Western

SLIB Negotiates Sale of 94-Unit Rancho Belago Seniors Housing Community in Moreno Valley, California

by Amy Works April 25, 2022

MORENO VALLEY, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Rancho Belago, a 94-unit assisted living and memory care in the Inland Empire city of Moreno Valley. Totaling 125 beds, the community was built in 2014, totals approximately 98,700 square feet and is situated on approximately 7.3 acres of land. The seller was a local developer based in greater Los Angeles area. The buyer is a group based on the West Coast that was looking to expand its presence within California. The buyer plans to optimize operations, with a renewed focus on optimizing staffing and increasing occupancy. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.

April 25, 2022

Acquisitions Colorado Office Western

Tepuy Properties Acquires Office Building in Boulder, Colorado for $2.6M

by Amy Works April 25, 2022

BOULDER, COLO. — Boulder-based Tepuy Properties has purchased a multi-suite office building located at 3050 Broadway St. in Boulder. Attache International Marketing sold the asset for $2.6 million. Built in 1981, the 7,094-square-foot property is currently 100 percent vacant. Tepuy plans to update the property with interior renovations and rooftop patio updates. Eric Rutherford with WK Real Estate represented the buyer, while Chris Jensen of Vista Commercial Advisors represented the seller in the transaction.

April 25, 2022

Parkway-Commerce-Center-Hayward-California

Acquisitions California Industrial New York Northeast Top Stories Western

Blackstone Agrees to Acquire Industrial Owner-Operator PS Business Parks for $7.6B

by Taylor Williams April 25, 2022

NEW YORK CITY — Affiliates of private equity giant Blackstone (NYSE: BX) have agreed to acquire PS Business Parks (NYSE: PSB), a Glendale, Calif.-based commercial owner-operator primarily focused on industrial assets, for $7.6 billion. The deal is scheduled to close in the third quarter. Under the terms of the agreement, New York City-based Blackstone will purchase all outstanding shares of PSB’s common stock for $187.50 per share, which represents a premium of approximately 15 percent over the weighted average share price over the last 60 days. Blackstone plans to take the company private as part of the acquisition. Public Storage (NYSE: PSA), which is also based in Glendale, currently owns about 26 percent of PSB’s common stock, and the self-storage REIT’s executives and shareholders have voted in favor of the sale to Blackstone. The transaction will also include the acquisition of Public Storage’s limited partner equity interests in PSB’s operating partnership at the same per-share price of $187.50. As of March 30, 2022, PSB owned and operated 96 commercial properties across the country, primarily in California, South Florida, Texas and Northern Virginia. Those assets span approximately 27 million square feet and are occupied by nearly 5,000 tenants. Though mainly comprised …

April 25, 2022

California Development Industrial Washington Western

CA Industrial Plans Five Developments on West Coast Totaling $272M

by Amy Works April 22, 2022

CALIFORNIA AND WASHINGTON — CA Industrial, the dedicated industrial and logistics arm of CA Ventures, has unveiled plans for five new developments totaling $272 million in project costs for properties across the West Coast. The company plans to develop more than 670,000 square feet of industrial space across the markets, marking its entrance into California and Washington. CA Industrial will finance these development costs in part with capital from Centris Industrial, the external REIT for CA Industrial. The five California and Washington developments include: The repositioning and stabilization of a 58,991-square-foot building situated on nine acres at 1551 Atlantic St. in Union City, Calif. The project is in partnership with DWS. A partnership between CA Industrial, Four Stones Real Estate and American Realty Advisors will develop a 175,500-square-foot speculative facility in Watsonville, Calif. CA Industrial has partnered with a global asset manager to develop a 202,400-square-foot speculative facility in Richmond, Calif. Realterm and CA Industrial will develop a 132,300-square-foot Class A warehouse in La Puente, Calif. In partnership with Transwestern, the company will develop a 97,000-square-foot Class A warehouse on 20 acres in Covington, Wash.

April 22, 2022

Acquisitions California Industrial Multifamily Western

One Shasta Purchases 266-Acre Industrial Site in Mount Shasta, California

by Amy Works April 22, 2022

MOUNT SHASTA, CALIF. — One Shasta LLC has purchased a 266-acre property in Mount Shasta. Crystal Geyser Water Co. sold the asset for $7.1 million. The property comprises industrial, low-intensity agriculture and residentially zoned land in Siskiyou County, Calif. Additionally, the acquisition includes a 144,900-square-foot industrial building at 210 Ski Village Drive. The building offers dock-high access and proximity to Interstate 5. John Troughton and Adam Elomari of Kennedy Wilson Brokerage represented the buyer in the deal.

April 22, 2022

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Brokers Sale of 120-Unit Kipling Meadows Independent Living in Arvada, Colorado

by Amy Works April 22, 2022

ARVADA, COLO. — Evans Senior Investments (ESI) has arranged the sale of The Kipling Meadows, a 120-unit independent living community in the first-ring Denver suburb of Arvada. Built in 2008 with a renovation in 2018, Kipling Meadows averaged 86 percent occupancy in the three months prior to sale. “With the community recently recovering occupancy back to 90 percent in just the latest month, the Evans Senior Investments team was able to showcase the potential upside for a new ownership group by forecasting a 6 percent rental rate increase,” says Hank Fuller, senior associate with ESI. ESI represented the seller, an institutional private equity group, in the transaction. The buyer was regional operator looking to expand in Colorado. The price was not disclosed.

April 22, 2022

Acquisitions Colorado Restaurant Retail Western

Blue West Capital Arranges $3.4M Sale of Starbucks-Occupied Property in Commerce City, Colorado

by Amy Works April 22, 2022

COMMERCE CITY, COLO. — Blue West Capital has arranged the $3.4 million sale of a single-tenant retail property in Commerce City, approximately six miles northeast of downtown Denver. Brandon Gayeski and Robert Edwards of Blue West Capital represented the seller, a Colorado-based partnership. The buyer was a 1031 exchange investor based in Colorado. The 2,340-square-foot property features a drive-thru and was constructed in 2020. Located at 4860 East 60th Ave., Starbucks Coffee occupies the property on a long-term lease.

April 22, 2022

Acquisitions Industrial Nevada Western

RealComm Advisors Negotiates Sale of 34,982 SF Industrial Property in Las Vegas

by Amy Works April 22, 2022

LAS VEGAS — RealComm Advisors has brokered the sale of a 34,982-square-foot industrial building located at 7090 W. Arby Ave. in Las Vegas. 7090 Arby LLC purchased the asset for $7.3 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the seller, Palo Alto Properties, in the transaction.

April 22, 2022

California Development Life Sciences Loans Western

Square Mile Capital Provides $118M in Development Financing for Life Sciences Development in San Carlos, California

by Amy Works April 21, 2022

SAN CARLOS, CALIF. — Square Mile Capital Management has originated a $118 million loan to finance the development of 777 Industrial Road, a planned R&D and life sciences lab building in the Bay Area city of San Carlos. The borrower is a partnership managed by Presidio Bay Ventures, which purchased the former car dealership site in 2020. The project team plans to develop a four-story, 150,000-square-foot, Class A building on top of an existing parking podium at the site. The property will feature lab buildouts, a fitness center with full locker rooms, a 4,000-square-foot rooftop deck and ample outdoor seating. Jeff Wilcox of Gantry arranged the financing.

April 21, 2022

Acquisitions Office Washington Western

Innovatus Capital Partners Acquires Triton Towers Office Campus in Renton, Washington

by Amy Works April 21, 2022

RENTON, WASH. — Innovatus Capital Partners has purchased Triton Towers, a trio of seven-story office buildings in Renton. Terms of the transaction were not disclosed. Triton Towers features more than 400,000 square feet of Class A office space. At the time of sale, Tower Three was fully occupied, Tower One had 24,413 rentable square feet available, and Tower Two had 48,650 rentable square feet available. The property offers two conference centers, an exercise facility with showers and lockers, outdoor picnic areas, a full-time day porter service, bike storage and free surface parking. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services for the asset.

April 21, 2022

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