Western

Lincoln Property Co. Sells Industrial Facility in Glendale, Arizona to BentallGreenOak for $186M

by Amy Works September 17, 2021

GLENDALE, ARIZ. — LPC Desert West, the western regional office of Lincoln Property Co. (LPC), has completed the disposition of the first phase of Park 303, an industrial park located at 6600 N. Sarival Road in Glendale. BentallGreenOak acquired the building for $186 million, which is the highest sales price for a single industrial facility in the history of Arizona. Situated on 71 acres, the nearly 1.3-million-square-foot property is fully leased to an unnamed retailer. The building features 40-foot clear heights, 25,000 square feet of office and training space, large breakrooms and outdoor space with covered seating, a barbecue station and grass area for games and events. The property also offers full concrete truck courts, ample truck parking and private drives. The first phase was originally designed as a 705,531-square-foot building and a 488,995-square-foot building with the ability to combine the speculative buildings into one larger facility, which LPC did to accommodate the current tenant. Will Strong of Cushman & Wakefield represented LPC in the investment sale. Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller. LPC will continue to serve has property manager for the building. Phase I is part of LPC’s …

September 17, 2021

Acquisitions Industrial Nevada Western

Prologis Acquires 441,569 SF Safari Business Park in Las Vegas

by Amy Works September 17, 2021

LAS VEGAS — San Francisco-based Prologis has purchased Safari Business Park, a Class A industrial campus in Las Vegas. An entity doing business as Black Bongo LP sold the asset to Prologis for an undisclosed price. Located at 7650-7850 Dean Martin Drive, the five-building property features 441,569 square feet of multi-tenant industrial space. At the time of sale, the park was 82 percent leased, with available suites ranging from 10,280 square feet to 15,303 square feet. Each suite features multiple dock loading doors and one grade-level door. In total, Safari Business Park features 92 dock-high loading doors, four grade-level loading doors, 24-foot minimum clear heights, an ESFR fire sprinkler system and recessed storefront entries with accents. Greg Tassi, Donna Alderson and Nick Abraham of Cushman & Wakefield’s Las Vegas office represented the buyer in the deal.

September 17, 2021

Acquisitions Arizona Multifamily Western

JRK Investors Buys Terraces Apartments in Prescott Valley, Arizona for $76.6M

by Amy Works September 17, 2021

PRESCOTT VALLEY, ARIZ. — Los Angeles-based JRK Investors has acquired Terraces, an apartment property located at 5700 E. Market St. in Prescott Valley. Larkspur, Calif.-based Virtu Investments sold the asset for $76.6 million. Constructed in 2003, Terraces features 226 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a heated pool with waterfall feature, a zero-edge hot tub, dog park, 56 detached garages, barbecues and an outdoor lounge. Brad Cooke, Matt Roach, Cindy Cooke and Chris Roach of the Cooke Multifamily Team within Colliers International’s Arizona office handled the transaction.

September 17, 2021

Acquisitions Multifamily Seniors Housing Washington Western

MedCore Sells 60-Unit Birchview Memory Care in Sedro-Woolley, Washington

by Amy Works September 17, 2021

SEDRO-WOOLLEY, WASH. — MedCore Partners has sold Birchview Memory Care, a 60-unit senior living community in Sedro-Woolley, approximately 72 miles north of Seattle. The community was part of a seven-property portfolio that MedCore purchased in July 2020 with locations in Washington State and Southern California. The buyer and price were not disclosed. “We are pleased with our investment in Birchview and the success in operations during the 14 months MedCore owned it,” says Brian Bollich, partner with MedCore. “There were several milestones accomplished in the past year, including occupancy stability during COVID-19 and meaningful capital improvements.” Tacoma, Wash.-based Senior Services of America (SSA) will continue to manage the property for the new ownership. SSA also manages seven other MedCore assets in Washington State, Oregon and California. MedCore currently operates 15 seniors housing communities in Texas, Arizona, Utah, California, Washington and Oregon. In addition, the company has two senior living projects under construction, both of which are slated to open in 2022.

September 17, 2021

Acquisitions New Mexico Restaurant Retail Western

Marcus & Millichap Brokers Sale of 9,000 SF Retail Property in Farmington, New Mexico

by Amy Works September 17, 2021

FARMINGTON, N.M. — Marcus & Millichap has arranged the sale of Starbucks Shops at Largo Square, a retail center located at 4337 E. Main St. in Farmington. An unnamed limited liability company sold the asset to an undisclosed buyer. The acquisition price was not released. Austin Snedden, Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller in the transaction. Matthew Reeves, also with Marcus & Millichap, served as broker of record. Starbucks Shops at Largo Square feature 9,000 square feet of retail space.

September 17, 2021

California Development Mixed-Use Top Stories

Partnership Breaks Ground on $1.8B Arena for Los Angeles Clippers in Inglewood, California

by Julia Sanders September 17, 2021

INGLEWOOD, CALIF. — A public-private partnership between Murphy’s Bowl LLC and the City of Inglewood has broken ground on Intuit Dome, a 915,000-square-foot basketball and events arena in Inglewood that will serve as the home of the Los Angeles Clippers. Murphy’s Bowl is a development entity backed by the Los Angeles Clippers. San Francisco-based developer and investor Wilson Meany is also part of the project, which is expected to cost $1.8 billion, according to the Los Angeles Times. Named Intuit Dome, the arena will be the future home of the National Basketball Association’s (NBA) LA Clippers, which is led by chairman and former Microsoft executive Steve Ballmer. The venue is slated for completion by the 2024-2025 NBA season. The Clippers hosted a ceremony today to celebrate the start of construction on the arena. Star Clippers players Kawhi Leonard and Paul George attended the groundbreaking, as well as Clippers head coach Tyronn Lue. The Intuit Dome will host Clippers’ home games as well as non-Clippers sporting events, family shows, concerts, conventions and corporate events. Intuit Dome will have an 85,000-square-foot team practice and athletic training facility, approximately 71,000 square feet of offices for the Clippers’ staff and a 25,000-square-foot sports medicine …

September 17, 2021

Arizona Development Industrial Western

Lincoln, Harvard Buy 585-Acre Land Site for 7 MSF Goodyear Airpark Industrial Development in Arizona

by Amy Works September 16, 2021

GOODYEAR, ARIZ. — A joint venture between Harvard Investments and LPC Desert West, the Southwest regional office of Lincoln Property Co., has acquired a 585-acre land parcel in Goodyear for the development of a Class A industrial park. Situated next to the Phoenix-Goodyear Airport, Goodyear Airpark will feature up to 7 million square feet of industrial space in as many as 20 buildings at build-out. The partnership will break ground on the first phase in first-quarter 2022. The first phase will include more than 1.6 million square feet of space in six buildings ranging from 81,000 square feet to 775,000 square feet. The development will also offer a retail component, providing approximately 10,000 square feet of in-line and retail pad opportunities. The buildings will offer up to 40-foot clear heights, multiple points of ingress and egress, private truck courts and ample parking. The Goodyear AirPark site has a full utilities infrastructure and is zoned for industrial and commercial use. Butler Design Group is serving as architect for the project. LPC Desert West will direct all leasing and property management. The general contractor for the project has not yet been selected. Cerberus Capital Management is the equity partner for LPC and …

September 16, 2021

Acquisitions California Retail Western

Chartwell Real Estate Acquires Iconic Balboa Fun Zone in Newport Beach

by Amy Works September 16, 2021

NEWPORT BEACH, CALIF. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price. The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s. Located at 600 E. Bay Ave., the 34,500-square-foot property offers 212 feet of waterfront space, the Edgewater Place boardwalk, the Balboa Ferris Wheel, a more than 25-boat marina with 775 linear feet of docking, Fun Zone amusement park rides and attractions, 16,000 square feet of mixed-use improvements, and a 58-stall subterranean parking garage. Lars Platt, Joseph Lising and Matthew Godman of Cushman & Wakefield represented the seller, while Bob Thagard of Cushman & Wakefield represented the buyer in the transaction.

September 16, 2021

Development Multifamily Washington Western

Wright Runstad, J.P. Morgan Open 58-Story Residences at Rainier Square in Downtown Seattle

by Amy Works September 16, 2021

SEATTLE — Wright Runstad & Co. and J.P. Morgan have welcomed the first residents of The Residences at Rainier Square in downtown Seattle. Wright Runstad & Co. partnered with institutional investors advised by J.P. Morgan Global Alternative on development of the mixed-use project. The Residences features 189 for-lease apartments, occupying floors 39 through 58 of the mixed-use structure, in a mix of one-, two- and three-bedroom layouts and top-floor penthouse. The property also offers a 40th-floor Sky Lobby, 14,000 square feet of amenity space, a 24/7 concierge service, a Full Swing golf simulator, an indoor grilling station, full-service pet lounge with grooming stations, exercise room, play area and pet relief area. NBBJ served as architect for the community.

September 16, 2021

Development Industrial Washington Western

CRG Breaks Ground on 1.1 MSF Costco Distribution Facility in Tumwater, Washington

by Amy Works September 16, 2021

TUMWATER, WASH. — CRG has broken ground on a 1.1 million-square-foot distribution center in Tumwater, approximately 60 miles southwest of Seattle. Costco will own the 79-acre project, located at 2311 93rd Ave. The $160 million build-to-suit project will feature 175 car parking spaces, 418 trailer spaces and 129 dock doors. Construction started in mid-August and completion is slated for August 2022. CRG sourced the land, navigated the entitlement process and provided development services for Costco. Clayco, CRG’s parent company, is constructing the distribution facility, which was designed by Lamar Johnson Collaborative, a subsidiary of Clayco.

September 16, 2021

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