Western

Kidder Mathews Arranges $44.5M Purchase of Knol Apartments in Kent, Washington

by Kristin Harlow September 1, 2020

KENT, WASH. — Kidder Mathews has arranged the $44.5 million sale of Knol Apartments in Kent, about 20 miles south of Seattle. The sales price represents $207,000 per unit and $302 per net rentable square foot. Formerly known as La Mirage Apartments, the property last traded hands in July 2018. Since then, the owners transformed the community by modernizing the clubhouse, leasing office, outdoor spaces and building interiors and exteriors. Dylan Simon, Jerrid Anderson and Matt Laird of Kidder Mathews brokered the sale. Buyer and seller information was not disclosed.

September 1, 2020

Acquisitions Colorado Multifamily Western

Trion Properties Acquires 288-Unit Multifamily Community in Suburban Denver for $38M

by Kristin Harlow September 1, 2020

NORTHGLENN, COLO. — Trion Properties has acquired The View at North Peak in the Denver suburb of Northglenn for $38 million. The 288-unit apartment community marks Trion’s first acquisition in the Denver market. Built in 1970, the property features one- and two-bedroom units with two swimming pools. Trion plans to rebrand the community as View Apartments and make interior and exterior improvements. Craig Stack and Bill Morkes of Colliers International represented both the buyer and the seller, a New York-based investment real estate company. Continental Partners arranged acquisition financing through Fannie Mae.

September 1, 2020

Acquisitions Arizona Office Western

CBRE Brokers Sale of Perimeter Parkview Corporate Center in Scottsdale, Arizona

by Kristin Harlow September 1, 2020

SCOTTSDALE, ARIZ. — CBRE has brokered the sale of Perimeter Parkview Corporate Center in Scottsdale for an undisclosed price. The 24,154-square-foot Class A office building is located at 8355 E. Hartford Drive within the 260-acre Perimeter Center development. It is fully leased to six tenants across various industries. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller, Canada-based Melcor Developments. Newport Beach, Calif.-based Mark IV Capital Inc. purchased the building.

September 1, 2020

Acquisitions Colorado Multifamily Western

Pinnacle Negotiates $3.1M Acquisition of Multifamily Building in Lakewood, Colorado

by Kristin Harlow September 1, 2020

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors LLC has negotiated the sale of 9885 W. 21st Ave. in Lakewood for $3.1 million. The 16-unit multifamily building, constructed in 1961, received recent capital improvements such as new paint, landscaping, hot water heaters, laundry equipment, windows, lighting and interiors. Robert Lawson, Jim Knolton and Luke Salazar of Pinnacle represented the undisclosed buyer and seller.

September 1, 2020

Acquisitions Office Oregon Retail Western

Norris & Stevens Arranges $2.6M Sale of Office, Retail Building in Portland

by Kristin Harlow September 1, 2020

PORTLAND, ORE. — Norris & Stevens Inc. has arranged the sale of a 9,048-square-foot office and building in Portland for $2.6 million. Located at 12923 NW Cornell Road, the two-story property is fully leased to seven tenants, including Next Home Realty, Edward Jones, The Foot Spa, American Family Insurance, Cedar Mils Chiropractic, Bridgetown Optometric Associates and Loft 202 Hair Studio. Todd VanDomelen and Charles Conrow of Norris & Stevens represented the buyers, L&N Fifth LLC and L&N Second LLC. Will Stone and Scott Logan of Marcus & Millichap represented the undisclosed seller. Norris & Stevens will manage the property on behalf of the buyer.

September 1, 2020

California Company News Retail Western

Year-Over-Year Online Sales for Gap Surge 95 Percent in Second Quarter

by Kristin Harlow August 31, 2020

SAN FRANCISCO — Driven by a 95 percent surge in online sales, San Francisco-based Gap Inc. (NYSE: GPS) reported a 13 percent increase in its comparable sales for the fiscal second quarter, which ended Aug. 1. Gap’s decision to make face masks early on in the COVID-19 pandemic paid off, bringing in $130 million in sales, according to the company. Gap has produced face masks for individuals as well as the city of New York, the state of California and Kaiser Permanente. Net sales were down 18 percent year over year, reflecting a 48 percent decline in store sales, which was driven by partial closures due to the pandemic, according to Gap. Approximately 90 percent of Gap’s stores were open as of Aug. 1. Gap sells clothing and accessories under the brands Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City. The company’s stock price closed at $17.54 per share Friday, Aug. 28, up from $15.59 per share one year ago.

August 31, 2020

Acquisitions Office Oregon Western

SKB, Harbert Acquire Historic Mason Ehrman Office Complex in Portland’s Old Town District

by Kristin Harlow August 31, 2020

PORTLAND, ORE. — ScanlanKemperBard (SKB) and Harbert Management Corp. have acquired the Mason Ehrman Building and Annex, a historic office complex in the Old Town district of Portland. The properties total 97,006 square feet. Built in 1908, the seven-story Mason Ehrman Building includes an attached annex building. SKB intends to construct a rooftop deck and add another 3,000 rentable square feet. The seller and price were undisclosed.

August 31, 2020

California Loans Multifamily Seniors Housing Western

Paragon Mortgage Provides $16.3M Refinancing for Skilled Nursing Facility in Los Angeles

by Kristin Harlow August 31, 2020

LOS ANGELES — Paragon Mortgage has funded a $16.3 million loan to refinance All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service.

August 31, 2020

Acquisitions California Retail Western

Coldwell Banker Commercial Brokers $6.3M Sale of Walgreens-Occupied Property in Sacramento

by Kristin Harlow August 31, 2020

SACRAMENTO, CALIF. — Coldwell Banker Commercial has brokered the sale of a 14,820-square-foot retail property leased to Walgreens in Sacramento for $6.3 million. The freestanding building, constructed in 2007, anchors the Westlake Village shopping center. Dan McGue of Coldwell Banker represented the buyer, a family trust completing a 1031exchange. The seller was undisclosed.

August 31, 2020

Acquisitions Arizona Retail Western

Thompson Thrift Retail Group Sells Two Phoenix-Area Retail Parcels

by Kristin Harlow August 31, 2020

SCOTTSDALE AND SURPRISE, ARIZ. — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold two retail parcels in Scottsdale and Surprise, Ariz. Prices were undisclosed. The first transaction was the sale of recently completed, 5,700-square-foot, build-to-suit property for Wilhelm Automotive in Surprise. The building sits on nearly one acre at the northwest corner of Civic Center Drive and Elm Street within Thompson Thrift’s development, the Shops at Elm Street. The second sale is for a newly constructed, freestanding Black Rock Coffee location at the northeast corner of 116th Street and Shea Boulevard in Scottsdale. The coffee roaster recently opened a 1,900-square-foot coffee bar with a drive-thru on the subject property. Torrey Briegel and Chad Tiedeman of PCA represented TTRG on the Surprise sale and Chris Hollenbeck of Cushman & Wakefield represented TTRG on the Scottsdale sale.

August 31, 2020

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