Western

Dunleer Sells Outdoor Storage Building in Santa Ana, California for $10.5M

by Amy Works March 7, 2023

SANTA ANA, CALIF. — Dunleer, a Los Angeles-based private real estate investment and development firm, has completed the disposition of a 2.5-acre industrial outdoor storage parcel that includes a single-story building, located at 4404 W. First St. in Santa Ana. The City of Santa Ana acquired the asset for $10.5 million and plans to use the property for city-related public services. The property features a fenced and secured yard area, a 3,900-square-foot building and quick access to interstates 5 and 405. Keith Greer, Ben Seybold, Sean Ward and Joshua Samuels of CBRE represented Dunleer, while the buyer was self-represented in the transaction.

March 7, 2023

Acquisitions California Restaurant Retail Western

Covenant Real Estate Group Divests of Two-Tenant Retail Pad in Roseville, California

by Amy Works March 7, 2023

ROSEVILLE, CALIF. — Irvine-based Covenant Real Estate Group has completed the sale of a newly constructed, two-tenant retail pad at Freedom Point Plaza in Roseville. A Stockton-based private investor acquired the asset for $4 million. Chipotlane, a Chipotle digital order drive-thru location, and Roku Sushi occupy the 4,808-square-foot building, which is located at 4200 Thrive Drive. Tenants at Freedom Point Plaza include TopGolf and Living Spaces. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller, while Scott Pesch of Eureka-based CB Commercial Pacific Partners represented the buyer in the transaction.

March 7, 2023

Acquisitions Colorado Net Lease Retail Western

RealSource Brokers $3.1M Sale of Grease Monkey-Occupied Retail Property in Monument, Colorado

by Amy Works March 7, 2023

MONUMENT, COLO. — RealSource Group has arranged the sale of a single-tenant retail building located at 213 W. Highway 105 in Monument, approximately 50 miles south of Denver. A Monument-based private investor sold the asset to a Houston-based private real estate investment firm for $3.1 million. Oil change service provider Grease Monkey occupies the 5,309-square-foot building, which was built in 1995 and renovated in 2007. The tenant recently signed a 10-year initial lease with 10 percent rental increases every five years. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented the seller in the deal.

March 7, 2023

Acquisitions Colorado Industrial Western

Newmark Negotiates $1.8M Sale of Valet Living Industrial Building in Aurora, Colorado

by Amy Works March 7, 2023

AURORA, COLO. — Newmark has arranged the sale of Valet Living, an industrial property located at 15761 E. Centretech Parkway in Aurora. Brandev LLC sold the building to TenBar Inc. for $1.8 million. The asset features 10,048 square feet of industrial space. Chris Nordling of Newmark represented the seller, while Unique Properties represented the buyer in the transaction.

March 7, 2023

Colorado Company News Multifamily Seniors Housing Western

Ensign Group Takes Over Operations at Two Skilled Nursing Facilities in Colorado

by Jeff Shaw March 7, 2023

AURORA AND LAKEWOOD, COLO. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Hampden Hills Post Acute, a 218-bed skilled nursing facility in Aurora, and Mapleton Post Acute, an 84-bed skilled nursing facility in Lakewood. Both properties are located in first-ring suburbs of Denver. Ensign has signed long-term, triple-net leases for both. The owner was not disclosed. These acquisitions bring Ensign’s growing portfolio to 290 healthcare operations, 26 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, own 108 real estate assets and sublease three healthcare operations to a third-party.

March 7, 2023

California Development Life Sciences Loans Top Stories Western

JLL Arranges $310M Construction Loan for Avia Labs at Millbrae Station Life Sciences Campus in California

by Amy Works March 7, 2023

MILLBRAE, CALIF. — JLL Capital Markets has arranged a $310 million construction loan for the development of Avia Labs at Millbrae Station. Located in Millbrae, southwest of San Francisco International Airport, the life sciences development will total 315,000 square feet. Jordan Angel, Lillian Roos and Pat Aslanian of JLL Capital Markets’ debt advisory team secured the loan through Otera Capital for the borrower, Longfellow Real Estate Partners. Longfellow broke ground on Avia Labs on March 1. The six-story, Class A building is targeting LEED Gold and Fitwel certifications and emphasizes both energy efficiency and quality of life for tenants. Onsite amenities will include a fitness center, public café open to the community, large conference spaces, bike storage, two levels of underground parking and a large terrace with city and mountain views. According to the developer, this will be California’s first all-electric life sciences project. All-electric buildings often have reduced construction costs, are easier to maintain and offer a lower carbon footprint than developments that offer multiple energy sources, such as both electric and natural gas. The property is positioned on 2.1 acres at 210 Adrian Road in the North County submarket of the Mid-Peninsula of the San Francisco Bay Area. …

March 7, 2023

California Development Multifamily Student Housing Western

Developer Plans to Convert Park Tower Office Building to Student Housing Near California State University, Long Beach

by Amy Works March 6, 2023

LONG BEACH, CALIF. — Plans have been filed with the City of Long Beach for the conversion of Park Tower, a 119,287-square-foot office building, into a student housing community serving California State University, Long Beach. Fountain Residential Partners is leading the development and plans to break ground in late 2023. The property is set to offer 539 beds in on-campus-style residential suites with large lounge areas on each floor. Shared amenities will include study and meeting rooms on the ground floor; an Amazon Hub; fitness rooms; an indoor/outdoor dining patio; outdoor fitness turf; a wading pool and lounge area; flexible lawn space for gathering; and barbecue grills with picnic tables. The development is targeting LEED Gold certification and will include the implementation of both passive and active strategies towards sustainability. Green practices for the project are set to include the leveraging of natural light and ventilation, and the maximization of solar performance. Shuttle service to campus and the retainment of an existing Metro bus shelter have also been proposed at the site. The project is scheduled for completion in fall 2025.

March 6, 2023

Acquisitions Hospitality Nevada Western

Bajwa Properties Acquires 229-Room Hotel Portfolio in Reno, Nevada

by Amy Works March 6, 2023

RENO, NEV. — Reno-based Bajwa Properties has purchased a two-property hospitality portfolio in Reno. Terms of the transaction were not released. The 229-room portfolio includes a 94-key Staybridge Suites and a 135-key Hilton Garden Inn. Located at 10559 Professional Circle, Staybridge Suites features a 24-hour business center, onsite meeting room with flexible space, an outdoor pool and a fitness center. Hilton Garden Inn, at 9920 Double R Blvd., offers an onsite restaurant, business center, fitness center, indoor pool and event space. Bill Murney and Steve Avanzino of Cushman & Wakefield represented the undisclosed seller in the deal.

March 6, 2023

Acquisitions Multifamily Washington Western

CBRE Negotiates Sale of 110-Unit Madison Park Apartments in Bothell, Washington

by Amy Works March 6, 2023

BOTHELL, WASH. — CBRE has arranged the sale of Madison Park, an apartment community located at 20520 Bothell Everett Highway in Bothell, approximately 15 miles northeast of Seattle. Terms of the transaction were not released. Built in 1990, the 95,676-square-foot Madison Park features 110 one- and two-bedroom apartments. Community amenities include a fitness center, sauna, outdoor pool, clubhouse and indoor dining room. Eli Hanacek, Kyle Yamamoto, Jon Hallgrimson and Mark Washington of CBRE’s Pacific Northwest multifamily team represented the undisclosed seller in the deal.

March 6, 2023

Acquisitions Industrial Nevada Western

MCA Realty Sells Windy Road Warehouses Industrial Park in Las Vegas for $5.9M

by Amy Works March 6, 2023

LAS VEGAS — MCA Realty has completed the sale of Windy Road Warehouses, a four-building industrial park located at 6460-6478 Windy Road in Las Vegas. A private investor acquired the park for $5.9 million, or $309 per square foot. Built in 1988, Windy Road Warehouse features 19,216 square feet of industrial space with immediate access to interstates 215 and 15. Garrett Toft, Kevin Higgins, Sean Zaher, Jake Higgins and Kelsey Higgins of CBRE represented MCA Realty, while Ed Whittemore of Larem represented the buyer in the transaction.

March 6, 2023

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