Western

Dermody Properties Buys 70,209 SF Logistics Facility in East Bay Area

by Amy Works October 29, 2020

FREMONT, CALIF. — Dermody Properties has acquired a logistics property located at 45535 Northport Loop East in Fremont. Terms of the transaction were not released. Originally constructed in 1998 on 4.7 acres, the 70,209-square-foot property features 20-foot clear heights, four dock-high doors and four drive-in doors. At the time of purchase, 49,615 square feet was available in the facility. Dermody plans to invest in significant exterior and interior capital improvements, including a new roof, to the building. Michael Karp and Victor DeBeor of Cushman & Wakefield represented Dermody Properties in the transaction and will be leasing agents for the property.

October 29, 2020

Development Hawaii Leasing Activity Retail Western

Target to Open 122,000 SF Location at Kukui Marketplace in Kauai, Hawaii

by Amy Works October 29, 2020

LIHUE, HAWAII — Target has signed a deal to open a storefront at Kukui Grove Center’s Kukui Marketplace in Lihue, located on the island of Kauai. The retailer will occupy a 122,000-square-foot space, which is under renovation, that was formerly occupied by Kmart. JLL represented Kukui Grove Center in the lease negotiation.

October 29, 2020

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $81.4M Refinancing for Rockwood Retirement Communities in Spokane, Washington

by Amy Works October 29, 2020

SPOKANE, WASH. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission for Spokane United Methodist Homes. The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents. The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service. Bond proceeds will be applied toward Phase II construction of a redevelopment project currently underway at Rockwood at Whitworth. The first phase, currently underway, calls for demolition of a portion of The Manor building to be replaced by 48 new assisted living apartments and 24 new memory support apartments. The second phase includes demolition of the remaining portions of The Manor building, the healthcare center, two duplexes and two courtyard homes to construct 117 new independent living apartments, an underground parking garage and additional common and administrative areas. Following the completion of Phase II, all existing buildings of the Whitworth community will be replaced other than the remaining 18 Courtyard Homes and four duplex units.

October 29, 2020

Acquisitions California Office Western

BLT Enterprises Acquires Multi-Tenant Creative Office Property in West Los Angeles for $9.3M

by Amy Works October 29, 2020

LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has purchased a multi-tenant creative office building in West Los Angeles. An undisclosed seller sold the asset for $9.3 million. Located at 2256 Barry Ave., the property consists of two units, the first built in 2004 and the second in 2016. Offering more than 16,050 square feet, the asset was fully leased at the time of acquisition. Michael Preiss of rsfLA represented the seller in the transaction. BLT’s current West Los Angeles and Hollywood holdings now total nearly 300,000 square feet, with development opportunities for 450,000 square feet.

October 29, 2020

California Industrial Webinar Western

Webinar: Los Angeles Industrial Outlook — How has the Pandemic Changed the Industrial Sector in Southern California?

by Jaime Lackey October 29, 2020

On October 27, Western Real Estate Business magazine hosted a panel of industrial experts to discuss how the pandemic has impacted investment sales, leasing and development within the Los Angeles industrial real estate sector. Click to listen to the recording and hear the 2021 outlook. The webinar included two separate discussions. The developer/owner panel included Joseph Vargas of Wonderful Real Estate Development, Brett Tremaine of Majestic Realty, Damon Austin of Prologis, and Brett Dedeaux of Dedeaux Properties and Morgan Medlin of Allen Matkins. The second panel covered the capital markets/finance and brokerage perspectives and included Jeffrey Cole of Cushman & Wakefield, Bobby Khorshidi of Archway Capital, Steven Lurie of Greenberg Glusker, Peter Bacci of Lee & Associates, Chris Jackson of NAI Capital and Christopher Sheehan of Colliers International. Allen Matkins, Dedeaux Properties, Wonderful Real Estate Development, Greeberg Glusker, Archway Capital and Lee & Associates sponsored the discussion.

October 29, 2020

Acquisitions California Office Top Stories Western

SHVO, Deutsche Bank Acquire Transamerica Pyramid Center in San Francisco for $650M

by Alex Tostado October 29, 2020

SAN FRANCISCO — A joint venture led by SHVO and Deutsche Finance America has acquired Transamerica Pyramid Center, a two-building, 750,000-square-foot office complex in San Francisco’s Financial District, for $650 million. The seller was Dutch insurance company Aegon Asset Management, which assumed ownership of the asset in 1999 when it acquired Transamerica Corp. Transamerica Corp. has occupied space in the iconic 48-story, pyramid-shaped anchor building since it was built in 1972. Originally designed by William L. Pereira & Associates, the 853-foot-high tower is currently the third tallest pyramid in the world. Floor plates at the tower range from 22,226 square feet on the sixth floor to 2,531 square feet on the 48th floor. Tenants at the complex include private equity, wealth management, consulting and law firms. The complex spans a city block and includes the main office tower, situated at 600 Montgomery St.; a 20-story, 191,142-square-foot office building at 505 Sansome St.; and a development site at 545 Sansome St. where a nine-story, 106,807-square-foot office building is planned. In the middle of the complex is Transamerica Redwood Park, a grove of mature redwood trees shading public open space. “We’re proud to take on ownership and management of the Transamerica Pyramid, …

October 29, 2020

Acquisitions Idaho Industrial Western

LDK Ventures Enters Idaho Market with Acquisition of Boise Logistics Center

by Amy Works October 28, 2020

BOISE, IDAHO — California-based LDK Ventures has purchased Boise Logistics Center located at 1001 E. Gowen Road in Boise. Terms of the transaction were not released. The vacant property, which Shopko occupied until 2019, is one of the largest industrial buildings in the Boise metropolitan area and is the only facility to more than 100,000 square feet of available distribution space in the Treasure Valley industrial market, according to LDK. The building features three loading sides, 39-foot to 40-foot clear heights, an ESFR sprinkler system and five acres of excess paved yard that can accommodate modern distribution requirements, including employee, van and trailer parking. LDK plans to reposition the property as a Class A distribution center. The site also includes 16 acres of undeveloped land that can accommodate an additional 250,000 square feet of industrial space. The buyer plans to proceed with entitling the parcel for an industrial development with a planned construction start in 2021. Devin Ogden and Michael McKnight of Colliers International represented the buyer, while Gavin Phillips of TOK Commercial represented the seller in the deal.

October 28, 2020

Acquisitions California Multifamily Western

Advanced Real Estate Acquires 215-Unit Multifamily Community in Riverside, California

by Amy Works October 28, 2020

RIVERSIDE, CALIF. — Advanced Real Estate Services has purchased an apartment property located on 10.5 acres in Riverside. The company acquired the asset from an undisclosed seller for just under $58 million. Advanced plans to implement a more than $10 million renovation program at the property, which will be rebranded The James. Renovations will include the installation of new windows, a new paint scheme, updated landscaping and modernized unit interiors. The 215-unit community features a pool, spa, clubhouse, turf soccer field with running track, pet park and playground. Sean Deasy and Ryan Fitzpatrick of JLL’s Newport Beach, Calif., office brokered the transaction. Alex Kane of JLL West Los Angeles secured an approximately $37.5 million Fannie Mae acquisition loan for the buyer.

October 28, 2020

California Industrial Loans Office Western

MetroGroup Provides $15.5M in Bridge Refinancing for Production Studios in Vernon, California

by Amy Works October 28, 2020

VERNON, CALIF. — MetroGroup has funded $15.5 million in bridge refinancing for the undisclosed owner of a 270,000-square-foot property in Vernon. The asset is fully occupied by the owner’s start-up company, which provides studio space to film and television production companies. The borrower is converting the property from a corporate headquarters building into a flex, office and industrial space. Ivan Kustic of MetroGroup arranged the cash-out refinancing that the borrower used to retire a higher-rate maturing loan and provide working capital.

October 28, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Brokers $8.7M Sale of Townhouse Apartments in Colorado Springs

by Amy Works October 28, 2020

COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the sale of The Townhouse Apartments, an 88,100-square-foot property located at 3125 E. Fountain Blvd and 1215 Shasta Drive in Colorado Springs. The community traded hands for $8.7 million. The names of the buyer and seller were not released. Built in 1965, the townhome-style property features 54 units in a mix of two- and three-bedroom layouts. Each unit includes a private yard, while some include second-floor balconies. The buyer plans to renovate the property and complete the unfinished basements to potentially add an additional unit to each townhome. Patrick Knowlton of Nexus represented the buyer and seller in the deal.

October 28, 2020

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