Western

Simon, URW Among Latest to Temporarily Close Retail Centers Amid Coronavirus Outbreak

by Alex Tostado March 19, 2020

INDIANAPOLIS AND LOS ANGELES — Simon Property Group and Unibail-Rodamco-Westfield (URW) have announced they will temporarily close their respective shopping centers across the United States amid the worldwide COVID-19 outbreak. Simon (NYSE: SPG) closed all of its U.S. properties at 7 p.m. local time Wednesday. URW will close its properties starting today. URW, which is headquartered in Paris and has offices in Los Angeles and New York City, operates 47 properties in the U.S. Due to European governments implementing crowd bans, URW began shuttering centers in France, Spain, Poland, Austria, the Czech Republic and Slovakia on March 16. In a corresponding move, the company began actively reducing non-staff expenses and deferring non-essential capital expenditure. Unless instructed otherwise by local authorities, URW will reopen its properties March 29. URW says “essential” retailers will remain open. Essential stores are typically defined as grocery stores, pharmacies, convenient stores, etc. “We have not made this decision lightly and believe this is in the best interest of protecting our various stakeholders. We look forward to reopening these centers in the very near future,” says Jean-Marie Tritant, U.S. President of URW. “In the meantime, we are doing everything possible to make sure that ‘essential’ retail outlets …

March 19, 2020

Acquisitions California Multifamily Western

Matthews Real Estate Investment Arranges $108M Sale of Apartment Portfolio in California

by Amy Works March 18, 2020

CARSON AND LOMITA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a 17-property multifamily portfolio in Southern California. The portfolio was sold in two parts with 15 assets, totaling 185 units, sold in a private transaction. A two-property portfolio, totaling 55 units located at 21818 Figueroa Street in Carson, Calif., and 25829 Viana Ave. in Lomita, Calif., was acquired separately. El Segundo, Calif.-based NextGen Apartments acquired the properties from a private seller for $108 million. David Harrington and Michael Astorian of Matthews Real Estate Investment Services brokered the sale.

March 18, 2020

Acquisitions California Multifamily Western

Colliers Negotiates $90M Sale of Seven-Property Multifamily Portfolio in San Francisco

by Amy Works March 18, 2020

SAN FRANCISCO — Colliers International has arranged the sale of a seven-property multifamily portfolio in San Francisco. An undisclosed buyer acquired the properties for $90 million. Totaling 124,260 square feet, the portfolio includes 643 Divisadero Street; 1128, 956 and 901 Valencia Street; 970 and 954 Geart Street; and 704 Bush Street. The portfolio offers a total of 176 residential units. James Devincenti and Brad Lagomarsino of Colliers, along with Eve Myers, Joseph Smolen, Mark Petersen, Jeffrey Weber and Will Purcell of Eastdil-Secured, handled the transaction.

March 18, 2020

Acquisitions Arizona Office Western

Crowne Pointe Equity Acquires 32,350 SF Flex Property in Tempe, Arizona

by Amy Works March 18, 2020

TEMPE, ARIZ. — Anaheim, Calif.-based Crowne Pointe Equity has purchased an office/flex building located at 914 S. 52nd St. in Tempe. A joint venture between Phoenix-based ViaWest Group and a capital partner sold the asset for $5.9 million. Situated on 2.7 acres, the property offers 32,350 square feet of Class A office/flex space. At the time of sale, two tenants fully occupied the property: La Frontera EMPACT Suicide Prevention and SISU Healthcare Solutions. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas and Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE’s Phoenix office represented the seller in the deal.

March 18, 2020

Arizona Development Office Restaurant Retail Western

Diversified Partners Breaks Ground on En Fuego Retail, Office Development in Arizona

by Amy Works March 18, 2020

GLENDALE, ARIZ. — Scottsdale, Ariz.-based Diversified Partners has broken ground for En Fuego, a retail, office and flex development located at 91st and Glendale avenues in Glendale. The first phase of En Fuego will include retail pads ranging in size from 3,000 square feet to 15,600 square feet. Starbucks Coffee, Raising Cane’s Chicken Fingers, Barro’s Pizza, Biscuits Café and Jack in the Box have pre-leased space at the property. The second phase of development will include 8.32 acres of office, flex or entertainment space.

March 18, 2020

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $6.7M Sale of Summer Place Apartments in Las Vegas

by Amy Works March 18, 2020

LAS VEGAS — Northcap Commercial has arranged the sale of Summer Place Apartments, a multifamily property located in Las Vegas. Summer Place Apartments LLC sold the asset to an undisclosed buyer for $6.7 million, or $60,268 per unit. Built in 1979, the 112-unit property is located at 27 N. 28th St. Devin Lee, Jason Dittenber, Jerad Roberts and Robin Willett of Northcap Commercial handled the transaction.

March 18, 2020

Loans Multifamily Washington Western

CBRE Secures $115.5M Refinancing for The Danforth Apartment Building in Seattle

by Amy Works March 17, 2020

SEATTLE — CBRE has arranged $115.5 million in refinancing for The Danforth, a 16-story multifamily property located at 1425 Spring St. in Seattle’s First Hill neighborhood. The borrower acquired the 265-unit apartment property in December 2019 from the project developer, Columbia Pacific Advisors. John Lo of CBRE’s Capital Markets’ Debt & Structured Finance group secured the loan from a European lender on behalf of the borrower, an affiliate of the Vanbarton Group. Built in 2018, The Danforth is 96 percent leased and includes a two-level, 45,000-square-foot organic supermarket chain on the ground floor, as well as other residential amenities. The property is located at the corner of Broadway and East Madison Street and offers 358 underground parking stalls.

March 17, 2020

Colorado Development Multifamily Western

Opus Group Acquires Land Parcel for 277-Unit Multifamily Development in Denver

by Amy Works March 17, 2020

DENVER — The Opus Group has purchased a 1.65-acre land parcel at 19th and Clay streets in Denver for the development of an apartment property. The Nichols Partnership sold the property for an undisclosed price. The vacant lot and parking garage are located adjacent to the Broncos stadium redevelopment in the city’s Jefferson Park neighborhood. The current plans for the multifamily property include a 12-story building offering 277 apartments in a mix of studio, one- and two-bedroom units, averaging 763 square feet, and three levels of structured parking with 288 parking spaces. Planned amenities include premium finishes and unobstructed mountain and city views. Newmark Knight Frank (NKF) Multifamily arranged the sale, construction financing and joint venture equity for the project’s development. Chris Cowan, Bryon Stevenson and Mackenzie Walker of NKF Multifamily handled the transaction.

March 17, 2020

Acquisitions Multifamily Nevada Western

3D Investments Sells Apartment Complex in Las Vegas for $22M

by Amy Works March 17, 2020

LAS VEGAS — 3D Investments has completed the disposition of Las Brisas De Cheyenne, a multifamily property located in Las Vegas. Epic Investment Services acquired the asset for $22 million, or $125,000 per unit. Located at 3985 E. Cheyenne Ave., Las Brisas De Cheyenne features 176 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Group at Avison Young represented the seller in the transaction.

March 17, 2020

Acquisitions California Industrial Western

Terreno Realty Buys Industrial Asset in California for $18M

by Amy Works March 17, 2020

RANCHO DOMINGUEZ, CALIF. — Terreno Realty Corp. has acquired an industrial property located in Rancho Dominguez for $18 million. The name of the seller was not released. Situated on 3.7 acres at 2310 E. Gladwick St., the 66,000-square-foot industrial distribution facility features 13 dock-high and two grade-level loading positions and parking for 81 cars. At the time of sale, the asset was fully leased to one tenant.

March 17, 2020

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