Western

Bailard Sells Office Campus in Lake Forest, California to Kingsbam Real Estate Capital for $40M

by Amy Works June 4, 2021

LAKE FOREST, CALIF. — Bailard has completed the disposition of Bailard Real Estate Fund of Palm Terrace, an office campus located in Lake Forest. Kingsbam Real Estate Capital acquired the asset for $40 million in an off-market transaction. Located at 25521, 25531 and 25541 Commercentre Drive, the three-building campus features 155,795 square feet of office space. At the time of sale, the property was 97 percent leased to a variety of tenants, including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. The property features revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface-level parking, building signage and energy-efficient lighting. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller, while the buyer was self-represented in the deal.

June 4, 2021

Colorado Development Multifamily Western

Southern Land Co. Breaks Ground on 385-Unit Multifamily Component of Karl’s Farm Development in Northglenn, Colorado

by Amy Works June 4, 2021

NORTHGLENN, COLO. — Southern Land Co. has broken ground on a residential portion at the Karl’s Farm development in Northglenn. Located at 1801 E. 120th Ave., the $90 million project will feature a mix of townhome, studio, one-, two- and three-bedroom apartments. Situated on 13.8 acres, the 385 residences will be split between three-story townhomes and four-story, elevator-served apartment buildings. The units will feature a boutique, modern industrial style. Community amenities will include a pool, private outdoor spaces, dog spa, bike shop and shared workspaces. The 66-acre Karl’s Farm development will include apartments, single-family homes, commercial space, parks, open spaces and trails. The project team for the residential portion includes Denver-based KTGY Group, Southern Land Co.’s in-house construction division, Denver-based Kimley-Horn and Houston-based Integrity Structural Group.

June 4, 2021

California Loans Multifamily Western

BridgeCore Funds $2.1M Loan for Los Angeles Multifamily Property

by Amy Works June 4, 2021

LOS ANGELES — BridgeCore has provided a $2.1 million loan for a nine-unit apartment building located in Los Angeles’ Mar Vista neighborhood. The loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The 18-month term, including one six-month extension option with interest and capital improvement reserves, provides the undisclosed borrower with time and capital to renovate and lease the three vacant units at market rate, retrofit the building and position the property for an eventual exit with conventional financing.

June 4, 2021

Acquisitions Arizona Net Lease Office Western

Marcus & Millichap Brokers $2M Sale of Net-Leased Office Property in Surprise, Arizona

by Amy Works June 4, 2021

SURPRISE, ARIZ. — Marcus & Millichap has arranged the sale of a net-leased office building located at 12129 W. Bell Road in Surprise. A limited liability company sold the asset to an undisclosed buyer for $2 million. RISE Services Inc. occupies the 8,936-square-foot building, which was built in 2003. Chris Lund and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.

June 4, 2021

Acquisitions California Industrial Office Western

Voit Real Estate Brokers $47M Sale of Office/Industrial Portfolio in Southern California

by Amy Works June 3, 2021

CHULA VISTA AND MISSION VALLEY, CALIF. — Voit Real Estate Services has arranged the sale of a five-property office and industrial portfolio in Chula Vista and Mission Valley. Protea Properties acquired the portfolio from Carleton Management for $47 million. Totaling 231,878 square feet, the portfolio includes a 48,828-square-foot, fully leased industrial/showroom building at 630 Bay Blvd. in Chula Vista; a 32,601-square-foot, fully leased multi-tenant office property at 660 Bay Blvd. in Chula Vista; a 99,584-square-foot, fully occupied office/industrial building at 780-784 Bay Blvd. in Chula Vista; a 30,046-square-foot, single-tenant property at 830 Bay Blvd. in Chula Vista; and a 20,819-square-foot, multi-tenant office building located at 5920 Friars Road in Mission Valley. Tenants at the portfolio include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Randy LaChance Sr. of Voit’s San Diego office represented the seller, while the buyer was self-represented.

June 3, 2021

Acquisitions Colorado Retail Western

McWhinney, Prism Places Acquire 662,000 SF Foothills Mall in Fort Collins, Colorado

by Amy Works June 3, 2021

FORT COLLINS, COLO. — A joint venture between Colorado-based McWhinney and Los Angeles-based Prism Places has purchased Foothills, a retail property located on 63 acres at 215 Foothills Parkway in midtown Fort Collins. Totaling 662,000 square feet, the property includes a 128,000-square-foot Macy’s department store and originally opened as Foothills Fashion Mall in 1973. The acquisition includes all of the mall’s assets and buildings with the exception of the parking structure and surface parking fields, which the Foothills Metro District owns, and the Foothills Activity Center, which the City of Fort Collins owns. Prism will take over as the mall’s property manager. McWhinney already owns and operates the adjacent 405-unit Cycle Apartments property.

June 3, 2021

Acquisitions Arizona Multifamily Western

Sentinel Real Estate Sells 276-Unit Apartment Property in Scottsdale to Sunroad Enterprises

by Amy Works June 3, 2021

SCOTTSDALE, ARIZ. — Sentinel Real Estate Corp. has completed the disposition of The Paragon at Kierland in Scottsdale to San Diego-based Sunroad Enterprises for an undisclosed price. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller in the deal. Built in 2000, The Paragon at Kierland features 276 apartments, a lagoon-style swimming pool with private cabanas, an outdoor kitchen area with TV and fire pit, a fitness center and a resident clubhouse.

June 3, 2021

Acquisitions Colorado Multifamily Western

Pinnacle Arranges $15.7M Sale of Parkview Towers Multifamily Property in Englewood, Colorado

by Amy Works June 3, 2021

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Parkview Towers, an apartment community located at 3655 S. Pearl St. and 3659 S. Pennsylvania St. in Englewood. The property sold for $15.7 million, or $181,034 per unit. Built in 1972, the community features two six-story towers offering a total of 87 apartments. Robert Lawson of Pinnacle represented the undisclosed seller, while Jim Knowlton of Pinnacle represented the undisclosed buyer in the deal.

June 3, 2021

Acquisitions Industrial Nevada Western

Stonestream Properties Divests of Four-Building Industrial Property in Las Vegas for $4.7M

by Amy Works June 3, 2021

LAS VEGAS — Stonesteam Properties has completed the disposition of a four-building industrial campus located on 6.4 acres at 12885 S. Las Vegas Blvd. in Las Vegas. Vegas Ranch LLC acquired the asset for $4.7 million. Star Nursery will utilize the property to service its nine retail locations in Nevada. The asset includes a 12,500-square-foot warehouse, one storage warehouse and two additional buildings totaling 3,200 square feet. The site offers quick access to Interstate 15 via Saint Rose Parkway or Starr Interchange. James Griffis, Tyler Ecklund and Britney Arredondo of CBRE represented the seller in the deal.

June 3, 2021

California Development Loans Office Western

Mesa West Capital Funds $178M Loan for Acquisition, Conversion of San Mateo Bay Center Office Campus in California

by Amy Works June 2, 2021

SAN MATEO, CALIF. — Mesa West Capital has provided Longfellow Real Estate Partners with a $178 million first mortgage loan to recapitalize costs associated with its recent acquisition and fund the planned repositioning of the San Mateo Bay Center office campus in San Mateo. A portion of the proceeds from the five-year, floating-rate loan will be used to convert the 235,911-square-foot conventional office property into a life sciences and laboratory facility. Developed in 1984, San Mateo Bay Center features two seven-story office towers located at 901 and 951 Mariner’s Island Blvd. Campus amenities include showers, a fitness center, café and outdoor patio space. The campus is located in the mid-peninsula Foster City/San Mateo life sciences market with an inventory of nearly 2 million square feet of life sciences space, anchored by the 1.4 million-square-foot world headquarters campus for Gilead Sciences. Ramsey Daya of Newmark Knight Frank arranged the financing. Mark Osher of Gibson, Dunn and Crutcher LLP represented Mesa West Capital in the deal.

June 2, 2021

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