DENVER — Peak Capital Partners has purchased The Artisan, a 434-unit apartment community in Denver, for an undisclosed sum. The community is located at 10025 E. Girard Ave. It is currently 97 percent occupied.Peak plans to launch a multi-million-dollar capital improvements project at The Artisan that will include exterior and interior renovations, enhanced landscaping and extensive interior upgrades. The seller, Prime Residential, was represented by HFF.
Western
CASA GRANDE, ARIZ. – A 4,332-square-foot property in Casa Grande that is net leased to IHOP has sold to an unnamed buyer for $1.8 million. The property is located at 2064 East Florence Blvd. The lease is guaranteed by Romulus, which is one of the largest IHOP franchisees. The seller, a limited liability company, was represented by Don Morrow of Marcus & Millichap.
FONTANA, CALIF. — REDA Bascom Ventures has purchased 16 acres of land in Fontana for an undisclosed sum. The joint venture between Real Estate Development Associates (REDA) and The Bascom Group plans to develop a 350,000-square-foot industrial/distribution building on the site. The land is located at 11100 Hemlock Ave. It sits adjacent to the JM Eagle Fontana manufacturing facility. REDA Bascom was represented by Kevin McKenna and Scott Sanders of Colliers International. The seller, JM Eagle, was represented by Rustin Mork, Anthony Dedeaux and Brett Dedeaux of Bingswanger Realty Advisors. REDA is currently looking for more development opportunities in the Inland Empire, Orange County and Los Angeles industrial markets.
DENVER — Peak Capital Partners has purchased The Artisan, a 434-unit apartment community in Denver, for an undisclosed sum. The community is located at 10025 E. Girard Ave. It is currently 97 percent occupied. Peak plans to launch a multi-million-dollar capital improvements project at The Artisan that will include exterior and interior renovations, enhanced landscaping and extensive interior upgrades. The seller, Prime Residential, was represented by HFF.
CASA GRANDE, ARIZ. – A 4,332-square-foot property in Casa Grande that is net leased to IHOP has sold to an unnamed buyer for $1.8 million. The property is located at 2064 East Florence Blvd. The lease is guaranteed by Romulus, which is one of the largest IHOP franchisees. The seller, a limited liability company, was represented by Don Morrow of Marcus & Millichap.
The San Diego apartment market is doing unsustainably well. About 400 buildings will sell this year, which is the average volume of the past 30 years. Sellers are obtaining prices near peak levels, while buyers are capturing cash flow twice as good as the stock market — and with less risk. There are three sources of buyers: cash that was sitting on the sidelines; investors who bought houses and condos at half price and are now ready to move up; and 1031 buyers. Investors are tired of going broke safely. Hundreds have had cash in the bank that was paying a pittance while inflation and taxes slowly dissolve capital. Apartments deliver cash returns that are two to three times what stocks offer. Additionally, over the past few years there have been more than 30,000 homes and condos sold at distressed prices. Many of those owners have doubled their equity and are ready to re-leverage their equity and trade up. This is creating a significant number of 1031 buyers again. It is not quite a chain reaction, but the ripple is helpful. Apartment financing is easy and interest rates are cheaper than they have been for 48 of the past 50 …
SEATTLE — Grosvenor Americas has acquired 11 Class A office buildings in the Seattle submarket of Bothell for $167.5 million. The portfolio contains a total of 712,460 square feet within the 125-acre Schnitzer North Creek office campus. The campus is located at 11824 North Creek Parkway N. just northeast of Seattle. The institutional-grade buildings are part of Schnitzer North Creek’s 24-office building campus, which totals 1.1 million square feet. The seller, Schnitzer West, will continue to provide on-site property management. Schnitzer was represented by CBRE in the sales transaction. This is Grosvenor’s first office acquisition in the Puget Sound region.
DRAPER, UTAH — Kimball Investment Company has purchased 38.7 acres of land in Draper for an undisclosed sum. The land is known as the White Mountain Business Park. It is located at 170 Golden Harvest Road. It sits adjacent to the new FrontRunner station and eBay’s new call center. Kimball plans to develop a 600,000-square-foot office/warehouse project on the land. Phase I is scheduled for completion at the end of next year. Kimball was represented by Tom Dischmann of CBRE’s Salt Lake City office. The seller, Scandia Investment/White Rim Investment, was represented by Jeff Richards of the same firm.
WEST HOLLYWOOD, CALIF. — Northwood Investors LLC has purchased The London West Hollywood, a 200-room hotel in the Los Angeles submarket, for an undisclosed sum. The all-suite luxury hotel is located at 1020 N. San Vicente Blvd. in West Hollywood.The hotel features a restaurant by Gordon Ramsey, as well asa rooftop pool and lounge. This is Northwood’s first West Coast acquisition. The hotel will be managed by Northwood Hospitality LLC, a Northwood affiliate.
SEATTLE — Grosvenor Americas has acquired 11 Class A office buildings in the Seattle submarket of Bothell for $167.5 million. The portfolio contains a total of 712,460 square feet within the 125-acre Schnitzer North Creek office campus. The campus is located at 11824 North Creek Parkway N. just northeast of Seattle. The institutional-grade buildings are part of Schnitzer North Creek’s 24-office building campus, which totals 1.1 million square feet. The seller, Schnitzer West, will continue to provide on-site property management. Schnitzer was represented by CBRE in the sales transaction. This is Grosvenor’s first office acquisition in the Puget Sound region.