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

Arizona Development Mixed-Use Top Stories Western

Palladium Enterprises to Develop $75M Mixed-Use Project in Mesa, Arizona

by Taylor Williams February 3, 2020

MESA, ARIZ. — Palladium Enterprises, a privately held development firm, will break ground Monday, Feb. 24 on The GRID, a $75 million mixed-use project in the eastern Phoenix suburb of Mesa. The residential component of The Grid consists of 75 micro apartments that will average about 450 square feet per unit, as well as 196 regular apartments and 15 row homes. The residential space will be built on top of the Pomeroy Parking Garage and will feature amenities such as a rooftop lounge, coworking space, outdoor pool and multiple courtyards. An expected completion date has not been released. Current plans for The Grid also include 14,000 square feet of office space, plus an unspecified amount of retail and restaurant space. Pomeroy Street Plaza, a city park situated adjacent to the site, will also be upgraded as part of the project. “The GRID is exactly the type of development we want to see in downtown Mesa,” says Mayor John Giles. “Building residential, restaurant and office space on top of an underutilized parking garage will add tremendously to our growing urban neighborhood.” Palladium Enterprises is developing The Grid in partnership with the City of Mesa and Benedictine University. Three local real estate …

February 3, 2020

California Market Reports Western Western Market Reports

The Creative Trend Continues in Orange County

by Taylor Williams February 1, 2020

Orange County continues to be a diverse marketplace for commercial real estate as we reflect back on 2019. Thanks to a growing and varied workforce made up of highly skilled and educated workers — with tech and life sciences at the forefront of transactions — the county’s economy remains strong. Looking ahead, Orange County’s local market is very resilient, despite the fact that economy leasing volume has slowed as tenants are focusing on space-efficient decisions. This market continues to remain stable thanks to a number of existing buildings that have been or are currently under renovation to meet the demand of companies that are branching out from traditional office space. A few of these repositioned properties include the Launch, the Met, 2722 Michelson Drive and the Press, which is currently under construction in Costa Mesa. Overall vacancy in the county has been 13.8 percent, while overall asking rental rates are $2.95 per square foot (full-service gross) with Class A rates sitting at $3.23 per square foot. Some submarkets are home to the majority of this activity, including the Airport area and South Orange County due to ideal geographic locations for businesses and new office development. Of course, fundamentals vary by …

February 1, 2020

Acquisitions Colorado Industrial Western

LaSalle Investment Management Buys 345,126 SF Parc Santa Fe Industrial Asset Near Denver

by Amy Works January 31, 2020

LITTLETON, COLO. — LaSalle Investment Management (LIM) has acquired Parc Santa Fe, an industrial development located on 22 acres along South Santa Fe Drive in Littleton. Jackson-Shaw, LaPour Partners and Stream Realty Partners sold the asset for an undisclosed price. Totaling 345,126 square feet, the three-building property features 24-foot and 28-foot clear heights, gated outside storage and car parking, ample dock doors and abundant power. The development consists of an 85,903-square-foot building, a 169,590-square-foot facility and a 89,633-square-foot building. Delivered in September 2019, the project represented the first new industrial development in the area since 1997. At the time of sale, the asset was 62 percent leased. Tyler Reed, Peter Beugg and Dominic DiOrio of Stream Realty, along with Bo Mills of JLL’s Los Angeles office, handled the acquisition. Stream Realty will continue to handle leasing and management of Parc Santa Fe on behalf of LIM, with Reed, Beugg and DiOrio leading leasing efforts and Tom Bahn leading property management.

January 31, 2020

300-N-Baldwin-Park-Blvd-City-of-Industry-CA

Acquisitions California Industrial Western

CBRE Brokers $61M Sale of Fully Occupied Industrial Property Near Los Angeles

by Amy Works January 31, 2020

CITY OF INDUSTRY, CALIF. — CBRE has arranged the sale of a single-tenant industrial property in City of Industry. A client of BentallGreenOak, a global real estate investment management firm, acquired the property for $61 million, or $265 per square foot. Cameron Merrill of CBRE represented the seller, 300 Baldwin Park LLC, a private owner, in the deal. Located at 300 N. Baldwin Park Blvd., the 230,247-square-foot property was completed in 2015. Jacmar Foodservice Distribution fully occupies the facility, which features 6 million cubic feet of multi-temperature storage with six different temperature zones, allowing for direct refrigerated and frozen receiving and loading.

January 31, 2020

Arizona Development Hospitality Loans Western

George Smith Partners Secures $56M in Financing for Scottsdale Curio Hotel Development

by Amy Works January 31, 2020

SCOTTSDALE, ARIZ. — The Davies Group at Los Angeles-based George Smith Partners arranged a total of $56 million in structured financing on behalf of Opwest Partners for its development of Scottsdale Curio, a lifestyle hotel in Scottsdale. The financing comprised a $20 million placement of joint venture equity from Argosy Real Estate Partners and $36 million of senior construction debt from Wells Fargo Bank. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis and Aiden Moran of George Smith Partners sourced the financing for Opwest. Located at 7501 E. Camelback Road, the six-story, 97,058-square-foot hotel will feature 169 guest rooms, a subterranean parking garage, restaurant, lounge, indoor/outdoor fitness center, and amenity deck with pool and bar. Construction is slated to begin this summer.

January 31, 2020

California Loans Multifamily Seniors Housing Western

Cambridge Provides $16.3M Refinancing for Anberry Transitional Care in Merced, California

by Amy Works January 31, 2020

MERCED, CALIF. — Cambridge Realty Capital Cos. has provided a $16.3 million HUD Lean loan to refinance Anberry Transitional Care, a 72-bed skilled nursing care facility. The property is located in Merced, a small city southeast of the Bay Area. The facility focuses on short-term rehabilitation. The borrower is a California limited partnership. The 35-year loan is fully amortizing.

January 31, 2020

Acquisitions California Retail Western

SBH Real Estate Group Acquires Single-Tenant Retail Building in Burbank for $3.6M

by Amy Works January 31, 2020

BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has purchased a vacant, single-tenant retail building in Burbank for $3.6 million. Located at 1750 W. Olive Ave., the 5,324-square-foot building includes a grandfathered drive-thru. U.S. Bank formerly occupied the property, which was originally built in 1974. Lee Shapiro of Kennedy Wilson brokered the transaction.

January 31, 2020

California Market Reports Multifamily Western Western Market Reports

Orange County’s Multifamily Market Continues to Grow

by Taylor Williams January 31, 2020

Orange County’s multifamily housing market remained exceptionally strong throughout 2019. The average asking rent closed the quarter at $2,055 per unit, up 3.3 percent from the fourth quarter of 2018. This was the highest asking rent on record, up 34.5 percent from the prior peak reached in the third quarter of 2008. The Central submarket saw the largest year-over-year rental rate increase, with the asking rent there rising 3.8 percent to $1,920 per unit. This quarter, the Irvine submarket also saw its average asking rent adjust a bit, down 0.7 percent from the prior quarter to $2,446 per unit as existing inventory competed with new construction added to the market. However, the average rent in Irvine is up 3.2 percent from last year. Completed construction has pushed vacancy up. The total vacancy rate in Orange County this quarter registered 4.8 percent, up 30 basis points from the prior quarter, steady from the fourth quarter of 2018. Four significant projects totaling 2,567 units were completed this quarter. This includes Promenade at Irvine Spectrum with 1,781 units; SkyLoft, a 388-unit development in Irvine; the Charlie Orange County, a 228-unit complex in Santa Ana; and the Murphy, a 170-unit complex in Irvine. Annual …

January 31, 2020

Acquisitions California Development Healthcare Office Western

Boston Properties, Alexandria Real Estate to Develop 1.7 MSF Life Science Campus in South San Francisco

by Amy Works January 30, 2020

SOUTH SAN FRANCISCO, CALIF. — Boston Properties has entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco. Additionally, the partnership will have an opportunity to expand the campus through approximately 640,000 square feet of future development. Upon completion of the master development plan, the joint venture expects to own a 1.7 million-square-foot life science campus, including a mix of office and lab buildings. Boston Properties and Alexandria will each have an approximately 50 percent ownership in the joint venture once complete. Under the agreement, Boston Properties contributed 601, 611 and 651 Gateway Blvd., three existing office properties that total approximately 768,000 square feet, plus developable land. Alexandria contributed approximately 313,000 square feet of existing properties, including lab, office and amenity buildings, as well as developable land.

January 30, 2020

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