Western

Summerhill, KTGY Architecture Complete 105-Unit Theo Apartment Community in Pasadena

by Amy Works May 27, 2020

PASADENA, CALIF. — Summerhill Apartment Communities, in collaboration with KTGY Architecture + Planning, has completed the development of Theo, a multifamily complex located at 289 N. El Molino Ave. in Pasadena. Construction for the six-story development began in third-quarter 2017, with the first apartments delivered first-quarter this year. The property features 105 units in a mix of one- and two-bedroom layouts. The units include select ground-floor residences offering separate, townhome-style street entries and 16 penthouse floor plans with enhanced finishes and a private penthouse terrace. The community features rooftop amenity space; ground-floor public spaces; a clubhouse facility with pool, spa and other outdoor amenities; a yoga studio and fitness center; and a pet area. The property also offers 154 parking spaces on two subterranean levels. Summerhill and KTGY worked with Pasadena Heritage and the City of Pasadena Design Commission to develop the structure. The property is adjacent to Theodore Parker Lukens House, which was built in 1887, and a 120-year-old cedar tree.

May 27, 2020

Acquisitions California Industrial Western

Empire State Group Acquires Modernized R&D Facility in Silicon Valley for $41.1M

by Amy Works May 27, 2020

MILPITAS, CALIF. — New York City-based Empire State Group has purchased a fully leased R&D facility, located at 1564 Barber Lane in Milpitas. A joint venture between affiliates of Westport Capital Partners and Cannae Partners sold the asset for $41.1 million. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented the buyer and seller in the deal. Situated on 5.5 acres within Oak Creek Business Park, the asset features 102,668 square feet of research and development space. The facility was originally developed in 1980, but underwent significant improvements in 1996, 2009 and 2019.

May 27, 2020

Acquisitions Industrial Net Lease Utah Western

Monmouth Real Estate Buys Industrial Building in Ogden, Utah for $12.9M

by Amy Works May 27, 2020

OGDEN, UTAH — Monmouth Real Estate Investment Corp. has purchased a LEED-certified industrial property, located at 985 W. Kershaw St. in Ogden, for $12.9 million. The name of the seller was not released. Federal Express Corp., a Delaware corporation, occupies the asset on a 15-year, net-lease basis. The 69,734-square-foot industrial property is situated on 7.5 acres.

May 27, 2020

Acquisitions Colorado Industrial Western

CBRE Arranges $7.1M Sale of Serta Distribution Center in Metro Denver

by Amy Works May 27, 2020

AURORA, COLO. — CBRE has negotiated the sale of a distribution facility located at 15800 E. 40th Ave. in Aurora, about 10 miles east of Denver. Serta Simmons Bedding sold the property to Dallas-based Dalfen Industrial for $7.1 million. Built in 2003 for Serta’s own operations, the 75,000-square-foot building features a fenced, secure loading area, ESFR sprinklers, dock-high and drive-in loading, 24-foot clear heights, radiant heat throughout, mechanical pit levelers, dock lights and seals, skylights and an air exchange system. Additionally, the facility features 6,500 square feet of office space. Todd Witty and Doug Viseur of CBRE’s Denver office represented the seller in the transaction.

May 27, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

Blueprint Brokers Sale of Three Skilled Nursing Facilities in Colorado

by Amy Works May 27, 2020

DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in the Denver metro area and a third in Eastern Colorado. The portfolio totals 250 skilled nursing beds, as well as 25 assisted living units. LTC Properties sold the assets as part of its plan to divest all its Preferred Care-branded communities. The buyer is a private company looking to expand its presence in Colorado, as well as its relationships with its third-party operators in the state. The price was not disclosed.

May 27, 2020

California Leasing Activity Restaurant Retail Video Webinar Western

Webinar: California Retail Reboot

by Sarah Daniels May 27, 2020

On May 21, Shopping Center Business, Western Real Estate Business and California Centers magazines hosted “California Retail Reboot: How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus?” Experts from California’s retail sector gathered to discuss the future of California retail and how to ensure the success of tenants and their properties. Topics discussed include the following: How will California retailers, restaurants and developers adapt? How will landlords and retail property owners support tenants and customers? What do brokers and investors need to know about the retail landscape and changes due to COVID-19? Panelists: Jonathan Lorenzen of Allen Matkins (moderator) Kyle Kavanaugh of Main + Main Howard Samuels of Samuels & Company Matthew Berger of Brixmor Property Group Jeff Kreshek of Federal Realty Investment Trust Philip D. Voorhees of CBRE Webinar sponsors: Allen Matkins is a California-based law firm with more than 200 attorneys in four major metropolitan areas of California: Los Angeles, Orange County, San Diego and San Francisco. The firm’s areas of focus include real estate, construction, land use, environmental and natural resources; corporate and securities, real estate and commercial finance, bankruptcy, restructurings and creditors’ rights, joint ventures and tax; labor, employment; and trials, litigation, risk management and alternative dispute resolution in all of …

May 27, 2020

Development Office Utah Western

St. John Properties to Develop Two Office Complexes in Utah for $120M

by Amy Works May 26, 2020

TAYLORSVILLE AND SPRINGVILLE, UTAH — St. John Properties | Utah has acquired development land for the construction of business parks in Taylorsville and Springville. Together, the company expects the two projects to total $120 million in new capital. In Taylorsville, the company is developing Beltway West on a 20-acre site. The project will feature five buildings offering a total of 300,000 square feet of office space for approximately 2,000 employees. Situated on 18 acres in Springville, Spring Pointe Exchange will feature six building totaling 225,000 square feet of office space for 750 employees. St. John Properties expects to begin construction this summer for the two new projects. The company’s Valley Grove development in Pleasant Grove, Utah, was started in 2017 and now features 15 buildings totaling 675,000 square feet of Class A office, restaurant and retail space.

May 26, 2020

Acquisitions California Multifamily Western

Kelly Morgan Commercial Negotiates $19.2M Sale of Valerio Village Apartments in Los Angeles

by Amy Works May 26, 2020

LOS ANGELES — Kelly Morgan Commercial Group at KW Commercial has arranged the sale of Valerio Village Apartments, a multifamily property in Los Angeles. A San Diego-based private investor acquired the property for $19.2 million, or $200,337 per unit. The seller was not disclosed. Located in the Van Nuys neighborhood, Valerio Village Apartments features 96 units.

May 26, 2020

California Development Multifamily Seniors Housing Western

Panorama Plans 80-Unit Seniors Housing Community Near Beverly Hills

by Amy Works May 26, 2020

LOS ANGELES — Panorama Senior Housing has released plans for an assisted living and memory care community on Holt Avenue, 200 feet south of Los Angeles’ Beverly Hills neighborhood. KTGY Architecture + Planning designed the 61,000-square-foot project. Construction is slated to start in early 2021, with delivery planned for late 2022. The community will have a total of 80 resident rooms, 62 for assisted living and 18 for memory care. The memory care units will be on the second floor of the five-story building, with a dedicated common area, dining room and patio. “[My goal is to] come up with buildings that reflect the urban setting,” says Daniel Kianmahd, founder and principal with Panorama. “That’s where baby boomers want to age, in the same urban neighborhood where they raised their families.” “I’m keenly aware of the scarcity of developable sites,” continues Kianmahd. “The solution is to get creative with layouts so we can build the housing needed to combat the housing crisis. Bringing this and other senior-focused developments to fruition is essential to achieving balanced housing solutions for the entire region.”

May 26, 2020

Acquisitions Multifamily Oregon Western

Marcus & Millichap Arranges $3.6M Sale of Vista & Terrace Apartments in Southern Oregon

by Amy Works May 26, 2020

ROSEBURG, ORE. — Marcus & Millichap has negotiated the sale of Vista & Terrace Apartments, a multifamily complex in the Southern Oregon city of Roseburg. A private investor sold the property to a limited liability company for $3.6 million. Danalee Corso, Nygel Drury and Whitney Rhoades of Marcus & Millichap’s Portland, Ore., office represented the seller and buyer in the deal. Located at 600 N.E. Polk St., Vista & Terrace Apartments features 56 units in a mix of one-, two- and three-bedroom layouts. The property was constructed in 1948.

May 26, 2020

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