Western

Avison Young Brokers $10.1M Sale of Three-Property Shopping Center Portfolio in Northern Colorado

by Amy Works June 2, 2021

FORT COLLINS AND WINDSOR, COLO. — Avison Young has arranged the sale of a three-property shopping center portfolio located in Fort Collins and Windsor. Colorado-based Johnson Investments sold the portfolio to Neighborhood Equities for $10.1 million. Totaling just over 60,000 square feet, the portfolio includes the 21,633-square-foot Oakridge Shopping Center at 1112 Oakridge Drive in Fort Collins, which was 80 percent occupied; The Shops at Westwood, a fully occupied, 18,350-square-foot property at 1293-1295 Main St. in Windsor; and the fully leased, 20,250-square-foot Windsor Town Center II at 1215 Main St. in Windsor. David Maling, Chris Maling and Sam Crowe of Avison Young represented the seller, while Cushman & Wakefield represented the buyer in the deal.

June 2, 2021

Acquisitions Net Lease Nevada Office Western

CBRE Arranges $2.6M Sale of Single-Tenant Office Building in Las Vegas

by Amy Works June 2, 2021

LAS VEGAS — CBRE has brokered the sale of a single-tenant office building located at 7408 W. Sahara Ave. in Las Vegas. A private investor acquired the property for $2.6 million. Bertoldo, Baker, Carter & Smith Attorneys at Law occupy the free-standing, 11,604-square-foot building under a triple-net lease. Tyler Ecklund, James Griffis, Britney Arredondo and Randy Broadhead of CBRE represented the undisclosed seller in the deal.

June 2, 2021

Acquisitions California Office Western

Fortress Investment, Ocean West Capital Sell The Link Office Building in Burbank for $61.5M

by Amy Works June 1, 2021

BURBANK, CALIF. — A partnership between Fortress Investment Group and Ocean West Capital Partners has completed the disposition of The Link, a repositioned office building located at 2901 W. Alameda Ave. in Burbank. Pendulum Property Partners acquired the asset for $61.5 million. Totaling 124,785 square feet, the property features creative office space and post-production, broadcasting, screening and editing facilities. The property underwent extensive renovation in 2019 and now features an outdoor courtyard, redesigned lobby, enterprise-grade dark fiber connectivity, revitalized exterior, 13- to 18-foot ceiling heights and a 2,500-square-foot outdoor patio on the seventh floor. At the time of sale, the property was 76 percent leased to five tenants. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction, while David Milestone, Brett Green and Henry Cassiday of Newmark arranged acquisition financing for the buyer.

June 1, 2021

Development Multifamily Oregon Western

Ethos Development Breaks Ground on 166-Unit brookLAND Apartment Community in Southeast Portland

by Amy Works June 1, 2021

PORTLAND, ORE. — Portland-based Ethos Development has broken ground on brookLAND, a multifamily property located in the Brooklyn neighborhood of southeast Portland. The five-story, 128,000-square-foot development will feature 166 apartments and a tea shop integrated into the building’s common space. Units will be available in a variety of floor plans, including five three-bedroom units and two studios affordable to residents earning 60 percent of area median income. Additionally, the transit-oriented property will feature 28 micro studios that provide market-rate affordability due to efficient design. Community amenities will include a five-story atrium, fitness studio, sauna, building lounge, workspaces and a roof deck. The project team includes Portland-based Hacker Architects and Portland-based R&H Construction.

June 1, 2021

California Loans Retail Western

PSRS Arranges $40M Refinancing for La Alameda Shopping Center in Los Angeles

by Amy Works June 1, 2021

LOS ANGELES — PSRS has arranged a $40 million refinancing for La Alameda Shopping Center, a 244,554-square-foot retail plaza located in Los Angeles. Kostas Kavayiotidis, Mike Davis and Jacob Lee secured the financing for the undisclosed borrower. The non-recourse loan features 10 years of interest-only payments. Built in 2008, La Alameda Shopping Center consists of six one- and two-story building clusters offering a total of 226,826 square feet of retail space and 17,728 square feet of office space on 18.3 acres. The multi-tenant property also features pedestrian-friendly courtyards, plaza spaces, outdoor seating and a fountain.

June 1, 2021

Acquisitions Colorado Multifamily Western

CBRE Brokers Sale of 181-Unit Lofts at Red Mountain in Glenwood Springs, Colorado

by Amy Works June 1, 2021

GLENWOOD SPRINGS, COLO. — CBRE has arranged the sale of Lofts at Red Mountain, a multifamily property located in Glenwood Springs. The developers — Illinois-based Stoneleigh Cos. and Texas-based Realty Capital — sold the asset for an undisclosed price. The name of the buyer was not released. Located at 300 Wulfsohn Road, Lofts at Red Mountain features 181 apartments in a mix of one-, two- and three-bedroom units with quartz countertops, customizable Elfa closet systems and full-size, in-unit washers/dryers. Community amenities include a club room with billiards, an outdoor lounge with fire pits, bike storage, a fitness center, barbecue pavilion, self-service dog wash and a Zen lounge with hanging swings and daybeds. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the sellers in the deal. Troy Tegeler of CBRE Capital Markets’ Debt & Structured Finance team arranged acquisition financing for the buyer.

June 1, 2021

California Company News Development Retail Western

Fanatics, Paris Saint-Germain Open First Standalone European Soccer Club Retail Location in Los Angeles

by Amy Works June 1, 2021

LOS ANGELES — Paris Saint-Germain (PSG), one of the top soccer teams in the world, has opened a permanent retail store within Westfield Century City Mall in Los Angeles. In partnership with apparel retailer Fanatics, the sports club is expanding its global retail presence with several new stores in key international markets, beginning with the Los Angeles location. The store openings form part of a 10-year retail and merchandising deal signed between PSG and Fanatics in 2020. Fanatics, which is part owner of Lids, will tap into Lids’ physical retail experience to open and operate the new Westfield store.

June 1, 2021

Acquisitions Industrial Oregon Western

Exeter Property Group Buys 329,474 SF Industrial Campus Near Portland

by Amy Works May 28, 2021

TUALATIN, ORE. — Pennsylvania-based Exeter Property Group has purchased an industrial property located at 19855 SW 124th Ave. in Tualatin. Meriwether Tualatin LLC sold the asset for an undisclosed price. Nortek Air Handling Solutions fully occupies the 329,474-square-foot campus, which includes three warehouse/manufacturing buildings on 25.1 acres. Paige Morgan of CBRE represented the seller in transaction. The seller is a private partnership that includes principals of Meriwether Partners and private investors.

May 28, 2021

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $28M in Acquisition Financing for Multifamily Property in Glendale, Arizona

by Amy Works May 28, 2021

GLENDALE, ARIZ. — Tower Capital has arranged $28 million in acquisition financing for an apartment community located in Glendale. The firm provided a 10-year permanent acquisition loan with a five-year fixed interest rate and one year of interest-only payments. The name of the borrower was not released. The 276-unit property features a residential clubhouse, two swimming pools, a fitness facility and covered parking. The community features 28 one-bedroom/one-bath units, 208 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, with an average size of approximately 858 square feet. The borrower acquired the asset in an off-market transaction and plans to upgrade the property’s exterior and common areas.

May 28, 2021

California Company News Retail Western

Gap’s First-Quarter Sales Increase 28 Percent, Net Sales Hit $4B

by Amy Works May 28, 2021

SAN FRANCISCO — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent over first-quarter 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines in net sales at Gap Global (16 percent) and Banana Republic Global (29 percent). Old Navy’s comparable sale were up 35 percent year-over-year and 25 percent versus 2019. Additionally, Athleta reported 113 percent digital growth compared to the first quarter of 2019, with comparable sales up 27 percent year-over-year and 46 percent versus 2019. Overall, first-quarter online sales for Gap Inc. grew 82 percent versus first-quarter 2019 and represented 40 percent of the total business. Store sales declined 16 percent compared to first-quarter 2019, primarily due to store closures and COVID lockdowns outside of the United States. Currently, Gap has 3,571 store locations in more than 40 countries, with the company operating 2,997 of them.

May 28, 2021

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