Western

Pine Tree Acquires Delta Shores Shopping Center in Sacramento for $122.5M

by Amy Works July 28, 2022

SACRAMENTO, CALIF. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. pension fund, has purchased Delta Shores, a shopping center in Sacramento, for $122.5 million. Completed in 2017, Delta Shores features 414,658 square feet of retail space. Current tenants include Dick’s Sporting Goods, Hobby Lobby, Ross Dress for Less, PetSmart and Ulta Beauty. The shopping center is part of the 800-acre Delta Shores master-planned development located 10 miles south of downtown Sacramento and immediately adjacent to Interstate 5. Eastdil Secured represented Pine Tree in the transaction. The sale represents Pine Tree’s second acquisition in the Sacramento MSA and contributes to the nearly $375 million in acquisitions for the company in the last 12 months.

July 28, 2022

Acquisitions California Industrial Western

RPG, CenterSquare Sell 175,367 SF Industrial Asset in Vista, California for $58M

by Amy Works July 28, 2022

VISTA, CALIF. — RPG, in partnership with CenterSquare, has completed the sale of 1 Viper. The recently redeveloped and fully leased Class A industrial property is situated on 11.7 acres at 1 Viper Way in Vista. Santa Monica-based BLT Enterprises acquired the asset for $58 million. Aric Starck and Drew Dodds of Cushman & Wakefield represented the sellers in the deal. Following its acquisition of the property in 2021, RPG speculatively redeveloped and improved the 175,367-square-foot asset, which is situated on a 482,644-square-foot site. The property features 20 dock-high doors, 16 grade-level doors and skylights to increase natural light and energy efficiency. At the time of sale, the property was fully leased to Cymer and Gnarlywood.

July 28, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers $21.3M Sale of Dolce Villagio Lofts in Tempe, Arizona

by Amy Works July 28, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Dolce Villagio Lofts, a multifamily townhome community in Tempe, for $21.3 million. IPA’s Steve Gebing and Cliff David represented the seller, Scottsdale-based Bascom Arizona Ventures LLC, and procured the undisclosed buyer. Built in 2007, Dolce Villagio Lofts comprises seven residential buildings and 37 two- and three-bedroom townhome units with two-car garages and an average unit size of 1,437 square feet. Community amenities include a swimming pool and spa.

July 28, 2022

Acquisitions California Retail Western

Faris Lee Arranges $17.3M Sale of La Verne Plaza in Metro Los Angeles

by Amy Works July 28, 2022

LA VERNE, CALIF. — Faris Lee Investments has arranged the $17.3 million sale of La Verne Plaza, a retail center located in the Los Angeles County community of La Verne. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the San Gabriel Valley-based buyer in the all-cash transaction. The property is shadow-anchored by Stater Brothers and In-N-Out Burger.

July 28, 2022

Acquisitions California Retail Western

300 Venture Group Buys 155,920 SF Former JCPenney Site in Pleasanton, California

by Amy Works July 28, 2022

PLEASANTON, CALIF. — 300 Venture Group (3VG), along with its undisclosed capital partner, has purchased the former JCPenney site at 1500 Stoneridge Mall Road in Pleasanton. Terms of the acquisition were not released. The 155,920-square-foot building is located on 9.8 acres of prime real estate in a high-barrier-to-entry market. The acquisition is a consistent with 3VG’s mission of profitably repositioning assets to maximize their value and create vibrant communities. Nicholas Bicardo of Newmark represented the seller in the transaction.

July 28, 2022

Development Life Sciences Washington Western

Oxford Properties Completes 136,000 SF Boren Lofts Office-to-Lab Conversion in Seattle

by Amy Works July 27, 2022

SEATTLE — Oxford Properties Group has completed the conversion of the 136,000-square-foot Boren Lofts office building into Boren Labs, a life sciences facility in downtown Seattle. Located at 1930 Boren Ave. in the South Lake Union neighborhood, the building features 15,000-square-foot floor plates, pre-built lab suites and move-in-ready research and development suites. The 10-story building features nine levels of labs and support office space, ground-level retail and a newly built amenity floor, which features a shared rooftop deck and conferencing center, fostering collaboration between occupants. The converted building features 15-foot floor-to-floor heights, fully upgraded MEP systems and ample subsurface parking. Each floor also features natural light and a private deck with outdoor access. Current tenants include Icosavax, Tune Therapeutics and GentiBio.

July 27, 2022

Acquisitions Colorado Multifamily Western

Security Properties Acquires Summit Riverside Apartments in Littleton, Colorado for $78.5M

by Amy Works July 27, 2022

LITTLETON, COLO. — Security Properties and Tokyu Land US Corp. have jointly purchased the Summit Riverside multifamily community in Littleton for $78.5 million. The seller was not disclosed. Summit Riverside is located on the South Platte River, comprising 21 residential buildings and 248 studio, one- and two-bedroom units with an average unit size of 777 square feet. Security Properties now owns five properties in Colorado. The residential complex is Tokyu’s first investment in the Denver metropolitan area. Security Properties Residential will manage the property.

July 27, 2022

Acquisitions Nevada Office Western

Greenlite Partners Sells 67,145 SF Office Building in Las Vegas for $26M

by Amy Works July 27, 2022

LAS VEGAS — Greenlite Partners, an affiliate of WG Group, has completed the disposition of an office building located at 9075 W. Diablo Drive in Las Vegas. KB Acquisitions, part of Kingsbarn Realty Capital, acquired the property for $26 million, or $387 per square foot. Originally constructed in 2008, the three-story, multi-tenant property features 67,145 square feet of Class A office space. At the time of sale, the property was 97 percent leased. Marlene Fujita Winkel, Emily Brun and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal.

July 27, 2022

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Negotiates $12.9M Sale of Multifamily Property in Denver

by Amy Works July 27, 2022

DENVER — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 2920 W. 32nd Ave. in Denver. The property traded for $12.9 million, or $641 per square foot. The names of the seller and buyer were not released. The 27,932-square-foot residential building features 41 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer and seller of the transaction.

July 27, 2022

1620-14th-St-1621-Euclid-St-Santa-Monica-CA

Acquisitions California Industrial Self-Storage Western

Matthews Brokers Sale of 1,070-Unit Self-Storage Facility in Santa Monica

by Amy Works July 27, 2022

SANTA MONICA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a self-storage facility located at 1620 14th St. and 1621 Euclid St. in Santa Monica. Invesco Real Estate acquired the asset. The seller and price were not released. The 56,490-square-foot facility features 1,070 units. The two-parcel facility sits on 1.3 acres at the intersections of Colorado Avenue and 14th Street. Bill Pedersen, Shane Avera and Maxx Bauman of Matthews represented the seller in the transaction.

July 27, 2022

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