Western

MCA Realty Renovates, Sells Multi-Tenant Industrial Asset in North San Diego County for $8.2M

by Amy Works June 11, 2020

ESCONDIDO, CALIF. — MCA Realty has completed the disposition of Pinnacle Business Park, a two-building industrial property located at 2750 Auto Park Way in Escondido. San Diego-based Providence Capital Group acquired the asset for $8.2 million. MCA Realty purchased the 40,968-square-foot property in November 2018 for $5.9 million and completed interior and exterior renovations to increase the income profile of the asset. When originally acquired, the 13-suite project was 80 percent occupied with in-place rents approximately 25 percent below market rates. The renovation program enabled MCA to increase in-place rents to market value and lease-up vacant space. Tucker Hohenstein, Michael Kendall and Connor Boyle of Colliers International represented the seller, while Evan McDonald, also of Colliers, represented the buyer in the deal.

June 11, 2020

Idaho Loans Multifamily Western

Arbor Realty Funds $1.9M Fannie Mae Financing for Arbor Court Apartments in Idaho Falls

by Amy Works June 11, 2020

IDAHO FALLS, IDAHO — Arbor Realty Trust has provided $1.9 million in financing through the Fannie Mae Small Loan program for Arbor Court Apartments in Idaho Falls. Built in 1953, the two-story, six-unit property features a playground, laundry facility and on-site parking. Geoffrey Platt of Arbor’s New York City office originated the loan for the undisclosed borrower.

June 11, 2020

California Development Multifamily Top Stories Western

LaTerra, QuadReal Plan Two Mixed-Use Projects in Hollywood, Burbank

by Taylor Williams June 11, 2020

LOS ANGELES AND BURBANK, CALIF. — A joint venture between Los Angeles-based LaTerra Development and Canadian investment firm QuadReal Property Group has launched a $250 million fund to develop and operate multifamily communities in Southern California. The joint venture has acquired land for two different projects in the greater Los Angeles area. The first project will be a 573-unit, transit-served community that will be situated on an eight-acre site at 777 N. Front St. in Burbank. The site is located near the corporate headquarters of Walt Disney Studios and Warner Bros. and will also house a 300-room hotel that will be developed separately. This community, which will be branded The Line at Burbank, will be just the second new multifamily project to be constructed in Burbank in the last 20 years. The other, the 241-unit Talaria at Burbank, was completed in February 2019 following years of setbacks that included adjustments to surrounding traffic flows and various environmental concerns. The second development will be a 71-unit complex at 7617 Santa Monica Blvd. in West Hollywood that will also house 10,000 square feet of ground-floor retail space. Amenities at this property will include a rooftop pool and two levels of subterranean parking. …

June 11, 2020

California Development Industrial Western

Shea Properties Completes 500,000 SF Shea Business Center in Santa Ana, California

by Amy Works June 10, 2020

SANTA ANA, CALIF. — Aliso Viejo, Calif.-based Shea Properties has completed the development of Shea Business Center, a Class A industrial park located on the former ITT site on Dyer Road in Santa Ana. Construction began in August 2018 and was completed on June 1, 2020. Totaling 500,000 square feet, the nine-building Shea Business Center offers dock-high and ground-level loading doors, ESFR sprinklers, concrete foundation, gas service to all buildings, potential private yards, ample power and 28-foot to 30-foot clear heights. Anduril has inked a deal to occupy 72,000 square feet at the industrial park. Anduril is a defense technology start-up focused on artificial intelligence platforms to protect troops, fight wildfires, perform search-and-rescue missions and more. John Griffin and Max Wang of Cushman & Wakefield are leasing agents for the property. Tucker Hughes of Hughes Marion represented Anduril in its lease.

June 10, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $20.7M Sale of Desert Willow Multifamily Property in Phoenix

by Amy Works June 10, 2020

PHOENIX — Marcus & Millichap has arranged the sale of Desert Willow, an apartment property located in Phoenix. A limited liability company sold the asset to an undisclosed buyer for $20.7 million. Located at 2025 W. Indian School Road, Desert Willow features 280 apartments in a mix of 128 studio units, 144 one-bedroom units, four two-bedroom/one-bath units and four two-bedroom/two-bath units. The 133,308-square-foot property was built in 1973 and partially renovated in 2012. It also underwent an extensive infrastructure replacement campaign between 2015 and 2019. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented the seller in the deal.

June 10, 2020

Company News Retail Western

Starbucks to Revamp Stores for More Drive-Thru, Pickup Orders After $3.2B Quarterly Loss in Revenues (UPDATED)

by Amy Works June 10, 2020

SEATTLE — Starbucks Coffee plans to accelerate the transformation of its store portfolio across the United States amid the ongoing COVID-19 pandemic. Over the next 18 months, the coffee chain will increase convenience-led formats in company-operated locations with drive-thru and curbside pickup options, as well as Starbucks Pickup location. UPDATE (June 11): In a letter to shareholders, released through an SEC filing, Starbucks announced that it plans to close approximately 400 company-operated U.S. stores over the next 18 months as part of this new focus on drive-thru and pickup. In that same letter, Starbucks notes that it plans to open 300 new stores this year, though that is down from its initial plan of 600. Even before the COVID-19 outbreak, 80 percent of Starbucks transactions were “on-the-go” sales, according to the letter. Due to the shift in the retail environment because of amid the global pandemic, including store closures and decreased customer sales, Starbucks posted a $3.2 billion loss in revenue during fiscal third quarter and expects same-store sales in the United States and Canada to decline 10 percent to 20 percent for the full fiscal year, according to CNBC. The company’s U.S. store portfolio transformation includes the expansion of …

June 10, 2020

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Arranges $2.8M Sale of Industrial Building in Metro San Diego

by Amy Works June 10, 2020

ESCONDIDO, CALIF. — Lee & Associates – North San Diego County has arranged the sale of an industrial property located at 124 S. Market Place in Escondido. PGP Beach Colony acquired the property from Morris Alkin Revocable Trust for $2.8 million. The 19,525-square-foot industrial building features four suites leased to three tenants. Daniel Knoke and Peter Merz of Lee & Associates represented the buyer and seller in the deal.

June 10, 2020

Acquisitions Arizona Multifamily Western

BBAM Acquires Eucalyptus Apartments in Tucson for $1.9M

by Amy Works June 10, 2020

TUCSON, ARIZ. — BBAM LLC has purchased Eucalyptus Apartments, a multifamily complex located at 3055 N. Tyndall Ave. in Tucson, from 3055 North Tyndall Avenue LLC for $1.9 million. The 15,620-square-foot apartment complex features 44 units. Allan Mendelsberg of Cushman & Wakefield | PICOR represented both parties in the deal.

June 10, 2020

Acquisitions Multifamily Oregon Western

Virtú Investments Buys 204-Unit Modera Davis Apartments in Portland’s Pearl District

by Amy Works June 9, 2020

PORTLAND, ORE. — Virtú Investments has purchased Modera Davis, a newly built, 12-story residential community located at 215 NW 10th St. in Portland’s Pearl District. A joint venture between Mill Creek Residential Trust LLC and its capital partner sold the property for an undisclosed price. Modera Davis features 204 apartments averaging 658 square feet, 8,307 square feet of ground-floor retail and 136 parking stalls. The units offer private balconies and high-end finishes, including quartz countertops and backsplashes, stainless steel appliances, wine refrigerators, modern slab panel cabinetry, plank flooring, expansive windows and full-size washers and dryers. Community amenities include a top-floor fitness center; rooftop deck with grilling area and fire pit; sauna with rock salt wall; sensory deprivation chamber; golf simulator; demonstration kitchen; and electric vehicle charging stations. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the transaction.

June 9, 2020

California Development Multifamily Western

Hines, MetLife Break Ground on 228-Unit The Grant Multifamily Development in Concord, California

by Amy Works June 9, 2020

CONCORD, CALIF. — Hines, along with investment partner MetLife Investment Management, has broken ground on The Grant, a multifamily community in downtown Concord. Comprising two buildings separated by Clayton Road, The Grant will feature a north building office with 139 apartments and ground-floor retail space, as well as a south building with 89 units. The property will feature a mix of studio, one- and two-bedroom layouts ranging in size from 506 square feet to 1,211 square feet. Community amenities will include a swimming pool, roof deck, clubhouse, outdoor fitness area, fire pits, bicycle parking and space for dogs, as well as 328 parking spaces. Completion is slated for third-quarter 2022, with leasing scheduled to begin in April 2022. Development partners include Architects Orange as design and landscape architect, Haven Design Studio for interior design services and Brown Construction as general contractor.

June 9, 2020

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