Western

Nexus Commercial Brokers $2.4M Sale of Apartment Building in Denver

by Amy Works October 20, 2020

DENVER — Nexus Commercial Realty has directed the sale of 1302 Milwaukee, a multifamily property in Denver. The property traded hands for $2.4 million. The names of the buyer and seller were not released. Brandon Kaufman and Nik MacCarter of Nexus represented the seller, while Gunnar Wilson of Nexus represented the buyer in the transaction. Located at the corner of 13th Avenue and Milwaukee Street, the property consists of 10 one-bedroom units and two studio apartments. The seller implemented a capital improvement program including the addition of a new boiler, windows and plumbing. The buyer plans to renovate the units and bring the rents up to market value.

October 20, 2020

Industrial Leasing Activity Oregon Western

Hawthorne Hydroponics Leases 378,000 SF Industrial Facility at Blue Lake Corporate Park in Gresham, Oregon

by Amy Works October 20, 2020

GRESHAM, ORE. — Hawthorne Hydroponics has signed a long-term lease to occupy a newly constructed 378,000-square-foot industrial building at Blue Lake Corporate Park in Gresham. A supplier of horticulture, organics, hydroponics and lighting supplies, the tenant is expanding its operations within the region and will retain a presence in Vancouver, Washington. The building is part of Airport Way’s newest industrial development, which consists of two buildings totaling 463,500 square feet on a 41-acre site. Built on a speculative basis, the project was substantially completed in May. Hawthorne Hydroponics leased all of Building B and will serve as the project’s anchor tenant. Brad Carnese, Aaron Watt and Keegan Clay of Cushman & Wakefield’s Portland office represented the owner, while Stuart Skaug of CBRE Portland represented the tenant in the lease negotiations.

October 20, 2020

Newcastle-Spec-Industrial-Riverside-County-CA

California Development Industrial Western

Newcastle Partners to Develop Three Spec Industrial Facilities Totaling 824,300 SF in Inland Empire

by Amy Works October 19, 2020

REDLANDS AND RIVERSIDE COUNTY, CALIF. — Newcastle Partners is developing three speculative industrial properties in the Inland Empire totaling 824,500 square feet. The company, in partnership with Sun Life, plans to construct Redlands Commerce Center, a 190,000-square-foot warehouse distribution facility in Redlands. Construction costs are estimated at $20.1 million for the speculative industrial facility. In a joint venture with Rockefeller Group Development, Newcastle has planned a 345,000-square-foot industrial warehouse and distribution center on 16.8 acres of land on Harvill Avenue in Riverside County. Construction is scheduled to start in the fourth quarter, with completion slated for late third-quarter 2021. In another joint venture with Rockefeller Group, the company plans to construct Val Verde Distribution Center, a 289,300-square-foot property on 12.9 acres at the northwest corner of Cajalco Road and Harvill Avenue in Riverside County. Construction is set to start in the fourth quarter, with completion scheduled for third-quarter 2021.

October 19, 2020

Acquisitions California Multifamily Western

Advanced Real Estate Services Acquires The Crossings Apartment Complex in Chino Hills for $120M

by Amy Works October 19, 2020

CHINO HILLS, CALIF. — Advanced Real Estate Services has purchased The Crossings, a multifamily property located in Chino Hills. An undisclosed seller sold the asset for $120 million in an off-market transaction. Constructed in 2019 on more than 32 acres, The Crossings features 346 apartments, a resort-style pool area, clubhouse, two-story fitness center, turf soccer field, dog park, electric-vehicle charging stations, package lockers, a business center and playground. Mike Elmore, Joe Giordani and Brendan Golding of NorthMarq’s Newport Beach team arranged a $76.8 million Fannie Mae Green loan for the transaction, with 10 years interest-only payments at 2.44 percent fixed rate. Margie Malloy of Berkadia’s Inland Empire office represented the buyer in the transaction.

October 19, 2020

Acquisitions California Industrial Western

Rexford Buys Two Industrial Properties for $27.6M, Sells Three Others for $44.2M in Southern California

by Amy Works October 19, 2020

SANTA FE SPRINGS, SYLMAR, OCEANSIDE, NATIONAL CITY AND SANTA ANA, CALIF. — Rexford Industrial Realty has acquired two industrial facilities for $27.6 million and completed the disposition of three properties for $44.2 million. The acquisitions were funded using cash on hand. Rexford purchased 12133 Greenstone Ave. in Santa Fe Springs for $5.5 million, or $26 per land square foot, through an off-market transaction. The single-tenant container storage facility features a 12,586-square-foot truck terminal building on 4.8 acres with excess land serving as truck parking. At the time of sale, the property was fully leased on an agreement that is slated to expire in the near-term. The company also acquired 12772-12746 San Fernando Road in Sylmar for $22.1 million, or $78 per land square foot. The facility comprises a 6.5-acre development site currently containing two legacy industrial buildings totaling 140,840 square feet. Following a short-term lease period, Rexford plans to demolish the existing buildings and develop a 145,000-square-foot, single-tenant, Class A industrial building on the site. Rexford sold a single-tenant vacant building at 3927 Oceanic Drive in Oceanside for $10.3 million, or $188 per square foot, and a multi-tenant building located at 121 W. 33rd Street in National City for $13.5 …

October 19, 2020

Acquisitions Industrial Oregon Self-Storage Western

Trojan Purchases Hawthorne Mini Storage in Salem, Oregon for $8.3M

by Amy Works October 19, 2020

SALEM, ORE. — Los Angeles-based Trojan Storage has acquired Hawthorne Mini Storage in Salem from a private investor for $8.3 million. Nick Walker, Trevor Roberts and Morgan Windbiel of CBRE represented the seller in the deal. Located at 1241 Hawthorne Ave. NE, the 99,435-square-foot property offers 654 self-storage units ranging in size from 25 square feet to 750 square feet. Additionally, the facility features covered RV and boat parking. The property consists of 14 single-story and two-story buildings and features a gated entrance with key-code access, 24-hour video surveillance cameras, climate-controlled units and an on-site manager.

October 19, 2020

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $3.1M Sale of Multifamily Property in Aurora, Colorado

by Amy Works October 19, 2020

AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property located at 15500 E. 13th Ave. in Aurora for $3.1 million, or $110,714 per unit. The names of the seller and buyer were not released. At the time of sale, the 28-unit building was 18 percent vacant. The property was built in 1972. Josh Newell, Bart Thompson and Jesse Allen of the Newell Team at Pinnacle Real Estate Advisors represented the seller and buyer in the deal.

October 19, 2020

Acquisitions California Healthcare Life Sciences Office Top Stories Western

Ventas Acquires 800,000 SF Life Sciences Campus in San Francisco for $1B

by Taylor Williams October 19, 2020

SAN FRANCISCO — Chicago-based REIT Ventas Inc. (NYSE: VTR), through its Life Sciences and Healthcare Real Estate Fund, has acquired an 800,000-square-foot life sciences campus in San Francisco for roughly $1 billion. The San Francisco Business Journal reports that the property is the Genesis South office and life sciences hub, which consists of two office and lab buildings totaling roughly 720,000 square feet, as well as a 72,000-square-foot building. The Class A campus is located on the city’s south side and consists of three newly built or renovated buildings. The campus was 96 percent leased at the time of sale with a weighted average lease term of more than six years. The property is purpose-built for advanced research functions and is predominantly features lab space supporting biotechnology and other life sciences research. Nearly half of the tenant roster consists of publicly traded companies with market capitalizations of $10 billion or higher that are backed by venture capital or private equity firms. The price represents a capitalization rate of approximately 5 percent. The seller was a partnership between Boston-based Bain Capital and San Diego-based Phase 3, according to IPE Real Assets, which provides global intelligence for institutional real estate investment. In …

October 19, 2020

Acquisitions California Healthcare Industrial Loans Office Western

Padma Laxmi LLC Acquires Medical Office, Industrial Portfolio in Southern California for $43.6M

by Amy Works October 16, 2020

TUSTIN AND SAN DIEGO, CALIF. — Padma Laxmi LLC has purchased a medical office property in Tustin and an industrial facility in San Diego for a total consideration for $43.6 million. An affiliate of Cress Capital sold the medical office asset located at 2742 Dow Ave. in Tustin. Built in 1979, the two-story property features 51,588 square feet of medical office space. Doctor’s Best, a nutritional supplement company, occupies the entire building under a sublease from Orange County-based MemorialCare. Anthony DeLorenzo, Gary Stache, Bryan Johnson, Todd Tydlaska and Doug Mack of CBRE represented the seller, while Richard Schwartz of Colliers International and Jim DeRegt of Lee & Associates represented the buyer. Additionally, Padma Laxmi purchased an 85,824-square-foot industrial facility located at 10054 Old Groove Road in San Diego’s Scripps Ranch neighborhood. Manscaped, a start-up online shaving company, will occupy the property, which was vacant at the time of acquisition. Originally built in 1971, the facility was renovated in 2018. Trevor Damyan of CBRE’s downtown Los Angeles office arranged a $28.3 million, 10-year, fixed-rate loan for the acquisition of both properties on behalf of the buyer.

October 16, 2020

Acquisitions Arizona Multifamily Western

Snowdon Partners Sells Elux at Tramonto Multifamily Property in Phoenix for $34.7M

by Amy Works October 16, 2020

PHOENIX — Arizona-based Snowdon Partners has completed the sale of Elux at Tramonto, a garden-style multifamily property located in Phoenix. An undisclosed buyer acquired the property for $34.7 million. Located at 35035 N. Valley Parkway, Elux at Tramonto features 138 units in a mix of one-, two- and three-bedroom floor plans with patios or backyards; stainless steel appliances; in-unit washers and dryers; and high-tech amenities. Community amenities include a swimming pool and spa, a select number of detached garages, a clubhouse and fitness center. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Additionally, David Bleiweiss of Berkadia’s Irvine, California, office secured $20.8 million in acquisition financing on behalf of the buyer. The 10-year Freddie Mac loan features a 60 percent loan-to-value ratio and a 30-year amortization schedule.

October 16, 2020

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