TEMPE, ARIZ. — Faris Lee Investments has arranged the sale of Costco Plaza, a shadow-anchored Costco center located at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. Costco Plaza features 237,000 square feet of retail space. Don MacLellan of Faris Lee Investments represented the seller in the transaction.
SALT LAKE CITY — Phoenix-based ViaWest Group has acquired an 18-acre industrial development site at 3255 W. 500 South in Salt Lake City. Terms of the transaction were not released. The site contains an existing 37,000-square-foot industrial building, which was built in 2016. Phillip Eilers of Cushman & Wakefield represented the ViaWest Group and James Merrill of cRc Nationwide represented the undisclosed seller in the deal. ViaWest plans to split the existing lot, creating a separate 11-acre parcel on which it will construct a new 171,600-square-foot Class A speculative industrial building to accompany the existing building on the property.
SAN JOSE, CALIF. — San Jose-based DJM Capital, through a joint venture with affiliates of Fortress Investment Group, has acquired a four-property, grocery-anchored portfolio totaling 488,000 square feet of retail space across California. Merlone Geier sold the portfolio for an undisclosed price. Chris Hoffmann of Eastdil Secured brokered the transaction. Bank of America served as lender and Brian Ley of JLL acted as equity intermediary. The portfolio includes: Magnolia & Adams, a 68,000-square-foot property at 9062 Adams Ave. in Huntington Beach, Calif. Magnolia & Warner, a 62,000-square-foot center at 17070 Magnolia St. in Fountain Valley, Calif. Poway Town Center, a 101,000-square-foot asset at 12342 Poway Road in Poway, Calif. Deer Creek Village, a 257,000-square-foot property at 429 N. McDowell Blvd. in Petaluma, Calif.
LOS ANGELES — CBM1 has arranged the sale of a neighborhood shopping center located at 11201-11223 National Boulevard in West Los Angeles. Los Robles Office Partners sold the asset to a private party for $13.1 million. The property includes a 10,883-square-foot retail building situated on a 24,400-square-foot lot. The retail center includes eight units; a newsstand; a Wells Fargo ATM; two income-producing billboards; and a cell tower. At the time of sale, seven of the eight units were occupied. Geoff Grossman of CBM1 represented the seller, while Paul Brehme of Lee & Associates represented the buyer in the transaction.
By Bob Caudill, Executive Vice President, Colliers We continue to see a flight by tenants into low-rise office properties, typically four stories or less, and out of high rises. This trend began pre-pandemic, but COVID has undoubtedly accelerated its movement. Asking rates in the market have flattened, while concessions like free rent, beneficial occupancy and improvement allowances have increased. The surge in construction costs continues, putting stress on the economics of lease deals. In addition, construction material delivery delays have impacted the completion of tenant improvements. We will continue to see challenging times for office owners in the short-term as tenants are unsure how much space they need going forward. More tenants will also struggle to pay rent on time. In the long-term, although some industries have learned that they can remain successful with most of their employees working remotely, others are experiencing negative impacts on creativity and collaboration. As a result, their businesses have suffered financially, and they will require their employees to return to the office. Activity and Impact The Irvine Company’s Spectrum Terrace has set a new standard in design and quality for low-rise, Class A office properties. Tenants in this project are creating a workplace environment that employees will want …
TURLOCK, CALIF. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the asset to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five retail pad tenants. Current tenants include Smart & Final, with a new 15-year lease, Rite Aid, dd’s discount, Big 5 Sporting Goods and Goodwill.
LOS ANGELES — Rexford Industrial has acquired two Class A industrial buildings in central Los Angeles for a total consideration of $28 million. Located at 1501-1545 Rio Vista, the buildings feature a total of 53,651 square feet. At the time of sale, both buildings were 100 percent leased to stable credit tenants. Jerry Sackler of DAUM Commercial represented the seller, a private family real estate investment trust, and procured the buyer in the deal.
AURORA, COLO. — Marcus & Millichap has arranged the sale of Fairview Apartments, a multifamily property in Aurora. The asset traded for $27.6 million, or $276,000 per unit. Constructed in 1974 and renovated in 2018, Fairview Apartments features 30 three- and four-bedroom townhome units and 70 one- and two-bedroom flats. Within the last two years, all but 15 of the units have been upgraded. Situated on eight acres, the community also offers picnic and barbecue areas, playgrounds, a dog park, community garden and laundry facilities. Jason Hornik and Greg Price of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the transaction.
REDLANDS, CALIF. — Progressive Real Estate Partners has arranged the sale of The Grove, a neighborhood retail center located at 1542-1598 Orange St. in the Inland Empire city of Redlands. A Los Angeles County-based seller sold the property to a Riverside County-based private investor group for $8 million. Built in two phases in 1987 and 1990, The Grove features 39,339 square feet of retail space. Circle K anchors the property, which was 80 percent occupied at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Melody Waltz of Realty Executives Riverside represented the buyer in the deal.
JACKSON, WYO. — Hodges Ward Elliott (HWE) has brokered the sale of Amangani, an ultra-luxury resort located at 1535 NE Butte Road in Jackson. Terms of the transaction were not released. Situated at the foothills of the Grand Tetons, Amangani features 40 suites with either an outdoor terrace or balcony with mountain views, an award-winning restaurant, spa and fitness center, plus a wide variety of excursions and adventures, including heli-skiing, dog sledding, whitewater rafting, fly fishing, photography tours and wildlife tours. Daniel Peek, Cyrus Vazifdar, Carolina Bernal and Alex Yiankes of HWE advised the undisclosed seller in the deal. HWE’s Debt Capital Markets team, led by Lawrence Britvan and Michael Straw, arranged acquisition financing for the undisclosed buyer.
