HENDERSON, NEV. — Rockstream Properties has purchased an industrial building located at 1172 Wigwam Parkway in Henderson. An undisclosed seller sold the asset for $1.3 million. Situated within Traverse Pointe Commerce Center, the property features 6,170 square feet of industrial space. Greg Pancirov and Mike De Lew of RealComm Advisors represented the buyer in the deal.
NEWPORT BEACH, CALIF. — A partnership between locally based private equity firm Eagle Four Partners LLC and development and management firm Lyon Living has acquired the 532-room Newport Beach Marriott Hotel & Spa for $216 million. The price equates to approximately $406,000 per room. The seller was Host Hotels & Resorts (NASDAQ: HST), a Maryland-based hospitality REIT. The Newport Beach Marriott is situated on 10 acres adjacent to Newport Harbor and Newport Beach Country Club. The hotel is located within the 3 million-square-foot Newport Center mixed-use development and across from the 1.3 million-square-foot Fashion Island shopping and dining destination. Eagle Four owns and operates the Newport Beach Country Club and recently developed the new clubhouse at Newport Center. The hotel features more than 32,000 square feet of indoor and outdoor meeting and event space, as well as a full-service, spa, pool and fitness center. A fine dining restaurant, grab-and-go food market and a Starbucks Coffee shop also operate within the property. The Newport Beach Marriott was built in 1975 and renovated in 2005. The new ownership plans to build on past capital improvements with its own upgrades. “The hotel will complete a comprehensive renovation of both public space and guestrooms …
VANCOUVER, WASH. — New Blueprint Partners and Rabina have purchased The Vancouver Technology Center located at 18110 SE 34th St. in East Vancouver. Terms of the transaction were not released. The new owners have renamed the 700,000-square-foot campus Vancouver Innovation Center and plan to implement a multi-million-dollar repositioning program to transform the property into a best-in-class office/industrial flex campus. Built in 1980, the current campus features six buildings with office, flex and light manufacturing space; an exterior courtyard; community garden; park area; and basketball and volleyball courts. The new owners plan to create new building entrances, new common areas, indoor and outdoor amenities and energy-efficient building systems. The partnership’s long-term plan includes the addition of new uses to the campus that will create a live-work-play environment that connects residential, office, manufacturing and retail uses with a network of public pathways, parks and common spaces. Once complete, the campus will be part of a connected community with all components within a 20-minute walk. Evan Pariser, Marko Kazanjian, Nicco Lupo and Casey Davidson of JLL Capital Markets arranged acquisition financing for the buyers.
DENVER — CapRidge Partners has completed the disposition of The DTC Collection, a Class A office portfolio located in southeast Denver. TerraCap Management purchased the property for $28.7 million. Totaling 181,763 square feet, the two-building portfolio includes Terrace at Orchard Station, a three-story, 115,050-square-foot building at 5575 DTC Parkway, and a six-story, 66,713-square-foot building located at 4949 S. Syracuse St. Built in 1982 and renovated in 2008 and 2015, Terrace at Orchard Station features a conference center, locker rooms and showers, a structured parking deck and web-based service request system. The property on South Syracuse Street, which was also built in 1982, features a two-story atrium and an attached parking structure. Tim Richey, Charley Will, Jenny Knowlton and Chad Flynn of CBRE Capital Markets, Institutional Properties, represented the seller in the transaction. C.J. Kelly, Brady O’Donnell and Jeff Halsey of CBRE Capital Markets’ Debt & Structured Finance arranged acquisition financing for the buyer.
AUBURN, WASH. — Harsch Investment Properties has purchased 30th & B Street Business Park in Auburn for $14.7 million. A partnership between Accord Business Park, D&E Enterprises, Green Valley Ridge Partners and LLC & TDW Auburn previously owned the property. Jim Honan of Neil Walter Co. presented the off-market deal to Harsch. The four-building property features 101,460 square feet of rentable space. At the time of acquisition, the property was fully leased to 19 manufacturing tenants in spaces between 1,500 square feet to 18,000 square feet.
FORT COLLINS, COLO. — Fort Collins-based DAKA Properties has completed the sale of a flex/industrial property located at 825 SW Frontage Road in Fort Collins. Front825 acquired the asset for $4.7 million. Situated on 2.7 acres, the 30,012-square-foot property features large product showrooms, warehouse space and light manufacturing space. The property has been remodeled multiple times since originally developed, including 1989, 2004 and 2012. Jared Goodman of Cushman & Wakefield represented the seller, while Jason Ells of Cushman & Wakefield represented the buyer in the deal.
RENO, NEV. — Dickson Commercial Group (DCG) has negotiated the sale a multifamily property located at 941 S. Virginia St. in Reno’s midtown district. Leah Bader sold the property to JRK Investments LCC for $1.9 million. The 8,080-square-foot asset, Best Bet Motor Lodge, is a multifamily-converted motel asset on 0.33 acres. The number of units were not disclosed. Trevor Richardson and Chris Moton of DCG Multifamily represented the buyer and seller in the deal.
PERRIS, CALIF. — Duke Realty has broken ground on a 1.2 million-square-foot speculative industrial development in Perris. Delivery is slated for summer 2021. Located on 55 acres at 728 W. Rider St., the building will feature 40-foot clear heights, 241 dock doors, 344 trailer stalls, 442 automobile parking spaces and four grade-level loading doors. Additionally, Duke Realty is constructing the property to achieve LEED Silver standards.
NORTHGLENN, COLO. — Denver-based Avanti Residential has completed the disposition of Highland Way, an apartment community located in Northglenn. Summit Communities acquired the asset for $40.6 million. Located at 11310 Melody Drive, the 155,890-square-foot property features 230 apartments in a mix of studio, one- and two-bedroom layouts spread across 10 buildings. Units offer fully equipped kitchens, open living and dining areas, walk-in closets and private balconies or patios. On-site amenities include storage lockers, a clubhouse, swimming pool, barbecue picnic area, playground, basketball court, private dog park and fitness center. David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the transaction.
CHANDLER, ARIZ. — ViaWest Group has completed the development of two speculative industrial buildings located at the southwest corner of Willis Road and Hamilton in Chandler’s Airport submarket. Totaling 140,372 square feet, the two buildings feature 65,892 square feet and 74,480 square feet — divisible to 13,000 square feet to 35,000 square feet. The buildings feature 28-foot clear heights, ESFR sprinklers, a mix of dock-high and grade doors and a 180-foot shared concrete gated truck court. Each building has speculative suites complete and are nearly move-in ready. The two buildings complete Phase II of the AZ 202 Commerce Park. The first phase included a build-to-suit for PODS Moving and Storage. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield are handling marketing and leasing efforts for the property.