Western

Harbinger Motors Signs 165,171 SF Industrial Lease in Garden Grove, California

by Amy Works August 31, 2023

GARDEN GROVE, CALIF. — Harbinger Motors has inked a deal to occupy 165,171 square feet of manufacturing and distribution space at 12821 Knott St. in Garden Grove. The landlord is Rexford Industrial. Harbinger Motors will manufacture electric light- and medium-duty delivery vehicles custom designed to customers’ specifications. To accommodate the tenant, the space will undergo extensive renovations, including 40,000 square feet of office and engineering space. Harbinger Motors is relocating to the facility from Gardena. Rexford Industrial acquired the property in 2019 and added significant improvements, including a 45,171-square-foot high-bay expansion and 20,000 square feet of high-finish office space. Clyde Stauff and Jace Gan of Colliers represented the landlord in the lease negotiations.

August 31, 2023

Acquisitions California Hospitality Lee & Associates Western

Lee & Associates Negotiates $23.7M Sale of Wingate by Wyndham Hotel in Inglewood, California

by Amy Works August 30, 2023

INGLEWOOD, CALIF. — Lee & Associates has arranged the sale of the Wingate by Wyndham Hotel located at 10300 La Cienega Blvd. in Inglewood, near Los Angeles International Airport. A family trust, which owned the hotel for 23 years, sold the asset to Irvine-based Greens Inc. for $23.7 million, or $159,932 per room. Although the number of rooms was not disclosed, the price per key equates to approximately 148 guest rooms. Matt Orville, Marshal Vogt and Jaimeson Hearne of Lee & Associates Orange, along with a referral from Vanessa Herzog of Lee & Associates Pacific Northwest, represented the seller in the deal.

August 30, 2023

Acquisitions Industrial Nevada Western

MCA Realty Sells 127,132 SF Northport Business Center in North Las Vegas to Rising Realty Partners

by Amy Works August 30, 2023

NORTH LAS VEGAS, NEV. — MCA Realty has completed the disposition of Northport Business Center, a six-building industrial park in North Las Vegas, to Rising Realty Partners for $23 million. MCA Realty originally acquired the business park in September 2021 and spend approximately $2 million in capital improvements, converting functionally obsolete office space to warehouse space. Located at 3825-2985 Cheyene Ave., Northport Business Center offers 127,132 square feet of industrial space. At the time of sale, the property was fully leased to a variety of tenants. The industrial park was built in 2000. Dan Doherty, Jerry Doty and Chase Pavlov of Colliers represented MCA Realty and the buyer in the transaction. Northport Business Center is the fourth property sold within the MCA Realty Industrial Growth Fund.

August 30, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $19.5M Sale of Via Alamos Apartments in Green Valley, Arizona

by Amy Works August 30, 2023

GREEN VALLEY, ARIZ. — ABI Multifamily has arranged the sale of Via Alamos Apartments, a 160-unit multifamily property located on West Via Alamos Drive in Green Valley. The property traded for $19.5 million, or $121,875 per unit. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group, in collaboration with Desiree Palmer, Ryan Kippes and Nathaniel McAdoo of ABI Multifamily’s Tucson Apartment Team, represented the buyer and seller in the transaction. The names of the parties were not disclosed. Built in 1984, Via Alamos Apartments features 88 one-bedroom/one-bath units, 56 two-bedroom/one-bath units and 16 two-bedroom/two-bathroom units with individual metered electricity and hot water heaters, air conditioning/heating, refrigerators, oven ranges, linen closets, high-speed internet access and cable access. Select units offer a balcony, dishwasher, garbage disposal and additional storage. Community amenities include a swimming pool, spa, fitness center, basketball court, dog park, children’s playground, leasing office, laundry room, additional storage and on-site covered and open parking.

August 30, 2023

Colorado Development Multifamily Seniors Housing Western

Realty Capital Partners Invests $11.7M in Active Adult Development in Basalt, Colorado

by Amy Works August 30, 2023

BASALT, COLO. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults (age 55 and over) in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square feet.

August 30, 2023

Acquisitions Arizona Industrial Western

Western American Investments Acquires 10,963 SF Industrial Space in Tucson, Arizona

by Amy Works August 30, 2023

TUCSON, ARIZ. — Western American Investments has purchased an industrial space at 2425 W. Curtis Road in Tucson. Kassaboo LLC, Stefiboo LLC and Vegaboo LLC sold the asset for $2.2 million. The property features 10,963 square feet of industrial space. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer in the deal.

August 30, 2023

Acquisitions Colorado Hospitality Northeast Pennsylvania Top Stories Western

KSL Capital Partners Agrees to Acquire Hersha Hospitality Trust for $1.4B

by Kristin Harlow August 30, 2023

DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …

August 30, 2023

Acquisitions Arizona Development Healthcare Industrial Mixed-Use Multifamily Office Restaurant Retail Western

Partnership Purchases 311-Acre Site for Mixed-Use Project in Gilbert, Arizona

by Amy Works August 29, 2023

GILBERT, ARIZ. — Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the northwest corner of Power and Warner roads in Gilbert. The property traded for $107.5 million in an all-cash transaction. The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with a groundbreaking slated for third-quarter 2024. The project will include: Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.

August 29, 2023

Acquisitions California Industrial Western

Westcore Acquires 3.5 MSF Industrial Portfolio in California

by Amy Works August 29, 2023

CHINO, VALENCIA AND LIVERMORE, CALIF. — Westcore has acquired the Odyssey Portfolio, a 3.5 million-square-foot industrial portfolio across Chino, Valencia and Livermore. The price was not disclosed. The portfolio includes: The industrial buildings are all fully occupied with staggered lease expirations that will enable Westcore to drive value and make capital improvements to the properties. Current tenants include Pharavite, Tesla, Draxlmaier Automotive, Coca-Cola and Schlage. Steve Silk, Jay Borzi, Adam Pastor and Christina Buhl of Eastdil Secured represented the undisclosed seller, while Westcore was self-represented in the deal.

August 29, 2023

Acquisitions Colorado Industrial Self-Storage Western

Andover Properties Buys 215,748 SF Self-Storage Facility in Colorado Springs

by Amy Works August 29, 2023

COLORADO SPRINGS, COLO. — Andover Properties has acquired a self-storage facility situated on 23 acres in Colorado Springs. Terms of the transaction were not released. Andover will rebrand the 215,748-square-foot facility under its Storage King USA brand. Previously, the asset operated as AAA Platte Self Storage. The property has 681 climate-controlled units in a variety of sizes. The Storage King USA portfolio now totals 158 facilities in 18 states across the country, with five assets in Colorado.

August 29, 2023

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