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

California Development Industrial Western

Amazon to Retrofit Vacant Kmart as Last-Mile Facility in Bakersfield, California

by Amy Works April 5, 2021

BAKERSFIELD, CALIF. — The City of Bakersfield has announced that Amazon will convert a vacant big-box retail property, located at 3500-3600 Wilson Road in Bakersfield, into a last-mile facility. The new facility will create approximately 200 new permanent jobs. Formerly a Kmart, the 93,000-square-foot property will undergo a $20 million renovation. Amazon is expected to begin operations in fourth-quarter 2021. Renovations will include a new roof and parking lot, enhanced lighting, landscaping and the addition of roll-up bay doors. Amazon is growing its last-mile delivery efforts to speed up customer delivery times and provide new innovations to customers, according to Amazon.

April 5, 2021

California Development Industrial Loans Top Stories Western

Bank OZK Provides $105M Construction Loan for Industrial Project in Southern California

by Taylor Williams April 5, 2021

CHERRY VALLEY, CALIF. — Bank OZK has provided a $105 million construction loan for the development of I-10 Logistics Center, a 1.8 million-square-foot industrial project located near the crossing of Interstate 10 and Cherry Valley Boulevard in Southern California. The borrower is a joint venture between locally based developer Shopoff Realty Investments and Artemis Real Estate Partners, an investment management firm based in the Washington, D.C. metro area. Mark Strauss and Rob Quarton of Walker & Dunlop arranged the debt, specific terms of which were not disclosed, on behalf of the joint venture. Situated on 155 acres, I-10 Logistics Center will consist of two buildings spanning approximately 815,000 and 1 million square feet. The development will feature 40-foot clear heights, 665 car parking spaces, 585 trailer parking spaces and 296 dock-high doors. Site work is set to begin in April, and construction is scheduled for completion by summer 2022. CBRE is marketing the project for lease. “This project represents one of the few opportunities to develop much-needed logistics product in Southern California,” says William Shopoff, president and CEO of Shopoff Realty Investments. “This state-of-the-art logistics center with I-10 freeway access will be in high demand as users continue to require …

April 5, 2021

Acquisitions Mixed-Use Top Stories Washington Western

KKR, Urban Renaissance Group Acquire 770,000 SF Mixed-Use Building in Downtown Seattle

by Julia Sanders April 2, 2021

SEATTLE — Seattle-based commercial real estate firm Urban Renaissance Group LLC (URG) and global investment firm KKR have acquired 300 Pine St. in downtown Seattle for approximately $580 million. Taking up a full city block between Third and Fourth avenues, the property is a 770,000-square-foot, eight-story, mixed-use building that features 85,000 square feet of renovated ground-floor retail designed to accommodate retail flagship stores. The property has a new Fourth Avenue entrance to access the 682,000 square feet of commercial office space currently 100 percent leased to a single tenant. The office portion features 80,000-square-foot floorplates, seismic retrofitting and over 20 skylights including two light wells providing additional light for the top two floors. The asset was originally home to Seattle’s Bon Marché department store. The art-deco style building was constructed in 1929 with four additional stories added in 1955. Between 2015 and 2017, then-owner Macy’s sold the upper six levels of office space, and in 2020 the department store closed. The renovated landmark building features a 20,000-square-foot rooftop deck and 15-foot ceilings. The ground-level retail space is located above the underground Westlake light rail station with bus stops at the west and east entrances. The property will offer retail suites …

April 2, 2021

Acquisitions California Office Western

Gemdale USA Buys 222,524 SF Office Campus in Calabasas for $79M

by Amy Works April 2, 2021

CALABASAS, CALIF. — Gemdale USA, a subsidiary of China-based Gemdale Corp., has acquired The Park Calabasas, an office campus located at 4500 Park Granada in Calabasas. Rising Realty Partners and Fortress Investment Group sold the asset for $79 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark’s U.S. Capital Markets team represented the sellers in the deal. David Milestone and Brett Green of Newmark secured acquisition financing for the buyer. The low-rise campus features 222,524 square feet of office space with expansive outdoor courtyards, on-site amenities, landscaped gardens and executive parking. At the time of sale, the property was 92 percent leased to six tenants. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as headquarters for Countrywide Financial (Bank of America), The Park Calabasas had been utilized as a single-tenant campus for nearly 20 years until a $12 million renovation by Rising Realty and Fortress Investment Group. The renovation converted the single-tenant property into a multi-tenant creative office space.

April 2, 2021

Acquisitions Multifamily Student Housing Utah Western

Joint Venture Acquires 1,156-Bed Value-Add Student Housing Community Near Brigham Young University

by Amy Works April 2, 2021

PROVO, UTAH — A joint venture between investment affiliates of Redstone, MJW Investments and MHE Enterprises has acquired The Lodges at Glenwood, a 1,156-bed student housing community located near Brigham Young University in Utah. The community offers a mix of studio, one- and three-bedroom units. Communal amenities include a study area, swimming pool and spa, volleyball court, gaming tables, cabanas and barbecue grill. Brian Eisendrath and Cameron Chalfant of CBRE secured acquisition financing for the property through a prominent life insurance company. Significant renovations are planned for the community, details of which were undisclosed. The seller and price were also undisclosed.

April 2, 2021

Acquisitions Retail Washington Western

CBRE Negotiates $25M Sale of Safeway-Anchored Retail Center Near University of Washington in Seattle

by Amy Works April 2, 2021

SEATTLE — CBRE has arranged the sale of a 1.82-acre retail property located at 3020 NE 45th St. in Seattle’s University District. Albertsons Cos., parent company of Safeway, acquired the asset for $25 million. The asset is ground leased to Safeway, which has operated as a tenant at the site since 1976. Albertsons Cos. owns the surrounding 2.2 acres, with the transaction bringing its total holdings to more than 4 acres, creating one of the largest contiguous development sites in Seattle. The site is zoned for a range of uses, including market-rate housing, student housing, medical office, hotel, retail, assisted living or entertainment. Additionally, the property is located on at the eastern end of the University of Washington campus and adjacent to the U-Village shopping center, an 800,000-square-foot open-air lifestyle center. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners in Seattle represented the seller, a private family trust, in the deal.

April 2, 2021

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