Western

Parkway Woods Business Park Industrial Asset Wilsonville Oregon

ScanlanKemperBard Sells 378,300 SF Parkway Woods Business Park in Wilsonville, Oregon

by Amy Works May 12, 2020

WILSONVILLE, ORE. — ScanlanKemperBard (SKB) has completed the disposition of Parkway Woods Business Park, a suburban industrial/office campus situated on more than 70 acres at 26600 SW Parkway Ave. in Wilsonville. Reinsurance Group of America (RGA) acquired the property from Parkway Woods Business Center LLC, a joint venture between SKB and Oaktree Capital, for an undisclosed price. The 378,300-square-foot asset is currently a mixed-use business park featuring amenities such as on-site public transportation, a lounge, fitness facility, newly renovated lobby, on-site snack shop, rotating food trucks, disc golf course, basketball court and outdoor space. Nick Kucha, James Childress, Jeff Hodson, Kevin Shannon and James Ikeguchi of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal. SKB will stay as a partner in the investment to help execute the repositioning of the property. RGA and SKB plan to reposition the three-building property’s large floor plates to meet the needs and size requirements of a variety of light industrial, manufacturing and R&D tenants. The site also includes more than 4.5 acres of developable land that could accommodate 85,000 square feet of industrial space.

May 12, 2020

Alcove at Arapahoe Shopping Center Boulder Colorado

Colorado Loans Retail Western

JLL Arranges $26.7M Refinancing for Alcove on Arapahoe Shopping Center in Boulder, Colorado

by Amy Works May 12, 2020

BOULDER, COLO. — JLL Capital Markets has secured $26.7 million in refinancing for Alcove on Arapahoe, a community shopping center in Boulder. The firm placed the 10-year, fixed-rate loan with Nationwide for the borrower, an existing co-investment partnership that Regency Centers manages. Built in 1957 and renovated in 2019, Alcove on Arapahoe offers 159,050 square feet of retail space. Tenants include Safeway, HomeGoods, Verizon Wireless and Flower Child. Tarik Bateh, Kristian Lichtenfels and Jennifer Swanson of JLL Capital Markets arranged the financing for the borrower.

May 12, 2020

Industrial building 2840 E. Mohawk Lane Phoenix Arizona

Acquisitions Arizona Industrial Western

DAUM Commercial Negotiates Three Industrial Acquisitions in Metro Phoenix

by Amy Works May 12, 2020

PHOENIX AND TEMPE, ARIZ. — DAUM Commercial has arranged the acquisition of three industrial properties totaling nearly 60,000 square feet in Phoenix and Tempe. In the first deal, Crockett’s Honey, a family-owned raw honey manufacturer, acquired an 18,000-square-foot industrial building in Tempe. The asset is situated on 1.2 acres at 1060 W. Alameda Drive. Crockett’s Honey, which operates 6,500 beehives along the Colorado River in Parker, Ariz., plans to expand its bottling and distribution capabilities at the Tempe location. In the second transaction, a California-based private investor purchased a three-building business park in Phoenix for $2 million. Located at 3615-3635 S. 16th St., the 25,870-square-foot asset features five grade-level doors, a fenced lot and convenient access to multiple modes of transportation, including the Phoenix Sky Harbor International Airport and Union Pacific railroad. Carl Johnson, also of DAUM’s Phoenix office, represented the undisclosed seller in the deal. In the third transaction, a private investor acquired a manufacturing building located at 2840 E. Mohawk Lane in Phoenix for $2.2 million. The name of the seller was not released. The buyer plans to implement value-add exterior upgrades to the 16,056-square-foot property, which was recently vacated, including new paint, roof and asphalt. The building features …

May 12, 2020

Acquisitions California Retail Western

SBH Real Estate Acquires Former Wells Fargo Branch Near Los Angeles for $4M

by Amy Works May 12, 2020

ALHAMBRA, CALIF. — SBH Real Estate Group has purchased a retail property located at 1300 E. Valley Blvd. in Alhambra. Wells Fargo sold the former bank branch for $4 million. Situated on a 58,000-square-foot land parcel, the 3,800-square-foot building was vacant at the time of sale. Geoff Martin of CBRE represented the buyer and seller in the deal.

May 12, 2020

Restaurant building at 1020 Garnet Ave San Diego California

Acquisitions California Restaurant Retail Western

Retail Insite Brokers $2M Sale of Five Guys-Occupied Restaurant in San Diego’s Pacific Beach

by Amy Works May 12, 2020

SAN DIEGO — Retail Insite has directed the sale of a freestanding building located at 1020 Garnet Ave. in San Diego’s Pacific Beach neighborhood. Tanye Blane sold the asset to an undisclosed buyer for $2 million. The buyer plans to reposition the 4,500-square-foot property, which Five Guys Burgers and Fries currently occupies. Brian Pyke and Allison Campbell of Retail Insite represented the seller and buyer in the transaction.

May 12, 2020

California Market Reports Office Western Western Market Reports

The Changing Face of the Inland Empire Office Market

by Jeff Shaw May 11, 2020

An hour east of downtown Los Angeles, the Inland Empire office market contains about 25 million square feet of office product in San Bernardino and Riverside counties. This market has undergone tremendous growth over 10 years, and a more diverse stable of occupiers has moved in since the area was decimated by the housing crisis of 2007. At times overlooked, the Inland Empire’s office market is more than just the low-cost alternative to Southern California’s LA and Orange counties. With a sector vacancy rate of just 9 percent (lower than neighboring submarkets) the Inland Empire’s economic engine is supporting one of the fastest job growth areas in the country over the past decade, boasting an unemployment rate of only 3.6 percent. The fourth quarter of 2019 witnessed the first speculative general office building development in more than eight years. Average asking rates have also increased to $2.05 per square foot, the highest level since 2009. With sustained positive absorption and continued rising rental rates, this area has shifted to become a landlord market over the past couple years and, with this, concessions will continue to evaporate. Education and health services, government, and professional and business services have all seen recent …

May 11, 2020

3300-3390-Horseless-Carriage-Dr-Norco-CA

California Industrial Leasing Activity Lee & Associates Western

Goli Nutrition Leases 422,432 SF of Industrial Space in Norco, California

by Amy Works May 11, 2020

NORCO, CALIF. — Goli Nutrition, a vitamin manufacturer, has inked a deal to occupy 422,432 square feet of industrial space spread across four industrial buildings located at 3300-3390 Horseless Carriage Drive in Norco, approximately 45 miles east of Los Angeles. Goli Nutrition plans to use the multi-building campus, located within Saddle Business Center, to expand its operations, including its distribution efforts. The landlord is CapRock Partners. Jeff Ruscigno of Lee & Associates Riverside, Calif., along with Paul Earnhart, Ryan Earnhart and Brian Pharriss of Lee & Associates Ontario, Calif., represented both the landlord and the tenant in the transaction.

May 11, 2020

Acquisitions California Office Western

BPS Bioscience Purchases Office Building in San Diego for $8.5M

by Amy Works May 11, 2020

SAN DIEGO — BPS Bioscience has acquired an office property located in San Diego’s Sorrento Mesa submarket for $8.5 million. The seller was Canada-based Ledcor Group. Located at 6405 Mira Mesa Blvd., the 37,991-square-foot, two-story building was originally built in 1990. The buyer plans to occupy the majority of the building, while leasing back a portion of the building to the seller. Matt Pourcho, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller, while an outside firm represented the buyer in the transaction.

May 11, 2020

Acquisitions Net Lease Restaurant Retail Utah Western

SRS Real Estate Partners Negotiates $1M Sale of Starbucks-Occupied Asset in Salt Lake City

by Amy Works May 11, 2020

SALT LAKE CITY — SRS Real Estate Partners has arranged the $1 million leasehold sale of a newly constructed, single-tenant retail property in Salt Lake City. Wadsworth Development sold the asset to a Washington-based investor for $1 million. Starbucks Coffee occupies the 1,920-square-foot, drive-thru building, which is located at 421 E. 400 S. The coffee retailer signed a corporate-guaranteed, 10-year triple-net lease for the property when it opened its doors in late 2019. Sabrina Kortland, Kyle Fant, Jack Cornell and Britt Raymond of SRS National Net Lease Group represented the seller in the deal.

May 11, 2020

Davies Pacific Center Office Building Honolulu

Hawaii Leasing Activity Office Western

Swinerton Builders Signs Office Lease at Davies Pacific Center in Honolulu

by Amy Works May 11, 2020

HONOLULU — Swinerton Builders has signed a 91-month lease to occupy office space at Davies Pacific Center, a 23-story office tower located at 841 Bishop St. in Honolulu. The lease is valued at $3.2 million. The Hawaii-based contractor will relocate its local headquarters to a 12,000-square-foot space on the office tower’s fifth floor. Swinerton provides commercial construction and construction management services throughout the United States. Built in 1972 and renovated in 2006, Davies Pacific Center features 375,742 square feet of commercial office and retail space. San Diego-based Parallel Capital Partners, in partnership with Honolulu-based The Shidler Group, took over asset management of the property last year and has completed nearly $4 million in elevator modernizations and speculative suite upgrades. Additionally, another $1 million in renovations, including lobby improvements, is currently underway. Keenan J.S. Sue of JLL brokered the deal.

May 11, 2020

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