Western

Marcus & Millichap Brokers Sale of 3,900 SF Multi-Tenant Retail Building in Yuma, Arizona

by Amy Works November 23, 2020

YUMA, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 3080 S. Fourth Ave. in Yuma. A Southern California-based investor sold the asset to an undisclosed buyer for $2.1 million, or $538 per square foot, in an all-cash transaction. Built in 2019 on 1.2 acres, the 3,900-square-foot property was 62 percent occupied at the time of sale. Chipotle Drive-Thru occupies 2,400 square feet, with the remaining 1,500-square-foot suite vacant. Sanford Burstyn of Marcus & Millichap represented the seller, while JR Shah of Century 21 Discovery in Orange County, California, procured and represented the buyer in the transaction.

November 23, 2020

California Development Multifamily Western

TCR Breaks Ground on 36-Story Multifamily High-Rise in San Diego’s Little Italy

by Amy Works November 20, 2020

SAN DIEGO — The Southern California division of Trammell Crow Residential (TCR) has started construction of Simone, a 36-story apartment project located at 1401 Union St. in San Diego’s Little Italy neighborhood. The project is a joint venture between TCR, Pacific Life Insurance and AAA Management. The high-rise will feature 358 market-rate apartments, five penthouses, 32 subsidized apartments for low-income residents, 32,000 square feet of resort-style amenity space and parking. Designed for LEED Gold certification, the 612,000-square-foot community is slated for completion in 2023. The 30-story residential tower will sit atop a six-story podium with three levels of underground parking and four levels of above-ground parking. Apartments will range from 577-square-foot studios to 1,097-square-foot two-bedroom units, as well as five 1,500-square-foot penthouses on the 35th and 36th floors. Interior unit amenities include gourmet kitchens, stainless steel appliances, hard-surface flooring, walk-in closets and all-tile bathrooms. Amenities will include a rooftop pool, spa and entertainment space; a Sky Club with panoramic city views, gourmet demonstration kitchen and indoor-outdoor lounges and dining spaces; a 4,000-square-foot indoor-outdoor fitness center; a 10,000-square-foot outdoor lounge with a movie project screen; dog park, pet lounge and spa; Amazon lockers; a bike repair shop with storage; and a …

November 20, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys Two Industrial Properties in Southern California for $339.2M

by Amy Works November 20, 2020

WHITTIER AND SYLMAR, CALIF. — Rexford Industrial Realty has acquired two industrial assets in Southern California for a total consideration of $339.2 million. The acquisitions were funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units. The sellers in both cases were not disclosed. The company purchased Gateway Pointe Industrial Campus, a four-building complex located at 3963, 3931, 3735 and 3629 Workman Mill Road in Whittier for $296.6 million, or $300 per square foot. The 45.1-acre asset features four Class A industrial buildings totaling 989,195 square feet of space. The fully occupied complex features 32-foot clear heights at first bay, extensive dock-high loading, excess container parking and access to major transportation corridors. Additionally, Rexford acquired 13943-13955 Balboa Boulevard in Sylmar for $42.6 million, or $212 per square foot. Totaling 200,632 square feet, the property is fully occupied by three tenants.

November 20, 2020

Acquisitions Colorado Multifamily Western

Tower 16 Capital, Dune Real Estate Acquire 450-Unit Fairways at Lowry Apartments Near Denver

by Amy Works November 20, 2020

AURORA, COLO. — Tower 16 Capital Partners, in partnership with Dune Real Estate Partners, has purchased Fairways at Lowry Apartments, a multifamily property located in Aurora. A private seller sold the asset for an undisclosed price. Located at 9913 W. First Ave., Fairways at Lowry features 450 apartments in a mix of one- and two-bedroom layouts, a clubhouse, gym, swimming pool and playground. Tower 16 will oversee a $6.8 million improvement program that will modernize the apartments, create a new clubhouse and gym and update the pool area. Additionally, the buyers plan to add outdoor amenities, including barbecue areas, seating, outdoor gaming and a sports court. Terrance Hunt and Shane Ozment of Newmark represented the buyer and seller in the deal. Charlie Williams, also of Newmark, coordinated debt financing for the buyer.

November 20, 2020

Acquisitions California Net Lease Restaurant Retail Western

Calbay Development Sells Starbucks-Occupied Building in Fullerton for $6.2M

by Amy Works November 20, 2020

FULLERTON, CALIF. — Calbay Development has completed the disposition of a single-tenant restaurant building located at 1101 S. Harbor Blvd. in Fullerton. A Los Angeles-based high-net-worth buyer acquired the property for $6.2 million, or $2,067 per square foot. Constructed in 2020, the 3,000-square-foot property has a fully entitled drive-thru. Starbucks Coffee occupies the building and recently signed a 20-year, absolute, triple-net ground lease with no termination rights for the asset. Adam Friedlander of JLL Retail Capital Markets represented the seller in the deal.

November 20, 2020

Golden-Triangle-Logistics-North-Las-Vegas-NV

Industrial Leasing Activity Nevada Western

E-commerce Tech Company Expands to 350,528 SF Lease at Golden Triangle Logistics Center in North Las Vegas

by Amy Works November 20, 2020

NORTH LAS VEGAS, NEV. — Whitebox, a manufacturer and e-commerce marketplace and fulfillment partner for DTC brands, has expanded its lease at Golden Triangle Logistics Center in North Las Vegas. The company now occupies 350,528 square feet at the facility, located at 3049 E. Washburn Road. Baltimore-based Whitebox’s North Las Vegas facility consists of a freestanding building, which is part of Phase I of the Golden Triangle Logistics Center. Golden Triangle Industrial Park LLC is the developer of the project. Whitebox’s expansion in the Las Vegas area is reflective of the company’s growth in Southern Nevada. Revenue for Whitebox in first-quarter 2020 increased 40 percent compared to the same period in 2019 and its revenue increased another 78 percent from first-quarter 2020 to second-quarter 2020. Additionally, the company reports that its direct-to-consumer shipments soared to more than 300 percent over the first half of 2020 and had 141 percent growth year-over-year from 2018 to 2019. Golden Triangle Logistics Center is a 2.2 million-square-foot logistics/distribution project being developed on a speculative basis. Phase I will include two buildings comprising approximately 652,000 square feet with delivery slated for third-quarter 2020.

November 20, 2020

California Healthcare Life Sciences Massachusetts Northeast Office Top Stories Western

IQHQ Completes $1.7B Capital Raise to Fund 4.4 MSF Life Sciences Development Pipeline

by Katie Sloan November 20, 2020

SAN DIEGO AND BOSTON — Life sciences real estate development firm IQHQ Inc. has completed a $1.7 billion equity raise. The company — which completed an initial equity raise of $770 million earlier this year — plans to use the combined funds to build 4.4 million square feet of projects that are currently in its development pipeline. The company has offices in San Diego and Boston, both hubs for life sciences companies. The demand for life sciences real estate continues to increase as the need for vaccines, therapeutics and diagnostics intensifies amid the COVID-19 pandemic, according to an October report by CBRE. Plymouth Meeting, Pa.-based CenterSquare Investment Management invested $158 million in IQHQ’s latest funding round, alongside a group of undisclosed new and existing strategic partners. Madison International Realty, a real estate private equity firm, invested $100 million with an option to invest an incremental $100 million in IQHQ. IQHQ’s current projects include sites in Boston, San Francisco and San Diego. The company announced plans to develop the San Diego Research and Development District (RaDD), a $1.5 billion life science campus located along San Diego’s waterfront, in September. The RaDD will span eight acres and three city blocks, making it …

November 20, 2020

Acquisitions California Mixed-Use Office Retail Western

Hunter Properties Sells Phase I of Coleman Highline Mixed-Use Campus in San Jose to Blackstone REIT for $275M

by Amy Works November 19, 2020

SAN JOSE, CALIF. — Cupertino, Calif.-based Hunter Properties has completed the sale of Phase I of Coleman Highline, a 1.75 million-square-foot, mixed-use campus in San Jose. The transaction included two office buildings totaling 360,000 square feet and fully leased to Roku, an amenities building and parking structure. Upon full build out, the Coleman Highline will total eight office buildings, a 175-room hotel and 115,000 square feet of amenity and retail space.

November 19, 2020

Acquisitions Arizona Industrial Western

Cohen Asset Management Sells Two Phoenix-Area Two Industrial Facilities for $45.3M

by Amy Works November 19, 2020

TOLLESON AND TEMPE, ARIZ. — Cohen Asset Management has completed the dispositions of two Class A industrial properties totaling 292,185 square feet. The dispositions fetched a combined total of $45.3 million across two transactions. Will Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group in Phoenix represented the seller in the deals. In the first transaction, KKR acquired a 249,904-square-foot warehouse/distribution facility located at 8313 W. Latham St. in Tolleson for $31.8 million. The single-tenant property is fully leased, on a long-term basis, to an international convenience store operator. A California-based high-net-worth family purchased a 42,281-square-foot Class A industrial/warehouse building located at 2077 E. University Drive in Tempe for $13.5 million. The single-tenant property is leased to a global electric vehicle and clean energy company.

November 19, 2020

Loans Multifamily Student Housing Washington Western

Highland Realty Capital Secures $41M Financing for 976-Bed Student Housing Community Near Washington State

by Amy Works November 19, 2020

PULLMAN, WASH. — Highland Realty Capital has secured a $41 million bridge loan for The Ruckus, a 976-bed student housing community located near Washington State University in Pullman. The company secured financing — $2 million of which will be used to convert 89 four-bedroom units into three-bedroom units with bed-to-bath parity — through a Los Angeles-based debt fund on behalf of the borrower, NB Private Capital (NBPC). “Bed-to-bath parity is always an issue, and with COVID-19, it became an obvious upgrade for us to make,” says Blake Wettengel, president of NBPC.

November 19, 2020

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