Western

Majestic Realty Co. Breaks Ground on 629,274 SF Spec Industrial Project in Tejon Ranch, California

by Amy Works June 30, 2021

TEJON RANCH, CALIF. — Majestic Realty Co., in its fourth joint-venture partnership agreement with Tejon Ranch Co., has broken ground on a Class A speculative industrial building located at 5151 Wheeler Ridge Road at Tejon Ranch Commerce Center located at the junction of Interstate 5 and Highway 99 in Tejon Ranch. Designed for single- or multi-tenant use, the 629,274-square-foot building will feature 36-foot clear heights, a minimum seven-inch floor slab, 136 dock-high doors, 185-foot cross-dock truck courts and an ESFR sprinkler system. Occupancy is slated for mid-2022. Mike McCrary of JLL represented the developers for the project. Tejon Ranch Commerce Center is a 1,450-acre master-planned commercial/industrial development in Kern County, Calif.

June 30, 2021

Acquisitions California Industrial Multifamily Self-Storage Western

Levin Johnston Brokers Three Bay Area Acquisitions Totaling $68.2M

by Amy Works June 30, 2021

SUNNYVALE AND ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchases of three properties in the Bay Area on behalf of a local private investor. The acquisitions totaled a combined $68.2 million. The transactions are: The $18 million acquisition of a 65,805-square-foot self-storage facility located at 220 W. Ahwanee Ave. in Sunnyvale. The Storage Spot operates the 508-unit property. The $36 million purchase of Iris Park Apartments & Iris Garden Apartments, a 100-unit asset located at 611-641 Iris Ave. in Sunnyvale. The $14.2 million acquisition of Islander Apartments, a 38-unit, 31,374-square-foot apartment community at 1701 Shore Line Drive in Alameda. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap handled the transactions. The names of the sellers were not released.

June 30, 2021

Loans Montana Multifamily Western

Dwight Capital Provides $34.2M Loan for Shiloh Commons Mixed-Use Property in Billings, Montana

by Amy Works June 30, 2021

BILLINGS, MONT. — Dwight Capital has closed a $34.2 million HUD 223(f) loan for Shiloh Commons, a mixed-use project located in Billings. Situated on 7.4 acres, the community features four four-story buildings offering 144 residential units and more than 60,000 square feet of retail, office and restaurant space. Community amenities include a fitness center, rooftop picnic area with barbecue stations, concierge services and on-site management. Each building has a one-level underground parking garage. The loan benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property qualifies as green/energy-efficient housing. Brandon Baksh of Dwight Capital originated the transaction.

June 30, 2021

Acquisitions California Industrial Western

Staley Point Capital, Bain Capital Acquire Industrial Property in Torrance, California for $34.5M

by Amy Works June 30, 2021

TORRANCE, CALIF. — Staley Point Capital and Bain Capital Real Estate have purchased 2700 California, an infill industrial property located in Torrance, for $34.5 million, or $256 per square foot. The transaction marks the joint venture’s first investment in the South Bay market. The 135,000-square-foot property features 16- to 25-foot clear heights, six dock-high doors and 14 grade-level doors. Edelbrock, a specialty auto parts designer and manufacturer, formerly occupied the building. Greenberg Traurig LLP served as legal counsel to Staley Point Capital on the transaction. CBRE represented the seller and JLL Capital Markets will arrange the loan financing.

June 30, 2021

Colorado Market Reports Retail Western Western Market Reports

Colorado’s Retail Sector Reemerges Amid Strong Market Signs

by Jeff Shaw June 30, 2021

By Stuart Zall, President, The Zall Company No matter how you look at it, Colorado is in a great position for strong post-pandemic recovery and growth. People are moving here from around the country at historic numbers. With low interest rates and an influx of buyers prepared to pay well over asking prices, the residential real estate market is experiencing unprecedented activity, and we expect the commercial market to follow suit. Now that the vaccine has created less concern about COVID-19, people are getting out again and we’re seeing a lot of pent-up demand as businesses reopen, eateries expand capacity and restrictions on crowd size are lifted. Downtown Denver Takes Action To Lure People Back Within the Front Range retail market, downtown Denver took the biggest pandemic hit by far. Prior to 2020, downtown served a population of more than 150,000 daytime workers, the convention center was booked for years out, bringing thousands of conventioneers from all over the country, and sports and tourist venues like Elitch Gardens attracted huge crowds. Now the city is working hard to bring back workers. The Downtown Denver Partnership recently launched the Denver’s Ready campaign to encourage employers and employees to return to in-person work. Enticements include extension …

June 30, 2021

Acquisitions California Industrial Office Western

Bridge Industrial Sells Box Yard Creative Industrial Park in Downtown Los Angeles to Rexford for $94M

by Amy Works June 29, 2021

LOS ANGELES — Bridge Industrial has completed the sale of Box Yard, a four-building, creative industrial business park in downtown Los Angeles. Rexford Industrial acquired the asset for $94 million. Located at 2425, 2445, 2460 and 2535 E. 12th St., Box Yard offers a total of 261,528 square feet of flex space. At the time of sale, the property was 94 percent leased to a variety of tenants, including e-commerce, tech, entertainment/studio, fashion, arts and creative tenants. The asset features 24-foot clear heights, dock- and grade-level loading for each unit and a fully gated and secured site. The property recently underwent interior and exterior renovations, including upgraded office finishes, LED lighting and warehouse air circulation fans, exterior paint, new signage, landscaping and improved site security. Gensler was the architectural firm for the renovations. Andrew Briner, Bret Hardy, Jim Linn, Kevin Shannon, Scott Schmacher and Laura Stumm of Newmark represented the seller in the transaction.

June 29, 2021

Acquisitions California Development Office Western

Kilroy Realty Buys Downtown San Diego Site for $42M, Plans 275,000 SF Office Development

by Amy Works June 29, 2021

SAN DIEGO — Kilroy Realty Corp. has acquired a 1.3-acre development site in downtown San Diego from Pacifica Cos. for $42 million. Kevin Nolen, Mike Novkov, Tim Winslow and Jason Kimmel of Cushman & Wakefield represented the seller in the transaction. Kilroy plans to develop up to 275,000 square feet of Class A office space on the full city-block site, which is located at 2045 Pacific Highway in San Diego’s Little Italy neighborhood. The site consists of four parcels within walking distance to numerous amenities and the San Diego Bay.

June 29, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield Arranges $12.4M Sale-Leaseback for HomeSmart’s Office Headquarters in Scottsdale

by Amy Works June 29, 2021

SCOTTSDALE, ARIZ. — Cushman & Wakefield has brokered the sale-leaseback of a single-tenant corporate headquarters facility in Scottsdale. A New York-based entity doing business as ABCJ LLC acquired the asset for $12.4 million. HomeSmart fully occupies the 36,497-square-foot building, which is located at 8388 Hartford Drive. The two-story building features creative-style office space, high-tech conference rooms, an exercise gym, locker rooms, large kitchen and dining area and a lounge with a full bar and pool table. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Phoenix office brokered the transaction. Michael Kitlica, also with Cushman & Wakefield, served as leasing advisor for the deal. HomeSmart is a tech-centric real estate residential brokerage firm with offices around Arizona.

June 29, 2021

Acquisitions California Office Western

Mulberry Capital Sells Multi-Tenant Office Building in Commerce, California for $12M

by Amy Works June 29, 2021

COMMERCE, CALIF. — Mulberry Capital has completed the disposition of an office property located at 5100 S. Eastern Ave. in Commerce. Khosh Properties LLC purchased the asset for $12 million. The two-story building features 46,980 square feet of office space, an upgraded lobby, energy-efficient solar panels and surface and structured parking. Roland Corp., a Japanese manufacturer and distributor of high-end electronic musical instruments, electronic equipment and software, anchors the three-tenant property, which has served as the company’s U.S. headquarters since 1999. Ryan Plummer, Sean Fulp and Mark Schuessler of Newmark, along with Tony Naples of Lee & Associates, represented the seller in the transaction.

June 29, 2021

Acquisitions Office Washington Western

Marcus & Millichap Brokers $3.8M Sale of Office Building in Kennewick, Washington

by Amy Works June 29, 2021

KENNEWICK, WASH. — Marcus & Millichap has arranged the $3.8 million sale of CCH Executive Suites, an office property located at 1030 N. Center Parkway in Kennewick. Tyler Nicholes of Marcus & Millichap represented the buyer and seller, both undisclosed private investors, in the deal. Built in 2015, the 22,252-square-foot office is occupied by the area’s top executive suites business, providing a variety of professional office amenities to more than 90 tenants.

June 29, 2021

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