Western

Ryan Cos., Westcore Break Ground on 906,000 SF Hatcher Industrial Park in Glendale, Arizona

by Amy Works August 2, 2022

GLENDALE, ARIZ. — Ryan Cos. and Westcore have broken ground on Hatcher Industrial Park, a two-building industrial campus located along Loop 303 corridor in Glendale. The 906,000-square-foot project will provide Class A industrial space for manufacturing, logistics and supply chain users in the West Valley. Completion of the development is slated for June 2023. Ryan Cos. is serving as builder and Ryan A+E Inc. is serving as architect. Anthony Lydon, Marc Hertberg, Riley Gilbert and Kelly Royle of JLL are marketing the project for lease.

August 2, 2022

Acquisitions Arizona Multifamily Western

Goodegg Investments, Break of Day Capital Acquire 248-Unit Mission Antigua Apartments in Tucson, Arizona

by Amy Works August 2, 2022

TUCSON, ARIZ. — San Francisco-based Goodegg Investments and Manhattan Beach, Calif.-based Break of Day Capital have jointly acquired Mission Antigua, a 248-unit apartment community located in the Midvale Park area of Tucson, for an undisclosed price. Julie Lam and Annie Dickerson of Goodegg Investments and Gary Lipsky at Break of Day Capital led the acquisition teams. This is the eighth asset in Arizona for Break of Day Capital and the first for Goodegg Investments. Completed in 1989, Mission Antigua comprises 248 one-, two- and three- bedroom units and includes amenities such as a swimming pool, picnic area, fitness center and clubhouse. Individual unit amenities include fireplaces, ceiling fans, walk-in closets and balconies and patios. Select units include vaulted ceilings and in-unit washers and dryers. Approximately 70 percent of the units have been renovated, and Goodegg Investments and Break of Day Capital plan to renovate the remaining units.

August 2, 2022

Acquisitions California Retail Western

First National Realty Partners Buys Heritage Park Shopping Center in Suisan City, California

by Amy Works August 2, 2022

SUISAN CITY, CALIF. — Red Bank, N.J.-based First National Realty Partners has acquired Heritage Park, a shopping center in Suisan City. Terms of the transaction were not released. Located approximately 42 miles southwest of Sacramento and 42 miles northeast of Oakland, Heritage Park features 167,000 square feet of retail space. A 60,000-square-foot Raley’s grocery store has anchored the property since 1989. Additional tenants include Ace Hardware, AutoZone, Dollar Tree, Dunkin Donuts, Mariner Finance and H&R Block. To date, First National Realty Partners’ portfolio includes nearly 9 million square feet of retail space spanning 20 states from coast-to-coast.

August 2, 2022

California Life Sciences Loans Western

JLL Secures $165M Refinancing for Genesis Science Center in San Diego

by Amy Works August 1, 2022

SAN DIEGO — JLL Capital Markets has arranged a $165 million refinancing for Genesis Science Center, a life sciences R&D campus located at 5510, 5550, 5580 and 5590 Morehouse Drive in San Diego. The four-building property features 252,000 square feet of space. The fully occupied asset offers a variety of amenities, including an outdoor eatery, fitness center and a conference center that can accommodate at least 100 people. Tim Wright, Todd Sugimoto and Daniel Pinkus of JLL Capital Markets arranged the three-year loan for the borrowers, Phase 3 Real Estate Partners and Bain Capital Real Estate, through a national bank.

August 1, 2022

Acquisitions Arizona Multifamily 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

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