Western

16981-Via-Tazon-11501-Rancho-Bernardo-Blvd-San-Diego-CA

Montana Avenue Capital Partners Sells Two-Property R&D/Lab Portfolio in San Diego for $30.8M

by Amy Works March 19, 2024

SAN DIEGO — Montana Avenue Capital Partners has completed the disposition of a two-building R&D and laboratory portfolio, located at 16981 Via Tazon and 11501 Rancho Bernardo Blvd. in the Rancho Bernardo submarket of San Diego. Dollinger Properties acquired the asset for $30.8 million. The portfolio consists of two fully leased buildings offering a combined rentable area of 90,000 square feet. Bob Prendergast and Lynn LaChapelle of JLL Capital Markets, along with Tim Olson and Greg Moore of JLL, represented the seller and procured the buyer in the deal.

March 19, 2024

Development Industrial Loans Nevada Self-Storage Western

PSRS Arranges $12.5M Construction Loan for Self-Storage Facility in Las Vegas

by Amy Works March 19, 2024

LAS VEGAS — PSRS has arranged $12.5 million in construction financing for a self-storage facility in Las Vegas. The property will be a 926-unit mini-self-storage facility that consists of two three-story buildings totaling 103,803 rentable square feet. The property will also feature covered stalls for RV, boat or trailer storage. Ricky Giancola of PSRS secured the financing for the undisclosed borrower through a regional bank at a 75 percent loan-to-cost ratio.

March 19, 2024

Acquisitions Arizona Life Sciences Western

Lasalle Co., Hannay Investment Divest of 25,569 SF Nextmune-Occupied Lab Space in Phoenix

by Amy Works March 19, 2024

PHOENIX — Lasalle Co. LLC and Hannay Investment Properties have sold a 25,569-square-foot lab space at 2801 S. 35th St. in Phoenix. PR & MC Properties LLC purchased the asset for $6.3 million, or $246 per square foot. Nextmune, a global animal pharmaceutical company, fully leases the property. Originally built in 1991, the building was renovated last year to include a state-of-the-art, FDA-certified laboratory and manufacturing facility with multiple clean rooms and built-in coolers. Situated on 1.9 acres, the property serves as one of Nextmune’s five laboratory facilities around the globe and its only U.S. location. The property features 142 parking spaces, a gated yard and loading docks with one grade-level door and one truck well. Geoffrey Turbow of CBRE Investment Properties represented the seller in the deal.

March 19, 2024

California Development Retail Western

Marcus & Millichap Brokers Sale of 3.6-Acre Retail Development Site in Ripon, California

by Amy Works March 19, 2024

RIPON, CALIF. — Marcus & Millichap has arranged the sale of 3.56 acres of land with freeway visibility in Ripon, east of the Bay Area and south of Sacramento. Adel Ammari sold the asset to SRB Properties LLC for $1 million. The buyer plans to develop the vacant land site, located at 659 W. Milgeo Ave., into a retail location. Andres Lopez, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller and buyer in the transaction.

March 19, 2024

Acquisitions Colorado Industrial Western

Westfield, Reinsurance Group Acquire 431,157 SF Industrial Park in Denver

by Amy Works March 18, 2024

DENVER — A joint venture between Westfield and Reinsurance Group of America has purchased Centerpark, a three-building industrial project in Denver, from an undisclosed seller for $73 million. Situated on more than 22 acres, the three buildings are located at 4900, 5000 and 5050 Osage St. At the time of sale, the 431,157-square-foot multi-tenant property was fully leased to 10 tenants. Centerpark features multiple points of ingress/egress, suitable tenant size flexibility with various storefronts, loading options (Buildings C and D are spine cross-dock), functional column spacing, ample parking, concrete truck aprons and ESFR sprinklers. Additionally, the property is located within a Denver Enterprise Zone. Will Strong, Jim Carpenter, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group brokered the transaction. Alec Rhodes, Aaron Valdez and Tyler Smith of Cushman & Wakefield provided leasing advisory for the buyers, which retained the team for future leasing of Centerpark.

March 18, 2024

Acquisitions California Industrial Western

Matthews Negotiates $10.7M Sale of Industrial Property in Gardena, California

by Amy Works March 18, 2024

GARDENA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of an industrial property located at 14011 S. Normandie Ave. in Gardena. Classic Components acquired the vacant asset from California-based Marmon Properties for $10.7 million. Austin Borges and Alexander Harrold of Matthews handled the transaction. Classic Components, a leader in supply chain solutions, intends to use the 37,072-square-foot, single-tenant facility as its new corporate headquarters.

March 18, 2024

Acquisitions California Restaurant Retail Western

Private Investor Buys Two IHOP Net-Leased Retail Properties in Los Angeles County

by Amy Works March 18, 2024

LANCASTER AND PALMDALE, CALIF. — A private investor has acquired two retail locations in Los Angeles County for $3.4 million each, or $6.8 million combined. The properties are net-leased to IHOP. The restaurants are located at 1650 W. Ave. K in Lancaster and at 39176 10th St. W in Palmdale. The deal terms consisted of a new 23-year lease that commenced at the close of escrow, 1.5 percent annual increases and a 30-unit guarantee. Andre Thompson and Peter Deltondo of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.

March 18, 2024

Acquisitions Multifamily Washington Western

Marcus & Millichap Arranges $3.6M Sale of Apartment Building in Sumner, Washington

by Amy Works March 18, 2024

SUMNER, WASH. — Marcus & Millichap has brokered the sale of 1314 Maple, a multifamily property in Sumner. A limited liability company sold the asset to an undisclosed buyer for $3.6 million, or $495 per square foot. Located at 1314 Maple St., the building features 16 studio and urban one-bedroom units, averaging 458 square feet. The sellers completed a more than $1 million interior and exterior renovation to the property. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller in the deal.

March 18, 2024

Acquisitions Colorado Office Western

Malman Commercial Brokers $3.1M Sale of Cherry Creek North Office Building in Denver

by Amy Works March 18, 2024

DENVER — Malman Commercial Real Estate has arranged the sale of 131 Madison Street, an office building located in Denver’s Cherry Creek district. University of Colorado Health, a Colorado nonprofit corporation, acquired the asset from 131 Madison Investors, a Texas limited liability company, for $3.1 million. The property offers 6,156 square feet of office space. Jake Malman and Taylor Roy of Malman Commercial Real Estate represented the seller, while Kyle Underwood and Julie Burch of Legend Partners represented the buyer in the deal.

March 18, 2024

Acquisitions Arizona Loans Multifamily Western

IPA Negotiates $94.5M Sale of Alta Chandler at The Park Multifamily Property in Arizona

by Amy Works March 15, 2024

CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Alta Chandler at The Park, a mid-rise apartment community in the Phoenix suburb of Chandler. Wood Partners sold the asset to Olympus Property for $94.5 million, or $324,742 per unit. IPA Capital Markets also arranged $52 million in acquisition financing for the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged the loan, which features eight years of interest-only payments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the acquisition. Atla Chandler features 291 apartments with open-concept floor plans; nine-foot ceilings; laundry closets with full-size or stackable washers/dryers; extended primary bedrooms with dedicated work-from-home space; and separate den or loft quarters. Select units have direct-access garages. Community amenities include an open-concept leasing office and clubhouse, convenience market, sky lounge, fitness center and private multi-purpose fitness room.

March 15, 2024

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