Western

CalCPA Sells Office Building in Burlingame, California for $15.1M

by Amy Works August 18, 2023

BURLINGAME, CALIF. — The California Society of Certified Public Accountants (CalCPA) has completed the disposition of a three-story office building located at 1710 Gilbreth in the Bay Area city of Burlingame. An undisclosed buyer acquired the asset for $15.1 million. Built in 1950, the 34,504-square-foot office building underwent significant renovations in 2017, including new exteriors, interiors and a structural retrofit. CalPAC recently relocated to and expanded its presence in Sacramento. Kyle Kovac, Mike Taquino, Joe Moriarty and Giancarlo Sangiacomo of CBRE’s San Francisco Capital Markets team represented the seller in the deal.

August 18, 2023

Acquisitions Arizona Net Lease Retail Western

Pinnacle Real Estate Arranges $5.8M Acquisition of Single-Tenant Retail Property in Gilbert, Arizona

by Amy Works August 18, 2023

GILBERT, ARIZ. — Pinnacle Real Estate Advisors has brokered the purchase of a retail property located at 777 W. Ray Road in Gilbert. Lanwin 120 Windsor LLC acquired the asset from an undisclosed seller for $5.8 million. A gas station occupies the 2,044-square-foot property on an absolute, triple-net, 20-year lease with zero landlord responsibilities and 3 percent annual rent increases. The asset was built in 2000 and remodeled in 2023. Barton Thompson of Pinnacle Real Estate Advisors represented the buyer in the deal.

August 18, 2023

Acquisitions California Healthcare Office Western

Cushman & Wakefield Negotiates $9M Sale of Medical Office Building in San Jose, California

by Amy Works August 18, 2023

SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of a freestanding medical office building located at 4850 Union Ave. in San Jose. LGTC Group acquired the asset from 4850 Union Avenue LLC for $9 million. LGTC Group, an outpatient mental health center, plans to occupy the two-story, 17,200-square-foot facility as its new clinic. Erik Hallgrimson and Clarke Steele of Cushman & Wakefield represented the seller in the transaction.

August 18, 2023

California Industrial Leasing Activity Western

BDK Logistics Intelligence Leases 114,190 SF Industrial Facility in Corona, California

by Amy Works August 18, 2023

CORONA, CALIF. — BDK Logistics Intelligence has signed a deal to lease an entire industrial facility located at 1161 Olympic Drive in Corona. Monterey Rancho Mirage LLC owns the property. Terms of the lease were not released. Situated on 4.8 acres, the 114,190-square-foot building features 20 dock-high loading doors. Brett Lockwood and Rick Ellison of Cushman & Wakefield represented the landlord in the lease.

August 18, 2023

Acquisitions Multifamily Top Stories Washington Western

JLL Brokers $125M Sale of 360-Unit Radiate Apartments in Redmond, Washington

by Jeff Shaw August 18, 2023

REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in Redmond, an eastern suburb of Seattle. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, stainless steel appliances, quartz countertops and wood-style plank flooring. Amenities include an outdoor terrace, barbecue area, complimentary coffee bar, resident social lounge, game room, demonstration kitchen, fitness center and co-working lounge. According to Apartments.com, the complex rises six stories and is served by an elevator. Located at 15808 Bear Creek Pkwy. in Redmond’s downtown area, Radiate Apartments is less than half a mile from Redmond Town Center, an outdoor shopping center with more than 120 retail stores, 20 restaurants, three hotels and entertainment venue space. According to JLL, there is approximately 1.9 million square feet of retail, restaurant and entertainment space within a half-mile radius of the community. Additionally, Radiate Apartments is about 15 miles from downtown Seattle and eight miles from downtown Bellevue. The property offers access to the Redmond Central Connector trail, which will connect to the upcoming Downton …

August 18, 2023

Market Reports Office Oregon Western Western Market Reports

Portland Office Market Looks to Reclaim its Vibrancy

by Jeff Shaw August 18, 2023

— By Samuel Hatcher, Field Research Manager, CBRE — Portland’s historically vibrant office market finds itself at a crossroads, striving to regain its footing in the wake of economic headwinds. The city’s unique blend of natural beauty, progressive culture and thriving tech scene has been a magnet for young professionals seeking an exceptional quality of life. However, recent shifting market dynamics have cast a shadow of uncertainty, compelling stakeholders to navigate a path to recovery with adaptability and resilience. Portland’s overall office market vacancy is currently 22 percent across the metro area. Downtown vacancy — which includes the Central Eastside, Northwest Close-in and Lloyd District — is at about 28 percent. Of that vacant space, 3.3 million square feet is Class A. Moreover, sublease availability across the overall office market is up 67 percent year over year and investment remains paused. Capital is waiting on the sidelines due to elevated interest rates and generally tighter financial conditions. Despite these stats, the market is showing some bright spots. The rate at which newly available sublease space is being put on the market has slowed compared to when this narrative was dominating headlines. There’s even a chance of a slight quarter-over-quarter decrease …

August 18, 2023

California Loans Office Western

GreenRock Provides $172M in C-PACE Financing for Office Tower in Oakland

by Amy Works August 17, 2023

OAKLAND, CALIF. — GreenRock Capital, in conjunction with KeyBanc Capital Markets, has provided $172 million in Commercial Property Assessed Clean Energy (C-PACE) financing for San Francisco-based TMG Partners. The company will use the loan proceeds to make energy efficiency and seismic upgrades at 300 Lakeside Drive, a 29-story office building in Oakland. The financing covers a range of improvements to the 910,000-square-foot building, which was constructed in 1961. The upgrades include a full HVAC system overhaul, envelope sealing to enhance energy efficiency, water conservation measures to reduce water consumption and a complete seismic retrofit. According to GreenRock, the transaction represents the largest C-PACE loan to date on an office property in the United States and the second largest C-PACE loan on a single property of any type in the United States.

August 17, 2023

Acquisitions Affordable Housing California Multifamily Western

CPP Acquires Sunnyview Villa Affordable Housing Property in Palm Springs, California

by Amy Works August 17, 2023

PALM SPRINGS, CALIF. — Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, has purchased Sunnyview Villa, a multifamily property in Palm Springs. Located at 2950 N. Indian Canyon Road, the community features one- and two-story buildings offering a total of 44 residential units reserved for residents earning between 30 percent and 60 percent area median income. CPP plans to implement an extensive renovation program at the property. The company’s total development investment is approximately $20.7 million, including the purchase price of $11.2 million and an expected renovation investment of $89,000 per unit. Renovations are slated for completion by December. CPP’s renovation and investment will renew the property’s affordability status for an additional 55 years. Renovations will include the installation of new kitchen cabinets and countertops, vinyl flooring, Energy Star appliances and energy-efficient lighting. Exterior renovations will include new roofing, energy efficient lighting in common areas and painting of all structures. Additionally, CPP will upgrade the ADA path of travel to be compliant. Common-area upgrades will include the addition of a computer room, security video surveillance, in-unit wireless internet, a social coordinator and transportation options. CPP is partnering with LIfeSTEPS to create a program for residents’ health and wellness. Development …

August 17, 2023

Idaho Loans Retail Western

Wood Investments Cos. Receives $39.1M Refinancing for Two Shopping Centers in Meridian, Idaho

by Amy Works August 17, 2023

MERIDIAN, IDAHO — Wood Investments Cos. has secured refinancing totaling $39.1 million for two shopping centers located in Meridian, roughly 11 miles outside Boise. The first shopping center, Gateway Marketplace, is leased to tenants including a 42,212-square-foot PGA Tour Superstore, Trader Joe’s, Mecca Gym, Land Ocean, Chili’s, Le Peep, Mathnasium and Orange Theory Fitness. Wood acquired the property in 2021. Tim Winton of Keystone Mortgage Corp. arranged a $16.5 million permanent loan through Voya Investment Management for the 135,732-square-foot property. The second shopping center, CentrePoint Marketplace, totals 197,288 square feet and is located across from Gateway Marketplace. Tenants at the property include Kohl’s, Hobby Lobby, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread and Wingers Restaurant & Alehouse. Greg Richardson of Walker & Dunlop arranged the $22.6 million refinancing through RGA ReCap LLC.

August 17, 2023

Acquisitions California Net Lease Restaurant Retail Western

Hanley Brokers $5M Sale of Chipotle-Occupied Property in Sacramento

by Amy Works August 17, 2023

SACRAMENTO — Hanley Investment Group has brokered the $5 million sale of a single-tenant retail property located in Sacramento. Chipotle Mexican Grill occupies the 2,347-square-foot building within The Quad District, a new mixed-use development, on a triple-net lease. Bill Asher and Jeff Lefko represented the developer and seller, Chase Partners LTD. KDC constructed the property, which Vermeltfoort Architects designed. A California-based buyer purchased the property.

August 17, 2023

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