Western

FPA Multifamily Sells 150-Unit Luna Fountain Hills Apartment Community in Arizona for $58.2M

by Amy Works March 18, 2022

FOUNTAIN HILLS, ARIZ. — FPA Multifamily has completed the disposition of an apartment property located at 13225 N. Fountain Hills Blvd. in Fountain Hills. A joint venture between Continental Realty Assets, a subsidiary of Denver-based Continental Realty Group, and Tokyo-based Nippon Steel Kowa Real Estate has acquired the asset for $58.2 million. The buyer has rebranded the 150-unit property as Luna Fountain Hills and is completing modern interior renovations to the units. Constructed in 1998 on 9.7 acres, the community features two-bedroom apartments, averaging 1,041 square feet, with semi-private entry, above-standard ceiling height, washers/dryers and private balcony/patio in select apartments. Onsite amenities include monitored security, a fitness center, business center, swimming pool, sundeck and spa. The community was formerly known as Arrive Fountain Hills. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Phoenix Multifamily Advisory Group represented the seller in the deal.

March 18, 2022

Sorrento-Ridge-Research-Park-San-Diego-CA

Acquisitions California Life Sciences Office Western

Sterling Bay, Harrison Street Acquire Sorrento Ridge Research Park in San Diego for $34M

by Amy Works March 18, 2022

SAN DIEGO — Sterling Bay and Harrison Street have entered into a joint venture to purchase Sorrento Ridge Research Park, located at 6150 Nancy Ridge Drive in San Diego’s Sorrento Mesa submarket, for $34 million. The name of the seller was not released. Totaling 60,000 square feet, Sorrento Ridge Research Park is a fully vacant former office building, which was built in 1987 and renovated in 2021. The buyers plan to convert the property into a mix of Class A lab and creative office space. All lab space will include scientific research necessities such as fume hoods; lab benches with compressed air and vacuum; deionized water stations; piping for natural gas; and the option to add lab furniture, fixtures and equipment, if needed. The project is expected to undergo redevelopment improvements starting this year, with expected delivery to future tenants in 2023.

March 18, 2022

Acquisitions Nevada Retail Western

CBRE Brokers Sale of 28,281 SF Regency Plaza Retail Center in Las Vegas

by Amy Works March 18, 2022

LAS VEGAS — CBRE has arranged the sale of Regency Plaza, a retail property located at 320 N. Nellis Blvd. in Las Vegas. Rock Ridge Regency Plaza LLC acquired the asset from Regency Developments LLC for $4.4 million. Roy Fritz, Michael Hsu, Dylan Heroy and Kellie Ortiz-Thompson of CBRE represented the seller in the transaction. Built in 1999 and renovated in 2017, five tenants fully occupy the 28,281-square-foot property on long-term leases.

March 18, 2022

California Company News Western

The Klabin Co. Founder Stuart Klabin Passes Away at Age 90

by Amy Works March 18, 2022

TORRANCE, CALIF. — Stuart Klabin, the founder of The Klabin Co./CORFAC International, has passed away at age 90. Klabin, who founded Torrance-based The Klabin Co. in 1961, was a pioneer in Los Angeles industrial real estate and enjoyed decades of success both as a broker and developer. Klabin was also the founder of the American Industrial Real Estate Association. While Klabin was not involved with the day-to-day operations of the Klabin Co. for the past more than 20 years, he served as chairman emeritus until his passing. Over the past several years, Klabin maintained a connection to The Klabin Co. through the real estate assets he developed and owned in the greater Los Angeles region. CORFAC International, formerly known as Corporate Facility Advisors, is a network for independently owned commercial real estate firms. CORFAC currently has over 75 offices worldwide.

March 18, 2022

California Market Reports Retail Western Western Market Reports

Orange County Retail Recap: Keep Calm and Carry On

by Jeff Shaw March 18, 2022

By Terrison Quinn, Managing Principal, SRS Real Estate Partners Despite the headwinds facing the Orange County retail property sector in 2021, retailers experienced record sales, while shopping center owners realized all-time-high property values. Orange County’s retail vacancy rate also decreased in 2021 from 4.58 percent to 4.32 percent as compared to 2020, according to CoStar. Meanwhile, rents increased from $33.12 per square foot, per year to $34.55 per square foot, per year — back to pre-pandemic levels. There are many reasons for these impressive numbers, though less stringent COVID rules and the solid job market may be two key drivers. Orange County remained less restrictive on businesses than neighboring Los Angeles County. The county also seems to have been the economic benefactor given the less severe climb out of the vacancy and unemployment challenges that were experienced through the pandemic. Orange County’s job market was hit hard during the pandemic with its large employment base in hospitality and leisure. However, it bounced back quickly with Disneyland re-opening and others hiring thousands of workers amongst robust consumer demand. Orange County’s job market is also recognized as one of the more diverse and higher paying counties in Southern California. Investors Continue to Eye Orange County as the Gold Standard …

March 18, 2022

Acquisitions California Retail Western

Hollywood Holdings Acquires The Gershwin Lofts Retail Property for $30.4M

by Amy Works March 17, 2022

LOS ANGELES — Hollywood Holdings, a Los Angeles-based private family office, has purchased The Gershwin Lofts Retail @ Hollywood, an urban retail center in Los Angeles. An undisclosed seller sold the property for $30.4 million. Located at 5501-5521 Hollywood Blvd. and 1719-1723 N. Western Ave., the two-building property features 42,916 square feet of retail space. One building was remodeled in 2015 and the other was built in 2015. At the time of sale, Marshalls, Petco and Farmer Boys fully occupied the property. Patrick Wade and Alex Kozakov of CBRE represented the seller in the deal.

March 17, 2022

Acquisitions Arizona Industrial Western

Bird Dog Industrial Sells 330,496 SF Power 202 Business Park in Mesa, Arizona

by Amy Works March 17, 2022

MESA, ARIZ. — Bird Dog Industrial has completed the disposition of Power 202 Business Park, a multi-building project at 4617, 4631 and 4645 S. Power Road in Mesa. GID Industrial acquired the asset for an undisclosed price. Constructed in 2021, the 330,496-square-foot, Class A light industrial park was fully preleased prior to completion. Situated on more than 19 acres, the three-building property features 24-foot to 32-foot clear heights, grade-level and dock-high loading doors, ESFR sprinklers, concrete truck court aprons, ample parking and functional divisibility with a variety of bay sizes. Additionally, the property provides quick access to a full diamond interchange at the Loop 202 Freeway. Will Strong, Greer Oliver, Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented the seller in the deal. Ken McQueen and Chris McClurg of Lee & Associates provided market advisory for the transaction.

March 17, 2022

Agoura-Hills-Business-Park-Los-Angeles-CA

Acquisitions California Office Western

Harbor Associates, Gemdale USA Buy Agoura Hills Business Park Near Los Angeles for $29.7M

by Amy Works March 17, 2022

LOS ANGELES — Harbor Associates and Gemdale USA have purchased Agoura Hills Business Park, an office campus located at 30401–30501 Agoura Road in the Agoura Hills submarket of Los Angeles, for $29.7 million. Built in 1987 on six acres, the 113,991-square-foot campus consists of two two-story office buildings around a central plaza and a 193-car parking lot. The acquisition represents the recapitalization of the office property, which Harbor Associates originally purchased in January 2020 in a joint venture with a Kansas City-based real estate investment firm. The sale represents Harbor’s exit from the investment after meeting its business plan. Matt Heyn and Caitlin Hoffman of CBRE will lease the property on behalf of Gemdale USA and Harbor. Andrew Harper, Will Poulsen, Matt McRoskey and Chad Solomon of JLL represented the seller in the transaction.

March 17, 2022

Acquisitions Colorado Retail Western

Boulder Group Arranges $6.8M Sale of Tractor Supply-Occupied Asset in Lafayette, Colorado

by Amy Works March 17, 2022

LAFAYETTE, COLO. — The Boulder Group has arranged the sale of a single-tenant retail property located at 825 US Highway 287 in Lafayette. The building traded for $6.8 million. Nashville, Tenn.-based Tractor Supply Co. occupies the 21,930-square-foot building on a net-lease basis. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the California-based 1031 exchange buyer, while Andrew Bogardus of Cushman & Wakefield represented the undisclosed seller in the transaction.

March 17, 2022

Acquisitions California Restaurant Retail Western

Hanley Investment Negotiates $4.6M Sale of Restaurant Property in Palm Desert, California

by Amy Works March 17, 2022

PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, single-tenant restaurant property at Monterey Crossing shopping center in Palm Desert. Newport Beach-based Fountainhead Development sold the asset to a Southern California-based private investor for $4.6 million. Located at 73320 Dinah Shore Drive, The Habit Burger Grill occupies the 2,700-square-foot drive-thru restaurant property. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and developer, while John Costa, David Fults and Brian McLoughlin of Voit Real Estate Services’ Los Angeles office represented the buyer in the transaction.

March 17, 2022

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