Western

Mill Creek Residential Sells 197-Unit Modera Cap Hill Apartments in Denver

by Amy Works April 23, 2021

DENVER — Mill Creek Residential has completed the disposition of Modera Cap Hill, a multifamily property located in Denver’s Capitol Hill neighborhood. The name of the buyer and acquisition price were not released. Located at 1200 Grant St., Modera Cap Hill feature 197 studio, one- and two-bedroom floor plans averaging 782 square feet. Units feature private patios or balconies, high ceilings and premium finishes. Community amenities include a fitness studio and yoga room, pet spa, bike storage, electric car charging stations, controlled-access garage parking, rooftop lounge and sundeck, and an elevated pool deck with Rocky Mountain views. The property was built in 2019. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the seller in the transaction.

April 23, 2021

California Company News Restaurant Retail Western

Chipotle Reports 133.9 Percent Digital Sales Growth for First-Quarter 2021

by Amy Works April 23, 2021

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) has reported its financial results for the first quarter, ended March 31, 2021, with digital sales growing 133.9 percent year-over-year to $869.8 million. Digital sales accounted for 50.1 percent of overall sales for the Newport Beach-based fast-casual restaurant chain. Chipotle’s revenue increased 23.4 percent to $1.7 billion compared to first-quarter 2020, with comparable restaurant sales increasing 17.2 percent. Additionally, the company reported opening 40 new restaurants and closing five restaurant locations, bringing the total restaurant count to 2,803, with 26 of the new locations offering a “Chipotlane” drive-thru option. As of March 31, Chipotle has nearly $1.2 billion in cash, investments and restricted cash, and no debt. The company also has access to a recently refinanced $500 million untapped credit facility with which to continue to navigate the COVID-19 pandemic. Net income for the restaurant was $127.1 million, an increase from $76.4 million in first-quarter 2020. “Chipotle is off to a great start in 2021 thanks to our employees and their incredible level of collaboration and tireless dedication,” says Brian Niccol, chairman and CEO of Chipotle. “As vaccines roll out and we get closer to moving past this pandemic, I believe …

April 23, 2021

Acquisitions Arizona Loans Multifamily Western

NorthMarq Negotiates $11.3M Sale of Glen Arbor Apartments in Phoenix

by Amy Works April 23, 2021

PHOENIX — NorthMarq’s Phoenix office has brokered the sale of Glen Arbor Apartments, a multifamily property located at 2250 W. Glendale Ave. in Phoenix. An affiliate of APRA Capital acquired the asset for $11.3 million. Built in 1973 and expanded in 2018, Glen Arbor features 87 apartments in a mix of studio, one-, and two-bedroom units. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of NorthMarq represented the undisclosed seller in the deal. Additionally, NorthMarq’s Phoenix team of Brandon Harrington, Bryan Mummaw and Tyler Woodard secured $10.1 million in acquisition financing for the buyer.

April 23, 2021

Acquisitions Healthcare Office Washington Western

Marcus & Millichap Arranges $7.8M Sale of Medical Office Building in Spokane Valley, Washington

by Amy Works April 23, 2021

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Vivacity Care Center, a medical office property located at 16009 E. Indiana Ave. in Spokane Valley. An undisclosed developer sold the asset to a limited liability company for $7.8 million. Built in 2020, the net-leased property features 12,000 square feet of medical office space. The property is long-term leased, with annual rent increases, to the tenant, which is corporate guaranteed by Permera Blue Cross. Clayton Brown, Christopher Edwards and Ruthanne Romero of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.

April 23, 2021

Acquisitions California Retail Western

Faris Lee Brokers $2.9M Sale of Retail Property in Los Angeles’ Los Feliz Neighborhood

by Amy Works April 23, 2021

LOS ANGELES — Faris Lee Investments has arranged the sale of a freestanding retail building located at 1824 Hillhurst Ave. in Los Feliz, a neighborhood in Los Angeles. The asset sold for $2.9 million. The names of the seller and buyer were not released. Situated at the intersection of Hillhurst and Russell avenues, the property features a private parking lot and patio space.Tyler Strauss and Jeff Conover of Faris Lee Investments represented the seller in the deal. The property formerly house Ample Hills Creamery, which closed its doors in early 2020, according to Eater LA.

April 23, 2021

Acquisitions Colorado Industrial Western

Etkin Johnson Sells Industrial Portfolio in Louisville, Colorado for $392.9M

by Amy Works April 22, 2021

LOUISVILLE, COLO. — Etkin Johnson Real Estate Partners has completed the disposition of a 16-property industrial portfolio in Louisville. An undisclosed institutional investor acquired the portfolio for $392.9 million. Totaling nearly 1.7 million square feet, the properties are located within Colorado Technology Center, a 580-acre master-planned business park near US Route 36 and the Northwest Parkway in Boulder County. Jeremy Ballenger, Tyler Carner, Jim Bolt, Tim Richey and Jessica Ostermick of CBRE represented the seller in the transaction.

April 22, 2021

Acquisitions California Office Western

Longfellow Real Estate Buys Office Campus in San Mateo from Rubicon Point Partners for $156M

by Amy Works April 22, 2021

SAN MATEO, CALIF. — Longfellow Real Estate Partners has purchased San Mateo Bay Center, a two-building office campus located at 901 and 951 Mariners Island Blvd. in San Mateo. Rubicon Point Partners sold the asset for $156 million. Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darren Hollak and Jack Phipps of Newmark represented the seller in the deal. Totaling nearly 250,000 square feet, the campus is currently 88 percent occupied with substantial near-term rollover of 198,000 square feet in the first three years, enabling a conversion to life sciences space for the buyer. The campus has received more than $17 million in capital improvements since 2015, including multiple outdoor amenity spaces, a ground-floor café, onsite fitness center, creative exposed ceilings in tenant areas, HVAC renovations, lobby upgrades and parking lot resurfacing.

April 22, 2021

Arizona Development Office Western

Trammell Crow, PGIM Complete 175,112 SF Axis Raintree Spec Office Building in Scottsdale

by Amy Works April 22, 2021

SCOTTSDALE, ARIZ. — A partnership between Trammell Crow Co. and PGIM Real Estate has completed Axis Raintree, a speculative office property in Scottsdale. Located at 8605 E. Raintree Drive, Axis Raintree offers 175,112 square feet of Class A office space across three stories and structured parking. Designed by RSP Architects and constructed by Willmeng Construction, the building is situated on five acres and features 5,000 square feet of outdoor, Wi-Fi-enabled amenity space; a 1,500-square-foot tenant lounge; and a 40-person training room. Additionally, the building features touchless entries, an air testing and monitoring system and MERV-13 filters, which meets new CDC guidelines. Axis Raintree is also in the process of achieving WELL v2 Core Certfication and a WELL Health-Safety rating. Bryan Taute and Charlie Von Arenschidlt of CBRE will handle marketing and leasing of the property.

April 22, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $1.5M Sale of Apartment Property in Tucson

by Amy Works April 22, 2021

TUCSON, ARIZ. — Taylor Street Advisors has arranged the sale of Fort Lowell Casitas, a multifamily community located at 1501-1503 E. Fort Lowell Road in Tucson. An out-of-state investor acquired the property for $1.5 million, or $116,153 per unit. The Class B property features 13 two-bedroom/one-bath units. The seller was not disclosed.

April 22, 2021

Acquisitions Idaho Industrial Self-Storage Western

Marcus & Millichap Arranges Acquisition of 167-Unit StorageBay Rexburg in Idaho

by Amy Works April 22, 2021

REXBURG, IDAHO — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the purchase of StorageBay Rexburg, a self-storage facility located at 322 W. Fourth South in Rexburg. Terms of the transaction were not released. Jordan Farrer and Adam Schlosser of Marcus & Millichap, with Paul Ryan of Marcus & Millichap serving as the broker of record, procured the buyer in the deal. Situated on nearly one acre, StorageBay Rexburg consists of 12,652 net rentable square feet totaling 167 self-storage units. The property was built in 2008 and features best-in-class construction and amenities.

April 22, 2021

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