Western

Macerich Sells Paradise Valley Mall in Phoenix for $100M, Plans Redevelopment

by Amy Works April 6, 2021

PHOENIX — Macerich (NYSE: MAC) has completed the disposition of Paradise Valley Mall in Phoenix. A newly formed joint venture with an affiliate of RED Development acquired the property for $100 million. The buyer plans to redevelop the property as a 92-acre mixed-use project. The 1970s-era Paradise Valley Mall has been rezoned to allow for a mix of offerings, including high-end grocery, restaurants, multifamily residences, offices, retail space and other elements. The redevelopment will feature approximately 3.25 million square feet of non-residential uses and 3.25 million square feet of residential uses, totaling nearly 2,500 units, for a total of 6.5 million square feet of occupied building area. While the majority of the center will be closed in the next few months ahead of the renovation, Costco, JC Penney, The Phoenix Public Library – Mesquite Branch and the mass transit station will remain open. The transaction, which closed on March 29, generated approximately $95 million in net proceeds for Macerich, and the company will retain 5 percent joint venture interest in the redevelopment project.

April 6, 2021

California Development Office Restaurant Retail Western

STC Ventures to Develop 500,000 SF of Office Space in Downtown Sunnyvale, California

by Amy Works April 6, 2021

SUNNYVALE, CALIF. — STC Ventures, a joint venture between Sares Regis Group of Northern California and Hunter Properties, received approval from the Sunnyvale Planning Commission to develop two office buildings totaling 500,000 square feet on the former Macy’s parcel in downtown Sunnyvale. Situated between Taaffe and Murphy avenues, the buildings will be separated by a public pedestrian plaza and each offer 250,000 square feet of office space, 25,000 square feet of ground-level retail space for restaurant and entertainment uses and 13,000 square feet of outdoor space, including terraces and step backs. Additionally, the adjacent properties will offer an underground parking structure with 786 spaces. The office buildings are designed for post-COVID work environments and will feature mechanical systems that will provide employees access to fresh air and ample outdoor space. The buildings are also targeting LEED Gold certification. The office project is the latest portion of the second phase of CityLine Sunnyvale, the redevelopment of four parcels in Sunnyvale’s downtown core that will add residences, ground-level retail and office space. The development team recently received approval for a 12-story mixed-use project at 200 S. Taaffe St. that will include 479 residences, 30,000 square feet of retail space and a public …

April 6, 2021

Acquisitions Arizona Industrial Western

Lincoln Property Co. Divests of Five-Building Industrial Portfolio in Phoenix for $68M

by Amy Works April 6, 2021

PHOENIX — Lincoln Property Co. has completed the disposition of an industrial portfolio located at 4441 W. Polk St., 120 E. Watkins St., 4720 W. Van Buren St. and 5240 and 5302 W. Buckeye St. in Phoenix. KKR acquired the fully leased, multi-tenant portfolio for $68 million. Totaling 540,039 square feet, the buildings were constructed between 1980 and 1990 and offer 24- to 28-foot clear heights, dock-high and grade-level doors and generous parking ratios. The buildings were designed as multi-tenant industrial warehouses for small to mid-size users. Darla Longa of CBRE’s National Partners team represented the seller in the deal.

April 6, 2021

Acquisitions Colorado Multifamily Western

Berkadia Arranges $14.6M Sale of Iron Works Village Multifamily Property in Englewood, Colorado

by Amy Works April 6, 2021

ENGLEWOOD, COLO. — Berkadia has arranged the sale of Iron Works Village, an apartment community in Englewood. An affiliate of Denver-based Treeline Multifamily Partners acquired the property from Denver-based Blvdway Communities for $14.6 million. Located at 519 W. Amherst Ave., the garden-style property was built in 2020. Nick Steele and Tyler King of Berkadia’s Denver office represented the seller in the deal. Additionally, Brian Huff and Kevin McCormack of Berkadia’s Denver office secured $9.2 million in acquisition financing through Fannie Mae for the buyer. The 10-year, fixed-rate loan features six years of interest-only payments followed by a 30-year amortization schedule.

April 6, 2021

California Loans Multifamily Western

Parkview Financial Provides $21.5M Construction Loan for Apartment Project in East Hollywood

by Amy Works April 6, 2021

LOS ANGELES — Parkview Financial has provided a $21.5 million construction loan to Oakwood CA LLC for the development of multifamily property located at 4065 Oakwood Ave. in Los Angeles’ East Hollywood submarket. Slated for completion in 2022, the five-story building will feature 68 apartments in a mix of two studios, 25 one-bedroom units and 41 two-bedroom units with an average size of 1,059 square feet. Fourteen of the units will be designated for low-income residents. Additionally, the community will feature a 4,000-square-foot courtyard and 100 parking spaces.

April 6, 2021

California Civic Development Life Sciences Office Top Stories Western

BioMed Realty Wins Municipal Approval for 910,000 SF Expansion of Life Sciences Campus in Bay Area

by John Nelson April 6, 2021

EMERYVILLE, CALIF. — The City of Emeryville in Northern California’s Bay Area has approved BioMed Realty’s proposal to expand its Emeryville Center of Innovation life sciences campus. The 12-acre property is located about four miles north of Oakland and 10 miles east of San Francisco. The expansion will add 910,000 square feet of Class A laboratory and office space to the development. Phase I of the expansion, which BioMed Realty expects to begin in 2022, will span 265,000 square feet. “We are grateful for our partnership with the City of Emeryville to develop purpose-built lab research facilities that support the growth of the industry and help our business partners attract and retain talent,” says Salil Payappilly, vice president of BioMed Realty. BioMed Realty is currently modernizing an existing 303,000-square-foot building at Emeryville Center of Innovation. The building, which is not part of the newly announced expansion, will be fully occupied by Zymergen Inc., a biomanufacturing company and Emeryville’s largest employer. Zymergen signed a lease in 2019 for its new corporate headquarters and to accommodate the expansion of its operations. BioMed Realty expects to complete Zymergen’s building in early 2023. Emeryville Mayor Dianne Martinez says that the origin of the life …

April 6, 2021

Acquisitions Arizona Office Western

BPM Real Estate Group Purchases PetSmart Corporate Headquarters in Phoenix for $110M

by Amy Works April 5, 2021

PHOENIX — Portland, Ore.-based BPM Real Estate Group has acquired PetSmart’s corporate headquarters in Phoenix from an undisclosed institutional seller for $110 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE, along with Kevin Shannon, Ken White and CJ Osbrink of Newmark, represented the seller, while Newmark’s Nick Kucha represented the buyer in the deal. David Milestone and Ramsey Daya of Newmark arranged acquisition financing for the buyer. Located at 19601 N. 27th Ave. in Phoenix’s Deer Valley submarket, PetSmart’s corporate headquarters features 365,672 square feet. The property includes three four-story buildings, one of which was built in 1997 and two in 2008, as well as a six-level parking structure. On-site amenities include a recently renovated full-service café, a daycare center and a fitness center with full-service locker rooms. The 15.1-acre site allows for the development of a 90,000-square-foot building and parking structure.

April 5, 2021

Acquisitions California Industrial Office Western

Realty Advisory Group Arranges Sale of 246,912 SF Office Building in El Monte, California

by Amy Works April 5, 2021

EL MONTE, CALIF. — Realty Advisory Group has arranged the sale of an office and industrial property located at 9320 Telstar Ave. in El Monte’s Flair Park area. Los Angeles-based Rising Realty Partners acquired the asset for $41 million. Built in 1975 and renovated in 2001, the 246,912-square-foot property offers 178,776 square feet of office space, which the Los Angeles County Department of Public Health occupies. Simultaneous with acquisition closing, Los Angeles County and Rising executed a new long-term lease for the office space. The remaining 68,136-square-foot industrial space is available for lease. Jim Abbott Sr. and Jim Abbott Jr. of Realty Advisory Group represented the undisclosed seller in the deal.

April 5, 2021

Acquisitions Arizona Multifamily Western

IPA Brokers $35.2M Sale of Saratoga Apartments in Mesa, Arizona

by Amy Works April 5, 2021

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Saratoga Apartments, a multifamily property located on University Drive in Mesa. Tides Equities acquired the property from an undisclosed seller for $35.2 million, or $122,990 per unit. Built in 1978 on 13 acres, the asset features 286 units, four swimming pools, a basketball court and tennis courts. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

April 5, 2021

Development Multifamily Washington Western

Ethos Development Breaks Ground on 115-Unit Apartment Project in Tacoma, Washington

by Amy Works April 5, 2021

TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on Analog Tacoma, a multifamily property in Tacoma. Totaling 65,000 square feet, Analog Tacoma will feature 115 apartments in an eight-story, mid-rise, podium-style building. The development team includes Works Progressive Architecture as designer and Katerra as general contractor. The development is one of the first in the city to be funded from the outset with a project-specific Opportunity Zone fund.

April 5, 2021

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