Western

Thompson Thrift Residential Sells The Wyatt Multifamily Community in Gilbert, Arizona for $91M

by Amy Works August 1, 2022

GILBERT, ARIZ. — Thompson Thrift Residential has completed the disposition of The Wyatt, an apartment property in Gilbert. Decron Properties acquired the asset for $91 million, or $421,296 per unit. Completed in 2022, The Wyatt features 216 apartments with nine-foot ceilings, full-size washers/dryers and a 980-square-foot average unit size. Community amenities include a swimming pool and spa; pavilion with social seating and recessed fireplace; resident clubhouse; community courtyard; playground; covered parking; and detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 1, 2022

Acquisitions California Retail Western

Faris Lee Negotiates Acquisition of 118,485 SF Promenade Shopping Center in Modesto, California

by Amy Works August 1, 2022

MODESTO, CALIF. — Faris Lee Investments has brokered the purchase of The Promenade Shopping Center, a community retail center in Modesto. A Modesto-based private family office acquired the property from an ownership group managed by Los Altos-based West Valley Properties for $25 million. Located at 3501 McHenry Ave., the 118,485-square-foot property was fully occupied at the time of sale. Current tenants include Ross Dress for Less, Barnes & Noble, AutoZone, Skechers, Hallmark, Cold Stone Creamery and Subway. Alexander Moore, Sean Cox and Don MacLellan of Faris Lee Investments represented the buyer in the transaction.

August 1, 2022

Acquisitions Arizona Industrial Western

LBA Logistics Divests of 225,333 SF Westech Business Center Light Industrial Complex in Phoenix

by Amy Works August 1, 2022

PHOENIX — LBA Logistics has sold Westech Business Center I & II, a seven-building light industrial complex in Phoenix, to Schnitzer Properties, formerly Harsch Investment Properties, for an undisclosed price. Westech Business Center I & II features 225,333 square feet of space, which was 99 percent leased to 51 tenants at the time of sale. The asset offers functional divisibility with a variety of smaller bay sizes, freeway visibility, parking, ample loading and fully built-out offices. Will Strong, Jeff Chiate, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield represented the seller in the deal.

August 1, 2022

Acquisitions California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers $14.2M Sale of Royal Palms Mixed-Use Building in Glendora, California

by Amy Works August 1, 2022

GLENDORA, CALIF. — Marcus & Millichap has arranged the sale of Royal Palms Apartments & Professional Building, a mixed-use property located at 618-620 W. Route 66 in Glendora. A limited liability company sold the asset to an undisclosed buyer for $14.2 million. Totaling 43,292 square feet, Royal Palms Apartments & Professional Building features 28 commercial suites and 48 apartments with studio and one-bedroom floor plans. The building was built in 1962. Douglas McCauley and David Covarrubias of Marcus & Millichap’s Inland Empire office represented the seller in the transaction.

August 1, 2022

Acquisitions California Multifamily Western

Harbor Group Acquires Multifamily Portfolio in Long Beach, California for $180M

by Amy Works July 29, 2022

LONG BEACH, CALIF. — Affiliates of Harbor Group International have purchased the Long Beach Coastal Collection, a portfolio of apartment communities in Long Beach, for $180 million. Built in 2019 and 2020, the portfolio features 348 apartments in a mix of studio, one- and two-bedroom layouts. Amenities at the properties include rooftop decks with panoramic views, 24-hour fitness centers, resident lounges, heated pools and spas, coworking spaces, and gaming and entertainment rooms. Geoff Boler of Eastdil Secured facilitated the transaction. The name of the seller was not released.

July 29, 2022

Acquisitions California Multifamily Western

Oaktree, MG Properties Buy 551-Unit Platform Urban Apartments in San Jose

by Amy Works July 29, 2022

SAN JOSE, CALIF. — Funds managed by Oaktree Capital Management, in a joint venture with MG Properties, have acquired The Platform Urban Apartments in San Jose for an undisclosed price. The transit-oriented property features 551 apartments and 35,000 square feet of ground-floor retail space. Completed in 2019, the community is situated in the Berryessa submarket of San Jose. Eastdil Secured represented the undisclosed sellers. TPG Real Estate Finance Trust, an affiliate of TPG, provided an acquisition loan for the buyers. Eastdil Secured arranged the loan.

July 29, 2022

Acquisitions California Life Sciences Western

DHC Purchases Life Sciences Facility in Fremont, California for $82M

by Amy Works July 29, 2022

FREMONT, CALIF. — Diversified Healthcare Trust (Nasdaq: DHC) has acquired a life sciences building, located at 47071 Bayside Parkway in Fremont, for $82 million. The name of the seller was not released. The recently renovated facility features 89,000 rentable square feet of lab and corporate headquarters space. The property is 100 percent leased to Alamar Bioscience through January 2034. With this acquisition, DHC now owns four life sciences assets totaling approximately 327,000 square feet in the Bay Area, in addition to its joint venture investment in two properties located in the same market.

July 29, 2022

Acquisitions Arizona Office Western

Lincoln Property Co. Sells 109,291 SF Office Building in Phoenix for $34M

by Amy Works July 29, 2022

PHOENIX — LPC Desert West, the Southwest division of Dallas-based Lincoln Property Co., has completed the disposition of Twenty Seven Camelback, a Class A office building located in Phoenix’s Camelback Corridor. Rosebud Properties acquired the asset for $34 million. Located at 2777 E. Camelback Road, Twenty Seven Camelback features 109,291 square feet of office space. After acquiring the property in 2017, LPC implemented a renovation program, including an upgraded lobby, new conference facility, outdoor lounge area, and improved signage, landscape and hardscapes. Other amenities at the property include touchless entries, 13-foot ceilings, modern open layouts with exposed concrete aesthetics, flexible 36,000-square-foot floor plates and a two-level subterranean parking garage with direct elevator access to tenant spaces. At the time of sale, Twenty Seven Camelback was 87 percent occupied. Current tenants include UMB Bank, Abrazo Medical Group and Lavidge. LPC will continue to manage and lease the building for the new owners. Barry Gabel and Chris Marchildon of CBRE represented the seller in the deal.

July 29, 2022

Affordable Housing California Loans Multifamily Seniors Housing Western

BRIDGE Housing Receives $19.4M Refinancing for Magnolia Plaza Senior Apartments in San Francisco

by Amy Works July 29, 2022

SAN FRANCISCO — BRIDGE Housing has received a $19.4 million refinancing for Magnolia Plaza Senior Apartments, a 125-unit affordable seniors housing community in San Francisco. CPC Mortgage Co. provided the Freddie Mac Targeted Affordable Housing loan. Built in 1988, the property is age restricted to seniors age 62 and over. While there is a current requirement that 63 units be restricted to residents with incomes at or below 80 percent of area median income (AMI), BRIDGE has restricted 84 of the units and plans to increase this number going forward. Magnolia Plaza Senior Apartments is adjacent to an architecturally distinguished school building, which was renovated by the City of South San Francisco as a senior center for the residents of both the development and the larger community. The complex includes a historic reconstruction of the city’s original one-room schoolhouse as a project office and community room. BRIDGE was a member of the original enterprise that constructed Magnolia Plaza Senior Apartments in 1988, and recently purchased the property from the remaining partners.

July 29, 2022

California Market Reports Retail Western Western Market Reports

Despite Economic Headwinds, Orange County’s Retail Market Fundamentals Remain Sound

by Jeff Shaw July 29, 2022

By John R. Read, Senior Vice President, CBRE National Retail Partners-West It’s critical to go back to the basics in times of ever-increasing uncertainty. It is not new news that we are currently seeing inflation at a 40-year high, significantly higher interest rates and weaker economic growth expectations, including more talks of a pending recession, which is driving uncertainty in the U.S. market. These factors require us to consider a market’s fundamentals. For attractive fundamentals, look no further than Orange County’s retail market. Orange County’s unemployment rate was 2.7 percent in April 2022, down from a revised 3.1 percent in March 2022, and below the year-ago estimate of 6.8 percent. With California’s unadjusted unemployment rate at 3.8 percent and the nation at 3.3 percent (for the same period), Orange County outperformed both metrics. The county’s leisure and hospitality sector added 6,200 jobs, with 74 percent of these added between March and April of 2022, the most job additions of any sector. Food services and drinking establishments provided most of the employment increase in the subsector, with 4,000 more jobs. Arts, entertainment and recreation also added 1,600 jobs. Orange County boasts about 1,246 arts, entertainment and recreation destinations, along with 7,993 accommodations and …

July 29, 2022

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