Western

Dollinger Properties Buys Six-Building R&D/Office Campus in Silicon Valley for $56M

by Amy Works August 25, 2021

SAN JOSE, CALIF. — Redwood City-based Dollinger Properties has acquired Valley Creative Center, a six-building R&D and office campus located at the confluence of Zanker Road, Bering Drive and Charcot Avenue in San Jose. Vista Investment Group sold the asset for $56 million. Located at 2235-2249 Zanker Road, 2340-2390 Bering Drive and 225-245 Charcot Ave., the complex features 166,928 square feet of space with grade-level loading, ample parking and new exterior façade upgrades. Alan Guterman, Jon DeCoite, Steve Horton and Kelly Yoder of Cushman & Wakefield represented the buyer in the deal. Additionally, the team will service as leasing agents for the multi-tenant property.

August 25, 2021

SpringhillSuites-ElementHotel-Colorado-Springs-CO

Colorado Development Hospitality Loans Western

Hall Structured Finance Arranges $55.6M Construction Loan for Dual-Branded Marriott Hotel Project in Colorado Springs

by Amy Works August 25, 2021

COLORADO SPRINGS, COLO. — Dallas-based Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $55.6 million to finance the development of a dual-flagged Marriott hotel property in downtown Colorado Springs. Construction is currently underway for the Springhill Suites/Element Hotel, which will offer a total of 261 guest rooms. The project is a joint venture between Olive Real Estate Group, Hotel Equities, Hotel Operations Services and Colarelli Construction. Completion is slated for spring 2022. Hotel Equities will manage the hotels upon opening. The 136-key Springhill Suites will feature all-suite guest rooms with office desks and kitchenettes. The 125-key, extended-stay Element Hotel will offer rooms with fully equipped kitchens, stainless steel appliances and eight- to 10-foot ceiling heights. Shared hotel amenities will include an open-air courtyard with lounge seating, business center, indoor pool with a whirlpool, complimentary breakfast and a fitness center. Additional amenities will include meeting and event space, a ground-floor restaurant with outdoor seating and a 6,700-square-foot rooftop bar, restaurant and lounge. John Pascal of Paramount Capital Advisors brokered the loan.

August 25, 2021

Acquisitions California Retail Western

Pinnacle Real Estate Negotiates $14.8M Sale of Retail Center in Cerritos, California

by Amy Works August 25, 2021

CERRITOS, CALIF. — Pinnacle Real Estate Advisors has brokered the sale of a retail center located at 12221-17312 Norwalk Blvd. in Cerritos. The asset traded for $14.8 million. The names of the seller and buyer were not released. Situated 19 miles south of downtown Los Angeles, the 52,382-square-foot property is anchored by a grocery store. Peter Sengelmann, Eric Diesch and Jackson Coon of Pinnacle Real Estate Advisors represented the seller in the deal.

August 25, 2021

Acquisitions Arizona Multifamily Western

Fringe Capital Partners Sells Hayden Apartment Property in Scottsdale to Fivey Co. for $8.3M

by Amy Works August 25, 2021

SCOTTSDALE, ARIZ. — Chicago-based Fringe Capital Partners has completed the disposition of The Hayden, a multifamily community in Scottsdale. San Francisco Bay Area-based Fivey Co. acquired the property for $8.3 million, or $330,000 per unit. Located at 2635 N. Hayden Road, the garden-style property features 25 two-bedroom/one-bath apartments spread across two two-story buildings. Community amenities include a pool, courtyard and covered parking. Fringe Capital repositioned the property, which was originally built in 1978, last year with premium finishes. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Frickle of CBRE represented the seller in the deal.

August 25, 2021

Acquisitions California Industrial Western

Rexford Industrial Buys Torrance Technology Campus in Los Angeles for $182M

by Amy Works August 24, 2021

LOS ANGELES — Torrance FRM LLC has completed the disposition of Torrance Technology Campus, a five-building industrial facility situated on 27 acres in Los Angeles’ South Bay market. Rexford Industrial acquired the campus for $182 million. Located at 3100-3110 Lomita Blvd. and 3121 Skypark Drive, Torrance Technology Campus offers 575,976 square feet of industrial space. At the time of sale, the property was 90 percent leased to three credit tenants. L3Harris (S&P: BBB) occupies 80 percent of the campus. Other tenants include Torrance Memorial Medical Center and various parking tenants. Kevin Shannon, Scott Schumacher and Ken White of Newmark represented the seller, while the buyer was self-represented in the deal.

August 24, 2021

Arizona Development Multifamily Seniors Housing Western

Link Senior Development, MedCore Partners Plan 202-Unit Seniors Housing Community in Buckeye, Arizona

by Amy Works August 24, 2021

BUCKEYE, ARIZ. — Link Senior Development and MedCore Partners have unveiled plans for Ativo of Sundance, a 202-unit senior living community inside the Sundance Active Adult master-planned community in the Phoenix suburb of Buckeye. The campus will offer 103 independent living, 75 assisted living and 24 memory care units on a 10-acre tract. Construction of the 211,000-square-foot, three story project is scheduled to begin in late 2021 for an anticipated opening in summer 2023. Insight Senior Living will manage the community, including oversight of all programs and resident services. This will be Insight’s third senior living project in Arizona. Ankrom Moison Architects designed the facility. Link and MedCore are collaborating on two other developments in Albuquerque, New Mexico and Tracy, California. The two firms previously worked together on the 2019 sale and acquisition of five senior living communities in Arizona and Utah.

August 24, 2021

Acquisitions California Office Western

Cushman & Wakefield Negotiates Sale of 242,012 SF Office Portfolio in Pasadena, California

by Amy Works August 24, 2021

PASADENA, CALIF. — Cushman & Wakefield has arranged the sale of a three-building office portfolio, known as 2 N Lake, in downtown Pasadena. A Los Angeles-based private investor acquired the asset from 2 North Lake JV LLC, a private family ownership located in Hong Kong and Los Angeles, for $80 million. Totaling 242,012 square feet, the portfolio consists of an 11-story building, a three-story building, a single-story building and a six-story parking garage. The buildings were collectively 63 percent leased at the time of sale. The buyer plans to implement a Class A repositioning of the property, including renovating the lobbies, activating the outdoor areas and implementing other interior and exterior upgrades. Mike Condon Jr., Erica Finck, Bailey Dawson and Marc Renard of Cushman & Wakefield represented the seller, while the buyer was unrepresented in the deal. Cushman & Wakefield’s Shaun Stiles, Steven Marcussen and Katie Cowan also partnered in the sale and were retained for future leasing of the property.

August 24, 2021

Acquisitions Colorado Multifamily Western

Colliers Brokers $65M Sale of Enchanted Springs Apartments in Colorado Springs

by Amy Works August 24, 2021

COLORADO SPRINGS, COLO. — Colliers Multifamily Advisory Group has arranged the sale of The Enchanted Springs Apartments, a multifamily property located at 3281 Divine Heights in Colorado Springs. A private investor sold the property to Hamilton Zanze for $65 million, or $325,000 per unit. Built in 2020, Enchanted Springs features 200 apartments, an indoor fitness center, clubhouse, resort-style swimming pool, spa and business center. Bill Morkes, Craig Stack and Keegan Hofer of Colliers represented the seller in the transaction.

August 24, 2021

Acquisitions Arizona Multifamily Western

Greystar Acquires 352-Unit Cordoba Apartment Community in Phoenix

by Amy Works August 24, 2021

PHOENIX — Charleston, South Carolina-based Greystar has purchased Cordoba, a multifamily property located at 4520 E. Baseline Road in Phoenix, from Dallas-based Cordoba Apartments LLC for an undisclosed price. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the transaction. Originally built in 1986 and renovated in 2018 through 2020, Cordoba features 352 apartments in a mix of one-, two- and three-bedroom layouts, averaging 740 square feet. At the time of sale, the property was 99 percent leased. The buyer plans to continue value-add renovations at the property.

August 24, 2021

Acquisitions California Industrial Self-Storage Western

Buchanan Street Partners Buys Self-Storage Facility in Chula Vista, California for $26.4M

by Amy Works August 23, 2021

CHULA VISTA, CALIF. — Buchanan Street Partners has purchased a newly constructed self-storage asset located at 3296 Heritage Road in Chula Vista. HomeFed Corp. sold the property for $26.4 million in an off-market transaction. The facility offers 95,000 square feet of climate-controlled self-storage units. The property received its certificate of occupancy in April 2021, and Buchanan Street acquired the asset during early lease up. William Warren Group will serve as property manager and will rebrand the facility under the StorQuest flag.

August 23, 2021

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