Western

IPA Brokers $96M Sale of Hudson on Farmer Apartments in Downtown Tempe

by Amy Works May 18, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hudson on Farmer, an apartment community in downtown Tempe. Ideal Capital Group purchased the property from 8th & Farmer Owner LLC for $96 million, or $561,404 per unit. Completed in 2021, Hudson on Farmer features 171 apartments with full-size washers/dryers, walk-in showers and private balconies. Community amenities include a heated swimming pool, spa and second-story resident lounge with social space, a conference room and workspaces. The landscaped courtyard offers a covered outdoor dining area, barbecue grills, a firepit, desert vegetation and misting systems. The property also features a fitness center, bike parking room and electric vehicle charging stations. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

May 18, 2022

Blue-Shield-CA-Office-Campus-Monterey-Park-CA

Acquisitions California Office Western

BH Properties Buys 120,191 SF Blue Shield Office Campus in Monterey Park, California

by Amy Works May 18, 2022

MONTEREY PARK, CALIF. — BH Properties has acquired a 120,191-square-foot suburban commercial office campus in Monterey Park from Blue Shield of California in a $15 million sale/leaseback transaction. Andrew Harper, Will Poulsen, Matt McRoskey and Owen Muller of JLL marketed the property on behalf of Blue Shield. Situated on 7.9 acres, the asset features a 91,363-square-foot building and a 28,828-square-foot property, both of which serve as the headquarters of Blue Shield’s Promise Health Plan, a managed care organization. Blue Shield will continue to occupy the asset through July 2023.

May 18, 2022

Acquisitions Arizona Multifamily Western

CBRE Negotiates $75M Acquisition of Sanctuary on Broadway Multifamily Complex in Arizona

by Amy Works May 18, 2022

TEMPE, ARIZ. — CBRE has arranged the sale of Sanctuary on Broadway, an apartment community located at 1330 W. Broadway Road in Tempe. A private, Washington-based company acquired the asset for $75 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer in the deal. Sanctuary on Broadway features 240 apartments, with 60 percent of the units as two-bedroom floor plans averaging 700 square feet. The two-building, two-story property offers renovated interiors, including stainless steel appliances, Shaker-style cabinetry, subway-tile backsplashes, modern bathroom vanities and in-suite washers/dryers in select units. Community amenities include a swimming pool, clubhouse, picnic areas with barbecues and a fitness center.

May 18, 2022

Acquisitions Colorado Industrial Western

Roaring Fork Real Estate Sells 31,612 SF Cold Storage Warehouse in Loveland, Colorado

by Amy Works May 18, 2022

LOVELAND, COLO. — Roaring Fork Real Estate has completed the sale of a warehouse cold storage building located at 7311 E. Highway 34 in Loveland. WS Properties Loveland acquired the asset for $6 million. Situated on four acres, the 31,612-square-foot facility features more than 20,000 square feet of cold storage and dry storage. The asset also includes a shipping/receiving area, locker rooms and office space. The buyer plans to convert the single-tenant facility property into a third-party logistics facility. The existing tenant, Canyon Bakehouse, is scheduled to vacate the premises in June. Jared Goodman of Cushman & Wakefield represented the seller in the transaction.

May 18, 2022

Acquisitions California Company News Western

Cushman & Wakefield Acquires Cresa Partners of Los Angeles

by Amy Works May 18, 2022

LOS ANGELES — Cushman & Wakefield has acquired Cresa Partners of Los Angeles Inc., whose operations comprise three Los Angeles County offices located in West Los Angeles, Woodland Hills and Westlake Village. Representing tenants, the Cresa team provides commercial real estate services to clients in diverse industries, including entertainment, technology, interactive entertainment, professional services, biotech and transportation. The team comprises 40 professionals, made up of tenant representatives and project managers.

May 18, 2022

Acquisitions Office Top Stories Washington Western

Barings, Schnitzer West Sell Madison Centre Office Tower in Seattle for $730M

by Kristin Harlow May 18, 2022

SEATTLE — Barings and Schnitzer West LLC have sold Madison Centre, a 37-story office tower in downtown Seattle, for $730 million. The buyer was Boston Properties Inc. (NYSE: BXP). Completed in September 2017 and currently 93 percent leased, Madison Centre spans 760,971 rentable square feet and features 480 parking stalls. Amenities include a rooftop terrace, great room, conference center, boardroom, library and a fitness center operated by the Washington Athletic Club. Certified LEED Platinum, the building features HVAC purification systems and touchless entry. “The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well throughout our hold period,” says Ben Green, managing director with Barings, which developed Madison Centre in partnership with Schnitzer West. Located at the intersection of Fifth Avenue and Madison Street, the office tower is located five blocks south of Seattle’s retail core, one block west of the Interstate 5 freeway and four blocks southeast of a Link light rail station. Kevin Shannon, Nick Kucha, Ken White and Mike Moll of Newmark brokered the sale. “This is the largest multi-tenant office sale in the nation year to date, and the asset garnered significant investor interest globally,” says Shannon, co-head, …

May 18, 2022

California Industrial Loans Oregon Self-Storage Washington Western

Gantry Secures $130M Loan for Six-Property Trojan Storage Portfolio on the West Coast

by Amy Works May 17, 2022

CALIFORNIA, OREGON AND WASHINGTON — Gantry has arranged $130 million in permanent financing for a six-property, Trojan Storage-owned self-storage portfolio spread across California, Oregon and Washington. Totaling 600,000 square feet, the portfolio includes three newly completed, pre-stabilized facilities and three recently acquired facilities. Andy Bratt and Amit Tyagi of Gantry secured the financing for Trojan Storage. The loan features a 10-year term at a fixed rate and a significant interest-only period later transitioning to a 30-year amortization schedule. The newly constructed facilities are in Commerce, Glendale and San Jose, Calif., and the recently acquired assets are in Salinas, Calif., Portland, Ore., and Vancouver, Wash.

May 17, 2022

Acquisitions Colorado Office Western

Certus Sells 124,500 SF Office Building in Westminster, Colorado

by Amy Works May 17, 2022

WESTMINSTER, COLO. — Certus has completed the sale of Church Ranch Corporate Center, a Class A office property located along the US-30/Denver-Boulder corridor in Westminster. Lotus Co. acquired the building for $25.4 million. Built in 2001 and renovated in 2020, the four-story, multi-tenant asset features 124,500 square feet of office space. At the time of sale, the property was 90 percent leased to 14 tenants. The building is located at 10170 Church Ranch Way. Cushman & Wakefield’s Aaron Johnson, Jon Hendrickson and Mitch Veremeychik represented the seller in the deal. Additionally, Baxter Fain, Rob Cronenberg and Sarah Dinning of Cushman & Wakefield’s Denver Equity, Debt & Structured Finance Group arranged the debt financing for the buyer. A CMBS lender provided the $16.5 million, 10-year, full-term, interest-only loan.

May 17, 2022

Acquisitions Development Industrial Utah Western

Sansone Group to Develop 289,100 SF Industrial Property in West Valley City, Utah

by Amy Works May 17, 2022

WEST VALLEY CITY, UTAH — Sansone Group, in partnership with Invesco Real Estate, has acquired an 18.5-acre land parcel in West Valley City. The partnership plans to develop a 289,100-square-foot Class A industrial facility on the site. Rusty Bollow of Colliers will handle leasing for the development, and Sansone Group will manage the asset. The Sansone Group team involved in the development include Jeff Greenwalt, Jake Corrigan, John Brown and John Benoist.

May 17, 2022

Loans Multifamily Seniors Housing Washington Western

Lytle Enterprises Receives $15M in Financing for Seniors Housing Property in Everett, Washington

by Amy Works May 17, 2022

EVERETT, WASH. — Greystone has arranged $15 million in financing for Washington Oakes, a 152-unit seniors housing property in Everett, a northern suburb of Seattle. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC. Washington Oakes features studio, one-, two- and three-bedroom units and offers independent living and assisted living services. Leisure Care LLC is the operator. A life insurance company provided the nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds enable the borrower to monetize a portion of its equity in the property and continue with ongoing maintenance.

May 17, 2022

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