Western

DAUM Arranges $14.3M Sale of Two Warehouses in Metro Los Angeles

by Amy Works June 1, 2020

RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has directed the sale of two industrial facilities, totaling more than 85,000 square feet, located in the South Bay market of Rancho Dominguez, an unincorporated community in Los Angeles County. First Industrial Realty Trust purchased the assets from a cosmetic products manufacturer for $14.3 million. The buyer plans to redevelop the two industrial warehouses into a 27,962-square-foot building with 15 docks on 3.9 acres of land. The redeveloped property, which will offer robust distribution capabilities, is slated for completion in third-quarter 2021. The warehouses are located at 19400 and 19302 S. Laurel Park Road. Natalie Lara, Jordan Lara and Andrew Lara of DAUM represented the seller and procured the buyer in the transaction.

June 1, 2020

Acquisitions Arizona Office Western

Visionary Holdings Buys Office Space in Tucson for $2.8M

by Amy Works June 1, 2020

TUCSON, ARIZ. — Visionary Holdings has acquired an office space located at 7470 N. Oracle Road, Suite 100, within Oracle-Ina Professional Plaza in Tucson, for $2.8 million. The condominium features 14,000 square feet of Class A medical and professional office space. Richard Kleiner and Thomas Nieman of Cushman & Wakefield | PICOR represented the seller, 7470 N Oracle Rd LLC, while Andrew Sternberg of NAI Horizon, Tucson, represented the buyer in the deal.

June 1, 2020

Acquisitions California Office Western

Omninet Capital Acquires Two Office Campuses in Metro Los Angeles for $78M

by Amy Works May 29, 2020

TORRANCE AND COMMERCE, CALIF. — Omninet Capital has purchased two office parks in the metro Los Angeles area for a combined total of $78 million in separate transactions. The buyer was self-represented in both transactions. In the first transaction, TA Associates sold Park Del Amo, a three-building office park located at 2355 and 2377 Crenshaw Blvd. in Torrance, for $39 million. Built in 1985 on 12.8 acres, Park Del Amo features 204,468 square feet of office space. At the time of sale, the campus was 92 percent leased to multiple tenants, including Keenan & Associates, which occupies 43 percent of the property and recently signed a five-year lease extension. Kevin Shannon, Ken White and Michael Moore of Newmark Knight Frank’s (NKF) Capital Markets team represented the seller in the deal. In the second deal, Omninet acquired Commerce Plaza, a two-building office complex located at 5601 E. Slauson Ave. and 5701 S. Eastern Ave. in Commerce. Colony Capital sold the offce campus for $39 million. At the time of sale, 13 tenants including Waste Management, County of Los Angeles and DaVita Medical Management occupied the 194,908-square-foot asset. The County of Los Angeles plans to lease an additional 51,555 square feet, which …

May 29, 2020

Acquisitions Arizona Office Western

Valwood Mesquite Purchases Mesquite Corporate Center in Scottsdale for $19.5M

by Amy Works May 29, 2020

SCOTTSDALE, ARIZ. — Valwood Mesquite LLC has acquired Mesquite Corporate Center, a two-story office building located at 14646 N. Kierland Blvd. in Scottsdale. An undisclosed seller sold the asset for $19.5 million, or $244.80 per square foot. Totaling 79,537 square feet, Mesquite Corporate Center overlooks the Westin Kierland Golf Club and is within walking distance to multiple restaurants and retail amenities at Kierland Commons. The Ron Schooler and Ken Elmer Team of Commercial Properties Inc./CORFAC International represented the buyer in the transaction.

May 29, 2020

Acquisitions Colorado Industrial Western

Scannell Properties Sells 99,960 SF Industrial Asset Near Colorado Springs Airport

by Amy Works May 29, 2020

COLORADO SPRINGS, COLO. — The Denver office of Scannell Properties has completed the sale of an industrial property located at 2640 Zeppelin Road in Colorado Springs. Walnut Creek, Calif.-based Nearon Enterprises purchased the asset for $14.6 million. Developed by Scannell Properties and completed last year, the 99,960-square-foot property is a multi-tenant distribution center leased to Geary Pacific Corp. and a national home improvement retailer. The building features 30-foot clear heights, ESFR sprinklers, dock-high and drive-in loading, LED lighting and a front-park, rear-load design. Situated in east Colorado Springs, the property is three miles from the Colorado Springs Airport and seven miles from downtown Colorado Springs. The building is located within a larger business park that will consist of four buildings at full build-out. Tyler Carner, Jeremey Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal. Scannell Properties is a privately owned commercial real estate developer that has completed 328 built-to-suit or speculative development projects exceeding 63 million square feet in 44 states and three Canadian provinces.

May 29, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $12.8M Sale of Ocotillo Apartments in Phoenix

by Amy Works May 29, 2020

PHOENIX — Marcus & Millichap has arranged the sale of Ocotillo Apartments, an affordable multifamily complex located at 1780 W. Missouri Ave. in Phoenix. A local apartment investor sold the property to an undisclosed buyer for $12.8 million, or $74,277 per unit. Built in 1972 and completely renovated in 2014, Ocotillo Apartments features 173 units in a mix of studio, one- and two-bedroom floor plans. Units offer updated kitchens and bathrooms, central air conditioning and energy-efficient windows and doors. Community amenities include a swimming pool with clubhouse, two laundry rooms, covered parking and a dedicated leasing office. Rich Butler and Sean Connolly of Marcus & Millichap’s Phoenix office handled the transaction.

May 29, 2020

Acquisitions Industrial Oregon Western

Diamond J Investments Buys Lake Oswego Executive Park in Oregon for $7.2M

by Amy Works May 29, 2020

LAKE OSWEGO, ORE. — Diamond J Investments has purchased Lake Oswego Executive Park, a flex industrial business park located at 5755-5795 Jean Road in Lake Oswego. King Capital Investments, a local entrepreneur and real estate investor, sold the property for $7.2 million. Zach Francis and Karla Hansen of Kidder Mathews represented the seller and buyer in the deal. Situated on 2.3 acres, Lake Oswego Executive Park is a three-building, 37,197-square-foot flex industrial campus located half a mile from the Interstate 5 interchange.

May 29, 2020

Acquisitions Colorado Industrial Top Stories Western

United Properties Sells Industrial Property in Denver for $85.7M

by Alex Tostado May 29, 2020

DENVER — United Properties has sold Enterprise Business Center Building Six, a 647,483-square-foot industrial building in Denver’s Northfield neighborhood. An undisclosed investor advised by Zurich Alternative Asset Management LLC (ZAAM) acquired the asset for $85.7 million. Denver-based Beverage Distributors Co. LLC fully leases the property. The tenant’s parent company, Breakthru Beverage Group, distributes wine, spirit and beer brands and has distribution centers in 12 states, Washington, D.C. and Canada. The property is situated at 3980 Central Park Blvd., eight miles east of downtown Denver. Building Six is part of the 38-acre, 2 million-square-foot Enterprise Business Center, which comprises seven total buildings. All seven buildings are fully leased. “Its physical and locational merits are obvious,” says Sean Bannon, managing director and head of U.S. real estate for ZAAM. “What we found equally compelling was the recession-resiliency of the tenant. We anticipate holding this asset for the long term.” In 2017, United Properties built Building Six, which includes warehouse space, nearly 84,000 square feet of office and showroom space plus 70,000 square feet of climate-controlled cooler space. The center can accommodate 1 million cases of product. It also has a west-facing roof deck with unobstructed mountain views and the “Alchemy Room” for beverage …

May 29, 2020

Acquisitions California Development Healthcare Office Top Stories Western

City of Hope Acquires Development Site in California, Plans $1B Cancer Center Project

by Alex Patton May 28, 2020

IRVINE, CALIF. — City of Hope has acquired a 190,000-square-foot, four-story building and 11 acres of adjacent land in Irvine, located approximately 40 miles southeast of Los Angeles, for $108 million. The acquisition was part of the Duarte, California-based nonprofit medical organization’s plan to construct a $1 billion comprehensive cancer center on the site. Located at 15161 Alton Parkway, the project will offer diagnostic imaging, screenings, precision medicine, early detection, chemotherapy, surgery and other cancer treatments. In addition, a research center for clinical trials will be located in the building. The adjacent hospital, which City of Hope plans to construct, will focus exclusively on treating and curing cancer. The seller was Five Point Holdings LLC (NYSE: FPH), a California-based owner and developer of master-planned, mixed-use communities. The property is part of Five Point’s 1 million-square-foot FivePoint Gateway corporate campus currently under development in Orange County. In addition to office space, the four-building campus will offer access to retail, entertainment venues, restaurants and the Irvine Transportation Center. The cancer center and hospital will anchor what FivePoint and City of Hope believe will one day become a regional hub for a larger wellness campus in the heart of Irvine. “We are ‘all …

May 28, 2020

California Loans Multifamily Western

Greystone Arranges $86.2M in Refinancing for Aspire Apartments in Northern California

by Amy Works May 28, 2020

TRACY, CALIF. — Greystone has secured $86.2 million in refinancing for Aspire Apartments, a newly constructed multifamily asset in Tracy. Todd Vitzthum and Simon Herrmann of Greystone Real Estate Advisors, along with Cody Field of Greystone, arranged 10-year refinancing and Freddie Mac loan for the undisclosed borrowers. Completed last year, Aspire Apartments features 348 units, a resort-style swimming pool, fitness center, pet spa and clubhouse.

May 28, 2020

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