Western

Parkview Financial Acquires Office Building in West Los Angeles for $19M

by Amy Works April 5, 2022

LOS ANGELES — Parkview Financial has purchased a multi-tenant office building located at 11440 San Vicente Blvd. in West Los Angeles’ Brentwood neighborhood. Westwood Financial, which owned the property since 1989 and currently occupies the first floor, sold the asset for $19 million. Parkview Financial plans to occupy the three-story, 24,317-square-foot property as its new headquarters. The company will implement a $2 million renovation of the asset’s common areas, as well as building out the entire 8,000-square-foot second floor, with plans to move in by late 2022. Built in 1972, the building features various floorplate layouts with walkability to amenities, including restaurants and retail stores. Additionally, the property features 49 parking spaces and overlooks Veterans’ Park on Wilshire Boulevard. Tom Sexton and Michael Arnold of NAI Capital represented the buyer, while Daniel Rainer, Matt McRoskey and Andrew Harper of JLL represented the seller in the transaction.

April 5, 2022

Acquisitions California Company News Maryland Oregon Retail Southeast Top Stories Washington Western

First Washington Realty Goes Shopping, Acquires Donahue Schriber Realty Group

by John Nelson April 5, 2022

BETHESDA, MD. AND COSTA MESA, CALIF. — Bethesda-based retail real estate owner First Washington Realty (FWR) has purchased Donahue Schriber Realty Group Inc., a shopping center owner based in Costa Mesa. An affiliate of FWR acquired the private retail REIT and its portfolio of grocery-anchored, open-air centers from institutional investors advised by J.P. Morgan Global Alternatives. The transaction adds 47 shopping centers, as well as one DSRG-owned office property, for a combined 6 million square feet to FWR’s holdings. The sales price was not disclosed, but Bloomberg reported in February that the negotiations for the deal valued DSRG and its assets at north of $3 billion. The news outlet also reports that the California Public Employees’ Retirement System (CalPERS) was an equity partner with FWR on the deal and that JPMorgan Asset Management and the New York State Teachers’ Retirement System (NYSTRS) were among DSRG’s largest investors. For FWR, the deal expands its presence on the West Coast, including in high-profile markets such as the Bay Area, Orange County, Seattle, Portland, San Diego and Sacramento. The deal also expands FWR’s corporate base on the West Coast, as its executive management team now oversees DSRG’s existing offices in Orange County, San …

April 5, 2022

Acquisitions California Life Sciences Office Western

DivcoWest Acquires 143,383 SF Office Building in South San Francisco, Plans Life Sciences Conversion

by Amy Works April 4, 2022

SOUTH SAN FRANCISCO, CALIF. — DivcoWest has purchased 5000 Shoreline, a three-story, Class A office building located on 8.5 waterfront acres at 5000 Shoreline Court in South San Francisco. The buyer plans to convert the property, which is vacant, into a life sciences asset. The seller was not disclosed. DivcoWest plans to upgrade the base building improvements, utilities, electrical and mechanical components, and covert the existing structure to a warm shell condition to accommodate life sciences tenancy. Once base building modifications are complete, DivcoWest plans to complete market-ready upgrades to the interiors to be able to offer prospective tenants turn-key office and laboratory suites. Mike Walker and Brad Zampa of CBRE Capital Markets’ Debt & Structured Finance group arranged $124 million in acquisition and conversion financing for DivcoWest. The three-year, nonrecourse, floating-rate loan was secured through a European investment bank.

April 4, 2022

Acquisitions Multifamily Nevada Western

Avison Young Negotiates $129.7M Sale of Two Multifamily Properties in Las Vegas

by Amy Works April 4, 2022

LAS VEGAS — Avison Young’s Sauter Multifamily Group has brokered the sale of two apartment communities in Las Vegas. The assets traded for $129.7 million, or $183,192 per unit. The sale includes Viridian Apartments, which was built in 1981 and features 456 apartments at 4255 W. Viking Road, and Topaz Apartments, which was built in 1985 and offers 252 units at 4020 Arville St. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young handled the transaction.

April 4, 2022

Acquisitions California Industrial Western

Mohr Capital Sells 102,466 SF Industrial Building in Gilroy, California

by Amy Works April 4, 2022

GILROY, CALIF. — Dallas-based Mohr Capital has completed sale of an industrial building located at 8190 Murray Ave. in Gilroy. Four Springs Capital Trust acquired the property for an undisclosed price. Crothall Healthcare fully occupies the 102,466-square-foot property, which serves as a mission-critical facility providing laundry processing services to Northern California hospital systems. Kevin Moul of Colliers San Jose represented the seller in the deal.

April 4, 2022

Acquisitions California Retail Western

SRS Real Estate Partners Brokers Sale of 102,546 SF Ramona Plaza in Hemet, California

by Amy Works April 4, 2022

HEMET, CALIF. — SRA Real Estate Partners has arranged the sale of Ramona Plaza, a retail center located at 1300-1480 E. Florida Ave. in Hemet. A Southern California-based investor sold the asset to a California-based private investor for $13.9 million. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while The Visintainer Group represented the buyer in the transaction. Built in 1974 on 6.4 acres, Ramona Plaza features 102,546 square feet of retail space. At the time of sale, the property was 88 percent occupied. Current tenant includes Grocery Outlet, Planet Fitness, Dollar Tree, Aaron’s, Leslie’s Poolmart, Subway and Little Caesars Pizza.

April 4, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield | PICOR Negotiates Sale of 45,556 SF Retail Space in Tucson, Arizona

by Amy Works April 4, 2022

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of a retail space situated on six acres at 770 N. Kolb Road in Tucson. VRE Storage Tucson Kolb LLC acquired the asset from Century Theaters for $4 million. Greg Furrier of Cushman & Wakefield|PICOR represented the seller, while James Montgomery of Verdad represented the buyer in the deal. The asset features 45,556 square feet of retail space. It was formerly a discount movie theater that closed in March, according to the Arizona Daily Star.

April 4, 2022

Acquisitions Colorado Life Sciences Top Stories Western

BioMed Realty Acquires 1 MSF Flatiron Park Life Sciences Campus in Boulder, Colorado

by Taylor Williams April 4, 2022

BOULDER, COLO. — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired Flatiron Park, a 1 million-square-foot office and life sciences campus in Boulder, a northwestern suburb of Denver. The sales price was not disclosed, but The Wall Street Journal reports that BioMed Realty paid more than $600 million for the property. JLL represented the seller, a joint venture between Crescent Real Estate, Goldman Sachs Asset Management and Lionstone Investments, in the transaction. BioMed Realty plans to invest about $200 million in capital improvements to the campus, an endeavor that is expected to create about 400 local construction jobs. Flatiron Park consists of 22 buildings that were approximately 90 percent leased at the time of sale. The buildings range in size from approximately 15,000 to 133,000 square feet. BioMed officials say that the campus will “anchor” its presence in the greater Denver area, which the company says has an exceptionally talented workforce “Boulder has always been a market to watch, driven by highly educated talent, robust capital flow, an existing base of life sciences and tech pioneers and great quality of life,” says Mike Ruhl, vice president of leasing at BioMed Realty. …

April 4, 2022

Crown Bay Group purchased The Park at Netherley

Affordable Housing Features Midwest Multifamily Northeast Southeast Texas Western

Doing Well by Doing Good: Transforming Class B and C Workforce Housing

by Jaime Lackey April 4, 2022

By Steve Firestone, Crown Bay Group Why would anyone choose investing in an aging workforce housing property over razing it to make room for Class A apartments? Are these challenging properties worth the risk? Making this choice may not be right for everyone, but the returns can be unbelievably rewarding. The secret recipe for transforming Class B and C properties to benefit the community, local residents and your bottom line isn’t complicated. The key is entering into each deal with a genuine interest and desire to do what is right and what matters to the residents who call this property home. The age-old saying — by doing good, you will do well — still holds true today. There is an overwhelming demand for Class B and C assets. While a large portion of new development over the past decade has been Class A luxury, the Class A market makes up only 20 percent of the total rental market. New construction of affordable, market-rate units is just not financially feasible today. Consequently, meaningful workforce supply has rarely been added this past decade. Despite the pervasive need for workforce housing, the supply has decreased with older units being demolished to make room …

April 4, 2022

Acquisitions California Office Western

Newmark Negotiates $145M Sale of Governor Park Office Portfolio in San Diego

by Amy Works April 1, 2022

SAN DIEGO — Newmark has arranged the sale of Governor Park Portfolio, an office campus with life sciences redevelopment potential located at 6200 and 6220 Greenwich Drive in San Diego. The buildings traded for $145 million. The portfolio comprises two office buildings situated on individual parcels. The building at 6200 Greenwich Drive offers 70,987 square feet and situated on 4.4 acres. The asset is 100 percent leased to University of California, San Diego (UCSD) through May 2026. The building at 6220 Greenwich Drive totals 141,214 square feet on a 6.2-acre parcel. The 6220 building is fully leased to Mitchell International through October 2025. The portfolio has been institutionally owned and operated since the buildings were originally developed. It is serviced by ample surface parking, as well as a five-story parking facility, providing an above-market-standard parking ratio. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the undisclosed seller in the deal.

April 1, 2022

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