Western

Northmarq Arranges $28.1M Construction Loan for Tacoma Central Logistics Project in Washington

by Amy Works January 7, 2022

TACOMA, WASH. — Northmarq has arranged a $28.1 million construction loan for the development of Tacoma Central Logistics at 1950 S. State St. in Tacoma. Scott Moline and Bob Spiro of Northmarq secured the three-year, interest-only loan through the firm’s relationship with a national bank for the undisclosed borrower. Totaling 248,000 square feet, the speculative building will feature 36-foot clear heights, 183 auto stalls, four grade-level doors, 56 dock doors and 50 trailer parking stalls. The Tacoma News Tribune previously occupied the site, but the former building was demolished.

January 7, 2022

Acquisitions Colorado Industrial Western

Realterm Acquires 200,864 SF Last-Mile Warehouse in Metro Denver

by Amy Works January 7, 2022

BROOMFIELD, COLO. — Realterm has purchased a final-mile warehouse facility located at 400 W. 160th Ave. in Broomfield. Terms of the transaction were not released. Built in 2021 on 52.5 acres, the 200,864-square-foot property features a functional office space, ample parking and 32 loading docks in a combination of drive-in doors and dock-high positions. Cushman & Wakefield represented the undisclosed seller and facilitated the sale.

January 7, 2022

Acquisitions California Western

Progressive Real Estate Partners Brokers $9.3M Sale of Circle K in Jurupa Valley, California

by Amy Works January 7, 2022

JURUPA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a Shell gas station and Circle K convenience store and car wash in Jurupa Valley. A Riverside County-based private investor sold the asset to another Riverside County-based private investor for $9.3 million. Built in 1999 at 3873 Pyrite St., the property was fully remodeled in 2013. The asset features 28 fueling positions, an express car wash, a 4,000-square-foot Circle K convenience store and a 2,580-square-foot drive-thru restaurant building that Alberto’s Mexican Food and Sub Hub Sandwiches occupy. Victor Buendia and Greg Bedell of represented the seller, while Mahlon Tobias Commercial represented the buyer in the deal.

January 7, 2022

Acquisitions California Office Western

PRP Sells 350 Rhode Island Street Office Building in San Francisco for $182.5M

by Amy Works January 6, 2022

SAN FRANCISCO — PRP has completed the sale of 350 Rhode Island Street, an office property in San Francisco. PRP bifurcated the land and improvements, selling the fee simple position to Safehold (NYSE: SAFE) for $64.5 million and selling the leasehold to a venture of Lincoln Property Co. and Korea Asset Investment Management for $118 million, for a total consideration of $182.5 million, or $1,436 per square foot. The transactions occurred simultaneously. The City and County of San Francisco occupy the 127,100-square-foot building under a lease that goes through 2033. Originally built in 2002, the building was redeveloped in 2019 for the city’s tenancy. Adam Lasoff, Rob Hielscher, Michael Leggett, Miyeon Lee and Erik Hanson of JLL Capital Markets handled the transaction.

January 6, 2022

Acquisitions Multifamily Washington Western

Virtu Investments Purchases Cerasa Apartments in Bellevue for $109M

by Amy Works January 6, 2022

BELLEVUE, WASH. — Evergreen Point Development has completed the disposition of Cerasa, a multifamily property located at 10961 NE 2nd Place in Bellevue. Virtu Investments acquired the asset for $109 million, or $707,792 per unit. Completed in 2019, Cerasa features 154 apartments, including top-floor penthouses with 11-foot to 14-foot ceilings. Community amenities include a clubhouse, resident lounge with fireplace and gated underground parking garage with electric car charging stations. Philip Assouad and Giovanni Napoli of Intuitional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

January 6, 2022

Fallbrook-Mercantile-Center-Fallbrook-CA

Acquisitions California Retail Western

Gerrity Group Divests of Fallbrook Mercantile Center Near San Diego for $27.2M

by Amy Works January 6, 2022

FALLBROOK, CALIF. — Gerrity Group has completed the disposition of Fallbrook Mercantile Center, a 70,411-square-foot retail center in Fallbrook. A private investor acquired the asset for $27.2 million. Major Market anchors the property, which is situated on 6.5 acres at 713, 825, 833 and 835-855 S. Main Ave. At the time of sale, the property was 96.8 percent occupied. Other tenants include Anytime Fitness, Denny’s, Sherwin-Williams, H&R Block, Jersey Mike’s Subs, Burger King, United Studios of Self Defense, Bella Dental Group and Pho House and Grill. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

January 6, 2022

Acquisitions California Restaurant Retail Western

DJM, PGIM Real Estate Acquire Long Beach Exchange from Burham-Ward Properties

by Amy Works January 6, 2022

LONG BEACH, CALIF. — DJM, in partnership with PGIM Real Estate, has purchased Long Beach Exchange, an open-air lifestyle property in Long Beach, from Burnham-Ward Properties for an undisclosed price. Built in 2018, the 26-acre Long Beach Exchange features 246,500 square feet of retail space. Current tenants include Whole Foods Market, Handel’s, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta and Nordstrom Rack. Eastdil brokered the transaction.

January 6, 2022

Acquisitions California Retail Western

Ethan Conrad Properties Buys Sacramento-Area Shopping Center for $16.7M

by Amy Works January 6, 2022

CITRUS HEIGHTS, CALIF. — Citivest Commercial Investments has completed the disposition of four parcels of SummerHills Plaza, an approximately 135,000-square-foot, grocery-anchored shopping center in Citrus Heights. Ethan Conrad Properties acquired the parcels for $16.7 million, or $155 per square foot. Originally constructed in 1967 and refurbished in 2020, the property is occupied by Raley’s, Dollar Tree, Round Table Pizza and Dutch Bros. Coffee. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Edward Nelson and Wyatt Figeroa of Marcus & Millichap represented the seller and procured the buyer in the transaction.

January 6, 2022

Acquisitions California Retail Western

Imperium Blue Purchases Chateau, Zalanta Retail Centers in South Lake Tahoe for $33M

by Amy Works January 5, 2022

SOUTH LAKE TAHOE, CALIF. — Florida-based Imperium Blue has acquired the Chateau and Zalanta retail centers in South Lake Tahoe for $33 million. Ready Capital sold the assets, which total 50,000 square feet of retail space. Tony Wood of KW Commercial Real Estate Services represented the seller, while Scott Campbell of SRS National Let Lease Group represented the buyer in the deal. The properties are part of a larger 20-acre development project that includes 400 residential condominiums and 100,000 square feet of retail space.

January 5, 2022

Acquisitions Arizona Multifamily Student Housing Western

INREIT Acquires 833-Bed Student Housing Community Near Arizona State University

by Amy Works January 5, 2022

TEMPE, ARIZ. — Invesco Real Estate Income Trust Inc. (INREIT) has acquired an 833-bed student housing community located near Arizona State University in Tempe. Developed in 2017, the 13-story property offers 384 units. The community was fully leased at the time of sale. Further details on the property and the seller were undisclosed. “We are excited to acquire a high-quality, 100 percent-occupied student housing property at one of the nation’s largest universities and in a high-growth market like Tempe,” says R. Scott Dennis, president and CEO of INREIT. “There continues to be strong demand for the student housing sector and we are seeing an increase in undergraduate enrollment at top universities, resulting in student housing occupancy reaching pre-COVID levels.”

January 5, 2022

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