Western

Colliers Brokers Sale of Eight-Building Office Portfolio Near Sacramento for $23M

by Amy Works July 9, 2020

SACRAMENTO AND GOLD RIVER, CALIF. — Colliers International’s Institutional Capital Markets team has arranged the sale of an eight-building office portfolio near Sacramento. Cook Endeavors acquired the asset from WHAL Properties for $23 million, or $139 per square foot. Totaling 170,000 square feet, the portfolio includes 11341 and 11335 Gold Express Drive, 11249 Gold Country Blvd. and 11211 Gold Country Blvd. in Gold River, as well as 800 Howe Ave., 3604, 3626 and 3620 Fair Oaks Blvd. in Sacramento. Brad Idleman, Andrew Gibson, Bob Gilley, Kevin Moul and Andy Zighelboim of Colliers represented the seller, while Thomas Walcott of Colliers Sacramento represented the buyer in the off-market transaction.

July 9, 2020

Acquisitions Arizona Industrial Western

CapRock Partners Buys Newly Built 146,500 SF Industrial Building in Phoenix

by Amy Works July 9, 2020

PHOENIX — CapRock Partners has acquired a newly built industrial building located at 4615 W. McDowell Road in Phoenix. The 146,500-square-foot facility can accommodate up to four light manufacturing and distribution tenants. The building offers two 2,000-square-foot speculative office spaces, 32-foot clear heights, 26 dock-high and four grade-level loading doors and a concrete truck court. Additionally, the eight-acre site is equipped with heavy power capacity (3,600 amps, 277/480 volts). Payson MacWilliam and Don MacWilliam of Colliers International represented CapRock in the deal. Terms of the off-market transaction were not released.

July 9, 2020

Development Nevada Retail Western

Safeway Breaks Ground on 62,000 SF Location at Damonte Ranch Town Center in Reno

by Amy Works July 9, 2020

RENO, NEV. — Safeway has broken ground for a new grocery store at Damonte Ranch Town Center, located at the corner of Steamboat Parkway and Damonte Ranch Parkway in south Reno. The 62,000-square-foot store will be the grocery store chain’s third location in the Reno-Sparks market. Safeway will join RC Willey and The Home Depot as anchor tenants at the 509,000-square-foot shopping center, which Lewis Retail Centers owns. The retail center is part of the 2,000-acre Damonte Ranch master-planned community, which includes approximately 19,497 households within a three-mile radius of the shopping center.

July 9, 2020

California Development Industrial Western

LPC West, Cerberus Capital Buy 30-Acre Industrial Development Site in Oceanside, California

by Amy Works July 8, 2020

OCEANSIDE, CALIF. — LPC West, in partnership with an affiliate of Cerberus Capital Management, has acquired a nearly 30-acre development site in Oceanside. Terms of the acquisition were not released. The partnership plans to develop a modern industrial campus on the site, which is located within Ocean Ranch, a 400-acre office and industrial development. “Together with Cerberus, we plan to build highly efficient industrial buildings that will meet the needs of tenants looking for quality industrial space in the San Diego region,” says Scott Moffatt, senior vice president of LPC West’s San Diego office. Ocean Ranch is situated near the Interstate 5 Freeway between Highways 76 and 78, offering easy access to many Southern California regions, including Los Angeles, Riverside, Orange County and San Diego. “With Oceanside’s strategic location, the area has become an attractive region in Southern California for leading companies,” says Tom Wagner, head of North American Real Estate at Cerberus. “This is a great opportunity to develop a best-in-class industrial campus in Oceanside.” LPC West currently owns and manages nearly 1.5 million square feet of commercial property in the San Diego region with an additional 450,000 square feet currently under development.

July 8, 2020

Acquisitions Arizona Industrial Western

Cohen Asset Management Acquires Industrial Building in West Phoenix for $30.7M

by Amy Works July 8, 2020

PHOENIX — Los Angeles-based Cohen Asset Management has purchased an industrial property located in West Phoenix. Kansas City Life Insurance Co. sold the asset for $30.7 million. OnTrac, a logistics company, and LA Specialty Produce Co. occupy the 325,800-square-foot facility, which is located at 7400 W. Buckeye Road. Payson MacWilliam, Don MacWilliam and Chris Reese of Colliers International in Arizona handled the transaction.

July 8, 2020

Acquisitions California Office Western

MIG Real Estate Sells 35,258 SF One Ridgegate Office Property in Temecula, California

by Amy Works July 8, 2020

TEMECULA, CALIF. — Newport Beach, Calif.-based MIG Real Estate has completed the sale of One Ridgegate, an office building located at 1 Ridgegate Drive in Temecula. An undisclosed buyer acquired the property for $5.2 million. Situated on three acres and built in 2003, One Ridgegate offers 35,258 square feet of office space. At the time of sale, the property was 92 percent leased. CBRE/Lee & Associates represented the seller, while Mike Realty represented the buyer in the deal.

July 8, 2020

Acquisitions Multifamily Oregon Seniors Housing Washington Western

Blueprint Negotiates Sale of Eight-Property Assisted Living Portfolio in Pacific Northwest

by Amy Works July 8, 2020

WASHINGTON AND OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired the properties. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care units.

July 8, 2020

Acquisitions California Retail Western

Progressive Real Estate Brokers $5.7M Sale of All Star Car Wash Location in Corona, California

by Amy Works July 8, 2020

CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of All Star Car Wash and Castrol Oil and Lube Center, located at 465 McKinley St. in Corona. A Japan-based private investor sold the asset, which includes the business and real estate, to an Orange County, Calif.-based private investor for $5.7 million. Built in 1992, All Star Car Wash features a full-service handwash with 100-foot tunnel, a three-bay Castrol Oil and Lube Express, a smog center, an outdoor patio and lobby. The buyer plans to upgrade the property with new paint, renovation of the patio area and the addition of more food options. The property is situated on an outparcel to Corona Marketplace, a 270,000-square-foot shopping center. Victor Buendia of Progressive Real Estate represented the buyer and seller in the deal.

July 8, 2020

Acquisitions Arizona Retail Western

Evergreen Devco Buys 163,594 SF Chandler Pavilions Retail Center in Arizona

by Amy Works July 7, 2020

CHANDLER, ARIZ. — Evergreen Devco has acquired Chandler Pavilions, a shopping center located at 800-890 N. 54th St. in Chandler. Invesco sold the asset for an undisclosed price. Built in 1998, the value-add center features 163,594 square feet of retail space. Current tenants include REI, Bed Bath & Beyond, Golf Galaxy and Cost Plus World Market. Pat Dempsey of JLL represented the seller. Phoenix Commercial Advisors will continue to serve as leasing agents for the property.

July 7, 2020

Acquisitions Industrial Oregon Western

Alpine Food Distributing Acquires 220,000 SF Industrial Complex in Milwaukie, Oregon

by Amy Works July 7, 2020

MILWAUKIE, ORE. — Alpine Food Distributing has purchased two distribution facilities, located at 9696 SE Omark Drive in Milwaukie. Oregon Transfer Co. sold the asset for $12.2 million. Steven Klein and Peter Stalick of Kidder Mathews represented Alpine in the transaction. The Oregon-based, family-owned food distribution company previously leased the properties, which offer a total of 220,000 square feet. The newly acquired complex is adjacent to a 280,000-square-foot facility that the buyer already owns.

July 7, 2020

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