Western

Toy Company Buys Inland Empire Industrial Building for $7.6M

by Amy Works June 3, 2020

RANCHO CUCAMONGA, CALIF. — A toy company has purchased a freestanding industrial property located at 9568 Richmond Place in Rancho Cucamonga. A private seller sold the asset for $7.6 million. Built in 1991, the 42,978-square-foot building features 24-foot clear heights, five dock-high loading doors, one ground-level door and 76 parking spaces. Additionally, the property features a two-story, 7,563-square-foot office space. Jason Chao and Charlie Noebel of CBRE represented the seller in the transaction.

June 3, 2020

Acquisitions Colorado Industrial Western

Dalfen Industrial Acquires 75,000 SF Aurora Center I at Gateway Near Denver International Airport

by Amy Works June 3, 2020

AURORA, COLO. — Dalfen Industrial has purchased Aurora Center I at Gateway, an industrial property located near Interstate 70 and intermodal facilities in Aurora, between downtown Denver and the Denver International Airport. Built in 2003, the 75,000-square-foot asset features a fully gated secured truck court and 12 dock-high doors. Additionally, the property features unpaved land on the east side of the building that could be used as yard, additional trailer parking or as a potential 30,000-square-foot building expansion. Terms of the transaction, including the name of the seller and acquisition price, were not released.

June 3, 2020

Acquisitions California Retail Western

Marcus & Millichap Brokers $3.2M Sale of Domino’s-Occupied Retail Property in Los Angeles County

by Amy Works June 3, 2020

INGLEWOOD, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 901 S. La Brea Ave. in Inglewood. A partnership acquired the asset from an individual/personal trust for $3.2 million, or $351 per square foot. Domino’s Pizza occupies the 9,042-square-foot retail building. Brandon Michaels of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.

June 3, 2020

Development Multifamily Top Stories Washington Western

LMC Breaks Ground on 450-Unit Luxury Apartment Community in Redmond, Washington

by Kristin Harlow June 3, 2020

REDMOND, WASH. — LMC, a wholly owned subsidiary of Lennar Corp., has broken ground on LMC Marymoor, a 450-unit luxury apartment community in Redmond, a suburb of Seattle. The three-building project will feature 37,000 square feet of retail space. The first move-ins are slated for early 2022. The development is situated on 70th Street, just northeast of the 640-acre Marymoor Park. Residents will be steps from a Whole Foods Market and less than a mile from Redmond Town Center, a retail destination with more than 110 shops and restaurants. Public transportation access will be available through the SE Redmond Link Light Rail Station, which is currently under construction. LMC Marymoor will consist of studio, one-, two- and three-bedroom floor plans ranging from 450 to 1,400 square feet. Amenities will include a pool, hot tub, fitness center, coworking lounge, community gardens and play areas. A sky lounge will open to a large rooftop deck. The project will feature artwork from several local artists, including a mural wrapping the entire northern building. Redmond is known for its tech sector, being the home of Microsoft and Nintendo. Amazon, Google, Facebook and SpaceX also have large presences in the area. “Redmond continues to be …

June 3, 2020

California Development Loans Multifamily Student Housing Western

Capstone Development Closes on Financing for $23.5M Student Housing Project at San Diego State University

by Amy Works June 2, 2020

SAN DIEGO — Capstone Development Partners has closed on traditional debt and equity financing for the development of VIVA 5750, a new on-campus student housing community at San Diego State University in San Diego. Situated on ground leased by Capstone, the four-story, 80,000-square-foot community will house approximately 182 students in a mix of apartment-style units. Additionally, the project will feature indoor and outdoor amenities. Construction of the $23.5 million project commenced in May, with completion slated for the fall 2021 semester. Capstone, JWDA Architects and Cannon Constructors collaborated with the San Diego State University Research Foundation’s project stakeholders to design the new apartment property to meet the university’s goals and objectives relative to upper-division and graduate student housing options. VIVA 5750 is Capstone’s second P3 partnership with the San Diego States University Research Foundation.

June 2, 2020

Acquisitions Multifamily Utah Western

Roundhouse Acquires 324-Unit The Alloy at Geneva Apartments in Vineyard, Utah

by Amy Works June 2, 2020

VINEYARD, UTAH — Roundhouse has purchased The Alloy at Geneva, a multifamily property located within Geneva, a master-planned community in Vineyard, within the Provo-Orem metro area. An affiliate of Dekel Capital and an affiliate of Mountain Capital Partners sold the asset for an undisclosed price. Built in 2015 on 15 acres, the 314,562-square-foot apartment complex features 14 three- and four-story residential buildings, offering a total of 324 units, and a clubhouse. The average unit size is 971 square feet. Brock Zylstra, Steve Gebing, Cliff David and Danny Shin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal. Phil Brierley of Marcus & Millichap served as the broker of record in Utah.

June 2, 2020

Acquisitions Arizona Industrial Western

Colliers Arranges $18M Sale of 10-Building Industrial Portfolio in Phoenix

by Amy Works June 2, 2020

PHOENIX — Colliers International has brokered the sale of a 10-property industrial portfolio in Phoenix. Hibernia Capital Advisors sold the assets to Phoenix-based Harrison Properties for $18 million, or $50 per square foot. Totaling 357,921 square feet, the properties range in size from 17,000 square feet to 77,000 square feet. At the time of sale, the Class B and C buildings were 96 percent leased. Current tenants include Strictly from Scratch, Mega Metals and Pierpont Manufacturing. The properties are located at 1701-1735 W. Roosevelt St.; 902-922 and 800 N. 17th Ave.; 1728 W. McKinley St.; 1010 and 1333-1345 N. 22nd Ave.; and 1837-1843, 2102-2112, 2202-2210 and 2212 N. 23rd Ave. Don MacWilliam and Payson MacWilliam of Colliers’ Arizona team negotiated the transaction.

June 2, 2020

Acquisitions California Office Western

Miramar Property Investment Co. Sells Two Office Assets in Malibu for $17.5M

by Amy Works June 2, 2020

MALIBU, CALIF. — Miramar Property Investment Co. has completed the sale of two office buildings located within Malibu Professional Park in Malibu. Wave Enterprises, a 501(c)(3) charitable entity of Pepperdine University, acquired the assets for $17.5 million. Located at 23805 and 23815 Stuart Ranch Road, the buildings offer a total of 39,615 square feet. At the time of sale, the properties were nearly 85 percent leased to a variety of office and medical tenants, including UCLA Medical, Pepperdine University and various local business firms. Tony Dorn of Beitler Commercial Realty, along with A.J. Dorn of Newmark Knight Frank, represented the seller in the deal.

June 2, 2020

Colorado Company News Western

Baceline Investments Offers Resources, Individual Guidance for Small Business Tenants

by Amy Works June 2, 2020

DENVER — As retailers continue to face uncertain times during the COVID-19 pandemic, Denver-based Baceline Investments has shifted its focus to providing support and creating tools, resources and personal guidance for the small businesses of its 73 neighborhood shopping centers under management nationwide. The boutique private equity real estate investment and management company’s national portfolio currently includes 900 small business tenants. “We’ve taken an all-hands-on-deck approach to supporting our small business partners,” says Todd Laurie, partner and executive vice president of fund services for Baceline. “We’ve mobilized our company into task-force teams and support teams, and we immediately reached out to every small business tenant to offer guidance and assistance with securing government assistance loans.” Through guides and an online resource center, the company is providing tools and resources that include information on state-by-state, stay-at-home orders, financial relief and loan resources, social distancing and sanitation measures, marketing templates and initiatives to support businesses as they reopen. Additionally, Baceline is offering information regarding protection against coronavirus phishing attempts, tenant stipends to assist in purchasing barrier and PPE supplies, including sources for exclusively discounted sneeze and cough shields, as well as five industry-specific reopening handbooks for fitness centers, salons and spas, retail, …

June 2, 2020

Broadstone Vilara Laguna Niguel California

Acquisitions Arizona Multifamily Seniors Housing South Carolina Southeast Top Stories Western

Greystar Acquires Property Management Business of Alliance Residential, Including Future Business

by John Nelson June 2, 2020

CHARLESTON, S.C. AND PHOENIX — Multifamily development and management firm Greystar Real Estate Partners has acquired the property management business of competitor Alliance Residential Co., the fourth-largest apartment management firm in the United States. Financial terms of the transaction were not disclosed, but The Wall Street Journal reports that the all-cash deal totaled nearly $200 million. Phoenix-based Alliance Residential will shift its focus from property management to development, construction and acquisition across the multifamily spectrum, including workforce housing and seniors housing. As part of the deal, Greystar will provide management services to Alliance Residential’s owned portfolio going forward, including both new developments and acquisitions. Alliance Residential has been the No. 1 developer of multifamily units in the United States for the last two years, and Greystar is the largest apartment management firm in the country, according to the National Multifamily Housing Council. The combined property management business will operate under the Greystar brand, bringing the Charleston-based firm’s total unit count to 660,000. The combined portfolio comprises 2,400 properties in 42 states and 13 countries. Additionally, the acquisition will bring Greystar’s workforce to nearly 19,000 team members. The acquisition boosts Greystar’s property management business by approximately 25 percent and gives the …

June 2, 2020

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