Western

Oakmont Properties Acquires Alira Luxury Apartments in Sacramento from AG Spanos Cos. for $92.3M

by Amy Works December 7, 2020

SACRAMENTO, CALIF. — San Rafael, Calif.-based Oakmont Properties has purchased Alira Luxury Apartments, a multifamily property in the Natomas submarket of Sacramento. Stockton-based AG Spanos Cos. sold the asset for $92.3 million in an off-market transaction. Marc Ross of CBRE’s Sacramento office brokered the sale. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged financing on behalf of the buyer. Located at 4100 Innovator Drive, the 293-unit property features a rooftop deck, heated swimming pool and spa, barbecue areas, fitness center, yoga studio with on-demand fitness, hammock garden, gaming room and movie theater. The community offers a unit mix of studio, one-, two- and three-bedroom layouts.

December 7, 2020

Arizona Loans Multifamily Western

KeyBank Arranges $41.6M in Refinancing for Multifamily Property in Flagstaff, Arizona

by Amy Works December 7, 2020

FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured $41.6 million in fixed-rate Freddie Mac financing for Centerville, Utah-based Keller Investment Properties. The borrower will use the loan proceeds to refinance The Lodge Luxury Apartment Homes in Flagstaff. Built in 2004, The Lodge Luxury Apartment Homes features 252 garden-style units spread across 18 three-story buildings on 16 acres. Community amenities include a clubhouse, fitness center, spa, playground, picnic area and bike trail. Brian Caudel of KBREC’s Commercial Mortgage Group and Chris Jewett of KBREC’s Income Property Group structured the financing with a 10-year term featuring five years of interest-only payments and a 30-year amortization schedule.

December 7, 2020

Acquisitions Arizona Hospitality Western

Tempe Hotel Group Sells 139-Room Arizona Days Inn to Elliot West Hospitality for $8M

by Amy Works December 7, 2020

TEMPE, ARIZ. — Tempe Hotel Group has completed the disposition of a Days Inn-branded hotel, situated on a 2.4-acre site in Tempe’s General Industrial District. Elliot West Hospitality acquired the asset for more than $8 million. Due to the terms of the transaction, the property’s ownership may not officially transfer for a couple of years. The hotel, which was constructed in 1987, is slated to undergo renovations and rebranding over the next couple years. The 139-room hotel features a resort-style pool, full-service elevator, laundry facilities, vending and ice machines, a business center, large atrium/continental breakfast room and meeting room. Zack Mishkin of ORION Investment Real Estate represented the buyer and seller in the transaction.

December 7, 2020

Acquisitions Colorado Net Lease Retail Western

Pinnacle Real Estate Advisors Negotiates $5.1M Sale of Single-Tenant, Net-Leased Property in Colorado

by Amy Works December 7, 2020

THORNTON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a single-tenant, net-leased asset located at 16255 Washington St. in Thornton. WashCo LLC sold the retail property for $5.1 million, or $669.41 per square foot. The name of the buyer was not released. Cory Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal .

December 7, 2020

Acquisitions California Retail Western

Flocke & Avoyer Brokers $2.3M Sale of Citibank-Occupied Building in Selma, California

by Amy Works December 7, 2020

SELMA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of a retail property located in Selma. Astrolabe Enterprises acquired the asset from Selma High Street LLC for $2.3 million. Citibank occupies the property, which is located at 2121 High St. Brian Quinn of Flocke & Avoyer and David Malloy of Colliers International represented the seller, while Peter Svidler, Dario Svidler and Lee Mintz of Compass represented the buyer in the deal.

December 7, 2020

California Development Multifamily Western

High Street Residential, Principal Real Estate Investors Plan 318-Unit Llewellyn Multifamily Property in Los Angeles

by Amy Works December 4, 2020

LOS ANGELES — High Street Residential and Principal Real Estate Investors have announced plans for Llewellyn, an apartment community located in Mission Junction on the eastern edge of Los Angeles’ Chinatown neighborhood. Located at 1101 N. Main St. at the intersection of Llewellyn Street, the development features 318 units in a mix of studio, one- and two-bedroom layouts, as well as 15 ground-floor units with individual entrances and direct access to private outdoor patios. Pre-leasing for the community began in October, with occupancy slated for January 2021. Community amenities include a 1,700-square-foot co-lab workspace; soundproof music room; two rooftop decks with mountain and cityscape views; three communal courtyards; heated pool and spa; multiple indoor/outdoor entertaining spaces with fire pits and barbecue grills; outdoor children’s play area; double-height fitness center; dog park; and bike service room. High Street Residential broke ground on the seven-story property in May 2019. Project partners include KFA as architect, T.B. Penick & Sons as contractor, CDC Designs for interiors, Altitude Design Office for branding and Greystar for property management. Compass is serving as the exclusive leasing agent.

December 4, 2020

Acquisitions California Multifamily Western

Jacobson Co. Sells Two-Property Multifamily Portfolio in Metro Sacramento for $34.2M

by Amy Works December 4, 2020

SACRAMENTO, CALIF. — The Jacobson Co. has completed the disposition of two multifamily properties in metro Sacramento. Nearon acquired the 231-unit portfolio for $34.2 million, or approximately $148,000 per unit. The portfolio includes: The Cottage Bell, a 161-unit property in the Arden Arcade neighborhood of Sacramento County that sold for $23.3 million. Hilltop Garden, a 70-unit property in Carmichael, an unincorporated suburb of Sacramento, that sold for $10.9 million. Situated on a combined 9.6 acres, the properties feature a unit mix of one-, two- and three-bedroom floor plans with an average unit size of 744 square feet. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, along with Tony DeLoney and Ken Blomsterberg of Marcus & Millichap, represented the seller in the deal.

December 4, 2020

Acquisitions Office Washington Western

Innovatus Capital Partners Acquires Overlake 520 Office Campus in Bellevue, Washington

by Amy Works December 4, 2020

BELLEVUE, WASH. — Innovatus Capital Partners has purchased Overlake 520, an office complex near State Route 520 and the Overlake Transit Center Rapid Ride in Bellevue. Terms of the transaction were not released. Situated adjacent to Microsoft’s headquarters, the campus consists of two low-rise buildings offering a total of more than 145,500 rentable square feet of office space. The property features ample parking, large floor plates and a variety of tenant amenities, including an outdoor lounge, on-site market and fitness center. At the time of sale, the property was 100 percent leased to seven tenants primarily in the technology consulting industry with a weighted average lease term of five years. The previous owner completed a series of capital improvements to the property, which was constructed in 1985. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services at the building. Innovatus and LPC West plan to continue property enhancements and value-add improvements to the site.

December 4, 2020

Development Industrial Nevada Western

Brass Cap Development Nears Completion of $5M Warehouse Complex in Las Vegas

by Amy Works December 4, 2020

LAS VEGAS — Brass Cap Development is nearing completion on Brass Diablo, a $5 million industrial complex in Las Vegas. LM Construction as design-build contractor utilized the Tilt Insulating Panel System, which enables crews to lift warehouse walls in one day during the building’s construction. Located at the southwest corner of Diablo Drive and Edmond Street, the facility features 25,000 square feet of industrial space, with 10,000 square feet remaining for lease. Bleu Blanc Rouge, a Las Vegas-based caterer, has leased 15,000 square feet of space at the property. Paul Sweetland, Dan Doherty, Chris Lane and Jerry Doty of Colliers International are handling leasing for the remaining available space.

December 4, 2020

Acquisitions Arizona Net Lease Retail Western

Progressive Real Estate Partners Arranges $2.5M Sale of Sunrise Preschool Property in Arizona

by Amy Works December 4, 2020

GLENDALE, ARIZ. — Progressive Real Estate Partners has arranged the sale of a single-tenant property located at 5801 W. Mohawk Lane in Glendale. An Arizona-based private investor sold the building to a California-based private investor for $2.5 million. Sunrise Preschool occupies the 8,500-square-foot property on a triple-net-lease basis. The building was built in 1999 for the preschool, which Childcare Network owns. The daycare center caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers and preschool students, as well as before- and after-school care. Brad Umansky and Mike Lin of Progressive Real Estate Partners, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller. John Eppers of Central Valley Properties represented the buyer in the deal.

December 4, 2020

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