Associates. The seller, CT Realty, was represented by Jeff Ruscigno of the same firm, and by CBRE’s Ben Seybold.

June 9, 2015

California Office Western

MicroVention Leases Space at the Summit Office Campus in Aliso Viejo

by Nellie Day June 9, 2015

ALISO VIEJO, CALIF. – MicroVention has leased a 205,000-square-foot office building within the Summit Office Campus in Aliso Viejo. Construction is scheduled to commence on the four-story building this summer. The global neurovascular company will relocate its world headquarters to the site in the first half of 2017. MicroVention will invest about $100 million into the new facility. This will include an innovation/research and development center for MicroVention, as well as for its subsidiary, Terumo. Parker Properties will develop the project on behalf of MicroVention. It will be designed by Ware Malcomb Architects. The company was represented by Jeff Cannon of Savills Studley. The landlord, Parker Properties, was represented by CBRE’s Carol Trapani. HFF acted as the capital markets advisor representing Parker Properties.

June 9, 2015

Arizona Retail Western

Long Wong’s Restaurant Adding New Location in North Phoenix

by Nellie Day June 9, 2015

PHOENIX – Long Wong’s Restaurant is adding a new location in North Phoenix. The 2,200-square-foot outpost will be located at the southwest corner of Cave Creek Road and Bell Road. The landlord was represented by Stan Sanchez and Justin Rihs.

June 9, 2015

Arizona Industrial Western

American Solar Electric Leases Space in Tempe

by Nellie Day June 9, 2015

TEMPE, ARIZ. – American Solar Electric has leased 18,800 square feet of industrial space in Tempe. The space is located at 1230 W. 23rd Street. The residential solar system and roofing services company consolidated offices into the property. The building features ground-floor and mezzanine office space, warehouse space and a fenced yard. American Solar was represented by Rod Beach of CRESA. The landlord, Bishop Family Trust Dated 1995, was represented by DTZ’s Kent Hanson.

June 9, 2015

Colorado Market Reports Retail Western Western Market Reports

Investor Demand Outpaces Retail Property Listings in Booming Denver Metro

by Nellie Day June 9, 2015

A booming Denver economy has strengthened the local real estate market, creating strong demand across all property sectors, including multifamily, housing, office and retail. The wealth effect stemming from robust employment and rising home values will specifically drive retail sales in the Denver metro this year. A thriving retail market will attract new tenants to the metro, and facilitate healthy rent growth. Employers will continue to expand in the metro, pushing total employment to a new high and drawing additional residents to the metro. Hiring will expand 3.3 percent this year as employers are expected to add 45,000 total workers to payrolls. Metro Denver has also attracted high-wage earners. For instance, Lockheed unveiled plans to add 850 high-paying jobs at its Jefferson County facility over the next few years. Meanwhile, rising housing demand has lifted the median price of an existing home nearly 60 percent over the past six years. This has caused Denver to become one of the most expensive non-coastal housing markets in the nation. High home values will positively affect how homeowners feel about their ﬁnancial situation, encouraging retail spending. Retail construction will slow this year as many developers focus on redevelopment projects like the Southwest Plaza …

June 9, 2015

Arizona Multifamily Western

The Place at Tierra Rica Apartments in Tucson Sells for $14.3M

by Nellie Day June 8, 2015

TUCSON, ARIZ. – The Place at Tierra Rica, a 288-unit apartment complex in Tucson, has sold to Aspen Square for $14.3 million. The community is located at 3201 and 3225 West Ina Road. It was built in 1988. The seller was MC Companies. The sale was executed by Art and Clint Wadlund of Berkadia.

June 8, 2015

Colorado Hospitality Western

WoodSpring Suites to Develop Six New Hotels in Denver

by Nellie Day June 8, 2015

DENVER — WoodSpring Suites has announced its plan to open six new hotels in the Denver area over the next four years. The company has partnered with Pure Strike Development LP and CAMTOD Group on the agreement. Value Place was rebranded as WoodSpring Suites this past April. This development agreement will grow the brand to a total of 15 properties throughout Colorado. The group’s first hotel in the Denver area will be located in Centennial. It is scheduled to break ground next March. Once completed, the hotel will feature amenities like in-room kitchens, free high-speed internet and guest laundry facilities. The extended-stay hotel brand also recently announced its newest addition, WoodSpring Suites Signature, which is “designed to appeal to less price sensitive guests,” according to the company. WoodSpring Suites is focused on strategic expansion across the U.S. through corporate- and franchise-owned development. The company expects to break ground on 30 additional properties by the end of the year. Expansion plans through 2017 include the addition of corporate and franchised properties in major metropolitan markets like Los Angeles, Seattle, Portland, Ore., Chicago, Philadelphia, Boston, Miami and Minneapolis.

June 8, 2015

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