Western

Food for the Hungry Establishes 30,000 SF Headquarters at Renaissance Square in Downtown Phoenix

by Jeff Shaw May 18, 2023

PHOENIX — Food for the Hungry has leased nearly 30,000 square feet of office space at Renaissance Square in downtown Phoenix. The new lease will allow the international humanitarian organization to consolidate its three downtown Phoenix locations into a single global corporate headquarters. Food for the Hungry’s new lease will relocate about 130 corporate headquarters employees to 2 N. Central Ave., one of two Class A, high-rise office buildings at the 985,000-square-foot Renaissance Square. The remaining 99 percent of the organization’s staff works in their country of origin. Jami Savage-Gray and Ryan Bartos from the Phoenix office of JLL represented Food for the Hungry in the negotiations. Jerry Roberts and Pat Boyle of Cushman & Wakefield represented the landlord, a partnership between Oaktree and Cypress Office Properties.

May 18, 2023

California Industrial Leasing Activity Western

Vivion Leases 49,545 SF Regional Distribution Hub in Gardena, California

by Jeff Shaw May 18, 2023

GARDENA, CALIF. — Ingredients distributor Vivion has leased 49,545 square feet at 15500 S. Main Street, Building B in Gardena. Located in the South Bay region of Los Angeles County, the property will be used as Vivion’s regional distribution hub. A subsidiary of Operio Group, Vivion is an ingredients distributor that specializes in products for application in the solid dose, pharmaceutical, nutritional, food and beverage, cosmetics, personal care, agricultural and industrial markets. The company’s Gardena distribution hub will be 30,000 square feet larger than its current facility in Vernon. Vivion expects to occupy its new space in June 2023. Grant Huff of Transwestern represented Vivion in the transaction.

May 18, 2023

Acquisitions Colorado Healthcare Office Western

Marcus & Millichap Brokers $2M Sale of Downing Street Office Building in Denver

by Jeff Shaw May 18, 2023

DENVER — A local family medicine practice has acquired an 8,360-square-foot office building in Denver for $2 million. The practice plans to convert most of the building for its medical practice. The property is located at 1634 Downing St. The two-story building is only a few blocks from SCL Saint Joseph Hospital. An immigration law firm currently occupies the space. Cory Gross and Erik Enstad of Marcus & Millichap’s Denver office had the exclusive listing to market the property on behalf of the seller, a private investor.

May 18, 2023

Acquisitions California Multifamily Western

Mogharebi Group Arranges $50.5M Sale of The Landing Apartments in Ontario, California

by Jeff Shaw May 17, 2023

ONTARIO, CALIF. — The Mogharebi Group has arranged the $50.5 million sale of The Landing Apartments, a 156-unit community in Ontario, 37 miles east of Los Angeles. Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller, an Orange County-based family. A Los Angeles-based investor acquired the asset at less than a 4.5 percent cap rate. The Landing Apartments offers one- and two-bedroom floor plans, as well as amenities such as in-unit washers and dryers, a pool with a spa, a tennis court, carport parking and a community lake.

May 17, 2023

Acquisitions California Retail Western

RA Centers Acquires Meadows Village Retail Center in Temecula, California for $27.7M

by Jeff Shaw May 17, 2023

TEMECULA, CALIF. — CBRE has brokered the $27.7 million sale of Meadows Village Center, a 67,336-square-foot retail center located in Temecula. Barons Market anchors the center, which was 96 percent leased at the time of sale. Other tenants include Starbucks Coffee, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, The UPS Store and Pacific Dental. The property also features a CVS/pharmacy, which was not included in the sale. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. RA Centers acquired the property in a 1031 exchange.

May 17, 2023

Acquisitions Multifamily Nevada Western

Berkadia Brokers Sale of 192-Unit Westlook Resort Living in Reno, Nevada

by Jeff Shaw May 17, 2023

RENO, NEV. — Berkadia brokered the sale of and secured financing for Westlook Resort Living, a 192-unit, garden-style property in Reno. Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. Clay Akiwenzie of Berkadia Incline Village secured the financing for the buyer. Westlook Resort Living offers one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, bocce and cornhole courts, pool and dog park.

May 17, 2023

Colorado Development Multifamily Seniors Housing Western

Confluent, MorningStar Open 81-Unit Observatory Park Seniors Housing Community in Denver

by Jeff Shaw May 17, 2023

DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed construction of MorningStar at Observatory Park. Located in Denver’s historic Observatory Park neighborhood, the 89,900-square-foot senior living community represents the partners’ 13th joint venture across five states. The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. Firms involved in the project included Hord Coplan Macht as the architect, Shaw Construction as the general contractor and Thoma-Holec Design as the interior designer.

May 17, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Advisors Negotiates $10M Sale of Historic Apartment Buildings in Denver

by Jeff Shaw May 17, 2023

DENVER — NorthPeak Commercial Advisors has brokered the sale of two apartment buildings at 1410 N. Marion St. and 1321 E. 14th Ave. in Denver. An undisclosed investment group bought the properties for $10 million. According to Apartments.com, the buildings were built in 1896 and rise three stories. The buyer is planning to renovate all 40 units. Greg Johnson and Conner Piretti represented the buyer and seller in this transaction. The seller, which owned the property for 40 years prior to the sale, was not disclosed.

May 17, 2023

California Development Office Western

Worthe Completes 800,000 SF Warner Bros. Headquarters at Burbank Studios in California

by Jeff Shaw May 16, 2023

BURBANK, CALIF. — Worthe has completed construction of the 800,000-square-foot office project known as Second Century at Burbank Studios. It will serve as the headquarters for Warner Bros. The two LEED-certified office buildings are located on the southernmost portion of the Burbank Studios Lot in Burbank. Frank Gehry and his team at Gehry Partners designed the project. Worthe developed the asset alongside its construction company, Krismar Construction. Stockbridge Real Estate Fund partnered on the project. Second Century was named in anticipation of the upcoming 100-year anniversary of Warner Bros. The buildings will house about 4,500 Warner Bros. employees.

May 16, 2023

California Development Industrial Western

Kearny Real Estate, Dune Real Estate Partners Plan Harbor Logistics Center in Santa Ana, California

by Jeff Shaw May 16, 2023

SANTA ANA, CALIF. — Kearny Real Estate Company and Dune Real Estate Partners have announced plans to develop Harbor Logistics Center, a 163,000-square-foot industrial facility in Santa Ana. The new property will replace a recently renovated office campus. Construction is projected to begin in the first quarter of 2024. Kearny acquired the eight-acre office campus at 3130 and 3100 S. Harbor Blvd. in 2018. It hit the market a year later after Kearny completed a multi-million-dollar renovation and rebranded it as Elevate@Harbor. The office campus will be razed to accommodate the construction of the Harbor Logistics Center.

May 16, 2023

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