Western

Marcus & Millichap Negotiates $22.1M Sale of Alberstons-Occupied Retail Asset in San Diego

by Amy Works May 15, 2020

SAN DIEGO — The Mansour Group of Marcus & Millichap has arranged the sale of a single-tenant retail condominium located at 655 14th St. in downtown San Diego. A Los Angeles-based private investor acquired the asset from a San Diego-based ownership group for $22.1 million. Albertsons grocery store occupies the 43,000-square-foot property on a long-term, triple-net lease basis. Alvin Mansour and Kevin Mansour of Marcus & Millichap’s The Mansour Group, along with Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller in the deal.

May 15, 2020

California Civic Western

Northern California County Expands Stage 2 Reopening for Lower-Risk Workplaces

by Amy Works May 15, 2020

NEVADA COUNTY, CALIF. — Nevada County has received approval from the State of California to move further into Stage 2 reopening related to the COVID-19 pandemic. Located east of Sacramento and just across the state border from Reno, Nevada, the county is among the first in California to receive approval of its readiness plan. County businesses are encouraged to prepare to safely reopen, if they fit into the Stage 2 sectors in the California Recovery Plan outlined in the Resilience Roadmap. Lower-risk workplaces that are outlined in the first step of Stage 2 include retail, childcare, manufacturing, logistics and essential businesses. An expansion of Stage 2 reopenings includes relaxed retail restrictions and the adaptation and reopening of schools, offices and limited hospitality and personal services. While schools are included in the next phase of Stage 2 reopenings, Nevada County does not anticipate schools reopening until August. Prior to reopening, each business must complete its industry-specific checklist for modifications and safety. Businesses must perform a detailed risk assessment and implement a site-specific protection plan; train employees on how to limit the spread of COVID-19, including how to screen themselves for symptoms and stay home if they have any symptoms; and implement …

May 15, 2020

Acquisitions Nevada Office Western

SVN | Gold Dust Commercial Arranges $9.1M Sale of Office Building in Reno, Nevada

by Amy Works May 15, 2020

RENO, NEV. — SVN | Gold Dust Commercial Associates has arranged the sale of an office property located at 790 Sandhill Road in Reno. An out-of-state buyer acquired the building for $9.1 million. The U.S. General Services Administration occupies the 17,908-square-foot property on a long-term lease. Casey Prostinak of SVN | Gold Dust represented the undisclosed seller in the deal.

May 15, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 160-Bed Skilled Nursing Facility in Mesa, Arizona

by Amy Works May 15, 2020

MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded, and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.

May 15, 2020

Acquisitions Development Multifamily Utah Western

KBS Development Completes, Sells 453-Unit Hardware Apartments in Salt Lake City

by Amy Works May 14, 2020

SALT LAKE CITY — KBS Development, in partnership with Salt Development, has completed the construction of Hardware Apartments, a multifamily community located at 455 W. 200 North near downtown Salt Lake City. Immediately following the completion, Sacramento-based Oakmont Properties acquired the resort-style asset from KBS Real Estate Investment Trust III for an undisclosed amount in an off-market transaction. KBS and Salt Development began ground-up construction of the 453-unit apartment property in mid-2016 with Hardware West, the 267-unit first phase, delivered in June 2018. Hardware East comprises the remaining 186 units. Hardware Apartments is situated within Hardware Village adjacent to the historic Salt Lake Hardware Building, a five-story office building constructed in 1909. Hardware Apartments features a mix of penthouse, loft, studio, one-bedroom and two-bedroom apartments, as well as townhomes and brownstone row houses. Community amenities include a fitness center, yoga room, climbing wall, resident library, mediation garden, game room, conference room and rooftop lounge with infinity pool. Eli Mills and Patrick Bodnar of CBRE represented the buyer and seller in the deal. Although the price was not disclosed, the transaction represents the largest multifamily asset sale in the Utah’s history, according to CBRE. Additionally, Bruce Fischer, Tatyana Litovsky, Chrisdo Fan …

May 14, 2020

California Civic Development Western

C.W. Driver Breaks Ground on $38M Reconstruction of Menifee Valley Middle School in California

by Amy Works May 14, 2020

MENIFEE, CALIF. — C.W. Driver Cos. has broken ground on the reconstruction of Menifee Valley Middle School, located at 26255 Garbani Road in Menifee. The $38 million, 71,277-square-foot project will help transition the campus to a magnet school focused on visual and performing arts. The redevelopment includes the addition of two new classroom buildings, restorations to the Visual and Performing Arts Center, construction of an open-concept library and renovations to existing locker rooms. Slated for completion in spring 2021, the renovated campus will also feature the reconstruction of temporary portable classrooms into permanent classrooms and lab spaces that create a centralized academic courtyard and cohesive community. Additional modifications include a new music and choir space, a renovated stage in the Visual and Performing Arts Center, introduction of outdoor learning spaces, large classroom windows and active learning spaces optimized for use in the arts, music and sciences known as flex labs. Menifee Valley Middle School’s new library will include a flexible plan configuration, collaboration spaces to facilitate group work and soft seating areas for students. On the athletic front, the redevelopment will renovate existing locker rooms with ADA upgrades, AV improvements and the addition of washers and dryers. BakerNowicki Design Studio …

May 14, 2020

Acquisitions California Retail Western

Matthews Brokers Sale of Recently Vacated 104,980 SF Retail Lot in Costa Mesa

by Amy Works May 14, 2020

COSTA MESA, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a recently vacated retail property located at 2666 Harbor Blvd. in Costa Mesa. Red Mountain Retail Group, a real estate developer, acquired the asset from a private family for an undisclosed price. Ace Hardware formerly occupied the 104,980-square-foot lot, located at the southwest corner of Harbor Boulevard and Mesa Verde Drive. Ace vacated the property when its lease expired on April 30. Additionally, there was a sublease in place with an auto dealer that expired with the Ace Hardware lease. Bill Pedersen, Michael Pakravan and Matthew Sundberg of Matthews Real Estate handled the transaction.

May 14, 2020

Acquisitions California Industrial Western

Dermody Properties Acquires 172,445 SF Goodrick Logistics Center in Richmond, California

by Amy Works May 14, 2020

RICHMOND, CALIF. — Dermody Properties has purchased Goodrick Logistics Center, a two-building, 172,445-square-foot e-commerce and distribution facility located at 2589 and 2593 Goodrick Ave. in Richmond. Terms of the transaction, including the name of seller and acquisition price, were not released. The property at 2589 Goodrick Ave. is currently available for lease and can accommodate one to three tenants ranging in size from 15,000 square feet to 57,872 square feet. An international mattress distributor occupies the entire facility at 2593 Goodrick Ave. Built in 2018, 2589 Goodrick Avenue features 24-foot clear height, 10 drive-in doors, 75-foot by 65-foot column spacing, LED warehousing lighting and an ESFR fire protection system. Mark Detmer, Bo Mills and Ryan Sitov of JLL represented Dermody Properties in the sale. Jason Ovadia, Patrick Metzger, Eddie Shuai and Mike Murray, also of JLL, will handle leasing for the property.

May 14, 2020

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of North Hills Retail Portfolio in Los Angeles

by Amy Works May 14, 2020

LOS ANGELES — Marcus & Millichap has brokered the sale of a two-property retail asset located in Los Angeles’ North Hills neighborhood. A limited liability company sold the portfolio to a partnership for $6.2 million. The asset consists of two adjacent parcels featuring 7,835 square feet of building space and 52,260 square feet of commercial-zoned land. According to Marcus & Millichap, the sales price represents a market-leading price per square foot of $798 for the existing structures and $120 per square feet for the land. Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.

May 14, 2020

Acquisitions California Company News District of Columbia Southeast Top Stories Western

CoStar Group Agrees to Purchase Ten-X for $190M

by Alex Tostado May 14, 2020

WASHINGTON, D.C. — CoStar Group Inc. (NASDAQ: CSGP) has agreed to purchase Ten-X for $190 million. The all-cash deal is expected to close in the third quarter of this year. Irvine, Calif.-based Ten-X was launched in 2009 with the goal of providing a digital platform to complete commercial real estate transactions during the Great Recession. Since its founding, nearly $24 billion worth of commercial real estate transactions have been completed on the site. Companies such as Fannie Mae, Bank of America, JP Morgan Chase, Blackstone, Starwood, BlackRock, Capital One, MetLife, LNR, UBS and PNC have used the website to complete transactions. CoStar hopes the acquisition will position the combined company as a major player in the distressed commercial property market that COVID-19 is expected to leave in its wake. “We believe that the volume of distressed properties coming to market will surge and that this combined platform will support the market’s recovery,” says CoStar CEO Andrew Florance regarding the acquisition. Echoing Florance’s sentiment, Ten-X CEO Steve Jacobs says, “Just like CoStar Group, we are focused on driving volume and efficiency and have devoted ourselves to addressing the massive, untapped demand for digital commercial real estate solutions. We see significant demand …

May 14, 2020

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