NORTH LAS VEGAS, NEV. — CBRE has arranged the sale of RDN Mini Storage, a seven-building self-storage facility in North Las Vegas. California-based Watling Street acquired the asset from Nevada-based Piclane for $4.6 million. Located at 725 W. Washburn Road, the 36,520-square-foot property consists of 304 units with 24-hour video surveillance cameras. Nick Walker, Walter Brauer and Trevor Roberts of CBRE represented the seller in the deal.
EL MONTE, CALIF. — Goodman Group has completed Goodman Logistics Center El Monte – Los Angeles East, a 1.2 million-square-foot logistics facility in El Monte. Located at 4300 Shirley Ave., the new facility offers 227,850 square feet to 935,657 square feet of space that is designed to support modern warehouses for the e-commerce industry and beyond. The logistics facility’s design offers flexibility to accommodate warehousing requirements for a variety of tenant needs. The property is located less than one mile from Interstate 10, four miles from Interstate 605, 13 miles from downtown Los Angeles and 24 miles from the Ports of Los Angeles/Long Beach.
AURORA, COLO. — Kärcher, a provider of cleaning technology, is consolidating its manufacturing campuses in Englewood, Colo., and Camas, Wash., into a newly completed, 380,000-square-foot North American headquarters facility located at 6398 N. Kärcher Way in Aurora. Situated on a 23-acre site, the build-to-suit campus features 275,000 square feet of warehouse, R&D and manufacturing space along with 100,000 square feet of office space. The property is located within the Porteos development near Denver International Airport. Ware Malcomb provided architecture, interior design, civil engineering and land surveying services for the project. The building features an open three-story staircase, Kärcher’s corporate colors of bright yellow and gray, and storefront and curtain walls for the office area. Brinkmann Constructors served as general contractor and SunCap Property Group is the project’s developer. Winnenden, Germany is the global headquarters of Karcher.
EMERYVILLE, CALIF. — Newmark Knight Frank (NKF), on behalf of property owner BioMed Realty, has arranged $165 million in financing for an asset located at 5300 Chiron Way in Emeryville. The Class A life sciences building, which totals 303,509 rentable square feet, is located within Emeryville Center of Innovation. Zymergen, a science and material innovation company, fully occupies the property. BioMed will use the loan to transform the asset into a specialized and innovative high-tech environment for the tenant’s new headquarters location. Ramsey Daya and Chris Moritz of NKF’s Debt & Structured Finance office in San Francisco secured the financing for the owner, which is a provider of real estate solutions to the life science and technology industries.
SAN JOSE, CALIF. — Kennedy Wilson Fund VI has acquired a six-building R&D/office portfolio in South San Jose for $53.5 million. The name of the seller was not released. Totaling 257,000 square feet, the portfolio consists of five single-story R&D buildings and a two-story office building. The portfolio is currently 100 percent occupied by 15 tenants. The acquisition expands Kennedy Wilson’s presence in Silicon Valley and its growing portfolio of flex office assets across a global footprint. Kennedy Wilson has an 11 percent interest in Fund VI, which has a portfolio that includes 13 multifamily, office, retail and other commercial assets in markets in San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The assets have an aggregate purchase price of $1.1 billion.
HILLSBORO, ORE. — Norris & Stevens has arranged the sale of a 5.9-acre land site located at NE Wagon and NE Five Oaks drives in Hillsboro. Cedartree Hotels, a subsidiary of Kyoto, Japan-based Urban Hotel System, acquired the property for $2.4 million. The buyer plans to develop a 120-room hotel with a full-service restaurant, sake bar and traditional tatami flooring. Additionally, the hotel will feature a Japanese garden, heated indoor pool, outdoor stone bath and conference rooms. The project, which will be Cedartree Hotels’ first property in the United States, is slated for delivery in early 2021. Greg Nesting and Gabe Schnitzer of Norris & Stevens represented the buyer and undisclosed seller in the deal.
By Kurt Strasmann, Executive Managing Director, CBRE Industrial properties have been in high demand in recent years both nationally and, particularly, in Southern California and the Greater Los Angeles area. Our region is a strategic hub for goods coming from all over the world, especially Asia, and boasts the necessary infrastructure to store and deliver product regionally and throughout the nation. Greater LA is also a major consumer hub. About 50 percent of product coming through the LA and Long Beach ports remains in the region. Our first-quarter numbers emphasize LA’s strong industrial fundamentals prior to COVID-19 taking effect. These numbers have put the market in a strong position to weather the recession, which we expect to be short. The 1.7 percent overall vacancy rate in the first quarter represented the limited supply and high demand for industrial space within the region. The diverse tenant base has created further market resiliency with occupiers in logistics, food and beverage, entertainment, manufacturing and a broad array of other industries. Going forward during these extraordinary times, we do anticipate an increase in vacancies and decreasing tenant leasing activity through at least the fourth quarter. Until we return to a more normalized state, we need …
SALT LAKE CITY — A partnership between Lowe Property Group, BCG Holdings and Q Factor has broken ground on Post House. The mixed-use, pedestrian-friendly development will be located in Salt Lake City’s downtown Post District. MVE + Partners designed Post House, which will feature five buildings offering a total of 580 residential units, 22,405 square feet of retail space and 86,000 square feet of private and public outdoor space. Completion of the 488,765-square-foot project is scheduled for spring 2023, with the first residential and retail units slated to open in spring 2022. The current site holds features a variety of existing mixed-use industrial buildings, including the Newspaper Agency Corp. Building, that will be integrated into the community’s plan. The community’s walkable ground level will include 22,000 square feet of retail space, including Post House Market, a multi-tenant market hall. Comprising 461,921 square feet of rentable space, Post House Apartments will offer units ranging from 385 square feet to 2,030 square feet. Amenities will include lofts and private outdoor space, including four rooftop decks with firepits, bars, lounges, seating and barbecue grills. Additionally, the property will feature two private outdoor courtyards featuring a series of indoor/outdoor pools and a 5,604-square-foot fitness …
SAN JOSE, CALIF. — KBS has completed the disposition of two buildings at District 237, a Class A office/R&D complex located at 100 Headquarters Drive and 200-350 Holger Way in San Jose. EXAN Group, an independent real estate fund and asset management company, acquired the buildings from KBS Real Estate Investment Trust II for $95.2 million. Totaling 142,710 square feet, the properties are located at 100 Headquarters Drive and 200 Holger Way. Built in 1999 and 2001, District 237 features eight one-, two- and three-story buildings ranging from 20,009 square feet to 101,194 square feet. KBS recently repositioned and rebranded the complex, resulting in a combined total of 315,622 square feet in new leases. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Bran Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the sale. Bruch Fischer, Howard Chu, Chrisdo Fan and Amanda Kennedy of Greenberg Traurig LLP’s Orange County, Calif., office represented KBS as legal counsel in the disposition. EXAN Group has been retained to manage District 237.
AURORA, COLO. — Evergreen Devco has purchased Turnberry at Heather Ridge, an apartment community located at 2038 S. Vaughn Way in Aurora. Kevlyn Investments sold the asset for $46 million in an off-market transaction. Situated on 12 acres, Turnberry at Heather Ridge features 268 apartments, averaging 823 square feet, in a mix of 183 one-bedroom/one-bath units and 85 two-bedroom/two-bath units. The units feature fully appointed kitchens, fireplaces, large balconies or patios, ceiling fans and walk-in closets. The community features two swimming pools, a fitness center, business center, dog park and clubhouse. Evergreen plans to implement a three-year capital improvements program at the property that includes renovating the exterior and interior of the 13 residential buildings and leasing office, as well as updating the community amenities. Echelon Property Group will be the on-site manager for the community. John Blackshire and Tom Wanberg of Transwestern represented the seller in the deal.
