Western

IPA Negotiates $38.2M Sale of South Hills Apartments in West Covina, California

by Amy Works January 19, 2023

WEST COVINA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of South Hills Apartments, a multifamily community in West Covina. NexGen Properties Group sold the asset to HFH Ltd. for $38.2 million, or $450,000 per unit. South Hills Apartments features 85 residential units with vaulted ceilings, washers/dryers and a patio or balcony. Built in 1966 and remodeled in 2019, the community features a swimming pool, spa, fitness center and outdoor kitchen with barbecue grills. Kevin Green, Joseph Grabiec and Greg Harris of IPA, along with Marcus & Millichap’s Tyler Leeson, Mathew Kupp and Nick Kazemi, represented the seller and procured the buyer in the deal.

January 19, 2023

Acquisitions Arizona Office Western

United Realty Buys Multi-Tenant Office Building in Chandler, Arizona for $17.2M

by Amy Works January 19, 2023

CHANDLER, ARIZ. — United Realty M.T.A. has purchased Norte at Chandler, a Class A flex office property located at 4100 W. Galveston St. in Chandler, from an institutional seller for $17.2 million, or $200 per square foot. The 85,797-square-foot, multi-tenant building is 70 percent leased to two investment-grade tenants, Enterprise Holdings and a Fortune 500 semiconductor firm. The single-story, freestanding building was built in 2016 on nearly eight acres. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

January 19, 2023

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Arranges $11M Sale of Aspen Cove Apartment Community in Payson, Arizona

by Amy Works January 19, 2023

PAYSON, ARIZ. — Taylor Street Advisors has arranged the sale of Aspen Cove, a multifamily property at 801 E. Frontier St. in Payson. A local private investment group sold the asset to an out-of-state 1031 exchange buyer for $11 million, or $186,440 per unit. Built in 1984, the 59-unit property is individually metered for electricity and each unit features an individual hot water heater and full kitchens with dishwashers. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street represented the buyer and seller in the deal.

January 19, 2023

Acquisitions California Retail Western

Balboa Retail Partners Purchases 91,000 SF Retail Center in Pinole, California

by Amy Works January 19, 2023

PINOLE, CALIF. — Balboa Retail Partners has purchased Pinole Square, a community shopping center at 1201-1577 Tara Hills Drive in Pinole. A private family sold the asset for an undisclosed price. Nicholas Bicardo and Cheyne Bloch of Newmark facilitated the transaction. Safeway and CVS/pharmacy have anchored the 91,000-square-foot retail center for more than 50 years.

January 19, 2023

Acquisitions Arizona Industrial Western

Opus Group Sells 197,000 SF Warner Commerce Center in Tempe, Arizona to Barings for $42.4M

by Amy Works January 18, 2023

TEMPE, ARIZ. — The Opus Group has completed the disposition of Warner Commerce Center, a newly built industrial project situated on an 18-acre infill site in Tempe. Barings acquired the asset for $42.4 million. Located at 1300 and 1330 W. Warner Road, the site was formerly an office building. Opus completed a speculative redevelopment of the property, transforming it into a 197,000-square-foot manufacturing, distribution or last-mile distribution facility. Warner Commerce Center consists of two 98,500-square-foot buildings each suitable for multiple tenants. The buildings feature 32-foot clear heights and a combined total of 40 rear-load dock doors, four drive-in doors, 64 dedicated trailer parking stalls and 392 vehicle parking stalls. Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, Cal Conway, Stephanie Saccente, Micki Strain and Foster Bundy of Cushman & Wakefield’s Industrial Advisory Group – Mountain West team represented the seller in the transaction.

January 18, 2023

Acquisitions California Industrial Western

DAUM Brokers $40M Sale of Two-Building Industrial Property Near Los Angeles

by Amy Works January 18, 2023

IRWINDALE, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an eight-acre parcel, including two industrial buildings, located at 4510 Azusa Canyon Road in Irwindale. Rexford Industrial acquired the asset from DS Services of America, a water bottling and distribution company, for $40 million. The sale-leaseback deal includes a five-year lease with an option to extend. Dennis Sandoval, Kevin Sandoval and Bryan Sandoval of DAUM represented the seller, Dennis Sandoval also represented the buyer in the transaction. Constructed in 1950, the property features a 52,780-square-foot Class C industrial building and a 14,728-square-foot building. The buildings offer 24-foot clear heights, ample parking and a fully fenced and secured lot.

January 18, 2023

Metro-Air-Park-Logistics-Center-Phase-I-Sacramento-CA

Acquisitions California Development Industrial Western

Badiee Development Completes 308,780 Metro Air Park Logistics Center in Sacramento

by Amy Works January 18, 2023

SACRAMENTO, CALIF. — San Diego-based Badiee Development has completed the construction and sale of Metro Air Park Logistics Center – Phase I in Sacramento. BentallGreenOak acquired the asset for an undisclosed price on a forward basis. Located on Badiee Drive, Metro Air Park Logistics Center – Phase I features two Class A industrial buildings totaling 308,780 square feet. Both buildings feature ESFR sprinklers and heavy power. Situated on 10.5 acres, the 183,088-square-foot Building I is divisible to four 40,000-square-foot suites. The building features 36-foot clear heights, 56 trailer and 155 auto parking stalls, 14,000 square feet of built-to-suit office space, and 31 dock-high and two grade-level doors. Situated on seven acres, the 125,692-square-foot Building II is divisible to two 60,000-square-foot suites. The facility features 32-foot clear heights, 103 auto stalls, 10,000 square feet of built-to-suit office space, and 21 dock-high and two grade-level doors. The second phase of Metro Air Logistics Center is currently under construction and will consist of a 109,300-square-foot freestanding building slated for completion in spring 2023. BentallGreenOak is expected to purchase the second phase upon its completion. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield represented Badiee Development in …

January 18, 2023

Acquisitions Retail Washington Western

Hyperion Realty Capital Buys Meridian Place Shopping Center in Puyallup, Washington

by Amy Works January 18, 2023

PUYALLUP, WASH. — Los Angeles-based Hyperion Realty Capital, formerly known as Portal Investment Management, has purchased Meridian Place Shopping Center in Puyallup. Terms of the transaction were not released. Built in 1979, Meridian Place offers 127,429 square feet of retail space. Current tenants include Grocery Outlet and Michaels. Sean Tufts and Kevin Adatto of CPX handled the deal.

January 18, 2023

Acquisitions Healthcare Nevada Office Western

Avison Young Arranges $3.6M Sale of Medical Office Building in Las Vegas

by Amy Works January 18, 2023

LAS VEGAS — Avison Young has brokered the purchase of a medical office property located at 6070 S. Fort Apache Road in Las Vegas. AABECK LLC, an entity of Wound Care Experts, acquired the asset from VUELTA, an entity of a pain management group and former tenant, for $3.6 million. Built in 2008, the 10,000-square-foot property features reserved covered parking, a large waiting room, 12 exam rooms, a break room, billing office and two doctors’ offices. The buyer plans to occupy 5,000 square feet of the facility with the remainder available for lease. Barton Hyde of Avison Young represented the buyer, while Kevin Donahoe of Commercial Specialists represented the seller in the deal.

January 18, 2023

California Loans Multifamily Western

Dwight Capital Provides $45M HUD Refinancing for Villa Lucia Apartments in Fresno, California

by Amy Works January 17, 2023

FRESNO, CALIF. — Dwight Capital has provided a $45 million HUD 223(f) loan for Villa Lucia Apartments, a multifamily community in Fresno. The financing features a 35-year term and fixed interest rate. Dwight previously provided a HUD 223(f) loan for Villa Lucia Apartments in 2016 and the subsequent cash-out refinance closed in December 2022. Ari Mandelbaum of Dwight Capital originated both transactions for the borrower, Latco Enterprises. The refinancing benefited from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property qualifies for National Green Building Standard Bronze Certification. Situated on 20 acres, the 272-unit community consists of 42 one- and two-story residential buildings, 19 garage buildings and a clubhouse. Community amenities include a courtyard, fitness center, playground, pool and spa.

January 17, 2023

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