Western

Progressive Real Estate Partners Brokers $1.6M Sale of Restaurant Property in Moreno Valley, California

by Amy Works January 11, 2021

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a freestanding restaurant building located at 23040 Alessandra Blvd. in Moreno Valley. Carnitas al Estilo Michoacan acquired the property for $1.6 million. The recently remodeled restaurant is fully equipped and features an extra-large kitchen with two walk-in coolers, a spacious interior dining area, outdoor patio seating and a full bar. The buyer plans to open its second Inland Empire restaurant, which is known for its Michoacan-style carnitas and Mexican dishes, at the location this spring. Albert Lopez of Progressive Real Estate Partners handled the transaction.

January 11, 2021

Acquisitions California Industrial Western

SBC Investors Sells 8.2-Acre Industrial Site in South San Francisco to Prologis

by Amy Works January 11, 2021

SAN FRANCISCO — SBC Investors LLC has completed the sale of an 8.2-acre land site located at 200-212 Shaw Road, 214-218 Shaw Road and 1264-1272 San Mateo Ave. in San Francisco. Prologis acquired the property for an undisclosed price. The 8.2-acre site is adjacent to San Francisco International Airport and U.S. Route 101, connecting South San Francisco to the rest of the Bay Area. Additionally, the property is roughly four blocks from the BART San Bruno station and five blocks from the CalTrain San Bruno station. Darla Longo, Rebecca Perlmutter, Marshall Hydorn, David Black and Karl Hansen of CBRE represented the seller, while the buyer was self-represented in the deal.

January 11, 2021

Chandler-Corporate-Center-II-Chandler-AZ

Arizona Development Office Western

VanTrust Completes Construction of 118,000 SF Chandler Corporate Center II in Arizona

by Amy Works January 8, 2021

CHANDLER, ARIZ. — VanTrust Real Estate has completed the construction of Phase II at Chandler Corporate Center in Chandler. Situated on 12 acres at 4100 W. Chandler Blvd., the 118,000-square-foot speculative office building complements the property that was developed in the first phase. The first-phase building was leased to Allstate Insurance and subsequently sold to Strategic Office Partners in 2019. Designed by Butler Design Group of Phoenix, the building features a two-story glass entrance, 58,000-square-foot floor plates and an abundance of glass. Stevens-Leinweber Construction served as general contractor for the project, which Colliers International is marketing for lease.

January 8, 2021

Acquisitions Colorado Life Sciences Office Western

Tritower Financial Group Sells 151,384 SF Pfizer Life Sciences Campus in Boulder to Invesco Real Estate

by Amy Works January 8, 2021

BOULDER, COLO. — Tritower Financial Group has completed the disposition of 3200 Walnut, a four-building interconnected campus located at 1825, 1865, 1885 33rd St. and 3200 Walnut St. in Boulder. Invesco Real Estate acquired the asset for an undisclosed price. The tenant — formerly Array BioPharma, which Pfizer acquired in 2019 — has occupied the 151,384-square-foot campus for 19 years. John Jugl of Newmark represented the seller in the deal.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Meridian Buys 187,690 SF El Dorado Medical Plaza in Tucson

by Amy Works January 8, 2021

TUCSON, ARIZ. — Meridian, in partnership with an institutional investor, has acquired El Dorado Medical Plaza for an undisclosed price. Located at 1400 N. Wilmot Road, the three-story property features 187,690 square feet of Class B medical office space, plus surgery and hospital services. Meridian plans to implement a renovation program for the property, with completion slated for the end of 2021. Ben Tashakorian, David Benjamin, Trent Carvolth, Bradley Peters and Kelly O’Dea of Marcus & Millichap represented the seller, Houston-based Clarion Properties. Meridian was self-represented in the deal.

January 8, 2021

Acquisitions Colorado Retail Western

Dunton Commercial Acquires Belmont Square Retail Center in Colorado for $6M

by Amy Works January 8, 2021

PUEBLO, COLO. — Greenwood Village-based Dunton Commercial has purchased Belmont Square, a grocery-anchored shopping center located in Pueblo, approximately 110 miles south of Denver. Belmont Squared LLC sold the asset for $6 million. Situated on 11 acres at the corner of Bonforte Boulevard and Constitution Road, Belmont Square features 89,619 square feet of retail space. Built in the 1950s, the property underwent renovations in 2011. At the time of sale, the asset was 76 percent occupied. Tenants include a grocery store and a variety of national and local retailers and services. Jon Hendrickson, Mitch Veremeychik and Aaron Johnson of Cushman & Wakefield’s Capital Markets team in Denver represented the seller in the transaction.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Arranges $4.8M Sale of Adelante Healthcare Plaza in Peoria, Arizona

by Amy Works January 8, 2021

PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as medtail, a term for traditional retail centers that include a heavy mix of medical tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.

January 8, 2021

Acquisitions Colorado Multifamily Western

Centerspace Purchases Eight-Building Union Pointe Multifamily Community in Colorado for $76.9M

by Amy Works January 7, 2021

LONGMONT, COLO. — Centerspace (NYSE: CSR) has acquired Union Pointe, an apartment community located in Longmont, for $76.9 million, or $300,390 per unit. Brinkman Real Estate, in partnership with Jensen LaPlante Development and Keystone Real Estate, originally developed the 256-unit property. Located at 1605 E. County Line Road, the eight-building Union Pointe opened in 2019. The property features a resort-style swimming pool and spa with cabanas; outdoor lounge area; grills and fire pits; dog run and dog wash station; children’s play area; and a bicycle and ski repair room. The shared clubhouse features a catering kitchen for entertaining, 24-hour fitness center with yoga studio, gaming room, co-working lounge with laptop bar and private workstations for residents. Terrance Hunt, Shane Ozment and Chris Cowan for Newmark represented Brinkman in the transaction.

January 7, 2021

Acquisitions Office Washington Western

JLL Negotiates Sale of 80,980 SF Single-Tenant Office Building in Redmond, Washington

by Amy Works January 7, 2021

REDMOND, WASH. — JLL has arranged the sale of 9805 Willows, a single-tenant office property located in Redmond. A joint venture between Graymark Capital and Blue Vista Capital Management sold the asset to Invesco Real Estate for an undisclosed price. Originally built in 1998, the 80,980-square-foot building, which features 14-foot ceilings, is currently undergoing an extensive renovation. Logan Greer, Gerry Rohm, Michael Leggett and Kaden Eichmeier of JLL Capital Markets represented the seller and procured the buyer.

January 7, 2021

Acquisitions California Retail Western

KA Enterprises Pays $12.1M for Dana Plaza Shopping Center in Lake Forest, California

by Amy Works January 7, 2021

LAKE FOREST, CALIF. — KA Enterprises has purchased Dana Plaza, a retail center located at 21701 and 21721 Lake Forest Drive in Lake Forest. Dana Lake Forest LP sold the asset for $12.1 million. Situated on 3.5 acres, Dana Plaza features 31,503 square feet of retail space. Current tenants include Exxon Mobile, 7-Eleven, Lake Forest Montessori School and Subway. Fouy Ly of Kidder Mathews represented the buyer, while John Moss of Parker Commercial represented the seller in the deal.

January 7, 2021

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