Western

DCG Arranges $34M Acquisition of South Meadows Promenade Shopping Center in Reno

by Amy Works January 24, 2022

RENO, NEV. — DCG has brokered the purchase of South Meadows Promenade, a retail center located on the corner of South Meadows Parkway and Double R Boulevard in Reno. An investor in a 1031 exchange acquired the property for $34 million. The name of the seller was not released. At the time of escrow, the 80,000-square-foot shopping center was 100 percent occupied. Current tenants include Sprouts Farmers Market, Marshalls, Pet Station, The Joint Chiropractic, Chase Bank, Chipotle, Panda Express, Starbucks Coffee, Blaze Pizza, Jersey Mike’s Subs and Sports Clips. Truckee Meadows Construction built the asset in 2017. Tom Fennell, Chris Shanks and Matt DeRicco of DCG represented the buyer in the deal.

January 24, 2022

Acquisitions Arizona Retail Western

Michael A. Pollack Closes Sale of Five Centers

by Jaime Lackey January 21, 2022

PHOENIX – Shopping center owner Michael A. Pollack Real Estate Investments has sold five centers in the Phoenix area in separate transactions for a total of $32 million. The transactions took place in the fourth quarter of 2021. The company sold Trailside Center in Mesa for $2.7 million; the company had owned the property since 1994. In Phoenix, the company sold Tower Plaza along Cave Creek Road for $2.4 million. In Peoria, Pollack sold the 67,000-square-foot Olive Plaza for $4.6 million. Pollack sold Apache Central Center in Tempe to the City of Tempe for $10.6 million. The city plans to redevelop the 44,000-square-foot property into a mixed-use center providing affordable housing and retail. The largest sale for the company was the disposition of the 86,000-square-foot Lindsay Marketplace in Mesa for $11.2 million. Pollack had purchased most of the centers in the 1990s, with one purchased in 2003. “These were all opportunistic buys,” says Michael Pollack. “We were able to get a great deal on all these centers when we purchased them back in the 1990s through early 2000s. We renovated them inside and out, and then held onto the centers for many years bringing the occupancy levels up to almost …

January 21, 2022

Acquisitions California Retail Western

Gerrity Group Sells Gateway Center Retail Property in Mission Viejo, California to DJM Capital for $39.5M

by Amy Works January 21, 2022

MISSION VIEJO, CALIF. — Gerrity Group has completed the disposition of Gateway Center, a retail destination in Orange County’s Mission Viejo. San Jose-based DJM Capital acquired the asset for $39.5 million. Completed in 1979, Gateway Center features 79,001 square feet of retail space. Current tenants include Starbucks Coffee, Cold Stone Creamery, Subway, Baja Fresh, Happy Minds Academy, Oggi’s, San Diego Credit Union, Gateway Liquor, Dance Daly Ballroom, Fit Pilates, Thai Body Works, Saddleback Urgent Care, Sweet Pediatric Dental and French’s Pastry. The property is located on 7.3 acres at 23972-24042 Alicia Parkway. Gleb Lvovich, Bryan Ley and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the transaction. Jeff Sause and John Marshall of JLL Debt Placement arranged a three-year, floating-rate acquisition loan for the buyer.

January 21, 2022

California Development Industrial Western

Trammell Crow, CBRE Break Ground on Spec 606,343 SF Logistics Center in Tracy, California

by Amy Works January 21, 2022

TRACY, CALIF. — A joint venture between Trammell Crow Co. and CBRE Investment Management, on behalf of one of its investment funds, has broken ground on Tracy 205 Logistics Center, a logistics facility in the Northern California city of Tracy. Slated for completion in late 2022, the cross-dock building will feature 606,343 square feet of speculative industrial space with 40-foot clear heights, 185-foot truck courts, 56-foot by 60-foot column spacing, LED and sky lighting and an ESFR system. The project team includes HPA Architecture, Kier & Wright and Big D Pacific Builders. Tom Davis, Bob Taylor and Dan Davis of CBRE Central Valley will lead leasing efforts for the project.

January 21, 2022

Hilton-Garden-Inn-Denver-Airport-Aurora-CO

Acquisitions Colorado Hospitality Western

Marcus & Millichap Arranges $27.5M Sale of Hilton Garden Inn Denver Airport

by Amy Works January 21, 2022

AURORA, COLO. — Marcus & Millichap has brokered the sale of Hilton Garden Inn Denver Airport, a hospitality property located at 16475 E. 40th Circle in Aurora. The hotel traded hands for $27.5 million. The names of the seller and buyer were not released. Hilton Garden Inn Denver Airport features 157 guest rooms. The seller completed a renovation of the guest rooms in 2021, and the buyer plans to renovate the lobby and public areas in early 2022.

January 21, 2022

Acquisitions California Industrial Western

Paceline Divests of Light Industrial Building in San Francisco for $19.3M

by Amy Works January 21, 2022

SAN FRANCISCO — Paceline Investors has completed the disposition of 1270 Bush Street, a light industrial property in San Francisco. Sterling Organization acquired the asset for $19.3 million. Situated on a 18,906-square-foot lot, the 38,000-square-foot building is zoned for a wide range of residential and commercial uses. Mark Geisreiter, Seth McKinnon and Nadav Kariv of Newmark represented the seller and Florida-based buyer in the deal.

January 21, 2022

Acquisitions California Net Lease Retail Western

Hanley Investment Brokers $8.5M Sale of Smart & Final-Occupied Property in Murrieta, California

by Amy Works January 21, 2022

MURRIETA, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property located in Murrieta. A San Diego-based private partnership sold the building to Los Angeles-based Anza Drive Properties for $8.5 million. Smart & Final Extra occupies the 20,750-square-foot property, which is situated at the intersection of Madison Avenue and Los Alamos Road, on a net-lease basis. The building was built in 2003. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Kris Hons of Glendale, Calif.-based Stevenson Real Estate Services represented the buyer in the transaction.

January 21, 2022

California Industrial Market Reports Western Western Market Reports

The Famous Inland Empire Industrial Market Remains as Tight as Ever

by Jeff Shaw January 21, 2022

By Tony Phu, Senior Executive Vice President, Colliers Rental rates and land values continue to outpace construction cost inflation, driven by the insatiable need for industrial and distribution space across the entire Western U.S. This is especially true in Southern California where a critical mass of population/tenant demand and high barriers to entry for development have created an exacerbated supply and demand imbalance. Scarcities of land for new development, as well as existing and under-construction buildings, are the main drivers. Entitlements are difficult to secure with a timeline between 24 and 30 months from start to finish. As a result, scarcity will remain the name of the game, and tenants will continue to pay increased costs to secure a building. With roughly 29 million square feet expected to deliver over the next five quarters, vacancy should remain flat as demand stays high for these buildings. Lease rates will continue to rise as existing tenants renew while expanding tenants compete for limited space that comes to market. Total net absorption for 2021 will break the record set in 2018, likely falling just shy of 30 million square feet. Activity levels in both the Inland Empire East and West remain about the same. There are so …

January 21, 2022

Colorado Hospitality Loans Western

Driftwood Capital Closes $138.7M Financing Package for Two Colorado Resort Hotels

by Amy Works January 20, 2022

ESTES PARK, COLO. — Driftwood Capital has arranged a $138.7 million financing package for two resort hotels in Estes Park on behalf of Grand Heritage Hotel Group. The proceeds will cover the refinancing of the historic Stanley Hotel, along with the acquisition of the nearby Fall River Village Resort, an 89-room lodge. Originally build in 1902 and most recently updated in 2018, the Stanley Hotel is located at 333 E. Wonderview Ave. Situated on 68 acres, the property features 14 buildings with four lodging options comprising 192 guest rooms and 31 condominium units. Built in 2000 and renovated in 2018, Fall River Village Resort is located at 200 Filbey Court. Driftwood contributed a $24.3 million mezzanine loan through its lending fund, Driftwood Lending Partners, behind a $114.4 million senior financing package originated by a major life insurance company. The borrower will use a portion of the proceeds, $6.9 million, toward renovations of the Stanley Hotel in early 2022, including conversion of the ballroom to a restaurant; bathroom updates in the hotel’s main building; improvements to the presidential cottage; and investments in several new food and beverage venues and related amenities.

January 20, 2022

Loans Multifamily Oregon Western

CBRE Arranges $35M Acquisition Loan for Heather Lodge Apartments in Happy Valley, Oregon

by Amy Works January 20, 2022

HAPPY VALLEY, ORE. — CBRE has arranged a $35 million loan for the acquisition of Heather Lodge, a multifamily property in Happy Valley. The Randall Group, a local real estate investment firm, purchased the property for an undisclosed price. Located at 13432 SE 169th Ave., the community features 178 apartments in a mix of studio, one-, two- and three-bedroom layouts. Constructed in 2021, the four-story building features a clubhouse, pool, hot tub, dog park and fitness center. Nick Santangelo and Matt Thorp of CBRE Capital Markets’ Debt and Structured Finance in Portland arranged the loan on behalf of the buyer.

January 20, 2022

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