Western

Grosvenor Americas Sells 90,769 SF Hamilton Marketplace in Novato, California

by Amy Works August 18, 2021

NOVATO, CALIF. — Grosvenor Americas has completed the disposition of Hamilton Marketplace, a retail center located at 5800 Nave Drive in Novato. Terms of the transaction were not released. Grosvenor originally developed the 90,769-square-foot, open-air shopping center in 2008. At the time of sale, the property was 100 percent occupied. Tenants include Safeway, Pet Food Express, Super Duper, Peet’s Coffee, Wells Fargo, Toast Restaurant and Cycle Bar. Nicholas Bicardo of Newmark Retail Capital Markets represented Grosvenor in the deal.

August 18, 2021

13255-S-Broadway-360-W132nd-St-Los-Angeles-CA

Acquisitions California Industrial Western

DAUM Commercial Negotiates Sale of 145,000 SF Industrial Complex in Los Angeles

by Amy Works August 18, 2021

LOS ANGELES — DAUM Commercial Real Estate Services has arranged the sale of a two-building industrial complex in the South Bay submarket of Los Angeles County. Newport Beach-based Hager Pacific Properties acquired the asset from a private party for $17.2 million. The property consists of a 108,000-square-foot building and a 37,000-square-foot building, with each leased to a single tenant. The asset is located at 13255 S. Broadway and 360 W.132nd St. The complex offers frontage on three streets, convenient access to major area freeways and close proximity to downtown Los Angeles and Long Beach. Michael Collins of DAUM Commercial represented the seller in the transaction.

August 18, 2021

Development Industrial Washington Western

GTIS Partners, Ryan Cos. to Develop 126,646 SF Last-Mile Industrial Project in Seattle

by Amy Works August 18, 2021

SEATTLE — GTIS Partners and Ryan Cos. have formed a joint venture to develop 65 S Horton St., a last-mile industrial/urban logistics property in Seattle. The project is expected to cost approximately $42.5 million. Totaling 126,646 square feet, the four-story building will offer dual freight elevator access to floors two through four, and the ground floor will feature a loading dock, shipping/receiving space, 10 covered docks and 85 parking spots. The site is located in one of the city’s qualified opportunity zones, adjacent to several Port of Seattle terminals and one mile south of downtown Seattle.

August 18, 2021

Alaska Loans Multifamily Seniors Housing Western

Greystone Provides $22.5M Refinancing for Assisted Living Facility in Anchorage, Alaska

by Amy Works August 18, 2021

ANCHORAGE, ALASKA — Greystone has provided a $22.5 million bridge loan to refinance Aspen Creek Senior Living, an assisted living facility in Anchorage. Stella Plotkin of Greystone originated the loan on behalf of the borrower, Spring Creek Holdings. The floating-rate, interest-only bridge financing features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing. Completed in 2019, Aspen Creek Senior Living features 96 beds, with 21 designated for memory care residents.

August 18, 2021

Acquisitions Arizona Industrial Office Western

Colton Commercial Brokers $8.5M Sale of Two-Building Ace Asphalt Property in Phoenix

by Amy Works August 18, 2021

PHOENIX — Colton Commercial has arranged the sale of the Ace Asphalt facility, a two-building property located at 3030 S. 7th St. in Phoenix. OP 3030 7th Property acquired the asset from Aceland LLC for $8.5 million. Situated on 29.4 acres, the property includes a 27,682-square-foot office building and an 11,788-square-foot service building. Ace Asphalt will continue its current lease at the site. Dan Colton of Colton Commercial represented the seller, while Pat Harlan of JLL’s Phoenix office represented the buyer in deal.

August 18, 2021

Acquisitions California Multifamily Top Stories Western

IPA Brokers $275M Sale of Two-Property Multifamily Portfolio in Hermosa Beach

by Kristin Harlow August 18, 2021

HERMOSA BEACH, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $275 million sale of two adjacent multifamily properties in Hermosa Beach, a beachfront city in Los Angeles County. The 285-unit Playa Pacifica sold for $162.5 million, while the 169-unit The Gallery sold for $112.5 million. Built in 1972, Playa Pacifica was partially renovated in 2015 and 2016. The average unit size is 590 square feet. Amenities include two solar-heated pools, a fitness center, business center, clubhouse, spa and outdoor lounge with barbecue area. The Gallery was built in 1971 and partially renovated in 2003 and 2004. Units average 831 square feet. Amenities include a pool, fitness center, spa, sauna and covered parking. Both communities are located near Hermosa Beach Pier. Neighborhood attractions include The Strand and Greenbelt Park, along with beachfront nightlife and restaurants. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller, an institutional investor, and procured the buyer, Prime Residential. Previously, the IPA team brokered the sale of the properties in 2006 for $133 million. “The sale represents the acquisition of 24 percent of the entire apartment stock in Hermosa Beach and nearly 70 percent of the like-kind …

August 18, 2021

Life Sciences Market Reports Office Oregon Western Western Market Reports

Portland Office Demand Returns as the City Reopens

by Jeff Shaw August 18, 2021

By Tim Harrison, Research Manager, JLL After one the strictest and longest shelter-in-place orders in the nation, Oregon is officially back open for business and all signs point to a strong recovery in Portland. People are travelling again, with airline passengers through Portland International Airport totaling more than 1 million in May. This represents about 63 percent of the normal 2019 monthly average, according to the Port of Portland’s aviation stats. Perhaps most importantly, people are returning to the downtown core for both business and pleasure with weekly visits through Pioneer Mall — the center of downtown — up to about 70 percent of 2019’s average weekly visits, per Placer.ai. This optimism is transferring to the office market, where Portland leasing activity is up more than 33 percent year over year. The recovery is being led by industries old and new. Out in the suburbs, Portland’s largest apparel companies are expanding on campus, while new leases were signed by Lululemon and On-Running in newer creative spaces on the urban fringe. Portland’s life sciences sector is approaching a critical mass as Bay Area company Twist Biosciences entered the market by absorbing 215,000 square feet. Meanwhile, Vancouver, Wash.-based AbSci raised more than …

August 18, 2021

Arizona Development Industrial Western

Baker Development to Build $150M Cactus 303 Industrial Park in Surprise, Arizona

by Amy Works August 17, 2021

SURPRISE, ARIZ. — Baker Development Corp. (BDC) has acquired an 81-acre land site for the development of Cactus 303, an industrial park in Surprise. BDC purchased the land, located on the northeast corner of Cactus Road and Loop 303, for $20 million. The $150 million project will feature approximately 1 million square feet of industrial space spread across seven Class A buildings. The project will also feature a retail component along the Cactus Road frontage, with retail pads ranging from 0.75 acres to 16 acres. The industrial buildings will range from 82,000 square feet to 378,000 square feet with all buildings offering flexible single- or multi-tenant configurations; 32-foot to 40-foot clear heights; dock-high and grade-level doors; up to 200-foot truck courts; and extensive, expandable auto and trailer parking. The site can also accommodate build-to-suit users of up to 600,000 square feet. Construction is scheduled to begin in early 2022, with the first phase slated for completion by year-end 2022. Butler Design is serving as architect and Layton Construction is serving as the general contractor. Cactus 303 is situated within the 3,300-acre Prasada master plan, which features single-family homes, a 180-acre auto mall and a 60-acre power center. Anthony Lydon, Marc …

August 17, 2021

Acquisitions Restaurant Retail Utah Western

Cushman & Wakefield Brokers $51M Sale of Foothill Village Shopping Center in Salt Lake City

by Amy Works August 17, 2021

SALT LAKE CITY — Cushman & Wakefield has brokered the sale of Foothill Village, a neighborhood retail center located at 1400 S. Foothill Drive in Salt Lake City. JTJG Foothill sold the asset to Charlotte, N.C.-based Asana Partners for $51 million. A premier grocery store anchors the 270,000-square-foot property, which also features a mix of restaurants, retailers, spas and salons. Asana plans to renovate the existing buildings and parking garage on the 11-acre site. The shopping center was originally developed in 1954. Renovations are slated to begin next spring with completion scheduled for the end of 2022. Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Co. represented the buyer and seller in the deal.

August 17, 2021

Aegis-Living-Kirkland-Waterfront-Kirkland-WA

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens Kirkland Waterfront Seniors Housing Community in Washington

by Amy Works August 17, 2021

KIRKLAND, WASH. — Aegis Living has opened its second community in 2021, Aegis Living Kirkland Waterfront in Kirkland. The 98,000-square-foot development will feature 106 units of assisted living and memory care. Aegis currently has six other communities in development in Seattle and California. “Heading into 2020, we set aggressive goals to double in size over the next decade,” says Dwayne Clark, founder, CEO and chairman of Aegis Living.

August 17, 2021

Newer Posts

Older Posts