Western

PCCP, Koll Co. Acquire Eight-Building Industrial Portfolio in Sacramento, Salt Lake City for $41.3M

by Amy Works July 23, 2020

WEST SACRAMENTO, CALIF., AND SALT LAKE CITY — A joint venture between PCCP and The Koll Co. has purchased an eight-building industrial portfolio in West Sacramento and Salt Lake City. A private family trust sold the portfolio for $41.3 million. Totaling 510,7070 square feet, the assets were fully leased at the time of sale. The three California properties, totaling 226,000 square feet, are located within the Port of Sacramento Industrial Park. Built in 1987, the buildings feature 22- to 26-foot clear heights, dock-high doors, grade-level doors, wet sprinklers, reinforced concrete loading areas and ample parking. The remaining five properties, totaling 214,000 square feet, are located within Centennial Industrial Park in Salt Lake City. The buildings feature 24- to 27-foot clear heights, dock-high doors and grade-level doors. Bret Hardy and Kevin Shannon of Newmark Knight Frank represented the seller, while David Milestone of Newmark Knight Frank sourced acquisition debt from California Bank & Trust for the buyer.

July 23, 2020

Acquisitions California Office Western

Nome Ventures Purchases 170,977 SF Cerritos Center Court Office Building Near Los Angeles

by Amy Works July 23, 2020

CERRITOS, CALIF. — Nome Ventures, a Bay Area-based real estate investment firm, has acquired Cerritos Center Court, a Class A office building in Cerritos, for an undisclosed price. Located at 17777 Center Court Drive within the 125-acre master-planned Cerritos Central Business District, the eight-story building features 170,977 square feet of office space. At the time of sale, the property was 98 percent leased. Built in 2002, a 2018 renovation fully upgraded the lobbies, corridors, restrooms, electric vehicle charging stations and 680 parking spaces. The transaction is a leasehold sale as the building sits on a long-term ground lease owned by the City of Cerritos with more than 66 years remaining on the term. Todd Tydlaska, Sean Sullivan, Mike Longo, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller, an undisclosed institutional investor, while Nome Ventures was self-represented in the deal. Greg Grant of CBRE’s Debt & Structured Finance team secured a $26.7 million loan on behalf of the buyer.

July 23, 2020

Acquisitions Colorado Development Industrial Western

EverWest Buys Two-Building Industrial Spec Project in Colorado, Plans Additional Expansion

by Amy Works July 23, 2020

THORNTON, COLO. — EverWest Real Estate Investors, in a joint venture with Invesco, has acquired a two-building speculative industrial project located at 14901 N. Washington St. in Thornton. RE II Industrial II sold the property, which fronts Interstate 25, for an undisclosed price. The acquisition includes an adjacent, pad-ready site where EverWest, serving as developer, plans to build a 121,000-square-foot Class A industrial building. The new facility will complement the existing 219,000 square feet of speculative industrial space at the site, which also includes 46.4 acres of undeveloped land. With the undeveloped land, EverWest has the option to build a second and third phase totaling an additional 590,000 square feet of new industrial space.

July 23, 2020

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Brokers Sale of All American Storage in West Valley City, Utah

by Amy Works July 23, 2020

WEST VALLEY CITY, UTAH — The LeClaire Group of Marcus & Millichap has arranged the purchased of All American Storage in West Valley City. A regional real estate investor acquired the 8,800-square-foot self-storage facility for an undisclosed price. Built in 1997, the property features 45 drive-up, non-climate-controlled self-storage units and an on-site apartment. Units range in size from 100 square feet to 400 square feet, with the ability to reconfigure unit sizes to accommodate larger spaces. Additionally, the fully fenced and gated property features keypad access and 24-hour surveillance. Jordan Farrer of The LeClaire Group of Marcus & Millichap represented the buyer in the deal. The name of the seller was not released.

July 23, 2020

Colorado Development Industrial Office Retail Western

St. John Properties Buys Land Site for 600,000 SF Simms Technology Park in Broomfield, Colorado

by Amy Works July 22, 2020

BROOMFIELD, COLO. — Baltimore-based St. John Properties has acquired 81 acres of land in Broomfield for the development of Simms Technology Park, a $95 million mixed-use business park project. Brocade Communications Systems sold the development site for an undisclosed price. Located at the intersection of North Simms Street and West 112th Avenue, the 600,000-square-foot Simms Technology Park will comprise two multi-story, Class A office buildings offering 200,000 square feet; five single-story office buildings totaling 150,000 square feet; six R&D/flex buildings totaling 220,000 square feet; an 8,000-square-foot retail building; and four pad sites suitable for multiple retail tenants. St. John Properties plans to initially break ground on the single-story office and R&D/flex buildings in early 2021, with delivery of the first building slated for late 2021. The rest of the development will be delivered in phases.

July 22, 2020

Acquisitions California Loans Multifamily Western

Berkadia Arranges $8M Preferred Equity Investment in Amber Ridge Apartments Near Los Angeles

by Amy Works July 22, 2020

LA VERNE, CALIF. — Berkadia has has arranged $8 million preferred equity investment for Silver Star Real Estate’s purchase of Amber Ridge Apartments, a garden-style multifamily property located in La Verne, 30 miles east of Los Angeles. Orange County, Calif.-based Silver Star Real Estate acquired the property through its affiliated purchasing entity, Amber Property Investments, for $49.7 million, or $338,000 per unit. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia’s Joint Venture Equity and Structured Capital Group delivered Harbor Group International as the preferred equity partner. Built in 1973 and renovated in 2006, Amber Ridge features 147 units spread across 25 two-story residential buildings. On-site amenities include a swimming pool with spa; clubhouse with full kitchen and fireplace; business center; outdoor picnic area with barbecue; pet grooming salon; and fitness center.

July 22, 2020

Acquisitions Arizona Retail Western

Evergreen Devco Sells Single-Tenant Retail Building in Phoenix for $2.7M

by Amy Works July 22, 2020

PHOENIX — Evergreen Devco has completed the disposition of a single-tenant retail building located at 15275 N. 35th Ave. in Phoenix. Vico Partners acquired the asset for $2.7 million. Wilhelm Automotive occupies the 5,569-square-foot building, which RKAA Architects designed. The building is part of Evergreen’s 211,745-square-foot redevelopment project in Phoenix. The company is converting the existing parking field at the formerly Kmart-anchored shopping center into five new pad developments. Situated on 3.7 acres, a Cube Smart self-storage facility anchors the project. Additional tenants include Black Rock Coffee and Salad and Go. Joseph Compagno, R. Max Bippus and Benjamin Farthing of CBRE’s Net Lease Property Group in Phoenix represented the seller, while Dylan Brown and Andrew Fosberg of CBRE Phoenix nad California-based Chris Van Keulen of CBRE represented the buyer in the deal.

July 22, 2020

Acquisitions Industrial Nevada Western

GLM Cabinets Acquires Industrial Property in Las Vegas for $2.1M

by Amy Works July 22, 2020

LAS VEGAS — GLM Cabinets has purchased an industrial building located within Matter Business Park @ Warm Springs in Las Vegas. Matter Business Park @ Warm Springs sold the asset for $2.1 million. Located at 7930 W. Warms Springs, Suite 170, the property features 12,878 square feet of industrial space. Dan Doherty, Paul Sweetland, Jerry Doty and Chris Lane of Colliers International represented the seller in the deal.

July 22, 2020

Acquisitions California Retail Western

Duhs Commercial Brokers $8M Sale of Two Retail Buildings in Oceanside, California

by Amy Works July 22, 2020

OCEANSIDE, CALIF. — Duhs Commercial has arranged the sales of two retail buildings located in Oceanside for a total of $8 million. In the first transaction, an undisclosed buyer acquired a 3,000-square-foot retail space at 1888 Oceanside Blvd. for $2.6 million. Austin Dias and Rick Wu of Duhs Commercial represented the buyer in the acquisition and lease to 7-Eleven, while Henry Lee of Autowash Brokers represented the undisclosed seller in the deal. Andrew Pierson of Cushman & Wakefield represented the tenant in the lease transaction. In the second deal, Dias and Wu arranged the $5.4 million sale of a 2,450-square-foot retail space at 1990 Oceanside Blvd. Henry Lee of Autowash Brokers represented the undisclosed lessee of the property.

July 22, 2020

California Market Reports Office Western Western Market Reports

L.A.’s Office Market Pauses after Robust Start to 2020

by Jeff Shaw July 22, 2020

By Chandler A. Larsen, Principal, Avison Young This year started off where 2019 finished for the Los Angeles office property sector – and that’s red hot! During the first two and a half months of the year, office space absorption was on pace to beat 2019. Rents were steadily increasing past $39.84 per square foot on an annual gross basis, record-high (psf) sales prices were recorded across product types and rising construction costs were complemented by a construction pipeline of more than 8 million square feet of office space. Suddenly, by mid-March, COVID-19 had taken hold in the U.S. and abruptly halted all the momentum the Los Angeles office sector had built up. However, the emergency interest rate cuts proposed by central banks across the globe have flooded markets with liquidity, helping to avoid contagion throughout the financial sector. This, in conjunction with the $170 billion in commercial investor relief included in the current stimulus package, points to the potential for a short downturn. Nevertheless, the jury is still out on just how long and how deep this slowdown will be as previously unimaginable unemployment numbers continue to be reported and economic forecasts are trending in the wrong direction. In …

July 22, 2020

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