Western

Long Beach Trading Co. Acquires Lyra Residences Rental Townhomes in Phoenix for $8.1M

by Amy Works June 19, 2020

PHOENIX — Long Beach Trading Co. has purchased Lyra Residences, a rental townhome community located at 2950 N. 38th St. in Phoenix. Lyra Residences 38th St LP sold the asset for $8.1 million, or $450,333 per unit. Built in 2020, Lyra Residences features 18 two-story smart homes, averaging 1,778 square feet. The three-bedroom, two-and-one-half-bath townhomes offer private backyards, two-car garages, full-size washers and dryers, high-speed internet, keyless door entry, doorbell cameras and smart climate control, among other technologies. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyer and seller the transaction.

June 19, 2020

The-Square-Industrious-Salt-Lake-City-UT

Development Office Utah Western

Hines, Industrious to Open Coworking Space at Kearns Building in Salt Lake City

by Amy Works June 18, 2020

SALT LAKE CITY — Hines and Industrious will open The Square with Industrious Salt Lake City, the second flexible workspace location under the Hines2 platform, on June 22. Located in the historic Kearns Building at 136 S. Main St., The Square with Industrious Salt Lake City will be the first coworking space in Utah to pursue the International WELL Building Institute’s WELL Certification. Industrious will operate the asset. Hines has implemented a $25 million redevelopment project at the Kearns Building, which was built in 1911. The redevelopment program includes all new HVAC, technical upgrades and building amenities. The completed project will offer floor plates to accommodate large enterprises and small business across two floors totaling 25,000 square feet. Members of The Square with Industrious Salt Lake City will have access to a tenant lounge, event space, wellness center, fully equipped gym with two-story historic windows and a rooftop space. Additionally, the property will offer a member kitchen, daily gourmet breakfast and coffee, and a fully stocked café with snacks and soft beverages. Services provided at the coworking space will include 24/7 access, mail/package services, unlimited printing, secure shredding, audio/visual meeting support, fast and secure internet with VLAN in every office …

June 18, 2020

Development New Mexico Office Western

Goodman Realty to Develop 28,000 SF Office Building at Winrock Town Center in Albuquerque

by Amy Works June 18, 2020

ALBUQUERQUE, N.M. — Albuquerque-based Goodman Realty is developing Portland Building, an office building located within Winrock Town Center in Albuquerque. The ground-up construction project will feature a three-story, 28,000-square-foot office and retail property, along with a park, all situated on a two-acre site. Goodman plans to break ground on the asset in fourth-quarter 2020, with completion slated for second-quarter 2022. The project is expected to cost $8.5 million. Located at 2100 Louisiana Blvd. NE, Winrock Town Center offers 1.1 million square feet of retail space, 825 multifamily residential units, 160 hotel rooms and 130,000 square feet of office space.

June 18, 2020

Acquisitions Arizona Retail Western

NKF Arranges Sales of Three Retail Buildings in Arizona

by Amy Works June 18, 2020

PHOENIX AND MESA, ARIZ. — Newmark Knight Frank (NKF) has brokered the sales of three retail properties totaling 48,188 square feet in Phoenix and Mesa. The properties include Don Carlos Plaza, located at 2651-2667 W. Baseline Road in Mesa; Meineke, located at 2056 W. Southern Ave. in Mesa; and Fairway Plaza, located at 5843 W. Indian School Road in Phoenix. Terms of the transactions were not released. Chase Dorsett, Steve Julius and Jesse Goldsmith of NKF represented the sellers for the Don Carlos Plaza and Meineke deals and both parties at Fairway Plaza.

June 18, 2020

Acquisitions California Retail Western

Atlas Properties Negotiates $9.9M Acquisition of Cardenas Grocery in Victorville, California

by Amy Works June 18, 2020

VICTORVILLE, CALIF. — A private Orange County, Calif.-based developer has completed the disposition of a retail property located at 14528 Palmdale Road in Victorville. A private 1031-exchange investor acquired the building for $9.9 million. Cardenas, a Hispanic grocery store, occupies the asset. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of Newmark Knight Frank represented the seller, while Ed Barkett of Atlas Properties represented the buyer in the deal.

June 18, 2020

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $2.6M Sale of Industrial Asset in Metro Portland

by Amy Works June 18, 2020

NEWBERG, ORE. — Portland, Ore.-based Norris & Stevens has brokered the sale of an industrial building located at 2751 NE Wynooski St. in Newberg, approximately 30 miles southwest of Portland. The buyer, 2751 Wynooski Street LLC, acquired the property for $2.6 million. Oregon Mattress, a mattress manufacturing business, formerly occupied the 31,265-square-foot property, which is situated on 1.7 acres. The buyer plans to occupy the asset for its business, Southtown Glass. Todd VanDomelen of Norris & Stevens represented the sellers, Thomas A. Walker, Melissa A. Walker, David R. Walker and Judy Walker, in the transaction. Mike Mosar of Mosar Commercial Properties represented the buyer.

June 18, 2020

Acquisitions California Net Lease Office Western

IRA Capital Purchases Element Office Campus in Aliso Viejo for $73.5M

by Amy Works June 17, 2020

ALISO VIEJO, CALIF. — IRA Capital has acquired Element, a corporate office campus located at 26600, 26650 and 26700 Aliso Viejo Parkway in Aliso Viejo. A joint venture between CrossHarbor Capital Partners and Waterford Property Co. sold the asset for $73.5 million. The buyer purchased the property through its joint venture with a Middle East-based capital partner. Consisting of three two-story buildings, the asset offers 160,000 square feet of office space. In 2019, Glaukos Corp., a publicly traded ophthalmic medical technology and pharmaceutical company, signed a 13-year, triple-net lease to occupy the property for its corporate and R&D headquarters. Additionally, the company purchased excess land surrounding the building for future development and expansion. Bryon Foss, Nick Cary and Curtis Ellmore of JLL, along with Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark Knight Frank’s Capital Markets team, represented the seller in the transaction.

June 17, 2020

Arizona Development Loans Office Western

NorthMarq Arranges $73.5M in Financing for Spec Office Development in Chandler, Arizona

by Amy Works June 17, 2020

CHANDLER, ARIZ. — NorthMarq has arranged a $46 million construction loan and $27.5 million mezzanine equity investment for a Class A speculative office project in Chandler. Bank OZK provided the loan to an affiliate of Douglas Allred Co. An insurance company, with NorthMarq as correspondent, provided the mezzanine equity. Situated within Park Place, a 200-acre master-planned business park assembled and developed by Douglas Allred Co., the new project will feature two three-story buildings totaling 300,000 square feet and an 800-stall parking structure. The concrete tilt-up buildings will offer 10- to 12-foot ceiling heights, high-quality finishes and a 6/1,000 parking ratio. Completion slated for October 2021. San Diego-based Douglas Allred Co. begin assembling and developing Park Place in 2007 and to-date has completed 1.5 million square feet of office, manufacturing and retail space within the assemblage. The office buildings total 1.2 million square feet and are 95 percent leased to mostly national companies.

June 17, 2020

Acquisitions California Net Lease Retail Western

NKF, Highland Partners Negotiate $14M Sale of Single-Tenant Retail Property in Hawthorne, California

by Amy Works June 17, 2020

HAWTHORNE, CALIF. — Newmark Knight Frank (NKF) and Highland Partners have arranged the sale of a retail building located at 14351 Hindry Ave. in Hawthorne. A private family office acquired the property from Hawthorne Gateway, a private Los Angeles-based partnership, for $14 million. Bed, Bath & Beyond occupies the property. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of NKF and Michael Grannis of Highland Partners represented the seller in the transaction.

June 17, 2020

Acquisitions Multifamily Oregon Seniors Housing Western

Cadence Living, Dylan Investments Acquire Tanner Spring Seniors Housing Asset Near Portland

by Amy Works June 17, 2020

WEST LINN, ORE. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our growing portfolio,” says Rob Leinbach, Cadence principal. “Tanner Spring has a terrific reputation and we love the West Linn neighborhood. It is a unique property with sweeping views of the Willamette River valley that we believe is well positioned for the long term.” Cadence Living is currently developing, owns and/or operates communities throughout the South and West.

June 17, 2020

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