Western

NAI Horizon Arranges $8.3M Sale of American Self Storage & Mail Center in Chandler, Arizona

by Amy Works August 13, 2020

CHANDLER, ARIZ. — NAI Horizon has arranged the sale of American Self Storage & Mail Center, a self-storage facility located at 12220 E. Riggs Road in Chandler. Apache Junction-based Lawhead Family LLC sold the asset to Phoenix-based 535 Wilmot Investors for $8.3 million. Totaling 59,239 square feet, American Self Storage & Mail Center offers 652 units in a mix of drive-up and climate-controlled options, as well as RV parking and six commercial retail store tenants. Denise Nunez and Victoria Filice of NAI Horizon represented the seller in the transaction.

August 13, 2020

Acquisitions California Retail Western

Hanley Investment Negotiates $3.8M Sale of Four-Tenant Retail Building in Inland Empire

by Amy Works August 13, 2020

LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail building within Lake Elsinore Marketplace, a shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to a Torrance-based private investor for $3.8 million. Built in 2006 at 29261 Central Ave., the 7,203-square-foot pad building is fully occupied. Tenants include Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!. Anchors at the larger, 144,034-square-foot Lake Elsinore Marketplace include Costco, Lowe’s Home Improvement Warehouse, Grocery Outlet, PetSmart and Dollar Tree. Kevin Fryman and Bill Asher of Hanley represented the seller in the deal.

August 13, 2020

California Content Partner Features Lument Multifamily RED Capital Group Western Western Feature Archive

San Francisco Multifamily Trends: The Downside of Demand Inelasticity

by Sarah Daniels August 13, 2020

In economics, the sensitivity of aggregate demand for a product or service to changes in price is defined as its “elasticity.” The elasticity of demand for nonessential goods or goods with a number of ready substitutes is high. Even a small increase in price will produce a large decrease in demand. Conversely, a relatively large price change in the cost of an essential or prized luxury good for which few substitutes exist may have little effect on demand for it. San Francisco real estate is a highly inelastic good. The Bay Area’s potent combination of natural beauty, sublime climate and unique culture make it one of the most coveted destinations in the world. By the same token, its compact size, high population density, seismic risks and antipathy to development constrain supply. For all practical purposes, housing prices are limited by the income that residents can expect to earn rather than the normal interplay of producers and consumers. The innovation and wealth creation generated by the high tech industry added a complex new variable to the equation. More wealth was created during the last 10 years in the 40 miles that lie between the Golden Gate and San Jose than in …

August 13, 2020

Acquisitions Arizona Multifamily Western

Taurus Investment Enters Phoenix Multifamily Market with $25.9M Acquisition of Avenel on 16th Apartments

by Amy Works August 12, 2020

PHOENIX — Boston-based Taurus Investment Holdings has entered the Phoenix multifamily market with the acquisition of Avenel on 16th Apartments. The recently repositioned property is located near 16th Street and Indian School Road in Phoenix’s East Camelback/Uptown submarket. Phoenix-based Rincon Partners sold the asset for $25.9 million. Built in 1980 and 1984, Avenel on 16th features 200 units in a mix of studio, one- and two-bedroom layouts. The seller recently spent over $4 million on capital improvements and interior renovations at the property. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix investment sales team represented both parties in the transaction. Additionally, Bryan Mummaw of NorthMarq arranged an $18.8 million Freddie Mac loan for the acquisition on behalf of the buyer.

August 12, 2020

Arizona Industrial Loans Western

JLL Secures $16.1M Refinancing for Seven-Building Industrial Portfolio in Metro Phoenix

by Amy Works August 12, 2020

PHOENIX, GLENDALE AND CHANDLER, ARIZ. — JLL Capital Markets has arranged $16.1 million in financing for a seven-building light industrial distribution and manufacturing portfolio in metro Phoenix. The borrower is a partnership between Phoenix-based Bird Dog Industrial, HPI Real Estate Services and Investment and Long Wharf Capital. Casey Wenzel, Aldon Cole, Jeremy Womack and Alastair Barnes of JLL Capital Markets secured the five-year, fixed-rate, non-recourse loan with a correspondent life insurance company. Loan proceeds will be used to take out the existing credit facility. The portfolio is situated on 16.1 acres at 10950 W. Northview Ave. in Glendale, 235 E. Pima St. in Phoenix, and 481 N. Dean Ave., 5740 W. Oakland St. and 5753, 5763 5773 W. Erie St. in Chandler. At the time of financing, the portfolio was 54.6 percent leased to three national tenants. The borrower is in the final stage of completing value-add improvements totaling approximately $1.7 million across the portfolio.

August 12, 2020

Loans Multifamily Utah Western

Gantry Arranges $9.8M in Financing for The Lake Apartments in Coeur d’Alene, Idaho

by Amy Works August 12, 2020

COEUR D’ALENE, IDAHO — Gantry has secured $9.8 million in permanent financing for The Lake Apartments, a newly constructed multifamily community located in Coeur d’Alene. Demetri Koston and Joyce Chen of Gantry arranged the 12-year, fixed-term, Fannie Mae refinancing, which includes a $1.5 million cash-out. The name of the borrower was not released. Delivered this year, The Lake Apartments features three interconnected buildings offering a total of 46 apartments in a mix of studio, one-, two- and three-bedroom units.

August 12, 2020

Acquisitions Net Lease Retail Utah Western

Ostler Holding Sells Family Dollar-Occupied Retail Property in Helper, Utah

by Amy Works August 12, 2020

HELPER, UTAH — Ostler Holding Limited Company of Utah LLC has completed the disposition of a retail building located at 610 US-6 in Helper. An in-state limited liability company acquired the asset for $1.3 million. Built in 2019 on 1.4 acres, the property features 8,320 square feet of retail space. Family Dollar occupies the building on a double net lease with 8.5 years remaining on the term. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the transaction.

August 12, 2020

Acquisitions Industrial Leasing Activity Washington Western

EverWest Completes $29.5M Sale-Leaseback With Alliance Packaging for Industrial Facility Near Seattle

by Amy Works August 11, 2020

RENTON, WASH. — Denver-based EverWest Real Estate Partners has completed the $29.5 million acquisition and partial sale-leaseback of an industrial building located at 851 SW 34th St. in Renton, about 14 miles south of downtown Seattle. Alliance Packaging sold the property and executed a leaseback for a portion of the asset. Totaling 164,332 square feet, the property features 26-foot clear heights, dock-high and grade-level doors in a cross-dock configuration and 5,000 amps of heavy power. Alliance Packaging will continue to occupy 82,019 square feet of the property under a long-term lease agreement. The remaining 82,313 square feet, including 13,440 square feet of office space, is available for immediate lease. Ryan Madson provided in-house representation for EverWest, while Arie Salomon and Jeff Forsberg of NAI Puget Sound Properties represented Alliance Packaging in the transaction.

August 11, 2020

Acquisitions Arizona Development Hospitality Western

WaterWalk Acquires Development Site in Phoenix’s Deer Valley Area for Future Extended-Stay Hotel

by Amy Works August 11, 2020

PHOENIX — WaterWalk, a developer of upscale extended-stay hotels, has purchased 4.5 acres at the southwest corner of 19th Avenue and Pinnacle Peak Road in Phoenix’s Deer Valley neighborhood. Alter Group sold the development site for $2.1 million. Trask Switzenberg and Chuck Wells of Kidder Mathews represented the buyer in the deal. WaterWalk plans to develop an extended-stay hotel on the site, which includes a retail pad. Currently, WaterWalk has seven open hotels in Kansas, Colorado, Texas and North Carolina, with two additional locations opening this fall in North Carolina and Minnesota. The Phoenix property will be the brand’s first Arizona property. WaterWalk plans to have 50 locations open by year-end 2024. WaterWalk is the fifth national brand started by hotelier Jack DeBoer. Other brands include Residence Inn, Summerfield Suites, Candlewood Suites and Value Place/WoodSpring.

August 11, 2020

Acquisitions California Office Western

CBRE Brokers $6.6M Sale of Single-Tenant Office Building in Oceanside, California

by Amy Works August 11, 2020

OCEANSIDE, CALIF. — CBRE has arranged the sale of an office building located at 2160 S. El Camino Real in Oceanside. An Orange County, Calif.-based 1031 private buyer acquired the asset for $6.6 million, or $493 per square foot. The U.S. Federal Government occupies the 13,500-square-foot, single-tenant property on a 15-year lease that commenced in 2018. The building was a build-to-suit in 2004 for the Social Security Administration and was fully remodeled and upgraded in 2018 to current U.S. General Services Administration standards. The upgrades included a new roof and HVAC system. Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson and Matt Harris of CBRE represented the seller, a private investor, in the transaction.

August 11, 2020

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