Western

Riverpoint Partners, CentrePointe Properties Buy Brix on Belleview Apartments in Colorado for $29.9M

by Amy Works February 4, 2020

ENGLEWOOD, COLO. — Riverpoint Partners and CentrePointe Properties have acquired Brix on Belleview, an apartment community located in Englewood. An undisclosed seller sold the asset for $29.9 million. Located at 175 W. Belleview Ave., Brix on Belleview was built in phases between 1962 and 1971. The multifamily property features 175 units in a mix of studio, one-, two- and three-bedroom layouts. The 117,580-square-foot asset features 11 buildings and 206 parking spaces. Over the past five years, the property underwent more than $1.5 million in capital improvements, including new roofs, boilers and ground-up office/clubhouse; an extensive pool area remodel; exterior paint with new metal façades; a resurfaced parking lot; improved exterior lighting; and new barbecue grills, signage and windows. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE’s Denver office represented the seller in the transaction.

February 4, 2020

Dove-Valley-Business-Center-Englewood-CO

Acquisitions Colorado Industrial Western

Westcore Acquires Dove Valley Business Center in Colorado for $23M

by Amy Works February 4, 2020

ENGLEWOOD, COLO. — Westcore has purchased Dove Valley Business Center, a warehouse facility located at 14101 E. Otero Ave. in Englewood. Chicago-based Brennan Investment Group sold the property for $23 million. The newly constructed asset features 149,652 square feet of Class A warehouse space. At the time of sale, the facility was 50 percent leased. Westcore plans to add approximately 1,000 square feet of speculative office space to the building. Westcore was self-represented, while Bo Mills of JLL, along with Tyler Reed and Dominic DiOrio of Stream Realty Partners, represented the seller in the deal.

February 4, 2020

Acquisitions California Colorado Retail Western

Faris Lee Brokers Sales of Two Retail Assets in Southern California, Colorado Springs

by Amy Works February 4, 2020

ORANGE COUNTY, CALIF., AND COLORADO SPRINGS, COLO. — Faris Lee Investments has arranged the sales of two retail properties located in Southern California and Colorado Springs. In the first deal, an undisclosed seller divested of Brea Center, a grocery-anchored shopping center in Orange County. An undisclosed buyer acquired the asset for $17.6 million. Current tenants include Vons, Bank of America, Pet Wants, Aulestics and Painted Nest. Don MacLellan, Rick Chichester and Jeremy Warren of Faris Lee Investments represented the seller in the transaction. In the second deal, Sabal Capital Group completed the sale of Carefree Shopping Center, a grocery-anchored neighborhood center in Colorado Springs. An undisclosed buyer acquired the property for $8.5 million. At the time of sale, the property was 62 percent occupied by a variety of tenants, including Save-a-Lot, Family Dollar, Carefree Chiropractic, Appliance Outlet, Pizza Hut and a laundry lounge. MacLellan, Chichester, Warren and Phil Ramming of Faris Lee represented the seller in the transaction.

February 4, 2020

Acquisitions California Restaurant Retail Western

Location Matters Negotiates Sale of Retail Property in San Diego for $13.3M

by Amy Works February 4, 2020

SAN DIEGO — Location Matters has arranged the sale of a retail asset located at 3930-3940 and 3946-3964 Fifth Ave. in San Diego’s Hillcrest neighborhood. Paragon Real Estate Investments acquired the property for $13.3 million. Situated on four parcels, the 28,528-square-foot building is located on a 32,839-square-foot lot. At the time of sale, three restaurant tenants fully occupied the retail portion of the property: Snooze American Eatery, Lemonade and India Palace. The building also offers seven residential units on the second level, all of which were occupied at the time of sale. Mike Spilky of Location Matters represented the undisclosed seller and buyer in the deal.

February 4, 2020

Acquisitions Industrial Self-Storage Western Wyoming

Marcus & Millichap Arranges $8M Sale of AAA Self Storage in Cheyenne, Wyoming

by Amy Works February 4, 2020

CHEYENNE, WYO. — Marcus & Millichap has arranged the sale of AAA Self Storage, a self-storage property in Cheyenne. A local investor sold the asset to an undisclosed buyer for $8 million. Located at 200 S. College Drive, the 74,750-square-foot AAA Self Storage features 517 drive-up units and 103 rentable outdoor parking spaces. Marcus & Millichap’s Adam Schlosser, Charles LeClaire and Neville Rustomjee, as Wyoming broker of record, represented the seller in the deal.

February 4, 2020

California Development Multifamily Seniors Housing Western

San Francisco Campus for Jewish Living Prepares to Open $140M Seniors Housing Expansion

by Amy Works February 3, 2020

SAN FRANCISCO — San Francisco Campus for Jewish Living (SFCJL) is preparing to open the Lynne and Roy M. Frank Residences, a $140 million expansion to the property. The 270,000-square-foot project adds 113 assisted living apartments and 77 memory care suites. Byer Square, a new multi-generational community center, will feature a fitness center, pool, cinema, performance center, art studio and café. Construction began in mid 2017. Residents are expected to begin moving in during spring 2020. In conjunction with the expansion, SFCJL has created partnerships with Alzheimer’s Association, Creative Aging SF, Medical Clown Project, UCSF, Family Caregiver Alliance, California Institute of Integral Studies and MA Psychology student interns in expressive arts and drama therapy.

February 3, 2020

Colorado Development Industrial Western

Cale Enterprises Breaks Ground on 142,180 SF Mountain Gateway Industrial Park Near Denver

by Amy Works February 3, 2020

ARVADA, COLO. — Los Angeles-based Cale Enterprises has broken ground for Mountain Gateway, a two-building industrial park in Arvada, a suburb 10 miles northwest of Denver. Slated for completion in third-quarter 2020, Mountain Gateway will feature 142,180 square feet of speculative industrial space. Located at West Ridge Road and Robb Street, the facilities will feature 20 dock-high doors, 11 drive-in doors, 24-foot clear heights, an ESFR fire protection system, office spaces to suit and 290 parking spaces. Building 1 will feature 59,710 square feet, while Building 2 will offer 82,470 square feet. Tyler Carner and Jeremy Ballenger of CBRE are handling marketing for the development.

February 3, 2020

Acquisitions Arizona Industrial Office Retail Self-Storage Western

Occidental Capital Holdings Buys Office, Retail, Self-Storage Asset in Arizona for $8.2M

by Amy Works February 3, 2020

VAIL, ARIZ. — Occidental Capital Holdings has acquired Old Vail Station Office and Retail Center and Vail Self Storage, a mixed-use commercial property located in Vail, a suburb of Tucson. Old Vail Station LLC sold the asset for $8.2 million. The transaction includes the 26,563-square-foot Old Vail Station, which was developed in 2006, and the 46,005-square-foot Vail Self Storage, which was developed in 2016. At the time of sale, the office and retail center was 94 percent occupied and the self-storage facility was 90 percent occupied. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.

February 3, 2020

California Development Multifamily Western

Sares Regis to Add 75 Apartments to the The Flats in Sunnyvale, California

by Amy Works February 3, 2020

SUNNYVALE, CALIF. — Sares Regis Group of Northern California (SRGNC) has broken ground for 75 new apartments at The Flats, a multifamily property in downtown Sunnyvale. The 125,000-square-foot building will expand the property’s existing, fully leased 198 units to a total of 273 apartments. Slated for delivery by late 2021, the new apartments will be located along W. Iowa Avenue, adjacent to the three existing Flats buildings. Nine of the new units will be designated as affordable. The Flats features a mix of one-, two- and three-bedroom apartments, ground-floor retail and numerous indoor and outdoor amenities. Current retail tenants include Pacific Catch, Urban Plates, AT&T and Namaste Nail Salon. The development is part of CityLine Sunnyvale, which is being developed by STC Venture LLC, a joint venture between SRGNC and Hunter Properties.

February 3, 2020

Acquisitions California Industrial Western

CBRE Arranges Sale of 90,060 SF Production, Distribution, Repair Building in San Francisco

by Amy Works February 3, 2020

SAN FRANCISCO — CBRE has arranged the sale of 200 Kansas Street, a production, distribution and repair facility located in San Francisco. An entity sponsored by Ascent Real Estate Advisors sold the property to a joint venture between Presidio Bay Ventures and Kinship Capital for an undisclosed price. The two-story, 90,060-square-foot building was fully leased to four tenants at the time of sale. Mike Taquino, Kyle Kovac, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE represented the seller in the deal. Additionally, Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE Capital Markets’ Debt & Structured Finance group arranged a five-year, non-recourse loan with full-term interest-only payments for the buyer. A Los Angeles-based asset management company provided the financing.

February 3, 2020

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