Western

IPA Negotiates $55M Sale of Eagle Crest Apartment Community in Glendale, Arizona

by Amy Works November 12, 2020

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eagle Crest, a multifamily property located near the Arrowhead Ranch master-planned community in Glendale. A private family trust sold the asset to S2 Capital for $55 million, or $134,804 per unit. Constructed in 1987 on 16 acres, Eagle Crest features 408 apartments. Cliff David and Steve Gebing of IPA, along with Marty Cohan of Marcus & Millichap, represented the seller and procured the buyer in the deal. Ryan Sarbinoff served as Marcus & Millichap’s broker of record in Arizona.

November 12, 2020

Acquisitions California Retail Western

Beacon Realty Acquires Jefferson Square Retail Center in Southern California for Repositioning

by Amy Works November 12, 2020

LA QUINTA, CALIF. — San Diego-based Beacon Realty Advisors, in partnership with Charlotte-based Carolina Capital Real Estate Partners, has acquired Jefferson Square, a partially built, open-air retail center in La Quinta. Regency Centers, the original developer, sold the asset for an undisclosed price. Located at Fred Waring Drive and Jefferson Street, Jefferson Center is situated on approximately 10 acres. CVS/pharmacy currently anchors the property. Beacon plans to pursue a grocery, home improvement or medical tenant to occupy the existing vacant 14,000-square-foot box space. The Jefferson Center site features a fully constructed infrastructure with only half of the land fully developed.

November 12, 2020

Acquisitions California Industrial Western

Cohen Asset Management Buys 112,075 SF Industrial Facility Near Los Angeles

by Amy Works November 12, 2020

RANCHO DOMINGUEZ, CALIF. — Cohen Asset Management (CAM) has purchased a newly constructed logistics building located at 15100 S. San Pedro St. in Rancho Dominguez. Terms of the transaction were not released. A large credit tenant occupies the 112,075-square-foot building on a long-term lease. The building offers close proximity to the ports of Los Angeles and Long Beach in Los Angeles’ South Bay industrial submarket.

November 12, 2020

Acquisitions California Civic Retail Western

Progressive Real Estate Partners Brokers $1.5M Sale of Four-Building Asset in Riverside, California

by Amy Works November 12, 2020

RIVERSIDE, CALIF. — Progressive Real Estate Partners has arranged the sale of a former bank property located at 6876 Magnolia St. in Riverside. Dream Big Children’s Center acquired the asset for $1.5 million. The property consists of four one-story buildings totaling 8,633 square feet, a courtyard and dedicated parking. Dream Big offers early intervention services and therapy for children with autism using a focus on structured teaching and natural play. Slated to open in early 2021, the Riverside location will be the company’s fourth play center. Greg Bedell and Roxy Klein of Progressive Real Estate Partners represented the seller, Financial Partners Credit Union, in the deal.

November 12, 2020

Multifamily Nevada Webinar Western

Webinar: Las Vegas Multifamily Outlook — How is the Vegas Apartment Sector Responding to the Pandemic?

by Jaime Lackey November 11, 2020

On November 9, Western Real Estate Business magazine hosted “Las Vegas Multifamily Outlook — How is the Vegas Apartment Sector Responding to the Pandemic?”, featuring two panels of multifamily experts to discuss development and investment sales activity in Las Vegas. Speakers on the development panel include Greg Campbell of Laguna Point Properties, Dave Sloan of Next Wave Investors, Bob Schulman of Schulman Properties, Alex Woodin of Southern Land Co. and Travis Nelson of First American Title. Investment market panelists include Taylor Sims of Cushman & Wakefield, Bobby Khorshidi of Archway Capital, Robin Willett of NorthCap Multifamily, Adam Schmitt of CBRE, and Scott McClave of The Bascom Group. Archway Capital and First American Title sponsored the discussions, which were hosted by Western Real Estate Business and InterFace Conference Group.

November 11, 2020

Colorado Development Office Western

Flywheel Capital to Develop 210,000 SF Peak Technology Campus in Colorado Springs

by Amy Works November 11, 2020

COLORADO SPRINGS, COLO. — Flywheel Capital, a Denver-based commercial real estate investment company, has started development of Peak Technology Campus, a speculative office project in Colorado Springs. The 210,000-square-foot campus will offer secure-ready site for the aerospace and defense industrial. Situated within the 900-acre Peak Innovation Park business park, Peak Technology Campus will feature four single-story office buildings with full-floor and multi-tenant configurations, secure-ready sites with dedicated entries, building signage, loading docks, 4.5 parking spaces per 1,000 square feet and secured satellite area. Plans for the new development include a 50,000-square-foot Building 1, a 40,000-square-foot Building 2, a 60,000-square-foot Building 3 and a 60,000-square-foot Building 4. Construction for Building 1 is slated to start in first-quarter 2021, with delivery set for third-quarter 2021. Kenton Mau, Brian Wagner and Mark O’Donnell of Newark will market the property for lease. According to Newmark Research, Peak Technology Campus represents the largest speculative office development in Colorado Springs since 2001.

November 11, 2020

Company News Development Restaurant Retail Western

Chipotle Plans to Open First Digital Restaurant as Online Sales Tripled in Third Quarter

by Jeff Shaw November 11, 2020

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill plans to launch a digital restaurant concept dubbed Chipotle Digital Kitchen. Customers will be required to order in advance via the Chipotle app, website or third-party delivery service; there will not be a dining area or line to order food. The Newport Beach-based restaurant chain says the footprint is designed for urban areas but will open its first location near West Point Academy in Highland Falls, New York, on Saturday, Nov. 14. The announcement of the restaurant opening comes on the heels of the company’s third-quarter earnings report, which showed Chipotle’s digital sales tripled year-over-year. Furthermore, online sales accounted for nearly half (48.8 percent) of total sales for the quarter, which ended Sept. 30.

November 11, 2020

Acquisitions Multifamily Nevada Western

NWI Vida Divests of Bella Vida Apartments in Las Vegas for $15M

by Amy Works November 11, 2020

LAS VEGAS — NWI Vida LLC has completed the disposition of Bella Vida Apartments, a multifamily property in Las Vegas. An undisclosed buyer acquired the community for $15 million, or $208,333 per unit. Located at 1111 S. Cimarron Road, the property features 72 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.

November 11, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Arranges $5.3M Acquisition of Multifamily Property in Thornton, Colorado

by Amy Works November 11, 2020

THORNTON, COLO. — Nexus Commercial Realty has brokered the sale of an apartment community located at 8770-8780 Galen Court in Thornton. An undisclosed buyer acquired the asset for $5.3 million. The 38-unit property features 12 one-bedroom units and 26 two-bedroom units. The majority of the units have been updated, and select units feature balconies. The property includes two on-site laundry rooms and 54 off-street parking spaces for tenants. The buyer plans to manage the property, upgrade the remaining units and increase rents to market value.

November 11, 2020

Acquisitions Industrial Nevada Self-Storage Western

Local Ownership Group Sells 235-Unit Lockwood Landing Self Storage & Industrial Facility in Nevada

by Amy Works November 11, 2020

SPARKS, NEV. — A local ownership group has completed the disposition of Landing Self Storage & Industrial, a self-storage facility located along Interstate 80 in Sparks. A Northern California-based owner-operator acquired the asset for $5.5 million. Lockwood Landing comprises 49,100 net rentable square feet of self-storage space and 28,865 net rentable square feet of industrial space on 8.7 acres. The property features six steel-frame storage buildings and three steel-frame industrial buildings with asphalt drive aisles, plus a manager’s office and living quarters. At the time of sale, the storage buildings were approximately 84 percent occupied and the industrial buildings were 100 percent occupied. Bobby Loeffler and Tyler Skelly of The Loeffer Self-Storage Group represented the seller in the deal.

November 11, 2020

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