Western

SLIB Brokers Sale of 72-Unit Assisted Living Community in Portland, Oregon

by Jeff Shaw June 9, 2023

PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 72-unit assisted living and memory care community in Portland. The facility was built in 1961 with renovations in 2021. The property totals 52,217 square feet on approximately 4.22 acres. The seller was a local owner-operator seeking to retire from the industry. The buyer was a private equity company based in Salt Lake City, with senior living communities throughout the country. This is the buyer’s second community in the Portland market. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.

June 9, 2023

California Industrial Leasing Activity Western

ResMed Motor Technologies Signs 128,700 SF Industrial Lease in Calabasas, California

by Jeff Shaw June 9, 2023

CALABASAS, CALIF. — Medical equipment manufacturer ResMed Motor Technologies has signed a 128,700-square-foot lease for an R&D industrial building in Calabasas. The facility is located at 26801 Agoura Road. The company will relocate from nearby Chatsworth as it was seeking to expand into a larger facility with additional parking. RedMed also sought a location that was close to the labor market in the Conejo Valley area to take advantage of the highly skilled engineering talent in the area. The relocation is slated for early 2024. Mike Tingus and Grant Fulkerson of Lee & Associates – LA North/Ventura, represented the landlord, Cypress Land Co., while Cushman & Wakefield represented ResMed in the lease transaction.

June 9, 2023

California Civic Development Western

Pluralistic School Buys Expansion Site in Santa Monica, California for $3.5M

by Jeff Shaw June 9, 2023

SANTA MONICA, CALIF. — Pluralistic School has acquired commercially zoned land site in Santa Monica for $3.5 million. The site is located at 1457 12th St. The private elementary school already owns the adjacent property. The site consists of about 7,500 square feet of land with about 2,034 square feet of existing improvements, as well as a single-family residence and a triplex, both of which were vacant at the time of sale. WESTMAC Commercial Brokerage Co. and Highland Partners facilitated the transaction between the school and the private seller.

June 9, 2023

Arizona Build-to-Rent Loans Single-Family Rental Top Stories Western

Empire Group Receives $120.5M in Financing for Two BTR Communities Near Phoenix

by Jeff Shaw June 9, 2023

PEORIA AND GLENDALE, ARIZ. — Empire Group has received $120.5 million in financing for two build-to-rent (BTR) communities in the Phoenix metropolitan area. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on both deals. Empire Group received $78.5 million in nonrecourse bridge financing for Village at Pioneer Park, a BTR community in the northwestern Phoenix suburb of Peoria. The bridge loan refinanced the project’s construction loan upon opening and allows Empire Group time to stabilize the asset prior to putting a permanent loan in place. Village at Pioneer Park was built in 2022 and offers 332 units averaging 921 square feet in size, as well as amenities including a clubhouse, pool, fitness center, pet wash station and dog park. Units come in one-, two- and three-bedroom floor plans, according to Apartments.com. The Scottsdale-based developer also received $42 million in nonrecourse construction financing for the Village at Skyline Ranch in Glendale. Located approximately 1.2 miles from Luke Air Force Base and related off-base housing, Village at Skyline Ranch is slated for delivery in 2024. The project will consist of 167 BTR units featuring one- and two-bedroom floor plans. Amenities will include walking paths, a dog park, clubhouse, fitness …

June 9, 2023

California Market Reports Multifamily Western Western Market Reports

Opportunities Abound for Investors in Westside Los Angeles Apartment Market

by Jeff Shaw June 9, 2023

— By Kimberly Stepp, Principal, Stepp Commercial Group — Los Angeles’ Westside apartment market is poised to see a robust pipeline of transactions in 2023. Long-time owners have been increasingly seeking to trade into out-of-state assets, while 1031 investors or those looking to pay all cash seek to take advantage of opportunities in a high interest rate environment. Last year, Stepp Commercial Group saw a significant number of transactions with LA-area sellers who were frustrated with rent control and other problematic apartment legislation. They were looking to trade into states like Arizona, Florida and Texas because they provide a stronger ROI over the long-term and offer fewer landlord restrictions. We see that trend continuing into 2023 as owners want to enjoy a passive income as they achieve their individual investment goals and objectives. Additionally, while Measure ULA (“the mansion tax”) went into effect on April 1 — and impacts only homes and apartment complexes sold within the City of Los Angeles at $5 million or more — the overall sentiment has been sour from owners throughout the Greater LA area. They are justifiably concerned that similar legislation will soon be coming to their city, on top of other landlord-unfriendly restrictions …

June 9, 2023

Acquisitions Office Washington Western

Intracorp, HAL Real Estate Buy Vacant Office Building in Bellevue, Washington for $18M

by Jeff Shaw June 8, 2023

BELLEVUE, WASH. — A Intracorp and equity partner HAL Real Estate have purchased a site that houses a vacant, 60,423-square-foot office building in Bellevue for $18 million. The site is located at 3190 160th Ave. SE in the Eastgate neighborhood. The building was constructed in 1982 and was previously leased to Washington Department of Ecology for several decades. Official plans for the site have not yet been announced, but the buyer may execute shorter-term leases at the existing office building until a redevelopment strategy is finalized. Pat Mutzel of Cushman & Wakefield’s Private Capital Group, in collaboration with Jeffrey Cole, Jeff Chiate, Bryce Aberg, Mike Adey, Nico Napolitano and Zach Harman of the firm’s West Coast Capital Markets Group, represented the seller, a private, high-net-worth investment group. Mutzel also advised the sale of the property in December 2019 for a price of $16.3 million.

June 8, 2023

California Development Industrial Self-Storage Western

Byline Bank Provides $13.6M Construction Loan for Self-Storage Property in Los Angeles

by Jeff Shaw June 8, 2023

LOS ANGELES — Byline Bank’s commercial real estate team has provided a $13.6 million construction loan to Madison Capital Group for a new self-storage property in the Los Angeles submarket of Paramount. The infill project will total 845 units, including 841 temperature-controlled units and four non-temperature-controlled units. Madison Capital Partners’ self-storage brand Go Store It will manage the property. Madison will demolish an existing and obsolete industrial property on the site to make way for the self-storage facility. Joanne Campanile, Sam Duros and Ana Garcia of Byline Bank managed the loan transaction on behalf of the borrower, working directly with Eric Lentz of Madison Capital Group Holdings. The Talonvest Capital Team of Eric Snyder, Kim Bishop and Ivan Viramontes brokered the deal.

June 8, 2023

Acquisitions California Office Western

Cabrillo Credit Union Purchases Office Building in San Diego for $7.9M

by Jeff Shaw June 8, 2023

SAN DIEGO — Cabrillo Credit Union has acquired a 20,060-square-foot office building in the Kearny Mesa submarket of San Diego for $7.9 million. The building is located at 3710 Ruffin Road. It features solar panels, open ceilings, creative office space, private offices, conference rooms, and employee breakrooms and restrooms on each floor. The property was renovated in 2019. CBRE’s Phil Linton and Nick Bonner represented the seller, the Council of Community Clinics, which will lease back a quarter of the building.

June 8, 2023

Arizona Industrial Leasing Activity Western

Axle on Demand Leases 126,075 SF Industrial Space at Echo Park 303 in Glendale, Arizona

by Jeff Shaw June 8, 2023

GLENDALE, ARIZ. — Axle on Demand has signed a 126,075-square-foot pre-lease at Echo Park 303, a 676,336-square-foot industrial development in Glendale. The renter is the property’s first tenant. The transaction represents Axle on Demand’s sixth metro Phoenix location. It will fill more than half of Echo Park 303’s Building A almost four months before the Class A industrial project is scheduled for completion. Axle on Demand will use the space for third-party logistics services spanning warehousing, fulfilment and IT operations. Echo Real Estate Capital is developing the project. Anthony Lydon, John Lydon and Kelly Royle of JLL represented Echo Real Estate Capital in the pre-lease transaction. John Grady with CBRE represented Axle on Demand.

June 8, 2023

California Leasing Activity Life Sciences Western

Rubi Laboratories Signs 16,884 SF Lease at Radius @ Harbor Bay Campus in Alameda, California

by Jeff Shaw June 8, 2023

ALAMEDA, CALIF. — Rubi Laboratories, a California-based biotechnology company, has signed a 16,884-square-foot lease at the Radius @ Harbor Bay campus in Alameda. Radius is a nearly 700,000-square-foot life sciences and innovation campus located at 1501 Harbor Bay Parkway. The property features a new backup power generator, HVAC service with 100 percent outdoor air, 13-foot clear heights and an outdoor screened equipment pad. Newmark’s Conor Ranahan represented the landlord and ownership group, Paceline Investors and True North Management Group, while the firm’s Daniel Pivnick and Ari Rokeach represented Rubi Laboratories. Newmark previously represented the landlord and ownership group in the 43,645-square-foot, full-building lease to Vivani in December 2022 at the same campus.

June 8, 2023

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