Western

Alere Property Breaks Ground on Two Spec Industrial Parks in Chino, California

by Amy Works September 28, 2021

CHINO, CALIF. — Alere Property Group has broken ground on the construction of two industrial warehouse facilities in Chino. The two developments will bring more than 626,000 square feet of speculative industrial space to the area. Located at the northeast corner of Bickmore and Euclid avenues, the eight-building Euclid Industrial Park will offer 360,000 square feet of space in buildings ranging from 13,050 square feet to 206,118 square feet. Completion is slated for August 2022. Ken Andersen, Eric Fikse and Richard John of Daum Commercial represented Alere in the 18.6-acre land acquisition for the project. The Daum team will also oversee leasing of the development. Chino Commerce Park, situated on 13 acres at the northwest corner of East End Avenue and County Road, will consist of four buildings offering a total of 266,348 square feet. The park will include a 210,747-square-foot building with 36-foot clear heights and three smaller buildings ranging from 15,104 square feet to 25,177 square feet with 26-foot clear heights. Tim Pimental, Chris Tolles, Eric Larson and Robin Dodson of Cushman & Wakefield represented Alere in the land acquisition for the development and will oversee leasing of the project, which is slated for completion in May 2022.

September 28, 2021

Harvill-Logistics-Center-Riverside-County-CA

Acquisitions California Industrial Western

CH Realty, Blumenfeld Development Buy Harvill Logistics Center in Inland Empire for $57.5M

by Amy Works September 28, 2021

PERRIS, CALIF. — Rockefeller Group has completed the disposition of Harvill Logistics Center, a newly constructed industrial property in the Riverside County city of Perris. CH/BDG Harvill LLC, a joint venture between CH Realty Partners and Blumenfeld Development Group, purchased the asset for $57.5 million. The building features 333,553 square feet of industrial space. Rockefeller Group acquired approximately 30 acres of property in Riverside County for the development of two projects totaling 623,109 square feet in September 2020. The second project, a 289,556-square-foot speculative distribution building, Val Verde Logistics Center, was recently completed. Herdman Architecture + Design designed the project and RM served as general contractor. Bill Heim and Alex Heim of Lee & Associates represented the seller, while Tom Taylor and Steve Bellitti of Colliers represented the buyer in the deal.

September 28, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $28.2M Sale of Multifamily Property in Kent, Washington

by Amy Works September 28, 2021

KENT, WASH. — Marcus & Millichap has arranged the sale of The Blvd, an apartment community in Kent. The property traded hands for $28.2 million. The names of the seller and buyer were not released. Situated on seven acres at 2138 S 272nd St., The Blvd features 136 apartments in a mix of 15 studio units, 69 one-bedroom units and 52 two-bedroom units. The property totals 106,850 square feet of net rentable area. George Miller of Marcus & Millichap represented the seller in the deal.

September 28, 2021

Acquisitions Arizona Industrial Office Western

Fullerton Properties Divests of 106,892 SF Chandler Business Center in Arizona

by Amy Works September 28, 2021

CHANDLER, ARIZ. — Fullerton Properties has completed the sale of Chandler Business Center, multi-tenant industrial/flex property in Chandler. Portland, Ore.-based ScanlanKemperBard acquired the asset for $19.1 million, or $178.68 per square foot. Situated on 10.6 acres at 6150 W. Chandler Blvd., the 106,892-square-foot property was fully leased at the time of sale. Commercial Properties/CORFAC International’s Leroy Breinholt, Cori Sposi and David Bean represented the seller and buyer in the transaction.

September 28, 2021

Acquisitions California Industrial Western

Rexford Industrial Sells Newton Corporate Center in Carlsbad, California to Elion Partners for $18.6M

by Amy Works September 28, 2021

CARLSBAD, CALIF. — Rexford Industrial has completed the sale of Newton Corporate Center, an industrial research and development property situated on 4.5 acres in Carlsbad. Elion Partners acquired the asset for $18.6 million. The 71,602-square-foot property is fully leased to four tenants with 2.8 years of weighted average lease term. Built in 1997 and renovated in 2009 and 2016, the property features 50 percent office space and 50 percent warehouse space. Bret Hardy, Sean Fulp, Sean Plummer and Mark Schuessler of Newmark represented the seller, while Greg Pieratt of Lee & Associates represented the buyer in the transaction.

September 28, 2021

Arizona Life Sciences Market Reports Office Western Western Market Reports

Phoenix’s Life Sciences Market is on a Record Rise

by Jeff Shaw September 28, 2021

By Alexandra Loye, Senior Vice President, Healthcare & Life Sciences Services, Colliers Despite global and domestic market challenges from the pandemic, Phoenix continues to shine amongst its competitive Western cities. With Maricopa County being the fastest-growing county in the U.S., Phoenix offers employers a diverse, educated workforce, business-friendly environment and affordable housing options. Arizona’s economy is booming and experiencing record revenue growth, as well as personal income growth. From 2019 to 2020, Arizona led the nation (tied with Montana) in the category of highest personal income growth with a 7.1 percent increase. The state is also projected to add 325,000 jobs in the next 12 months. Phoenix’s life sciences industry has gained significant momentum during the past 12 months, with no slowdown in sight. The Phoenix Biomedical Campus (PBC) in downtown Phoenix is ground zero for life sciences development and tenant activity. The 30-acre campus is currently occupied by Arizona State University, the University of Arizona, Northern Arizona University, Translational Genomics Research Institute (TGen), OncoMyx Therapeutics, Calviri, Vidium Animal Health, and Exact Sciences, which recently acquired Paradigm Diagnostics and Ashion Analytics. The PBC is the ideal environment when it comes to collaboration and innovation for life sciences tenants. The 227,000-square-foot, …

September 28, 2021

Acquisitions Office Washington Western

Principal Real Estate Investors Sells 148,652 SF Lincoln Plaza Office Campus in Bellevue, Washington

by Amy Works September 27, 2021

BELLEVUE, WASH. — Des Moines, Iowa-based Principal Real Estate Investors has completed the disposition of Lincoln Plaza, an office campus located at 11225, 11235 and 11245 SE Sixth St. in Bellevue. New Rock Acquisition purchased the 148,652-square-foot asset for an undisclosed price. Situated on 9.1 acres, the three-building property was 90 percent occupied by 20 tenants at the time of sale. Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan and Chais Lowell of CBRE Capital Markets represented the seller in the deal. Brad Zampa and Mike Walker of CBRE arranged acquisition financing for the buyer. Scott Davis and Tim Owens, also of CBRE, will continue to handle leasing under the new ownership.

September 27, 2021

Acquisitions California Hospitality Western

Pacifica Cos. Acquires 34-Room El Colibri Hotel & Spa in Cambria, California from Pacifica Hotels

by Amy Works September 27, 2021

CAMBRIA, CALIF. — San Diego-based Pacifica Cos. has completed the sale of El Colibri Hotel & Spa, a coastal boutique hotel in Cambria. Aliso Viejo-based Pacifica Hotels acquired the property for an undisclosed price. El Colibri Hotel & Spa features 34 guest rooms, the Nest Day Spa, a self-pour wine and beer tap wall, Tesla charging stations and beach cruiser rentals. Scott Hall and Aaron Lapping of Berkadia San Diego represented the seller in the transaction.

September 27, 2021

California Loans Multifamily Western

Mandri Capital Arranges $14.1M in Financing for Acquisition, Renovation of Santa Monica Apartment Property

by Amy Works September 27, 2021

SANTA MONICA, CALIF. — Mandri Capital has arranged $14.1 million in combined financing to capitalize the acquisition and renovation of an apartment building located at 927 Ocean Ave. in Santa Monica. The borrower is Axis Development Group. The structured financing included a debt fund bridge loan, preferred equity and a joint-venture equity partner — providing 97 percent of the total project capitalization. Axis plans to restore the property, which was originally constructed in 1922. The renovation will provide residents with ocean views and access to world-class amenities. Upon completion, the property will offer 20 residences.

September 27, 2021

Acquisitions California Industrial Western

Coldwell Banker Commercial Brokers $3.8M Acquisition of Industrial Building in Riverside, California

by Amy Works September 27, 2021

RIVERSIDE, CALIF. — Coldwell Banker Commercial has arranged the purchase of a multi-tenant industrial property located at 661 Arlington Ave. in Riverside. The asset traded for $3.8 million. The names of the seller and buyer were not released. Constructed in 1989 on 1.7 acres, the building features 25,850 square feet of industrial space. Carey Paster of Coldwell Banker Commercial SC represented the buyer in the transaction. The buyer plans to hold the property as an investment.

September 27, 2021

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