Western

SRS Brokers $3.3M Sale of Restaurant Property in Scottsdale, Arizona Leased to Wendy’s

by Amy Works August 10, 2020

SCOTTSDALE, ARIZ. — SRS Real Estate Partners has arranged the sale of a single-tenant restaurant property located at 15416 N. Pima Road in Scottsdale. A Texas-based private investor sold the asset to an undisclosed buyer for $3.3 million. Built in 1996, the 3,386-square-foot building features a drive-thru. Wendy’s occupies the property on a corporate-guaranteed, triple-net lease through May 2032. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group, along with Chris Stamets and Brian Gausden of Western Retail Advisors, represented the seller in the deal.

August 10, 2020

Acquisitions Oregon Retail Western

Silver Group Directs Sale of Dollar General-Occupied Retail Building in Turner, Oregon

by Amy Works August 10, 2020

TURNER, ORE. — The Silver Group has brokered the sale of a single-tenant retail property located in Turner. Terms of the deal were not released. The asset consists of a newly constructed 9,800-square-foot retail building situated on 1.4 acres of land. Dollar General occupies the property on a long-term, absolute net lease. Barry Silver and Greg Cunha of The Silver Group handled the transaction.

August 10, 2020

California Company News Western

Marcus & Millichap Reports 44 Percent Revenue Decline in Second Quarter Due to COVID-19 Pandemic

by Amy Works August 7, 2020

CALABASAS, CALIF. — Marcus & Millichap (NYSE: MMI) reported total revenues of $117.4 million in the second quarter, compared with $209.6 million during the same period a year ago, a 44 percent decrease, according to the company’s latest quarterly results released Thursday. The precipitous drop in revenue resulted in net income of $106,000 for the second quarter that ended June 30, compared with $21.3 million for the same period in 2019. The decline in total revenues was driven by the decrease in real estate brokerage commissions, financing fees and other revenues due primarily to the COVID-19 pandemic, the earnings release stated. “The health crisis and economic shutdown resulted in major market disruption during the second quarter with an estimated decline of roughly 60 percent in market transactions,” explained Hessam Nadji, president and CEO of the Calabasas-based firm. “Our team worked extremely hard to take care of our clients’ needs in a difficult environment, which resulted in 1,075 closed brokerage transactions.” Nadji added that the company’s long-term focus is on the continued hiring of experienced agents, investments in technology and strategic acquisitions. “We are positioning MMI to lead an eventual recovery in real estate transactions facilitated by record-low interest rates and …

August 7, 2020

Colorado Development Industrial Leasing Activity Office Western

Subaru Signs 550,000 SF Build-to-Suit Lease With Majestic in Aurora, Colorado

by Amy Works August 7, 2020

AURORA, COLO. — Subaru of America has signed a long-term lease with Majestic Realty Co. for a 550,000-square-foot build-to-suit facility at Majestic Commercenter in Aurora. Located at the intersection of Interstate 70 and Tower Road, the master-planned park encompasses 1,600 acres. Subaru will relocate from a smaller existing location and expand into the new regional office, parts distribution and technical training center for its retail service technicians. Groundbreaking is scheduled for late 2020, with completion of Subaru’s full buildout and occupancy in late 2021. Constructed by Commerce Construction, Building 16 will feature 36-foot clear heights, 70-foot speed bays, 115 dock doors and signage fronting I-70. In addition to the Subaru development, Majestic Realty is developing a 32-acre retail complex at the park’s entrance. The retail component will offer space for up to 15 tenants, including at least one hotel. Earlier this year, Amazon signed a long-term lease agreement to occupy Building 15, a 702,000-square-foot facility, and Shamrock Foods purchased land at the park resulting in a 1.3 million-square-foot complex now under construction. Upon completion of these projects, Majestic Commercenter will feature more than 9 million square feet, valued at approximately $500 million.

August 7, 2020

Acquisitions California Development Industrial Western

Trammell Crow, CBRE Global Investors Buy 24-Acre Site in Silicon Valley for Industrial Development

by Amy Works August 7, 2020

MORGAN HILL, CALIF. — Trammell Crow Co. (TCC) and Los Angeles-based CBRE Global Investors have acquired a fully entitled, 24-acre land site within Morgan Hill Ranch Business Park in Morgan Hill. Terms of the transaction were not released. The buyers plan to develop up to 440,000 square feet of light industrial space across five Class A buildings at the site. Dallas-based TCC plans to submit a development application for the new project to the City of Morgan Hill during the third quarter. The intended project is consistent with the existing development agreement for the land.

August 7, 2020

Acquisitions California Office Western

Dornin Investment Group Sells Office Building in California’s Inland Empire for $16M

by Amy Works August 7, 2020

RIVERSIDE, CALIF. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of an office building located in Riverside. A Chicago-based institutional buyer acquired the asset for $16 million, or $361 per square foot. CBRE’s Anthony DeLorenzo, Sammy Cemo, Gary Stache, Doug Mack and Bryan Johnson represented both the seller and the buyer in the deal. Located at 3480 Vine St. in the Inland Empire, the 44,354-square-foot office building was originally built in 2004 and features prominent freeway frontage. At the time of sale, the property was fully occupied by three tenants: the U.S. General Services Administration (GSA), Fidelity National Title and the County of Riverside.

August 7, 2020

Acquisitions California Multifamily Western

CBRE Negotiates $2.6M Sale of Inland Empire Multifamily Community in California

by Amy Works August 7, 2020

FONTANA, CALIF. — CBRE has arranged the sale of Juniper Apartments, a multifamily property located in Fontana. A local private investor sold the complex to another private buyer for $2.6 million. Located at 8945 Juniper Ave., the community offers 18 two-bedroom/two-bath units that average 856 square feet. Additionally, the property features gated access, 25 covered parking spaces, 16 storage units and 15 surface parking spaces. Located south of the historic Route 66, the property is within walking distance to Chaffey College-Fontana campus, Fontana Metrolink Station and downtown Fontana. Cray Carlson of CBRE represented the seller and buyer in the deal.

August 7, 2020

Arizona Loans Multifamily Utah Western

Hunt Real Estate Capital Funds $41.4M in Fannie Mae Loans for Manufactured Housing Communities in Arizona, Utah

by Amy Works August 6, 2020

TEMPE, ARIZ., AND UINTAH AND ROY, UTAH — Hunt Real Estate Capital has funded three Fannie Mae conventional loans, totaling $41.4 million, to refinance three manufactured home communities in Arizona and Utah. All three transactions lowered interest rates for the borrower and provided cash-out options. The three communities, which are 100 percent mission driven and share the same management company, include: Tempe Cascade Mobile Home Estates, a 273-site property built in 1971 in Tempe Cottonwood Estates, an 83-site community developed in 1976 in Uintah Midland MHC, a 224-site first developed in 1938 and redeveloped in 1973 in Roy The loans for Tempe Cascade Mobile Home Estates and Cottonwood Estates share the same terms: a fixed interest rate and seven-year term. The Midland MHC loan features a fixed interest rate, 10-year term and two years of interest-only payments. Tom Houlihan of Sterling Financial Mortgage & Investment arranged the transactions.

August 6, 2020

Acquisitions Arizona Office Western

Exeter Property Group Acquires Office Building Near Phoenix for $19.2M

by Amy Works August 6, 2020

SCOTTSDALE, ARIZ. — Exeter Property Group has purchased 92 Mountain View, an office property located in north Scottsdale, a suburb of Phoenix. Equus Capital Partners sold the asset for $19.2 million. The transaction completes the seller’s disposition of its two-property, 223,249-square-foot office portfolio, including the previously announced sale of Scottsdale Gateway I. CVS Health occupies 89 percent of the 116,200-square-foot property, which shares fiber connectivity with the main CVS Caremark campus that is near the building. Additionally, the property is adjacent to HonorHealth Scottsdale Shea Medical Center, a 433-bed, full-service, acute-care hospital. Ben Geelan, Andrew Milne and Michael Legget of JLL represented the seller, while John DiVall provided in-house representation for the buyer in the deal. John Chun and Tim Brousse, also of JLL, advised from a debt and structured finance perspective.

August 6, 2020

California Development Office Western

Boston Properties Buys 50 Percent Interest in Beach Cities Media Campus Joint Venture in El Segundo, California

by Amy Works August 6, 2020

EL SEGUNDO, CALIF. — Boston Properties has acquired a 50 percent interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4-acre site on the Rosecrans Corridor in El Segundo. Continental Development, a developer and owner of Class A properties in the El Segundo and South Bay submarkets of Los Angeles, is another partner in the joint venture. The site is fully entitled to support the future development of approximately 275,000 square feet of Class A creative office space. The Media Campus is the western border of Continental Park, a 3 million-square-foot, 86-acre office and mixed-use campus.

August 6, 2020

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