Western

Analog Devices Sells 127,574 SF R&D Facility in Milpitas, California to Cannae Partners

by Amy Works July 5, 2022

MILPITAS, CALIF. — Analog Devices has completed the disposition of a freestanding research and development (R&D) property located at 275 S. Hillview Drive in Milpitas. A partnership controlled by San Francisco-based Cannae Partners acquired the asset for $32.8 million. The new ownership plans to renovate and re-tenant the property. The 127,574-square-foot facility features 35,862 square feet of Class 10 cleanroom and service space with a fully operational, 7,669-square-foot sub-fab and four 2,500 kVA substations with capacity for 10 megawatts of power. The building is situated on 6.4 acres and is surrounded by retail amenities, housing and transportation, as well as semiconductor and technology companies. The seller used the property as a semiconductor fabrication facility. Todd Beatty, Steve Horton, Kelly Yoder and Carrick Young of Cushman & Wakefield represented the seller in the transaction.

July 5, 2022

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $33.1M Refinancing for Seniors Housing Property in Hillsboro, Oregon

by Amy Works July 5, 2022

HILLSBORO, ORE. — CBRE National Senior Housing has arranged $33.1 million in financing for MorningStar of Hillsboro. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. Situated on a 1.35-acre parcel, the community comprises 142 independent living units. The property recently opened its doors. The operator is MorningStar. The property is less than a mile north of Kaiser Permanente Westside Medical Center, a 126-bed hospital that serves the greater Hillsboro and Beaverton suburbs. Additionally, half a mile north of the community is The Streets of Tanasbourne, a 386,000-square-foot outdoor shopping mall with over 55 retail and restaurant options. Aron Will, Austin Sacco and Tim Root arranged the nonrecourse, floating-rate loan with full-term interest-only payments. A national bank provided the capital.

July 5, 2022

Acquisitions Multifamily Washington Western

Colliers Negotiates $13.6M Sale of Villa Andora Apartment Building in West Seattle

by Amy Works July 5, 2022

SEATTLE — Colliers has brokered the sale of Villa Andora, a multifamily building located at 1520 California Ave. SW in the North Admiral neighborhood of West Seattle. The property traded for $13.6 million. The names of the buyer and seller were not released. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller, while Adam Groberman of Colliers represented the buyer in the deal. Totaling 30,029 square feet, Villa Andora features 37 apartments, all of which have undergone interior renovations and feature new kitchens, bathrooms, flooring, windows, appliances, fixtures and finishes.

July 5, 2022

Acquisitions California Retail Western

Festival Cos. Divests of Retail Property in Claremont, California for $4.1M

by Amy Works July 5, 2022

CLAREMONT, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail property located at 903-911 W. Foothill Blvd. in Claremont. The Festival Cos. sold the asset to a San Gabriel Valley-based private investor for $4.1 million. Greg Bedell and Roxy Klein of Progressive Real Estate Partners represented the seller, while Katherine Quach of Treeland Realty Group represented the buyer in the transaction. Unleashed by Petco and Wild Birds have been tenants at the 9,226-square-foot property since 2010/2011 and recently renewed their leases. Progressive also handled the lease-up of the final space to Almond Haus Café. The property features modern architecture and was fully remodeled in 2010, including a new façade and roof.

July 5, 2022

Acquisitions Colorado Industrial Office Western

NAI Highland Brokers $2.8M Sale of Office/Industrial Portfolio in Colorado Springs

by Amy Works July 5, 2022

COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of a two-building office and industrial portfolio, located at 1120-1140 Moreno Ave. in Colorado Springs. The asset traded for $2.8 million. The terms of the transaction were not disclosed. Situated on 2.2 acres, the property consists of a 10,187-square-foot office building and a 3,200-square-foot industrial building. Randy Dowis and Bob Garner of NAI Highland handled the transaction.

July 5, 2022

Development Office Washington Western

Patrinely Group, Dune Real Estate Partners Break Ground on 484,000 SF Office Tower in Downtown Bellevue

by Amy Works July 1, 2022

BELLEVUE, WASH. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on FOUR106, an office tower in downtown Bellevue. The 21-story building will feature approximately 484,000 rentable square feet of office space with average floor plate sizes of 24,000 rentable square feet, along with 6,500 square feet of street-level retail space. FOUR106 will feature a fully equipped fitness center with shower and locker facilities, hands-free entries, delivery dispatch, hands-free elevators and hands-free restrooms. The project is designed to meet LEED Gold standards for core and shell. The project team includes CollinsWoerman, Mortenson Construction, DCI and Gensler. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group are leasing FOUR106 on behalf of Patriney Group and Dune.

July 1, 2022

Acquisitions Arizona Development Office Western

George Oliver Acquires Biltmore Commerce Center in Phoenix, Plans $52M Renovation

by Amy Works July 1, 2022

PHOENIX — Phoenix-based George Oliver has purchased Biltmore Commerce Center, a landmark office building in Phoenix’s Camelback Corridor. A joint venture between Lincoln Property Co. and Oaktree Capital Management sold the asset for an undisclosed price. Located at 3200 E. Camelback Road, the 260,878-square-foot Biltmore Commerce Center features a three-story central atrium, large floorplates, multiple common areas and outdoor amenity spaces, conference facilities and a bronze-colored metal building exterior. George Oliver will deploy more than $52 million in capital improvements at the three-story building. George Oliver Design leads the architectural team. Ryan Timpani of JLL wills serve as the project’s leasing broker, while Arcadia Management Group will serve as the onsite property manager. Ben Geelan and Will Mast of JLL represented the sellers in the deal.

July 1, 2022

Acquisitions California Industrial Western

LDK Ventures Sells 340,000 SF Warehouse in Sacramento for $42.8M

by Amy Works July 1, 2022

SACRAMENTO, CALIF. — LDK Ventures has completed the disposition of a warehouse building in Sacramento to Belvedere Logistics CA Property Owners for $42.8 million. Located at 8301 Belvedere Ave., the property features 340,000 square feet of industrial space. LDK Ventures originally acquired the asset in 2015 from a family trust. After purchase, LDK renewed both existing tenant leases and made building and site improvements, which included expansion of the interior, infill of existing rail tracks to create more usable floor space, and asphalt improvements to the site and parking areas. Rebecca Perlmutter, Darla Longo, Barbara Perrier, Brett Hartzell, Joe Cesta, Eric Cox, Michael Longo, Paige Morgan, Michael Luca and Ryan DeAngelis of CBRE represented LDK Ventures in the transaction.

July 1, 2022

Acquisitions California Office Western

Commercial Asset Advisors Arranges $6.3M Sale of Office Building in National City, California

by Amy Works July 1, 2022

NATIONAL CITY, CALIF. — Commercial Asset Advisors has brokered the sale of an office property located at 22 W. 35th St. in National City. SCOS LP sold the building to Strong Tower LP for $6.3 million. Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Shirley Kanamu and Valley Coleman of Pacific Coast Commercial represented the buyer in the deal. The property features 19,917 square feet of Class B office space with high visibility and convenient freeway access.

July 1, 2022

Acquisitions California Retail Western

CBM1 Brokers $2.9M Sale of Retail Strip Center in Oxnard, California

by Amy Works July 1, 2022

OXNARD, CALIF. — CBM1 has facilitated the sale the of a retail strip center located at 3450-3460 Saviers Road in Oxnard. Rick Rivera of CBM1 represented the seller in the deal. The names of the buyer and seller were not released. Situated on a half-acre lot, the property features a 7,300-square-foot retail building with four tenant units. At the time of sale, the asset was 100 percent occupied. Tenants include Little Caesars, a market, laundromat and nail salon.

July 1, 2022

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