Western

PLC Enters Colorado Market with $21.9M Acquisition of The Centre Apartments

by Amy Works March 26, 2020

COLORADO SPRINGS, COLO. — Newport Beach, Calif.-based PLC Apartments has acquired The Centre Apartments, located at 1921 E. Van Buren St. in Colorado Springs. Locally based Skyline Real Estate Investments sold the community for $21.9 million. Built in 1952, The Centre Apartments features 168 units in a low-density, park-like setting. Community amenities include a clubhouse and fitness center. The buyer plans to continue ongoing interior unit renovations. Bill Morkes and Craig Stack of Colliers International represented the seller in the deal.

March 26, 2020

Acquisitions Retail Utah Western

PMJ Cos. Sells 100,000 SF Interpointe Shopping Center in South Salt Lake City

by Amy Works March 26, 2020

SOUTH SALT LAKE CITY, UTAH — PMJ Cos. has completed the sale of Interpointe Shopping Center located at 200 W. 2100 South in South Salt Lake City. DBA Midtown National Group acquired the retail center for an undisclosed price. Situated on seven acres, Interpointe Shopping Center features 100,000 square feet of leaseable space. Current tenants include Best Buy and Office Depot. Chris Monson of Mountain West Commercial Real Estate represented the seller, while Lance Pendleton, also of Mountain West, represented the buyer in both transactions. Alongside the sale of Interpointe Shopping Center, Mountain West was able to broker the sale of a 3,399-square-foot retail pad located on the same property. Carl’s Jr occupied the property at the time of sale.

March 26, 2020

Acquisitions Arizona Multifamily Western

NKF Arranges $14.3M Sale of Royal Palms Apartment Asset in Glendale, Arizona

by Amy Works March 26, 2020

GLENDALE, ARIZ. — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Royal Palms, a multifamily property in Glendale. An undisclosed buyer acquired the community from 5902 Royal Palms LP for $14.3 million. Brett Polacheck, Chris Canter and Brad Goff of NKF Multifamily represented the seller in the transaction. Located at 5902 W. Royal Palm Road, the 1970s-vintage property features 138 apartments.

March 26, 2020

Acquisitions Colorado Industrial Western

Gordon Development Divests of Fully Leased Industrial Property in Colorado for $10M

by Amy Works March 26, 2020

ENGLEWOOD, COLO. — Englewood-based Gordon Development has sold an industrial asset located at 8644 S. Peoria St. in Englewood. Chicago-based Columbia Industrial Acquisition Co. purchased the property for $10 million. Built in 2017, the multi-tenant building features 63,550 square feet of Class A industrial space. At the time of sale, the property was fully occupied by a manufacturing tenant and Ninja Nation, a provider of obstacle course arenas and mobile course experiences. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE’s Denver office represented the seller in the transaction.

March 26, 2020

Acquisitions California Retail Top Stories Western

L.A. Clippers Owner Agrees to Acquire The Forum for $400M, Propelling New Arena Plans

by Alex Tostado March 26, 2020

INGLEWOOD, CALIF. — CAPSS LLC, a new company formed by Los Angeles Clippers’ chairman Steve Ballmer and vice chairman Dennis Wong, has agreed to acquire The Forum in Inglewood for $400 million in cash. By reaching an agreement with The Madison Square Garden Co. (NYSE: MSG), the litigation battle between the team and seller over the proximity of the basketball team’s new arena to the older events venue will end. MSG, which also owns the New York Knicks, argued that the Clippers’ proposed NBA arena was too close to The Forum and would compete as an events venue. CAPSS says the 17,500-seat Forum will continue to operate as a music venue and the new ownership will extend employment offers to current employees. The parties expect to close the sale in the second quarter of this year. The new Clippers arena will be situated on West Century Boulevard between South Prairie Avenue and South Yukon Avenue, one mile south of The Forum. The proposed stadium will offer 18,000 seats and will include the team’s headquarters and a community center. The stadium will be privately funded and is currently undergoing an environmental review by the City of Inglewood, which the Los Angeles …

March 26, 2020

California Development Retail Western

AWM Opens Southern California’s First Autonomous Micromarket in Santa Ana

by Amy Works March 25, 2020

SANTA ANA, CALIF. — Orange County, Calif.-based Adroit Worldwide Media (AWM) opened QuickEats at Nineteen01, an autonomous micromarket in Santa Ana, on Tuesday. The store is located on the ground floor of Nineteen01, an apartment community at 1901 E. First St. Greenwood & McKenzie owns the property. QuickEats utilizes Frictionless, AWM’s proprietary shopping solution of a low-contact, cashierless marketplace. The store will offer a variety of products, including sodas, water, specialty items, fresh grab-and-go foods and household items ranging from cleaning products and toilet paper to dog food. “When we planned the launch of QuickEats many months ago, we never could have imagined the circumstance our community now faces, as Orange County practices social distancing due to the coronavirus,” said Kevin Howard, CEO of AWM. “We made the decision to open our doors because QuickEats can provide vital, food, drink and personal care items to Nineteen01’s residents in a completely frictionless environment that adheres to the current protocols being requested by Orange County’s health officer.” Customers enter the market through an entry gate using a personalized QR code downloaded from the QuickEats app. Cameras placed throughout the store track traffic, and customers are assigned a random, anonymous ID when they …

March 25, 2020

Arizona California Georgia Industrial Loans Massachusetts Multifamily Northeast Office Tennessee Texas Virginia

JLL Arranges $991.8M in Financing for 17-Property National Portfolio

by Amy Works March 25, 2020

SAN FRANCISCO — JLL Capital Markets has secured $991.8 million in financing for a 17-property portfolio totaling more than 7 million square feet across seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The portfolio’s five office assets comprise the majority of the asset’s value, with the remaining properties consisting of nine industrial facilities and three multifamily communities. The commercial property portfolio is leased to a diverse mix of tenants from a variety of industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare. Further details on the assets were not disclosed. The JLL team worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Co. Kevin MacKenzie, Bruce Ganong, Brian Torp, Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell of JLL represented the borrower in the financing.

March 25, 2020

Acquisitions California Net Lease Retail Western

Kase Group Directs $27.9M Sale of Albertsons-Occupied Retail Asset in California

by Amy Works March 25, 2020

PASO ROBLES, CALIF. — The Kase Group has arranged the sale of a single-tenant retail property located at 189 Niblick Road in Paso Robles. A California-based investor acquired the property from an undisclosed seller for $27.9 million. Albertsons occupies the 52,691-square-foot building on a long-term, triple-net lease basis. Robert Walker of The Kase Group represented the seller in the off-market transaction.

March 25, 2020

Arizona Development Hospitality Loans Western

Tower Capital Secures $20.1M Development Financing for Hilton Home2 Suites in Mesa, Arizona

by Amy Works March 25, 2020

MESA, ARIZ. — Tower Capital has secured $20.1 million in development financing for a Home2 Suites by Hilton in Mesa. The name of the borrower was not released. Concord Eastridge is developing the four-story, 111-key hotel, which will be situated on the 18th hole of the Longbow Golf Course in Mesa’s Falcon District. The Home2 Suites by Hilton brand features lifestyle-focused amenities, including suites with separate living and bedroom space and a “working wall” that incorporates a kitchen and flexible working/media space. Construction started in February with completion slated for the first quarter of 2021.

March 25, 2020

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $5.3M Sale of Harbor Pacific Court Retail Center in Costa Mesa

by Amy Works March 25, 2020

COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the sale of the Harbor Pacific Court, a multi-tenant retail center located in Costa Mesa. A Los Angeles-based private investor sold the property to an Orange County, Calif.-based private investor for $5.3 million, or $454.50 per square foot, in an all-cash transaction. Located at 2346 Newport Blvd., the property features 11,771 square feet of retail space. At the time of sale, the property was 91 percent occupied by eight tenants, including Circle K as the anchor. Michael Walseth of SRS’ National Net Lease Group represented the seller and buyer in the deal.

March 25, 2020

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