Western

Taylor Street Advisors Sells North Central Apartments in Uptown Phoenix for $1.2M

by Amy Works October 28, 2020

PHOENIX — Taylor Street Advisors has arranged the sale of a multifamily property located in Uptown Phoenix. A Phoenix-based investment group acquired the asset from a private capital investor for $1.2 million, or $150,000 per unit. Located at 7265 N. 12th St., North Central Apartments features eight units in a mix of one- and two-bedroom layouts, averaging 841 square feet. Amenities include a private pool and picnic area. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street negotiated the transaction on behalf of the seller in the deal.

October 28, 2020

Acquisitions California Industrial Western

Oaktree Capital, Intertex Cos. Sell Two-Building Industrial Park in Southern California for $22M

by Amy Works October 27, 2020

SYLMAR, CALIF. — Oaktree Capital Management and Intertex Cos., through managed funds, have completed the sale of a two-building industrial park located at 12744 San Fernando Road in Sylmar. Rexford Industrial Realty acquired the asset for $22 million. Situated on 6.5 acres, the property features 140,837 square feet of industrial space. At the time of sale, the asset was 56 percent occupied by two tenants. Kevin Shannon, Sean Fulp, Bret Hardy, Jim Linn and Ryan Plummer of Newmark represented the sellers, while the buyer was self-represented in the transaction.

October 27, 2020

Acquisitions Arizona Healthcare Office Western

Cypress West Partners Acquires Tatum Highlands Medical Office Complex in Phoenix

by Amy Works October 27, 2020

PHOENIX — Cypress West Partners has purchased two single-story medical office buildings located at 2264 and 26232 N. Tatum Blvd. in Phoenix for an undisclosed price. Known as Tatum Highlands Medical and Dental, the medical campus features a 27,204-square-foot medical office and a 5,667-square-foot dental office. The two properties were built in 1998 and 2000. At the time of sale, the property was 87 percent occupied. Tenants include HonorHealth Medical Group, Desert Sun Pediatrics and Jet Set Smiles Pediatric Dentistry. The Southern California-based healthcare investment, leasing and property management firm was self-represented in the joint venture transaction with private investors, while Aaron Kuhl represented the seller, a public REIT, in the deal. The transaction marks Cypress West’s 10th acquisition in the Arizona medical office market totaling 428,000 square feet.

October 27, 2020

Acquisitions California Industrial Western

Stos Partners Divests of Cold Storage Facility in San Diego for $8.3M

by Amy Works October 27, 2020

SAN DIEGO — Stos Partners has completed the disposition of a 56,300-square-foot cold storage facility located at 9925 Airway Road in San Diego’s Otay Mesa submarket. A private investor acquired the asset for $8.3 million. Stos Partners initially acquired the property for $6.1 million in 2019 and successfully brought the property to 100 percent occupancy. During its tenure, the company implemented a value-add program that resulted in a 35 percent value increase. Upgrades included a new roof and paint, mechanical enhancements, fresh landscaping and other general building improvements. Louay Alsadek, Hunter Rowe, Erik Parker and Matthew Pourcho of CBRE represented the seller in the deal.

October 27, 2020

Acquisitions Colorado Industrial Western

John Propp Commercial Brokers $5.8M Sale of Flex Industrial Property in Parker, Colorado

by Amy Works October 27, 2020

PARKER, COLO. — John Propp Commercial Group has arranged the acquisition of a two-building flex industrial property located at 10136 and 10140 Parkglenn Way in Parker. An undisclosed seller sold the asset to Parkglenn LLC, an investment group headed by John V. Propp, for $5.8 million. Built in 2016, the 27,611-square-foot property was fully leased to six tenants at the time of sale. John V. Propp of John Propp Commercial Group represented the buyer in the deal.

October 27, 2020

Acquisitions Colorado Retail Western

NavPoint Real Estate Arranges Acquisition of 4,020 SF Retail Building in Castle Rock, Colorado

by Amy Works October 27, 2020

CASTLE ROCK, COLO. — NavPoint Real Estate Group has brokered the purchase of retail property located at 4400 Barranca Lane in Castle Rock. Printers Parkway Partners LLC acquired the asset from an undisclosed seller for $1.8 million. Pep Boys, an automotive aftermarket retail and service chain, occupies the 4,020-square-foot building. Brent Ham of NavPoint Real Estate Group represented the buyer in the transaction.

October 27, 2020

Acquisitions California Office Western

Rockpoint Group, Swig Co. Sell 1 MSF Office Complex in Oakland

by Amy Works October 26, 2020

OAKLAND, CALIF. — Rockpoint Group and The Swig Co. have completed the sale of 300 Lakeside, a Class A office complex located in Oakland’s Uptown District. A venture led by San Francisco-based TMG Partners acquired the asset for an undisclosed price. Rockpoint and Swig will retain an interest in the property on a go-forward basis. Terms of the transaction were not released. Concurrent with TMG Partners’ purchase of the property, the company entered into a long-term lease with Pacific Gas and Electric Company (PG&E) to relocate the utility’s headquarters from its existing downtown San Francisco headquarters. The lease includes a purchase option for PG&E to acquire the property. Swig originally acquired the nearly 1 million-square-foot complex in 2005, then formed a joint venture with Rockpoint to recapitalize the asset in 2016. The partnership modernized the lobby, upgraded the building’s elevators, created a state-of-the-art conference facility and expanded key tenant amenities, including shower and locker facilities, a café and dedicated food truck zone. Additionally, the partnership enhanced the sustainable features of the asset, achieving LEED Platinum certification.

October 26, 2020

Company News Western

Donahue Schriber Realty Group Hires Michael Glimcher as CEO, President

by Jeff Shaw October 26, 2020

COSTA MESA, CALIF. — Donahue Schriber Realty Group has hired Michael Glimcher as its new CEO and president effective Monday, Nov. 2. Costa Mesa-based Donahue Schriber also hired Kevin Halleran as executive vice president and chief financial officer. Glimcher and Halleran were both previously with Chicago-based Starwood Retail Partners. Glimcher served as CEO of Glimcher Realty Trust from 2005 to 2017. He has been CEO of Starwood since June 2017. Glimcher and Halleran will replace Patrick Donahue, chairman and CEO; and Lawrence Casey, president and COO. Both Donahue and Casey, who are retiring after spending 41 and 20 years, respectively, with the firm, will continue to serve as chairmen through the second quarter of 2021. “I am humbled to follow in the footsteps of Dan Donahue and Tom Schriber and now Pat and Larry,” says Glimcher. “This is a fantastic opportunity and I can’t wait to get started.” “We identified Michael as the prime candidate for this position,” says Donahue. “Michael has the experience, intelligence and energy to take Donahue Schriber to the next level and realize the company’s full potential.”

October 26, 2020

Acquisitions Colorado Multifamily Western

NorthMarq Brokers Sale of 260-Unit Alta Green Mountain Multifamily Property Near Denver

by Amy Works October 26, 2020

LAKEWOOD, COLO. — NorthMarq has arranged the sale of Alta Green Mountain, a recently completed apartment community located in Lakewood, a suburb of Denver. Boston-based TA Realty acquired the property for an undisclosed sum. Located at 13055 W. Mississippi Court, Alta Green Mountain features 260 apartments, a fitness center, private garages and an indoor/outdoor clubhouse with business center and outdoor lounge area. Completed in 2020, the property totals 250,640 square feet of rentable area. Dave Martin and Brian Mooney of NorthMarq’s Denver Investment Sales represented the undisclosed seller in the deal.

October 26, 2020

Development Multifamily Seniors Housing Washington Western

Cadence, Fluornoy Break Ground on 128-Unit Seniors Housing Community Near Seattle

by Amy Works October 26, 2020

KENT, WASH. — Cadence Living and Flournoy Development Group have broken ground on Cadence at Kent-Meridian in the Seattle suburb of Kent. The five-acre property is an infill location located adjacent to restaurants and other amenities, with views of Mount Rainier and contains a forest. The three-story building will feature 128 units for both independent and assisted living. Santé Development Group aided in the site selection process. “It is very rare to find a site that combines urban walkability with a natural preserve,” says Rob Leinbach, Cadence principal. “Combine that with the ability for an intergenerational experience with the adjacent high school and the fact that there has not been newer, state-of-the-art seniors housing construction in the Kent submarket leads us to believe we have a very special project.” A timeline for completion was not released.

October 26, 2020

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