Western

PCCP Provides $39.4M Loan for Development of Acero Glendale Apartment Community in Arizona

by Amy Works June 30, 2020

GLENDALE, ARIZ. — PCCP has provided a $39.4 million senior loan to Vancouver, Wash.-based IDM Cos. for the ground-up development of Acero Glendale. The Class A, garden-style multifamily property will be located at the northwest corner of 95th and Missouri avenues in Glendale. Situated on 15 acres, the project will feature 352 units in a mix of one-, two- and three-bedroom floor plans, averaging 986 square feet, across 18 residential buildings. Units will offer hard-surface countertops, vinyl-plank flooring, carpeted bedrooms, air conditioning, in-unit washers/dryers, stainless steel appliances and private patios or balconies. Community amenities will include two swimming pools, a fitness center, leasing office, community room and lounge with a kitchen and outdoor common areas. The first units are scheduled for delivery in mid-2021, with completion of the entire project in 2022. Adam Deermount, Steve Sims and John Meek of RanchHarbor, along with David Kidder of Landmark Real Estate, arranged the financing.

June 30, 2020

Acquisitions California Office Western

Voit Real Estate Arranges $3.1M Sale of Office Building in San Diego

by Amy Works June 30, 2020

SAN DIEGO — Voit Real Estate Services has brokered the sale of an office property in San Diego. 9565 Waples Investment Group LLC sold the asset to Renda Law Offices P.C. for $3.1 million. Located at 9565 Waples St., the property features 13,695 of office space within San Diego’s Sorrento Mesa submarket. The buyer plans to use the building for its San Diego-based bankruptcy firm. Brandon Keith, Kipp Gstettenbauer and Ryan King of Voit Real Estate Services represented the seller in the transaction.

June 30, 2020

Acquisitions California Company News Development Mixed-Use New York Northeast Office Top Stories Western

Hudson Pacific, Blackstone Form Joint Venture to Grow Movie Studio and Office Platform in Hollywood

by John Nelson June 30, 2020

LOS ANGELES AND NEW YORK — Hudson Pacific Properties Inc. and Blackstone have formed a joint venture to expand the film and TV production platform for both publicly traded companies. Hudson Pacific is bringing on Blackstone as a partner to help capitalize a portfolio of studios and offices in Hollywood that have been used sparingly since the outbreak of COVID-19 and the subsequent stay-at-home directives in Los Angeles. As part of the deal, Blackstone (NYSE: BX) will buy a 49 percent stake in Hudson Pacific’s 2.2 million-square-foot Hollywood Media Portfolio, which spans three studios and five office buildings. Hudson Pacific (NYSE: HPP) will remain responsible for the day-to-day operations of the portfolio, which is valued at $1.65 billion. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios,” says Victor Coleman, chairman and CEO of Hudson Pacific. The portfolio includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios (formerly Hollywood Center Studios), which comprises 35 stages and production and support spaces totaling 1.2 million square feet. The offices in the portfolio include 6040 Sunset, Icon, Cue, Epic and …

June 30, 2020

Washington Building Apartments in downtown Tacoma, Wash.

Development Multifamily Washington Western

Unico, Pinnacle Partners Plan 156-Unit Washington Building Apartments Adaptive Reuse Project in Tacoma

by Amy Works June 29, 2020

TACOMA, WASH. — Unico Properties and Pinnacle Partners have unveiled development plans for Washington Building Apartments, an adaptive reuse of the 1925-built historic building in downtown Tacoma. Demolition work is slated to begin in July followed by 21 months of construction, set to start before the end of the year. The 18-story development, scheduled for completion in early summer 2022, will feature 156 vintage apartments and a rooftop amenity deck. The project will be redeveloped as part of a single-asset joint venture between Unico and Pinnacle Partners’ respective Qualified Opportunity Zone Funds (QOZF), which acquired the asset in May. Unico is developing the $60 million project on behalf of its and Pinnacle Partners’ QOZF investors.

June 29, 2020

Wigwam-Creek-Shopping-Center-Litchfield-Park-AZ

Acquisitions Arizona Retail Western

SRS Negotiates $9.2M Sale of Wigwam Creek Shopping Center Near Phoenix

by Amy Works June 29, 2020

LITCHFIELD PARK, ARIZ. — SRS Real Estate Partners has arranged the sale of a large portion of Wigwam Creek Shopping Center, located at 13000 and 12958 W. Indian School Road in Litchfield Park. A Colorado-based family office sold the asset to a California-based private investor for $9.2 million. Built in 2002, Wigwam Creek Shopping Center totals 33,792 square feet. Anytime Fitness, Baskin Robbins, Subway, Fantastic Sams and Leslie’s Poolmart are among the 17 tenants that fully occupy the property. The center also includes Albertsons, McDonalds, BBVA Bank, Circle K and KFC, which were not part of the transaction. John Redfield, Ed Beeh and Alan Houston of SRS’ National Net Lease Group, along with Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, represented the seller. Ninos Lazar of Investar Real Estate Specialists represented the buyer in the deal.

June 29, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys Two-Building Property in San Diego’s Miramar for $7.8M

by Amy Works June 29, 2020

SAN DIEGO — Rexford Industrial has acquired a two-building industrial property in San Diego’s Miramar submarket for $7.8 million. Totaling 46,620 square feet, the buildings are located at 8745-8775 Production Ave. Rexford plans to implement significant exterior and interior improvements to the buildings. Evan McDonald of Colliers International represented the buyer. The seller was an undisclosed private individual.

June 29, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $4.3M Purchase of Apartment Building in Los Angeles

by Amy Works June 29, 2020

LOS ANGELES — Marcus & Millichap has arranged the acquisition of a multifamily property located at 430 S. Union Ave. in the Westlake neighborhood of Los Angeles. A private limited liability company acquired the building for $4.3 million, or $142,500 per unit. Constructed in 1926, the building features 30 one-bedroom apartments. Rick Raymundo of Marcus & Millichap Los Angeles represented the buyer, while the Kinyan Realty represented the undisclosed seller in the deal.

June 29, 2020

Acquisitions Arizona Retail Western

Benson-DBS Acquires Dollar General-Occupied Retail Property in Tucson for $1.8M

by Amy Works June 29, 2020

TUCSON, ARIZ. — Benson-DBS LLC has purchased a retail building located at 67880 N. Sandario Road in Tucson. Damco Arizona Properties sold the asset for $1.8 million. Dollar General occupies the property. Dave Hammock of Cushman & Wakefield | PICOR represented the buyer in the deal.

June 29, 2020

California Development Mixed-Use Top Stories Western

Anaheim Ducks Owner to Develop $3B ocV!BE Entertainment, Mixed-Use District

by Taylor Williams June 29, 2020

ANAHEIM, CALIF. — The Samueli family, which owns the NHL’s Anaheim Ducks, has announced plans for ocV!BE, a $3 billion entertainment and mixed-use district in Southern California. The initial phases of the 115-acre project are expected to open in 2024, and the entire destination is scheduled for completion by the 2028 Olympics in Los Angeles. The development will surround Honda Center, where the Ducks play, and will feature a 6,000-seat concert venue, a 68,000-square-foot food hall and a variety of restaurants and retail establishments. Additional uses will include two hotels totaling 650 rooms, a 325,000-square-foot office tower, 2,800 apartments with a 15 percent affordable housing component and 30 acres of parks and open green space. A network of pedestrian bridges and walkways will connect the various elements of the project, including a landmark bridge over Katella Avenue. In 2018, the City of Anaheim and the Ducks committed to keep the team in Anaheim for another 50 years, paving the way for ownership to begin acquiring various tracts surrounding Honda Center. The project is entirely privately funded, and the development team will not seek a tax rebate or subsidy from the City of Anaheim. Development of ocV!BE is expected to create …

June 29, 2020

Acquisitions Arizona Multifamily Western

Epoch Residential Sells 292-Unit Capital Place Apartment Community in Phoenix

by Amy Works June 26, 2020

PHOENIX — Epoch Residential has completed the sale of Capital Place, a multifamily property located at 11 S. 12th St. in Phoenix. Knightvest Capital acquired the asset for an undisclosed price. Built in 2016, the two-building Capital Place features 292 apartments offering stainless steel kitchen appliances, custom kitchen cabinets, granite counter tops and covered balconies. Residential amenities include a swimming pool, fitness center, clubhouse, spa, cabanas, barbecue grills and parking garages. Mike Higgins, Charlie Steele and John Cunningham of the JLL Capital Markets Investment Advisory team represented the seller in the deal. Mark Brandenburg and Brad Miner, also of JLL, arranged acquisition financing through Freddie Mac for the buyer. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan.

June 26, 2020

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