Western

MBK Rental Living, R.D. Olson Construction Break Ground on 344-Unit Apartment Project in Los Angeles County

by Amy Works June 24, 2021

DUARTE, CALIF. — MBK Rental Living and R.D. Olson Construction have broken ground on Esperanza at Duarte Station, a multifamily property located on 4.3 acres in Duarte. The five-story property will feature 344 one-, two- and three-bedroom apartments in a mix of 12 floor plans ranging from 514 square feet to 1,090 square feet. Community amenities will include a parking structure, rooftop indoor/outdoor fitness center, clubroom, resort-style pool and spa, outdoor entertainment and cooking spaces, a coworking venue, dog park, pet washing station and a linear park that runs the length of the community. Esperanza at Duarte Station is a joint venture project between MBK Rental Living and Haseko Corp., with construction financing provided by Principal Real Estate Investors. Additional project partners include Architects Orange, PBA Structural Engineers and MJS Landscape.

June 24, 2021

Hospitality Loans Mixed-Use Office Washington Western

American Life Receives $122.7M in Refinancing for Mixed-Use Property in Seattle

by Amy Works June 24, 2021

SEATTLE — American Life Insurance (ALI) has received a $122.7 million loan for the refinancing of 255 South King Street, an office and hotel property located in Seattle. PCCP provided the loan to ALI, which developed the mixed-use property in February 2018. 255 South King Street consists of a 209,476-square-foot office tower and a 23-story, 282-room Hilton Embassy Suites. The hotel features approximately 10,000 square feet of meeting and event space, a pool, and a fitness center. The office tower, which spans 11 stories above a seven-story retail and parking garage podium, was fully leased at the time of sale. Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged the financing for the borrower.

June 24, 2021

Acquisitions California Office Western

Avison Young, Method Commercial Broker $11.2M Sale of Creative Office Building in El Segundo, California

by Amy Works June 24, 2021

EL SEGUNDO, CALIF. — Avison Young and Method Commercial have brokered the sale of a creative office property located at 2210-2218 E. Maple Ave. in El Segundo. Five Amigos, a partnership comprising the former owner-users and Australia-based investors, sold the asset to a Los Angeles-based private investor for $11.2 million. Tecolote Research and Goodlife Physical Medicine fully occupy the 15,743-square-foot building. Built in 2015, the property features two roll-up doors with private patios, two balconies with accordion sliding glass doors, abundant windows and skylights and ample parking. The building is part of the Evelon Campus, a 46.5-acre, 15-building development offering office, retail and hospitality space, as well as athletic fields. Neil Resnick of Avison Young and Martin McDermott of Method Commercial represented the seller, while the buyer was self-represented in the deal.

June 24, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Directs $3.3M Sale of US Bank-Leased Property in Southern California

by Amy Works June 24, 2021

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant retail property located at 6644 Carnelian St. in Rancho Cucamonga. A Santa Barbara County, Calif.-based private investor sold the asset to a San Bernardino County, Calif.-based private investor for $3.3 million, or $763 per square foot. Greg Bedell of Progressive Real Estate Partners represented both parties in the transaction. Originally built as Pomona First Federal Bank in 1979, the 4,278-square-foot location was acquired by US Bank in 2008 and has operated continuously as a bank for the past 42 years.

June 24, 2021

Arizona Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

RED Development Starts Construction of $300M The Grove Mixed-Use Project in Phoenix

by Amy Works June 23, 2021

PHOENIX — RED Development has announced that construction is underway for The Grove, a $300 million mixed-used development at the northwest corner of 44th Street and Camelback Road in Phoenix. Situated on 15 acres, the development will include the recently announced Global Ambassador hotel, a four-story office building, several ground-floor retail and restaurant spaces, two two-story office buildings, a self-storage facility by Hibernia Capital, a covered parking structure and an apartment building by StreetLights Residential. Completion of the first phase is slated for the latter half of 2022 with final completion and the hotel’s opening scheduled for fall 2023. The Grove is also the home to the new Phoenix Suns and Phoenix Mercury private training facility that opened in late 2020.

June 23, 2021

Acquisitions Arizona Multifamily Western

IPA Brokers $69.1M Sale of Level at Sixteenth Apartments in Central Phoenix

by Amy Works June 23, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Level at Sixteenth, a mid-rise multifamily property in Phoenix’s urban core. An affiliate of Abacus Capital Group sold the asset to Sares Regis Group for $69.1 million, or $287,917 per unit. Converted from a retail center to a multifamily community in 2010, Level at Sixteenth features 240 apartments with nine-foot ceilings, private laundry areas and walk-in showers. The community also features a leasing office clubhouse with resident lounge, fireplace, demonstration kitchen, eight-foot multimedia video wall and billiards table. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

June 23, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $9.5M Sale of Sherwood Park Multifamily Property in Fife, Washington

by Amy Works June 23, 2021

FIFE, WASH. — Marcus & Millichap has arranged the sale of Sherwood Park, an apartment community located in Fife. A limited liability company sold the property to an undisclosed buyer for $9.5 million. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller in the transaction.

June 23, 2021

Acquisitions Colorado Restaurant Retail Western

Pinnacle Real Estate Arranges $2.1M Sale of Mercury Café in Downtown Denver

by Amy Works June 23, 2021

DENVER — Pinnacle Real Estate Advisors has brokered the sale of The Mercury Café in downtown Denver. An owner-operator acquired the property from the undisclosed seller for $2.1 million. Located at 2195 California St., the property features 9,870 square feet of restaurant space. Jason McClanahan and Dallas Sandberg of the Johnson Ritter team of Pinnacle Real Estate Advisors represented the seller in the transaction.

June 23, 2021

Acquisitions California Industrial Western

Alere Property Group Acquires 33,400 SF Warehouse Near Los Angeles

by Amy Works June 23, 2021

VERNON, CALIF. — Alere Property Group has purchased an industrial warehouse building located at 4433 Pacific Blvd. in Vernon. Alere Property Group acquired the asset from a private investor for an undisclosed price in an off-market transaction. Built in 2005, the 33,400-square-foot property features contemporary design and includes 8,800 square feet of mezzanine office space, clear heights ranging from 28 feet to 30 feet, five dock-high doors and a secured fenced yard. DAUM Commercial Real Estate Services represented the buyer and seller in the deal.

June 23, 2021

Acquisitions California Office Top Stories Western

Regent Properties Acquires Four-Asset Office Portfolio in Downtown San Diego for $420M

by Kristin Harlow June 23, 2021

SAN DIEGO — Regent Properties has acquired a portfolio of four office buildings in downtown San Diego for $420 million. The acquisition marks Regent’s first investment via its Regent Opportunity Fund V. The high-rise properties include 1 Columbia Place, 701 B Street, 2 Columbia Place and 707 Broadway. Totaling 1.5 million square feet, the buildings represent approximately 16 percent of all Class A and B office inventory in downtown San Diego, according to Regent. The transaction, which equates to $281 per square foot, also includes a parking garage. Privately owned real estate investment adviser Emmes was the seller, according to The San Diego Union-Tribune. “With this investment, Regent is continuing its push to acquire high-quality office projects across the Sunbelt,” says Eric Fleiss, CEO of Regent. “We are seeking to purchase over $2 billion of assets over the next 24 months.” Prior to the sale, the seller extensively renovated the portfolio’s common areas, including upgrading the lobbies and outdoor amenities. Regent plans to augment these renovations with additional “hospitality-oriented improvements,” such as new fitness centers, conference centers, eateries and community gathering places like outdoor terraces and wine lounges. “To successfully attract and retain tenants today, we need to give them …

June 23, 2021

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