Western

RevOZ, Argosy Plan Redevelopment of 127,000 SF Office Building in Sacramento

by Amy Works September 3, 2020

SACRAMENTO — RevOZ Capital has formed a joint venture with Argosy Real Estate Partners to purchase a 127,000-square-foot office property located at 660 J St. in downtown Sacramento. SG Downtown LLC, an affiliate of the Sacramento Kings ownership group, sold the building for an undisclosed price. The joint venture plans to rehabilitate and re-image the four-story building into a mix of office and retail space to complement the recently completed Downtown Commons (DoCo) sports and entertainment district. Renovation plans include redesigning the building to LEED-certification standards, re-skinning the building’s exterior, recreating a lobby, adding on-site amenities, creating new outdoor space, updating restrooms and modernizing building systems. LPA is serving as architect and Cushman & Wakefield will market the property upon completion in late 2021.

September 3, 2020

Acquisitions Industrial Utah Western

LPC Enters Utah Market with Purchase of 212,950 SF Access Park Industrial Portfolio

by Amy Works September 3, 2020

KAYSVILLE, UTAH — Lincoln Property Co. (LPC) has acquired Access Park, an industrial campus in Kaysville and the company’s first acquisition in Utah. Access Park LLC sold the property for an undisclosed price. Located at 505 N. Kays Drive within Kaysville Business Park, Access Park features a total of 212,950 square feet of Class A industrial space spread across three fully occupied buildings. The park includes two newly built, 69,101-square-foot distribution buildings and one 74,784-square-foot industrial and manufacturing building. The facilities offer clear heights ranging from 22 feet to 32 feet and a total of 74 dock-high and ground-level doors. LPC Desert West will manage Access Park as part of its more than 7 million-square-foot regional management portfolio. Kip Paul, Rhett Bue and Jorgi Paul of Cushman & Wakefield represented the seller in the transaction.

September 3, 2020

Hawaii Loans Multifamily Seniors Housing Western

Lancaster Pollard Provides $33M Fannie Mae Refinancing for Seniors Housing Asset in Honolulu

by Amy Works September 3, 2020

HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu. Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii. The borrower is MW Group. The Fannie Mae loan features a 10-year term and five years of interest-only payments. The Plaza at Punchbowl is located on the slopes of Punchbowl Crater, an extinct volcanic tuff cone located in the heart of the city. The Punchbowl Crater is known for being home to the National Memorial Cemetery of the Pacific, a U.S. armed services memorial that draws millions of visitors each year.

September 3, 2020

Acquisitions California Multifamily Western

TMG Negotiates $14.4M Sale of Spring Mountain Apartment Complex in Corning, California

by Amy Works September 3, 2020

CORNING, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Spring Mountain, a multifamily property located at 240 Edith Ave. in Corning. A Southern California-based private investment group sold the asset to an undisclosed buyer for $14.4 million. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal. Built in 1986, Spring Mountain features 184 apartments spread across 15 buildings, totaling 174,972 square feet of rentable space. The property offers a resort-style swimming pool, clubhouse with a full kitchen, outdoor barbecue and entertainment area, leasing center, business center, fitness center, and mix of covered and surface parking.

September 3, 2020

Acquisitions California Industrial Western

Sustainable Bag Producer Buys 47,744 SF Warehouse Near Los Angeles for $13.7M

by Amy Works September 3, 2020

VERNON, CALIF. — Crown Poly, a Southern California-based producer of sustainable bagging solutions, has purchased a warehouse building in Vernon, a suburb five miles south of Los Angeles. Katie K, a private manufacturer of apparel, sold the facility for $13.7 million. Located at 5601 Bickett St., the 47,744-square-foot, single-tenant property features 26-foot clear heights, five exterior docks, two drive-in doors and 9,000 square feet of office space. The property was constructed in 2002. Kevin Kim of Coldwell Banker Commercial JM Properties represented the seller in the transaction.

September 3, 2020

Acquisitions Colorado Multifamily Western

Mountain View Capital Acquires Volta at Voyager Apartment Community in Colorado Springs for $52.6M

by Kristin Harlow September 2, 2020

COLORADO SPRINGS, COLO. — Mountain View Capital has acquired Volta at Voyager in Colorado Springs for $52.6 million. The 200-unit apartment community includes a dog park and spa, pool, clubhouse and fitness center. Units range in size from 696 to 1,300 square feet. Mack Nelson and Christopher White of JLL represented the seller, BY Development. Josh Simon and Kristian Lichtenfels of JLL arranged $37.5 million in acquisition financing on behalf of the buyer. A national insurance company provided the four-year loan, which features a 3.25 percent interest rate.

September 2, 2020

Development Hospitality Washington Western

The Hotel Group Opens 177-Room Hilton Garden Inn in Redmond, Washington

by Kristin Harlow September 2, 2020

REDMOND, WASH. — The Hotel Group (THG) has opened the 177-room Hilton Garden Inn Redmond Town Center in Redmond. THG manages the property on behalf of Kauri Investments and Washington Holdings. This is THG’s sixth Hilton-branded hotel in the Puget Sound area. The six-story property features 9,000 square feet of meeting space and a 24-hour fitness center. A restaurant will open at the hotel at a later date.

September 2, 2020

Acquisitions California Retail Western

Voit Brokers $8M Sale of Two Retail Properties in San Diego

by Kristin Harlow September 2, 2020

SAN DIEGO — Voit Real Estate Services has brokered the $8 million sale of two retail properties in San Diego’s Pacific Beach. The transaction includes a 3,234-square-foot property occupied by McDonald’s and a 2,329-square-foot gas station occupied by Union 76. The two parcels total 50,754 square feet of land and are located at the northeast corner of Mission Bay Drive and Garnet Avenue. Brandon Keith, Kipp Gstettenbauer and Ryan King of Voit represented the buyer, Mission Day LLC, as well as the seller, JR&C Harris.

September 2, 2020

Development Multifamily Washington Western

KTGY Architecture + Planning Designs 22-Unit Luxury Multifamily Development in Bellevue

by Kristin Harlow September 2, 2020

BELLEVUE, WASH. — KTGY Architecture + Planning has unveiled the design for The Lofts at 15th, a 22-unit luxury condominium development in Bellevue, a suburb of Seattle. Developed by Toll Brothers, the project is slated for completion next year. The design features four four-story buildings. Residences range in size from 1,462 to 2,258 square feet and prices will start at $1.1 million. Each unit is equipped with its own two-car garage.

September 2, 2020

Arizona Industrial Leasing Activity Western

Empire Metal Products Leases 42,000 SF Industrial Building in Phoenix

by Kristin Harlow September 2, 2020

PHOENIX — Empire Metal Products Inc. has leased a 42,000-square-foot industrial building in Phoenix. David Wilson and Carter Wilson of DAUM Commercial Real Estate Services negotiated the 10-year lease on behalf of the tenant and the landlord, a private investor. Empire, a metal production company specializing in sheet metal, stainless steel, aluminum and copper, is relocating and expanding from its current Phoenix headquarters. Empire’s new facility sits on 2.2 acres at 2362 W. Shangri-la Road within the Metro Industrial Center. The fully air-conditioned building features a clear height of 18 feet and 125 car parking spaces.

September 2, 2020

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