Western

DAUM Commercial Negotiates Sale of 43,540 SF Warehouse Facility in Compton, California

by Amy Works October 13, 2023

COMPTON, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an industrial warehouse asset located at 1303 W. Walnut Parkway in Compton, just south of Los Angeles. A private investor acquired the property from an undisclosed seller for $16 million. Anthony Bergeman of DAUM Commercial represented the buyer, while Jeff Smart and Elizabeth Capati of Colliers represented the seller in the transaction. Situated on 1.8 acres, the 43,540-square-foot facility features two drive-in loading areas, six dock-high doors with ample turning radius for 53-foot truck loading, 93 parking spaces and a fenced yard. The new ownership plans to remove the excess mezzanine office space and implement extensive renovations to reduce and modernize the onsite office footprint.

October 13, 2023

Acquisitions Multifamily Nevada Western

Avison Young Brokers $15.4M Sale of Madison at Green Valley Apartments in Henderson, Nevada

by Amy Works October 13, 2023

HENDERSON, NEV. — Avison Young has arranged the sale of Madison at Green Valley, an apartment community in the Las Vegas suburb of Henderson. Brisas GD LLC acquired the asset from Pacifica Henderson LLC for $15.4 million, or $175,000 per unit. Constructed in 1992 on four acres, Madison at Green Valley features 88 one- and two-bedroom apartments, with an average unit size of 942 square feet. The community is located near the Sunset Station Hotel and Casino and Galleria at Sunset. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily Group facilitated the transaction for both the buyer and seller.

October 13, 2023

Spectrum Business Park in Federal Way, Wash., features 68,911 square feet of multi-tenant industrial space.

Acquisitions Industrial Washington Western

MCA Realty Divests of Spectrum Business Park in Federal Way, Washington for $13.7M

by Amy Works October 13, 2023

FEDERAL WAY, WASH. — MCA Realty has completed the sale of Spectrum Business Park, a six-building industrial campus in Federal Way, just northeast of Tacoma. A private investor purchased the asset for $13.7 million. Andy Miller and Matt McLennan of Kidder Mathews and Kyle Schipper of NAI Puget Sound Properties represented the seller, while Earney Velton of JSH Properties represented the buyer in the transaction. Built in 1978, Spectrum Business Park features 68,911 square feet of industrial space that was 100 percent leased at the time of sale. The park is located at 1620-1720 S. 341st Place. MCA Realty originally acquired the business park in September 2021 and spend $500,000 in capital improvements that included new paint, parking lot improvements, roof/gutter upgrades, interior improvements, electrical upgrades, landscaping and a new signage program. Spectrum Business Park is the fifth property sold within the MCA Realty Industrial Growth Fund.

October 13, 2023

Acquisitions California Healthcare Office Western

Harbor Associates Sells 47,850 SF Medical Office Building in Upland, California

by Amy Works October 13, 2023

UPLAND, CALIF. — Harbor Associates has completed the disposition of 400 Mountain Avenue, a medical office property in the Inland Empire city of Upland. A local medical user bought the asset for $8.8 million. The three-story building features 47,850 square feet of medical office space with highway access to Los Angeles and Orange County. Sammy Cemo, Anthony DeLorenzo, Austin Reuland, Bryan Johnson and Nick Williams of CBRE Investment Properties represented the seller in the deal.

October 13, 2023

Acquisitions California Office Western

Newmark Negotiates Sale of 129,789 SF Calabasas Courtyard Office Campus in California

by Amy Works October 12, 2023

CALABASAS, CALIF. — Newmark has negotiated the sale of Calabasas Courtyard, a three-building office campus in Calabasas, approximately 30 miles west of Los Angeles. AEW Capital Management sold the asset to Calabasas Courtyard LLC, a partnership between Brian Forster of Pacific Partners Commercial, Tony Principe of Westcord Commercial and private investor John Cataldo. The price was not disclosed. Located at 5000 Parkway Calabasas, the 129,789-square-foot campus was 68 percent leased at the time of sale. The buyer plans to upgrade and modernize the commons areas of the three buildings, as well as the individual suites. Kevin Shannon, Rob Hannan, Ken White, Laura Stumm, Michael Moll and Alex Beaton of Newmark represented the seller in the transaction.

October 12, 2023

California Development Multifamily Western

CIM Group Opens The Wilson Apartment Community in Santa Monica, California

by Amy Works October 12, 2023

SANTA MONICA, CALIF. — CIM Group has opened The Wilson, a multifamily property located at 2903 Lincoln Blvd. in Santa Monica’s Sunset Park neighborhood. The newly developed community features 47 studio, one-, two- and three-bedroom apartments with hardwood-style flooring, in-unit washers/dryers and private balconies. Community amenities include a courtyard with lounge and dining seating, and a rooftop deck with outdoor fire pits and barbecues. The Wilson also features 15,000 square feet of ground-floor retail space.

October 12, 2023

Acquisitions California Industrial Office Western

Positive Investments Divests of 122,000 SF Flex Building in Monrovia, California

by Amy Works October 12, 2023

MONROVIA, CALIF. — Positive Investments has completed the disposition of an office/industrial building, located at 222 E. Huntington Drive in Monrovia, a northeastern suburb of Los Angeles. An undisclosed buyer acquired the property for $25 million. Built in 1988 on 5.7 acres, the two-story, multi-tenant building features 122,000 square feet of office/flex space. The property features a two-story glass atrium entryway, newly remodeled lobby, landscaped grounds, electric car charging stations, ample parking and three roll-up loading doors. The buyer plans to occupy a portion of the asset. Andrew Berk of Avison Young represented the seller in the deal.

October 12, 2023

Acquisitions California Healthcare Office Western

Progressive Real Estate Brokers $4.4M Sale of DaVita Dialysis Location in Indio, California

by Amy Works October 12, 2023

INDIO, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant medical office property located at 82900 Avenue 42 in the Coachella Valley city of Indio. A Los Angeles-based private investor sold the asset to another Los Angeles-based private investor for $4.4 million in an 1031 exchange. Greg Bedell of Progressive Real Estate Partners represented the seller, while Abel Mehrabi and Karl Markarian of JohnHart Real Estate represented the buyer in the deal. DaVita Dialysis occupies the 14,000-square-foot facility under a corporate-backed, 10-year lease renewal through April 2033.

October 12, 2023

Acquisitions California Restaurant Retail Western

CBRE Arranges Sale of 8,915 SF Restaurant Building at Rancho Bernardo Town Center in San Diego

by Amy Works October 12, 2023

SAN DIEGO — CBRE has negotiated the sale of a freestanding restaurant property located at 16785 Bernardo Center in San Diego. Kim Family Trust sold the asset to a private buyer for $3.9 million. The new owners plan to open a restaurant, Sapphire Indian, in the 8,915-square-foot building. Built in 1987, the asset is within Rancho Bernardo Town Center. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller, while AGAS Real Estate represented the buyer in the transaction.

October 12, 2023

Acquisitions Arizona Industrial Top Stories Western

Prologis Acquires Airpark Logistics Center in Suburban Phoenix for $184M

by Kristin Harlow October 12, 2023

GOODYEAR, ARIZ. — Prologis Inc. (NYSE: PLD) has acquired Airpark Logistics Center in Goodyear, a western suburb of Phoenix, for $184 million. Creation and CrossHarbor Capital Partners were the sellers. The transaction marks the largest multi-building industrial business park acquisition in Arizona history, according to Creation. Located directly adjacent to Phoenix Goodyear Airport, the campus spans 170 acres. The first phase, comprising three buildings with 1.4 million square feet of leasable space, was completed last month. LGE Design Build served as the architect and general contractor. The second phase of the project includes 84 acres of undeveloped land for build-to-suit industrial projects. At full build-out, the development will span more than 2.7 million square feet. “The recognition of Airpark Logistics Center’s potential by a logistics real estate leader like Prologis is a testament to the quality of the asset,” says Grant Kingdon, principal of Creation’s Mountain region. “The center’s strategic location, innovative design and growth potential align perfectly with our vision for delivering sustainable developments that meet the needs of modern logistics tenants. This sale is especially significant today given the current market dynamics, where deals of this scale are rare.” Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt …

October 12, 2023

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