Western

BKM Capital Partners Buys Three Western-Based Industrial Properties for $42.8M

by Nellie Day October 24, 2014

LAS VEGAS, PHOENIX AND PORTLAND, ORE. – BKM Capital Partners has acquired three industrial parks out West for $42.8 million. The acquisitions were completed on behalf of BKM Industrial Value Fund I LP. The transaction includes the 98,516-square-foot Hayden Island Business Park in Portland for $5.9 million; the 223,009-square-foot Patrick Commerce Center in Las Vegas for $15.1 million; and the 219,410-square-foot Black Canyon Business Park in Phoenix for $13.1 million. These are the first three assets to be included in the commingled fund. BKM Industrial Value Fund LP intends to acquire about $300 million of industrial assets by the end of next year. Irvine, Calif.-based BKM Capital Partners is a fund manager and operator platform targeting value-add, multi-tenant industrial real estate in the Western United States. It was formed in 2013 as the real estate branch of The Niru Group.

October 24, 2014

California Office Western

Cypress West Partners Buys Glendale Medical Office Building for $29M

by Nellie Day October 24, 2014

GLENDALE, CALIF. – Cypress West Partners has acquired a 76,758-square-foot medical office building in Glendale for $29 million. The four-story building is located at 1500 E. Chevy Chase Drive. The facility was built in 2008. It sits on the Glendale Adventist Medical Center campus. Cypress West was represented by DAUM Commercial Real Estate Services.

October 24, 2014

California Office Western

Mission Health Center in Rancho Santa Margarita Sells for $7.8M

by Nellie Day October 24, 2014

RANCHO SANTA MARGARITA, CALIF. – Mission Health Center, a 23,289-square-foot medical office building in the Orange County submarket of Rancho Santa Margarita has sold to Cypress West Realty Partners LLC for $7.8 million. The center is located at 22032 El Paseo within the Rancho Santa Margarita Town Center. Mission Health Center was built in 2001. It was 77 percent leased to six medical and dental tenants. The largest tenant is Mission Hospital Regional Medical Center. Dan Vittone and Alan Pekarcik of Avison Young represented both the buyer and the unnamed seller in this transaction.

October 24, 2014

Oregon Retail Western

Logan’s Market to Open at Nolan Town Center in Redmond

by Nellie Day October 23, 2014

REDMOND, ORE. – Logan’s Market has leased 42,000 square feet at Nolan Town Center in Redmond. The Class A shopping center is located at 2276 SW Highland Ave. It was built in 2005. Logan’s will occupy the space of former anchor Ray’s Food Place, which went bankrupt in 2013. NTC went into foreclosure soon thereafter. Though Logan’s Market will be owned and operated as one store, it will also feature TrueValue Hardware. The new location should open this December. The store will join existing tenants like McDonald’s, Starbucks, Great Clips and Country Financial. Logan’s was represented by the Pennbrook Company. Nolan Town Center was represented by court-appointed receiver H. Roger Qualman of NAI Norris, Beggs & Simpson.

October 23, 2014

California Multifamily Western

Sherman Apartments in Los Angeles Sells for $5.2M

by Nellie Day October 23, 2014

LOS ANGELES – The 60-unit Sherman Apartments in Los Angeles has sold to Lion Real Estate Group for $5.2 million. The community is situated in Koreatown, near three of Downtown’s metro stations. It was built in 1926. Lion Real Estate plans to invest about $1 million to redevelop the property and appeal to urban lifestyle professionals. Peter Strauss of Iconic Investments represented both the buyer and seller, a local private investor, in this transaction.

October 23, 2014

Arizona Office Western

Arizona Priority Care Leases Space at Chandler Corporate Center

by Nellie Day October 23, 2014

CHANDLER, ARIZ. – Arizona Priority Care has leased 24,896 square feet at Chandler Corporate Center. The Class A center is located at 585 North Juniper Drive. The medical care provider was represented by Michael Dupuy and Fletcher Perry of Colliers International. The landlord, Garmin International, was represented by Todd Noel and Ryan Timpani of the same firm.

October 23, 2014

Colorado Industrial Western

Armstrong Steel Corporation Leases Space in Englewood

by Nellie Day October 23, 2014

ENGLEWOOD, COLO. – Armstrong Steel Corporation has leased 34,652 square feet of industrial space in Englewood. The space is located at 3755 South Lipan Street. Armstrong was represented by Buzz Joerdens of Real Property Associates. The landlord, Consolidated Steel Services, was represented by Alec Rhodes, Tyler Smith and Aaron Valdez of Cassidy Turley.

October 23, 2014

California Retail Western

In-N-Out Burger Leases Space at the Shoppes at Westlake Village

by Nellie Day October 23, 2014

LOS ANGELS – In-N-Out Burger has leased 3,800 square feet at the Shoppes at Westlake Village. The retail center is located just off the 101 freeway at Lindero Canyon Road in the Los Angeles submarket of Westlake Village. The burger chain was represented by Keith Kleinman and Mark Esses of California Realty Group. The landlord, Selleck Development Group, was represented by Lee & Associates.

October 23, 2014

California Office Western

Airport Business Center in Irvine Receives $158M in Financing

by Nellie Day October 22, 2014

IRVINE, CALIF. – Airport Business Center, a 1.2-million-square-foot office/flex industrial park in Irvine, has received $158 million in financing. The 75-acre campus is located just across Interstate 405 from John Wayne Airport. The funds will refinance an existing loan held by two life insurance companies. This loan carried an outstanding balance at closing of about $154.4 million. The 68-building Airport Business Center has been owned and managed by The Koll Company since it purchased the land and commenced construction in 1969. The park contains 700 units. The five-year, fixed-rate, full-term, interest-only loan was arranged by CBRE Capital Markets’ Debt & Structured Finance team. It was facilitated by CBRE’s Brian Halpern, Ben Wagner, Sharon Kline, Marina Massari and Jason Ritchie. The loan features an all-in interest rate in the low 5 percent range. Koll received interest rate strategy advice from Tim Mitchell and Kris Barber of Chatham Financial’s Denver office.

October 22, 2014

California Multifamily Western

San Vicente on the Park in Los Angeles Sells for $75.3M

by Nellie Day October 22, 2014

LOS ANGELES — Douglas Emmett has acquired San Vicente on the Park, a 216,000-square-foot office complex in Los Angeles, for $75.3 million. The two-building complex is located at 6310 San Vicente Blvd. The boutique, five-story property sits adjacent to Cedars Sinai Medical Center, Beverly Hills and the Miracle Mile district. It caters to entertainment-related firms, business services and medical tenants. PRP LLC originally acquired the complex in 2009.

October 22, 2014

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