Western

Lane Partners Acquires Fujitsu Office Campus in Sunnyvale from WJFS for $104M

by Amy Works November 3, 2020

SUNNYVALE, CALIF. — Lane Partners has purchased The Fujitsu Campus, an office and R&D complex in Sunnyvale. WJFS sold the six-building asset for $104 million. Situated on 26.3 acres, the six one- and two-story buildings are located at 1230, 1240, 1250, 1260, 1270 and 1280 E. Arques Ave. Fujitsu has occupied the 313,740-square-foot campus as its headquarters since the asset was completed in 1974. The campus offers a rare repositioning opportunity for the buyer as Fujitsu phases out of the campus and relocates to its owned facility at 350 Cobalt Way in Sunnyvale. Will Connors, Daniel Renz, Michael Manas, Bart Lammersen, Kyle Caldwell and Toss Vallentine of JLL represented the seller. Jordan Angel of JLL’s debt team secured acquisition financing for the buyer.

November 3, 2020

Acquisitions California Healthcare Office Restaurant Retail Western

ValueRock Realty Buys Mel’s Drive-In Restaurant Building in Santa Monica for $6.2M

by Amy Works November 3, 2020

SANTA MONICA, CALIF. — ValueRock Realty has purchased Mel’s Drive-In, an iconic restaurant building in Santa Monica, for $6.2 million. The name of the seller was not released. Situated on a 22,344-square-foot land parcel on Lincoln Boulevard, the 4,717-square-foot building offers on-site parking and is considered a historic landmark within the Santa Monica community. Restaurant and dental office tenants have occupied the property since 1959.

November 3, 2020

Acquisitions Arizona Industrial Western

CapRock Sells 110,710 SF Industrial Property in Phoenix

by Amy Works November 3, 2020

PHOENIX — CapRock Partners has completed the disposition of an industrial property located at 225 S. 51st St. in Phoenix’s Sky Harbor submarket. A global real estate investment advisor acquired the asset for an undisclosed price. Greif, a global leader in industrial packaging products and services, currently occupies the 110,710-square-foot building. CapRock acquired the property in 2017 in an off-market transaction as part of its value-add strategy. The company enhanced the property’s functionality and curb appeal with a new storefront, windows and landscaping and upgraded the 30-foot clear dock-high building with new ESFR sprinklers. Additionally, CapRock reconfigured the yard area to create a fully secured truck court and added trailer parking stalling. The renovated building features 2,000 square feet of high-image office space with Loop 202 freeway frontage, 22 dock-high doors and LED warehouse lights. Will Strong of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal.

November 3, 2020

Arizona Development Multifamily Seniors Housing Western

Ryan Cos., Cadence, Starwood Complete Construction of 135-Unit Seniors Housing Project in Arizona

by Amy Works November 3, 2020

SCOTTSDALE, ARIZ. — The joint venture team of Ryan Cos. US, Cadence Living and a controlled affiliate of Starwood Capital Group has completed construction of Acoya Scottsdale at Troon in Scottsdale. The community features 135 independent living and assisted living units in 22 floor plans ranging from 585 square feet to 2,385 square feet. The new community is situated on six acres of land between Pinnacle Peak and Troon Mountain. Thoma-Holec Design handled the interior design. This is the second Acoya-branded community in Arizona, and several more are planned according to the developers. Cadence Living is the operator.

November 3, 2020

Acquisitions California Office Western

CBRE Negotiates $10.2M Sale of Stewart Plaza Office Property in Inland Empire

by Amy Works November 3, 2020

UPLAND, CALIF. — CBRE has arranged the sale of Stewart Plaza, an office complex located at 400 and 440 Mountain Ave. in Upland. A private investor sold the asset to Long Beach-based Harbor Associates, in joint venture with The Bascom Group, for $10.2 million in an off-market transaction. Comprising two three-story buildings, Stewart Plaza features 84,498 square feet of multi-tenant office and medical office space, communal plazas and landscaped walkways. The property offers suites ranging from 493 square feet to 9,138 square feet. At the time of sale, Stewart Plaza was 56 percent leased. The buyer plans to renovate and reposition the property with a million-dollar capital improvements program. Renovations will include an upgraded entry and lobby, elevator improvements, a new roof and replacement HVAC units on both buildings. Gary Stache, Sammy Cemo, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller in the deal. Shaun Moothart, Jennifer Ansari, Dana Summers and Bruce Francis of CBRE arranged the financing for the project with Ready Capital Structured Finance.

November 3, 2020

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Acquires Entrada Apartments in Tucson for $65.5M

by Amy Works November 2, 2020

TUCSON, ARIZ. — Thayer Manca Residential (TMR) has purchased Entrada Apartments, a multifamily property located at 4545 N. Via Entrada in Tucson. An undisclosed seller sold the asset for $65.5 million. Built in 1983 and 1985 on 19.8 acres, Entrada Apartments features 424 residential units spread across 28 buildings, a clubhouse and office building. TMR plans to implement a $4.9 million renovation and repositioning program including a full marketing rebrand; a high-end renovation scope for the remaining classic units; the addition of washers and dryers to units without them; a modernization of the 24-hour fitness center; enhancement of the pet park and sports court; the addition of package lockers; and the completion of a variety of capital upgrades.

November 2, 2020

Arizona Development Multifamily Western

Opus, Principal Real Estate Investors Open 352-Unit Multifamily Community in Peoria, Arizona

by Amy Works November 2, 2020

PEORIA, ARIZ. — The Opus Group, in joint venture partnership with Principal Real Estate Investors, has opened Paradise @ P83, an apartment property located at 16601 N. 75th Ave. in Peoria. Situated within the P83 Entertainment District, Paradise @ P83 features 352 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 640 square feet to 1,445 square feet. Apartments include smart door locks, thermostats and lights. Additionally, each unit features natural stone countertops with a subway tile backsplash; gourmet kitchen islands; stainless steel, energy-efficient appliances; walk-in closets with built-in shelving and storage; full-sized washers/dryers; and a personal patio or balcony, as well as covered parking. Community amenities include a 6,000-square-foot clubhouse and leasing center with an upscale kitchen, Starbucks Coffee bar and lounge areas with televisions and games. Other amenities include a heated swimming pool and spa; large courtyard with patio dining and grilling stations; business center with coworking space; community dog park and pet spa; and 24-hour, 2,000-square-foot fitness center and spin studio. The property also offers a package locker system, valet trash, electric vehicle charging stations and a shaded playground. P.B. Bell manages the 330,000-square-foot development that consists of three- and four-story buildings.

November 2, 2020

Starlite-Distribution-Center-Lakewood-WA

Acquisitions Industrial Washington Western

Davis Property Divests of Starlite Distribution Center Near Seattle for $39.5M

by Amy Works November 2, 2020

LAKEWOOD, WASH. — Davis Property & Investment (DPI) has completed the disposition of Starlite Distribution Center, an industrial property located at 3451 84th St. in Lakewood. An undisclosed buyer acquired the facility for $39.5 million. DPI acquired, entitled and developed the site into a 246,000-square-foot distribution center with 32-foot clear heights, ample trailer and vehicle parking, and freeway access. Currently, DPI has five industrial and professional buildings at various stages of design and construction with a value of approximately $100.2 million. The company closed more than $15.5 million in transactions over the last year and owns/manages nearly 5 million square feet of commercial real estate assets from Seattle to Portland, Ore.

November 2, 2020

Acquisitions California Office Western

Oak Properties Sells 60,119 SF Cooley Business Park in California’s Inland Empire

by Amy Works November 2, 2020

COLTON, CALIF. — San Diego-based Oak Properties has completed the disposition of Cooley Business Park, a multi-tenant flex office property located at 930 Mount Vernon Ave. and 937 Via Lata in Colton. A private investor acquired the asset for $5.9 million. Situated on 4.3 acres, the 60,119-square-foot property consists of two buildings offering a total of 19 units, ranging from 1,200 square feet to 6,700 square feet. At the time of sale, the property was fully leased to 15 tenants. Lee Spence and Mark Schafer of DAUM Commercial Real Estate Services represented the seller in the transaction.

November 2, 2020

Acquisitions Civic Colorado Office Western

Vintage City Church Buys 31,650 SF Property in Fort Collins, Colorado

by Amy Works November 2, 2020

FORT COLLINS, COLO. — Vintage City Church has acquired 1501 Academy Court in Fort Collins for a total consideration of $4.1 million. The four-unit asset, totaling 31,650 square feet, was purchased in two separate transactions. The 19,177-square-foot Unit 1 was acquired from 1501 Academy LLC, while Units 2, 3 and 4, totaling 12,473 square feet, were purchased from Life Church. Relocating from 1825 Sharp Point in Fort Collins, Vintage City Church will utilize Unit 1 to serve as the church’s main gathering space and offices and Units 2, 3 and 4 as the church’s kids wing. The property is a two-story building with high visibility and monument signage along Prospect Road. Annah Moore of CBRE’s Fort Collins represented the buyer, while Matt Patyk represented 1501 Academy LLC in the transaction.

November 2, 2020

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