Western

Black Lion Investment Sells Vista Terrace Marketplace in Vista, California for $13.3M

by Amy Works December 22, 2021

VISTA, CALIF. — Black Lion Investment Group has completed the sale of Vista Terrace Marketplace, a retail strip center in Vista. A real estate fund advised by Crow Holdings Capital acquired the asset for $13.3 million. Situated on two acres at 1280, 1330 and 1350 E. Vista Way, Vista Terrace Marketplace features 28,440 square feet of newly renovated retail space. At the time of sale, the property was 91 percent leased to a variety of national and local tenants, including Anytime Fitness, Discovery Preschool, Sports Clips, Jersey Mike’s Subs, Pacific Dental, Upper Crust Pizza and Bombay Café. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the seller in the deal. This two-part transaction comes one year after the $10.7 million sale of three outparcel pad buildings at Vista Terrace Marketplace in December 2020.

December 22, 2021

Acquisitions California Net Lease Retail Western

Hanley Investment Group Arranges $8M Sale of 7-Eleven-Occupied Property in Santa Rosa, California

by Amy Works December 22, 2021

SANTA ROSA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant investment property located at 136 College Ave. in Santa Rosa. Pleasant Hill-based California Capital Group sold the asset to an El Dorado Hills-based private investor for $8 million. Jeremy McChesney of Hanley represented the seller, while Chris Fenolio of Weller Partners represented the buyer in the transaction. A 7-Eleven with a gas station occupies the 2,988-square-foot property on a net-lease basis.

December 22, 2021

Acquisitions Arizona Development Industrial Western

Joint Venture Acquires 54-Acre Land Parcel in Buckeye, Arizona for Logistics Park Development

by Amy Works December 22, 2021

BUCKEYE, ARIZ. — Buckeye 54 LLC, a joint venture between Contour Real Estate and Shopoff Realty Investments, has purchased a 54-acre industrial development site at the southeast corner of Southern Avenue and Rainbow Road in Buckeye. KWC Motorsports LLC sold the property for $6.5 million. The joint venture plans to develop a logistics park with two warehouses totaling 900,000 square feet. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors represented the buyer in the deal.

December 22, 2021

Acquisitions Colorado Multifamily Northmarq Western

Northmarq Brokers $20.5M Sale of Fireside Apartments in Colorado Springs

by Amy Works December 22, 2021

COLORADO SPRINGS, COLO. — Northmarq has arranged the sale of Fireside Apartments, a multifamily property located at 610 N. Murray Blvd. in Colorado Springs. Clear Capital acquired the asset from Blueline Equity Partners for $20.5 million. Built in 1971, Fireside Apartments features 108 units. Alex Possick, Rich Ritter and Seth Gallman of Northmarq’s Colorado Multifamily Investment Sales team represented the seller. Brandon Harrington, Bryan Mummaw and Tyler Woodard of Northmarq arranged $16.2 million in acquisition financing for the buyer.

December 22, 2021

Acquisitions Arizona Development Industrial Western

Dermody Properties Acquires 961-Acre Land Parcel Near Phoenix for Industrial Development

by Amy Works December 21, 2021

EL MIRAGE, ARIZ. — Dermody Properties has purchased 961 acres of land in El Mirage, a suburb of Phoenix. The company plans to develop Copperwing Logistics Center, an industrial park with approximately 10 million square feet of speculative space over the next 10 years. Additionally, the company will develop approximately 300 acres for other third-party owners/users and build-to-suit customers. Initial development is slated to begin in 2022. Novo Development, which has been involved with the project since its inception, will continue to assist with the new venture. The land is being purchased from John F. Long Family Trust, known for developing more than 30,000 homes over four decades, including Arizona’s first master-planned community, before focusing efforts on retail and commercial projects in the West Valley Arizona market. Industrial zoning was already in place for the land. In addition, the property is within an approved Foreign Trade Zone (FTZ), meaning companies within the park that are active uses of FTZ can receive up to a 75 percent reduction in real estate and personal property taxes. Dermody Properties also intends to bring new water and sewer sources to the site along with new roads and park amenities. Pat Feeney, Rusty Kennedy and …

December 21, 2021

Acquisitions California Life Sciences Western

CBRE Investment Management Fund Buys 1 MSF Life Sciences Portfolio in San Francisco’s Mission Bay

by Amy Works December 21, 2021

SAN FRANCISCO — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has acquired a majority stake in two life sciences portfolios in the Mission Bay submarket of San Francisco. The fund made the investment, which includes a total of 1 million square feet of Class A life sciences space, through a joint venture with a life science property developer/operator that developed the portfolios. The first portfolio, located at 409/499 Illinois St. and 1500 Owens St., includes three purpose-built life sciences facilities totaling 644,788 square feet. Situated on a 4.8-acre waterfront, the buildings feature 15-foot clear heights, an outdoor plaza with public art, two on-site restaurants, a rooftop deck, fitness center and an outdoor garden. The properties are LEED Gold and Silver certified. The second portfolio, located at 455 Mission Bay Blvd. South, 1450 Owens St. and 1700 Owens St., includes two existing buildings, which total 375,604 square feet, and a 212,796-square-fot purpose-built life sciences development that is scheduled for construction to start in first-quarter 2022. The properties are LEED Gold certified.

December 21, 2021

Arizona Loans Multifamily Seniors Housing Western

CIT Arranges $34M Financing for Enclave at Chandler Seniors Housing Community in Arizona

by Amy Works December 21, 2021

CHANDLER, ARIZ. — CIT Group Inc. (NYSE: CIT), through its Healthcare Finance business, served as sole lead arranger of $34 million to refinance the Enclave at Chandler. Opened in 2018 in the Phoenix suburb of Chandler, the community features 89 independent living, 49 assisted living and 24 memory care units. The borrower is Spectrum Retirement Communities. “Demand is strong for senior housing facilities like the Enclave at Chandler that serve a range of needs,” says William Douglass, managing director and group head for CIT’s Healthcare Finance business.

December 21, 2021

Acquisitions Arizona Office Western

YMC Co. Purchases Kierland Corporate Center in Scottsdale, Arizona for $37.7M

by Amy Works December 20, 2021

SCOTTSDALE, ARIZ. — YMC Co. has acquired Kierland Corporate Center I in Scottsdale from Starwood Property Trust for $37.7 million. Erik Marsh of Kidder Mathews represented the buyer in the deal. Located at 7047 E. Greenway, the property features 109,811 square feet of Class A office space. The center is surrounded by a variety of amenities, including Kierland Commons, Scottsdale Quarter, Westin Kierland Resort and AC Hotel.

December 20, 2021

Acquisitions Multifamily Oregon Western

Cumberland Holdings Sells Sheldon Butte Apartments in Eugene, Oregon for $35.7M

by Amy Works December 20, 2021

EUGENE, ORE. — Cumberland Holdings has completed the disposition of Sheldon Butte, a garden-style, value-add multifamily property in Eugene. Clear Capital acquired the asset for $35.7 million. Located at 2555 Willakenzie Road, Seldon Butte features 176 apartments. Community amenities include a leasing office, community lounge, fitness center, pool and spa, four laundry facilities, a recycling center, dog park, picnic and barbecue areas, and a community garden. The property was built in 1972. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

December 20, 2021

Acquisitions Office Utah Western

Arden Group, Vesta Realty Partners Acquire 318,831 SF Office Portfolio Near Salt Lake City

by Amy Works December 20, 2021

DRAPER, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased a portfolio of office properties in Draper. Collectively known as 136 Center, the two-building portfolio features 318,831 square feet of office space spread across two adjacent, six-story buildings. The transaction also includes a land parcel that allows for additional development. The portfolio includes 13693 South 200 West, a built-to-suit office building for Dealertrack, a provider of digital solutions to the automotive retail industry. Dealertrack leases 112,900 square feet of the 163,725-square-foot building and the remaining space is occupied by a diverse mix of tenants, including Gold Standard Automotive, Summit Sotheby’s International and NAV Technologies. The second building, located at 13707 South 200 West, is a 155,106-square-foot property that serves as the corporate headquarters for Divvy, a financial technology company. Walker & Dunlop served as exclusive advisor to Arden Group and Vesta Realty Partners and brokered the financing for the transaction.

December 20, 2021

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