Western

Lincoln Property Co. Breaks Ground on First Phase of 4.5 MSF Industrial Park in Arizona

by Amy Works March 5, 2020

GLENDALE, ARIZ. — Lincoln Property Co. (LPC) has broken ground on Park303, an industrial master-planned development in Glendale. At full build out, the park will accommodate up to 4.5 million square feet of freeway-fronting, Class A industrial space. Situated on 71.5 acres between Loop 303 and Sarival Road, the $115 million Phase I will include two buildings totaling 705,531 square feet and 488,995 square feet. The facilities will feature 40-foot clear heights, steel moment frame shear bracing, efficient LED lighting and 142 large clerestory glass windows to maximize natural light. The gated site will offer full concrete truck courts, ample truck parking, private drives and fully amenitized outdoor spaces with covered canopies, seating and barbecue areas. Phase I is part of the larger Park303 master-planned industrial park that LPC is developing in conjunction with Roth Development and Scottsdale Investment Management. Totaling 265 acres, the project will offer freeway access and easy ingress and egress via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue. Butler Design Group is serving as project architect for Phase I, Hunter Engineering is serving as civil engineer and Willmeng Construction as general contractor. Completion of Park303 Phase I is slated for fourth-quarter …

March 5, 2020

Acquisitions Office Washington Western

Marcus & Millichap Brokers $23.6M Sale of Crestwood Corporate Plaza Office Building in Metro Seattle

by Amy Works March 5, 2020

BELLEVUE, WASH. — Marcus & Millichap has arranged the sale of Crestwood Corporate Plaza, an office building located in Bellevue. A West Coast-based private equity investor acquired the property from an undisclosed seller for $23.6 million, or $317 per square foot. Constructed in 2001, Crestwood Corporate Park offers 74,442 square feet of office space adjacent to the Interstate 90 light rail station. At the time of sale, a variety of technology companies and regional service offices had the property to 60 percent occupancy.

March 5, 2020

French-Valley-Marketplace-French-Valley-CA

California Development Lee & Associates Retail Western

United Development Starts Construction of French Valley Marketplace in California

by Amy Works March 5, 2020

FRENCH VALLEY, CALIF. — Southlake, Texas-based United Development Co., in partnership with Pasadena, Calif.-based Halferty Development Co., has started construction of French Valley Marketplace, a shopping center in French Valley, approximately seven miles northeast of Temecula. Situated on 22 acres, French Valley Marketplace will offer 132,500 square feet of leaseable space in 16 buildings, with 44,300 square feet of retail space still available, four drive-thru pads for ground lease or build-to-suit and 5,000 square feet of grocery store and planned pharmacy space. Pre-leased tenants include Grocery Outlet, LA Fitness, McDonald’s, 7-Eleven and AutoZone, all of which are slated to open later this year. Romspen provided the construction financing, which Dallas-based Metropolitan Capital Advisors sourced. Nick Wirick and Miranda Fifield of Lee & Associates are handling leasing for the property.

March 5, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Negotiates Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 5, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing facility in Yuma. The property features 77 units totaling 143 licensed beds. It was built in 1964 with renovations in 2011 and 2018, totaling 44,076 square feet on 2.9 acres of land. The name of the facility was not disclosed. The seller is a national REIT looking to divest this asset due to it being a geographic outlier in its portfolio. The buyer is a regional operator with strong presence and track record in Arizona. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 5, 2020

Acquisitions California Retail Western

Faris Lee Arranges $9.2M Sale of Two Freestanding Outparcel Assets in Fontana, California

by Amy Works March 5, 2020

FONTANA, CALIF. — Faris Lee Investments has arranged the $9.1 million sale of two freestanding outparcel properties located at 17151-17171 W. Foothill Blvd. in Fontana. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the Los Angeles-based buyer. Totaling 34,377 square feet, the properties are situated within a Walmart-anchored shopping center.

March 5, 2020

Arizona Development Multifamily Student Housing Western

Toll Brothers Starts Construction of 826-Bed Canvas Student Housing Near Arizona State

by Amy Works March 4, 2020

TEMPE, ARIZ. — Toll Brothers Campus Living has started construction of Canvas, an 826-bed student housing community located near Arizona State University in Tempe. The property is scheduled for completion in fall 2023. The development will offer a mix of studio, one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a rooftop swimming pool, outdoor grills, state-of-the-art fitness center, private study rooms, clubroom and e-sports lounge.

March 4, 2020

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Arranges $54.1M Sale of Mission Springs Apartments in Arizona

by Amy Works March 4, 2020

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Mission Springs Apartments, a multifamily property located at 1311 W. Baseline Road in Tempe. TruAmerica Acquisitions III acquired the asset from 29SC Mission Springs LP for $54.1 million, or more than $176,000 per unit. Built in 1987, the two-story, 216,168-square-foot property comprises 25 buildings offering a total of 306 apartments featuring private balconies or patios, washers/dryers and outside storage spaces. Community amenities include three swimming pools, a spa, dog park, fitness center, business lounge, picnic areas, package lockers and gated access. At the time of sale, the property was 95 percent occupied. Jim Crews and Jeems Lochridge of Cushman & Wakefield’s Southwest Multifamily Advisory Group represented the seller in the transaction.

March 4, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Optimus Properties Sells Two-Property Mixed-Use Portfolio in California for $11M

by Amy Works March 4, 2020

CARMEL, CALIF. — Optimus Properties has completed the disposition of a two-property portfolio in downtown Carmel. Wheat LLC acquired the mixed-use portfolio for $11 million. The sale consists of the 4,345-square-foot Block 71: Lot 5 building, with ground-floor retail and office space and second-floor residential space, and Block 76: Lot 11, a 2,763-square-foot retail property. Michael Schoeder of Cushman & Wakefield’s Central Coast Operations, in collaboration with Dan Wald and Don LeBuhn of the firm’s Retail Investment Advisors Group in San Francisco, represented the seller in the deal.

March 4, 2020

Acquisitions Colorado Multifamily Western

Watermark Residential Divests of 244-Unit Multifamily Asset in Colorado Springs

by Amy Works March 4, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the sale of Watermark on Union, a stabilized, Class A apartment community in Colorado Spring’s Cordera community. Santa Barbara, Calif.-based NALS Apartment Homes acquired the asset, which has been renamed Aliso at Briargate, for undisclosed price. The 244 units feature kitchen islands, tile backsplashes, drop-in sinks, recycled glass countertops, stainless steel appliances, nine- to 12-foot ceilings, garden tubs, private balconies and full-size washers and dryers. On-site amenities include a clubhouse, resort-style pool with cabanas, fire pit, fitness center, detached garages, dog park and courtyards with barbecue grills. Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily represented the seller in the transaction.

March 4, 2020

Acquisitions California Industrial Office Western

Avison Young Negotiates $10.9M Sale of Temecula Corporate Park in California

by Amy Works March 4, 2020

TEMECULA, CALIF. — Avison Young has arranged the sale of Temecula Corporate Park, an office and industrial campus in Temecula. A Los Angeles-based private investor acquired the asset from an Orange County, Calif.-based private investor for $10.9 million, or $125.46 per square foot. Built in 2002 on 6.1 acres, the 86,882-square-foot Temecula Corporate Park consists of a two-story office building and three single-story industrial buildings. The 97 percent-occupied asset is located at 43379, 43385, 43391 and 43397 Business Park Drive. Alan Pekarcik and Chris Smith of Avison Young represented the seller and buyer in the deal.

March 4, 2020

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