Western

Advenir Acquires Two Apartment Communities in Denver

by Nellie Day November 5, 2014

DENVER – Advenir has acquired two apartment communities in the Denver submarket of Longmont. The apartments sold for a combined purchased price of about $80 million, according to industry sources. The communities included in the transaction are the 360-unit, 18-building Advenir@Wyndam, formerly Wyndam Apartment Homes, and the 210-unit, 15-building Advenir@Wildwood, formerly Wildwood Apartment Homes. Advenir@Wyndam is located at 2540 Sunset Drive. It was built in 1990 and renovated in 2010. Advenir@Wildwood is located at 3226 Lake Park Way. It was also recently renovated. Advenir has acquired 1,000 apartment units since August in the Greater Denver area, and nearly 3,000 units since late 2011. The firm is actively looking to expand its portfolio. Advenir represented itself in this transaction. The unnamed seller was represented by HFF’s Jordan Robbins. Freddie Mac financing was secured by Eric Tupler and Josh Simon of the same firm.

November 5, 2014

Multifamily Oregon Western

CBRE Global Investors Buys Arbor Heights in Portland for $54.1M

by Nellie Day November 5, 2014

PORTLAND, ORE. – CBRE Global Investors has acquired the 348-unit Arbor Heights apartment community in Portland for $54.1 million. The community is located at 15199 SW Royalty Parkway. Arbor Heights was 95 percent occupied at the time of sale. It was built in 1997 in the Portland submarket of Tigard, just 10 miles from the city’s downtown. The seller, Capri Capital Partners LLC, was represented by ARA’s Gail Neuburg. Capri Capital owned the asset on behalf of one of its institutional clients.

November 5, 2014

California Industrial Western

IAC Breaks Ground on New 1.3M SF Industrial Center in Valencia

by Nellie Day November 5, 2014

VALENCIA, CALIF. – IAC has broken ground on a new 1.3-million-square-foot industrial development in Valencia. The new project will be called IAC Commerce Center. It will be the largest industrial center to break ground in North Los Angeles County in 25 years, according to CBRE, which has been retained to market and lease the property. The center will be situated on 70 acres along Witherspoon Parkway, adjacent to the Valencia Commerce Center. It will be completed in three phases. The first phase will include 400,000 square feet. It is scheduled for completion in the third quarter of 2016. Land development is anticipated to take about 12 months.

November 5, 2014

Arizona Industrial Western

Chandler Industrial Property Sells for $4.5M

by Nellie Day November 4, 2014

CHANDLER, ARIZ. – A 46,119-square-foot industrial property in Chandler has sold to Bell Steel Inc. for $4.5 million. The asset is located at 1100 N. Hamilton Street. The sale included a 4,000-square-foot office building, a 29,319-square-foot fabrication building, a 10,800-square-foot office/warehouse building and a 2,000-square-foot storage building. Bell Steel was represented by JLL’s Steve Larsen. The seller, TW Steel, was represented by Evan Koplan and Mike Parker of CBRE’s Phoenix office.

November 4, 2014

California Retail Western

Kelly-Moore Paints Property in Hayward Sells for $2.2M

by Nellie Day November 4, 2014

HAYWARD, CALIF. – A 10,000-square-foot retail property in Hayward that is net leased to Kelly-Moore Paints has sold to a private investor for $2.2 million. The property is located at 28722-28724 Mission Blvd. The paint retailer subleases a small portion of the building to a local flooring retailer. The building was constructed in 1970. Kelly-Moore has occupied this space for about 44 years. In 2006, it signed a new lease for an additional 15-year term. The seller, a private investor, was represented by Bryan Webb and Bill Allen of Marcus & Millichap.

November 4, 2014

Nevada Office Western

Las Vegas Office Portfolio Changes Hands

by Nellie Day November 4, 2014

LAS VEGAS – A five-property office and warehouse portfolio in Las Vegas has sold to McLeod 5 LLC for an undisclosed sum. The transaction includes three multi-tenant office buildings and two multi-tenant office/warehouse buildings. The buildings are located at 6275, 6285, 6325, 6340 and 6360 McLeod Drive. The LLC was represented by Tony Castrignano of Remax Commercial Sky Mesa. The unnamed seller was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.

November 4, 2014

California Multifamily Western

San Francisco Apartment Building Sells for $3.1M

by Nellie Day November 4, 2014

SAN FRANCISCO – A five-unit apartment building in San Francisco has sold to an unnamed buyer for $3.1 million. The community is located at 59 Collingwood Street. The seller, a private investor, was represented by Joseph Levy and Mark Mason of Marcus & Millichap’s San Francisco office.

November 4, 2014

California Office Western

Ergobaby Leases Space in Los Angeles

by Nellie Day November 4, 2014

LOS ANGELES – Ergobaby has leased 16,378 square feet of office space in Downtown Los Angeles. The space is located at 617 West 7th Street. The consumer baby products company will occupy an entire floor. The company will be relocating from its existing headquarters at nearby 888 Figueroa early next year. Ergobaby was represented by Andrew Lustgarten and Sonya Schmidt of Studley. The landlord, The Swig Company, was represented by CBRE’s John Zanetos, Chris Penrose and Mark O’Brien.

November 4, 2014

California Retail Western Western Market Reports

OC Digging Out Of Doldrums With Major New Retail, Mixed-Use Developments

by Nellie Day November 4, 2014

With the scarcity of vacant land in Orange County and the need for antiquated properties to be updated, the trend seems to be redevelopment with an eye on mixed-use retail, including a multi-story residential component. There are currently several new development projects either in the planning or construction phase. Los Olivos Marketplace – Irvine The Irvine Company plans to build Los Olivos Marketplace, a new 120,000-square-foot retail center across from its Los Olivos Apartment Community on Irvine Center Drive near the 405 Freeway in Irvine. This development would be situated adjacent to its existing 62,000-square-foot retail center, and just minutes from the firm’s Irvine Spectrum Cente. Whole Foods Market has already signed a lease for 40,000 square feet at the center. It plans to open in spring 2016. The Source – Buena Park On a more international scale, M+D Properties is building a 400,000-square-foot, mixed-use center known as The Source in Buena Park. It would include world-class, high-end retailers and restaurants, a 150-room Hyatt Place, a seven-story office building, a 1,200-seat movie theater, and a 54,000-square-foot performing arts center called YG Land, from South Korea-based entertainment company YG Entertainment. The project is expected to be complete early next year. Pacific …

November 4, 2014

Loans Multifamily Utah Western

Midtown360 Apartment Development in Orem Receives $56.5M in Financing

by Nellie Day November 3, 2014

OREM, UTAH – Midtown360, a 594-unit multifamily development in Orem, has received a $56.5-million senior loan. The loan will finance the acquisition, development and stabilization of the project. The community will be located at 320 South State Street, just 40 miles south of Salt Lake City. It is situated in a very student-dense area, with about 70,000 college students residing in Orem and Provo. Phase I of Midtown360 will include 286 units in two mid-rise towers, in addition to 50,000 square feet of retail space. Common amenities will include a study lounge, business center, rooftop deck, clubhouse, fitness center, pool and basketball court. Phase I construction should be completed in 18 months. Phase II will include 308 units in a third tower. Construction on this phase is expected to commence in about two years. Construction on this project initially commenced before the recession. At the time, it was called Midtown Village. The developer partially completed 40 of the units before construction was halted in 2008. The new loan was provided to The Ritchie Group by PCCP LLC.

November 3, 2014

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