Western

IG Logistics Acquires Industrial Property in Denver for $21M

by Madison Pettway August 11, 2021

DENVER —IG Logistics LLC has acquired the Lipan Street Industrial Park in Denver from EP Investments LLC for $21 million. The 34-acre industrial site includes outside storage, trailer parking, a fueling station and a truck maintenance facility. Freeman Expositions, an event services provider, and System Transport, a West Coast-based flatbed trucking company, recently signed long-term leases to occupy the property. Existing tenant Mesilla Valley Transportation, a New Mexico-based transportation fleet, extended its lease for 3.5 acres. All Fleet Services, a Denver-based transport company, also leased the 22,000-square-foot shop and diesel station on the property. Each transaction was completed prior to the sale but were all contingent upon IG Logistics acquiring the property. Cushman & Wakefield negotiated the leases, excluding the Mesilla deal, and was retained to handle leasing following the acquisition. Lipan Industrial Street Park is located at 6045 Lipan Street, providing access to I-25 and I-76, Colorado’s main freeways. The property currently has a 14,000-square-foot freestanding office building available for lease and an additional 11-acre parcel to be used for trailer parking or as a potential industrial build-to-suit. IG Logistics is the industrial platform for Imperium Capital.

August 11, 2021

California Retail Western

Hanley Investment Group Arranges $4.85M Sale of Single-Tenant Retail Property in Orange County, California

by Madison Pettway August 11, 2021

LAKE FOREST, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant, net-leased retail property occupied by Michaels in Orange County. The Michaels store is located in Foothill Ranch Towne Centre in Foothill Ranch, a suburb of Lake Forest. Hanley represented the sellers, two separate family trusts based in Nevada and Southern California. Lee & Associates represented the buyer, a private investor based in Orange County. The sales price was $4.85 million. The 25,000-square-foot building was constructed in 1994 and is a junior anchor at Foothill Ranch Towne Center. Michaels’ neighboring tenants include Target, Walmart Supercenter and Hobby Lobby. The retail space is located at the intersection of Portola Parkway and Bake Parkway, with an average of 40,100 passing cars per day.

August 11, 2021

Colorado Industrial Western

Opus Group Breaks Ground on 282,108 SF Second Phase of Industrial Development in Thornton, Colorado

by Madison Pettway August 11, 2021

THORNTON, COLO. — The Opus Group has broken ground on two speculative industrial buildings in Thornton, 10 miles north of Denver. The buildings, totaling 282,108 square feet, are the second phase of North Washington Commerce Center. The multi-tenant park offers a variety of sizes, clear heights and loading options. The 163,686-square-foot building will offer 35 dock positions, 270 parking stalls, 15 trailer parking spots and four drive-in doors. The 118,422-square-foot building will offer 28 dock positions, 196 parking stalls and four drive-in doors. Opus is the design-builder, architect and project developer. Both buildings are slated for completion in January 2022.

August 11, 2021

Content Partner Features Industrial Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Excess Capital Makes for Competitive Lending Environment

by Sarah Daniels August 11, 2021

The third quarter of 2020 was the beginning of a significant rebound for capital markets in commercial real estate. After banks and other lenders slowed their activity during the pandemic, lenders and equity investors regained their momentum — particularly in multifamily and industrial — a trend that has continued through the third quarter of 2021. It’s a good time to be a borrower, explains Mark Strauss, managing director of capital markets, and Rob Quarton, senior director of capital markets, with Walker & Dunlop’s Irvine, California, office. Vigorous Lending Markets Currently, Quarton explains, “Banks are really competitive. Debt funds are also aggressive — their funding mechanisms, like collateralized loan obligations (CLOs), have come back strong. Further, insurance companies are under allocated to real estate, which increases their annual volume targets and desire to win more business. Consumers have been purchasing more life insurance policies and insurance in general post pandemic, which provides dry powder for insurance companies to invest. In general, lending markets are very robust today, with ample options for lenders up and down the capital stack.” “Lenders have yearly production quotas, and I don’t think any of them hit their quotas last year,” adds Strauss. “This caused an overhang of …

August 11, 2021

Acquisitions California Office Single-Family Rental Top Stories Western

Pacific Oak Sells Orange County Office Tower for $150.5M

by Kristin Harlow August 11, 2021

ORANGE, CALIF. — Pacific Oak Strategic Opportunity REIT Inc. has sold City Tower, a 435,000-square-foot Class A office tower in Orange County, for $150.5 million. Opal Holdings, a New York City-based real estate investment firm, was the buyer. The 20-story property is located at 333 City Blvd. in Orange, about three miles north of Santa Ana and 30 miles southeast of Los Angeles. The building was 90 percent leased at the time of sale to tenants such as UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. Developed in 1988, City Tower recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and new building entryway. The property is certified LEED Gold. “We increased occupancy by almost 15 percent over the past three years and are proud of the improvements and value we created during our ownership,” says Michael Potter, senior vice president with Pacific Oak, which purchased City Tower for $147.2 million in March 2018 when it was 78 percent occupied. Pacific Oak Strategic Opportunity REIT is a public, non-traded corporation headquartered in Los Angeles. The REIT manages a portfolio valued in excess of $2 billion comprised primarily of office, apartment, …

August 11, 2021

California Market Reports Multifamily Western Western Market Reports

Investors Look to Orange County Multifamily Sector for Stability, Diversification

by Jeff Shaw August 11, 2021

By Dan Blackwell, Executive Vice President, CBRE Demand for multifamily properties in Orange County continues to show great strength. This is driven by steady rent collections and favorable interest rates as apartments in the region have performed well during the pandemic. As investors look to buy stable, income-producing assets in Southern California, the focus on the multifamily sector in our region has intensified. We have witnessed increasing interest from first-time buyers over the past few weeks, in addition to continued interest from 1031 exchange investors and those who sat on the sidelines during much of 2020. This demand is buoyed by willing lenders offering favorable interest rates in the low 3 percent range due to the area’s excellent rent collection track record. Most buyers are looking for 50 percent to 60 percent leverage, with in-place capitalization rates typically ranging between 3.75 percent and 4.25 percent, depending on location. However, given the limited supply, we are seeing buyers bid pricing higher and cap rates compressing for many assets. Private investors continue to be the predominate buyers, mainly driven by the need for diversification and a stable cash flow. We are receiving more requests from LA County investors that may have sold a multifamily …

August 11, 2021

Development Industrial Utah Western

Pacific Industrial Breaks Ground on 824,000 SF Logistics Facility in Salt Lake City

by Madison Pettway August 10, 2021

SALT LAKE CITY — Pacific Industrial has broken ground on the Pacific Summit Logistics Center, an 824,000-square-foot industrial building in Salt Lake City. Pacific Industrial purchased the 48-acre property in an off-market transaction and began construction the day after the sale closed. The development will be located at 885 N. John Cannon Drive in the Northwest Quadrant, Salt Lake City’s most sought-after submarket, and adjacent to the Salt Lake City International Airport, with easy access to I-80, I-215 and I-15. The project is being built on a speculative basis. The project will be feature 131 dock-high doors in a cross-dock configuration, oversized truck courts that are up to 213 feet deep, and a minimum clear height of 40 feet. Construction is slated for completion in the second quarter of 2022. Pacific Industrial is a privately held real estate development and acquisition firm based in Southern California.

August 10, 2021

Acquisitions Colorado Northmarq Office Western

NorthMarq Secures Nearly $60.1M in Acquisition Financing for Office Portfolio in Denver

by Madison Pettway August 10, 2021

DENVER — NorthMarq has secured nearly $60.1 million in acquisition financing through a credit union for a two-property office portfolio in the Denver Tech Center submarket. The office portfolio includes the 273,963-square-foot Stanford Place I, financed for nearly $37. 7 million, and the 202,158-square-foot Yosemite, financed for $22.4 million. Stanford Place I, located at 8055 E. Tufts Ave., is a 14-story building that is approximately a quarter mile from I-25 and I-225. Yosemite, located at 6455 S. Yosemite St., is a 10-story office building within walking distance of a light rail system and several retail amenities. The 10-year, fixed-rate loan includes three years of interest-only payments followed by a 30-year amortization schedule. NorthMarq secured the loan for the borrower, Alturas Capital Partners LLC.

August 10, 2021

California Industrial Western

CBRE Arranges Sale of Industrial, R&D Property in Carlsbad, California for $19.4M

by Madison Pettway August 10, 2021

CARLSBAD, CALIF. — CBRE has arranged the sale of an industrial and R&D property in Carlsbad for $19.4 million, or $253 per square foot. A private, Los Angeles-based buyer acquired the property as part of a 1031 exchange. CBRE represented the private seller, also based in Los Angeles, in the transaction. The 76,767-square-foot property comprises three buildings, which were fully leased at the time of the sale to a mix of companies specializing in life science, medical devices and research and development. The project features collaborative space, including an open-air courtyard connecting the buildings. The asset is adjacent to Palomar Airport Road, a major east-west thoroughfare that averages over 32,000 cars per day. The property sits two miles east of I-5, connecting Carlsbad to the rest of San Diego County.

August 10, 2021

California Leasing Activity Office Western

Cushman & Wakefield Brokers 96,505 SF Lease Transaction at Roseville Innovation Park Near Sacramento

by Madison Pettway August 10, 2021

ROSEVILLE, CALIF. — Global health care company Penumbra has expanded into an additional 96,505 square feet of Class A office and lab space at Roseville Innovation Park in Roseville, approximately 16 miles northeast of Sacramento. The new lease at 620 Roseville Parkway will bring Penumbra’s total occupancy within the business park to over 254,000 square feet of Class A space. Penumbra initially leased approximately 157,000 square feet in the neighboring 630 Roseville Parkway building in 2018. Cushman & Wakefield’s Sacramento office represented the landlord in the transaction. Roseville Innovation Park is jointly owned by Farallon Real Estate Partners and Strada Investment Group. The business park is a Class A campus offering numerous amenities, including retail, entertainment and residences within a short distance. Penumbra also has exclusive access to a newly installed outdoor recreation, dining, and break-out space at its 630 Roseville Parkway address. Headquartered in Alameda, Calif., Penumbra is a healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need.

August 10, 2021

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