Western

CBRE Arranges $7.1M Sale of Serta Distribution Center in Metro Denver

by Amy Works May 27, 2020

AURORA, COLO. — CBRE has negotiated the sale of a distribution facility located at 15800 E. 40th Ave. in Aurora, about 10 miles east of Denver. Serta Simmons Bedding sold the property to Dallas-based Dalfen Industrial for $7.1 million. Built in 2003 for Serta’s own operations, the 75,000-square-foot building features a fenced, secure loading area, ESFR sprinklers, dock-high and drive-in loading, 24-foot clear heights, radiant heat throughout, mechanical pit levelers, dock lights and seals, skylights and an air exchange system. Additionally, the facility features 6,500 square feet of office space. Todd Witty and Doug Viseur of CBRE’s Denver office represented the seller in the transaction.

May 27, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

Blueprint Brokers Sale of Three Skilled Nursing Facilities in Colorado

by Amy Works May 27, 2020

DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in the Denver metro area and a third in Eastern Colorado. The portfolio totals 250 skilled nursing beds, as well as 25 assisted living units. LTC Properties sold the assets as part of its plan to divest all its Preferred Care-branded communities. The buyer is a private company looking to expand its presence in Colorado, as well as its relationships with its third-party operators in the state. The price was not disclosed.

May 27, 2020

California Leasing Activity Restaurant Retail Video Webinar Western

Webinar: California Retail Reboot

by Sarah Daniels May 27, 2020

On May 21, Shopping Center Business, Western Real Estate Business and California Centers magazines hosted “California Retail Reboot: How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus?” Experts from California’s retail sector gathered to discuss the future of California retail and how to ensure the success of tenants and their properties. Topics discussed include the following: How will California retailers, restaurants and developers adapt? How will landlords and retail property owners support tenants and customers? What do brokers and investors need to know about the retail landscape and changes due to COVID-19? Panelists: Jonathan Lorenzen of Allen Matkins (moderator) Kyle Kavanaugh of Main + Main Howard Samuels of Samuels & Company Matthew Berger of Brixmor Property Group Jeff Kreshek of Federal Realty Investment Trust Philip D. Voorhees of CBRE Webinar sponsors: Allen Matkins is a California-based law firm with more than 200 attorneys in four major metropolitan areas of California: Los Angeles, Orange County, San Diego and San Francisco. The firm’s areas of focus include real estate, construction, land use, environmental and natural resources; corporate and securities, real estate and commercial finance, bankruptcy, restructurings and creditors’ rights, joint ventures and tax; labor, employment; and trials, litigation, risk management and alternative dispute resolution in all of …

May 27, 2020

Development Office Utah Western

St. John Properties to Develop Two Office Complexes in Utah for $120M

by Amy Works May 26, 2020

TAYLORSVILLE AND SPRINGVILLE, UTAH — St. John Properties | Utah has acquired development land for the construction of business parks in Taylorsville and Springville. Together, the company expects the two projects to total $120 million in new capital. In Taylorsville, the company is developing Beltway West on a 20-acre site. The project will feature five buildings offering a total of 300,000 square feet of office space for approximately 2,000 employees. Situated on 18 acres in Springville, Spring Pointe Exchange will feature six building totaling 225,000 square feet of office space for 750 employees. St. John Properties expects to begin construction this summer for the two new projects. The company’s Valley Grove development in Pleasant Grove, Utah, was started in 2017 and now features 15 buildings totaling 675,000 square feet of Class A office, restaurant and retail space.

May 26, 2020

Acquisitions California Multifamily Western

Kelly Morgan Commercial Negotiates $19.2M Sale of Valerio Village Apartments in Los Angeles

by Amy Works May 26, 2020

LOS ANGELES — Kelly Morgan Commercial Group at KW Commercial has arranged the sale of Valerio Village Apartments, a multifamily property in Los Angeles. A San Diego-based private investor acquired the property for $19.2 million, or $200,337 per unit. The seller was not disclosed. Located in the Van Nuys neighborhood, Valerio Village Apartments features 96 units.

May 26, 2020

California Development Multifamily Seniors Housing Western

Panorama Plans 80-Unit Seniors Housing Community Near Beverly Hills

by Amy Works May 26, 2020

LOS ANGELES — Panorama Senior Housing has released plans for an assisted living and memory care community on Holt Avenue, 200 feet south of Los Angeles’ Beverly Hills neighborhood. KTGY Architecture + Planning designed the 61,000-square-foot project. Construction is slated to start in early 2021, with delivery planned for late 2022. The community will have a total of 80 resident rooms, 62 for assisted living and 18 for memory care. The memory care units will be on the second floor of the five-story building, with a dedicated common area, dining room and patio. “[My goal is to] come up with buildings that reflect the urban setting,” says Daniel Kianmahd, founder and principal with Panorama. “That’s where baby boomers want to age, in the same urban neighborhood where they raised their families.” “I’m keenly aware of the scarcity of developable sites,” continues Kianmahd. “The solution is to get creative with layouts so we can build the housing needed to combat the housing crisis. Bringing this and other senior-focused developments to fruition is essential to achieving balanced housing solutions for the entire region.”

May 26, 2020

Acquisitions Multifamily Oregon Western

Marcus & Millichap Arranges $3.6M Sale of Vista & Terrace Apartments in Southern Oregon

by Amy Works May 26, 2020

ROSEBURG, ORE. — Marcus & Millichap has negotiated the sale of Vista & Terrace Apartments, a multifamily complex in the Southern Oregon city of Roseburg. A private investor sold the property to a limited liability company for $3.6 million. Danalee Corso, Nygel Drury and Whitney Rhoades of Marcus & Millichap’s Portland, Ore., office represented the seller and buyer in the deal. Located at 600 N.E. Polk St., Vista & Terrace Apartments features 56 units in a mix of one-, two- and three-bedroom layouts. The property was constructed in 1948.

May 26, 2020

Acquisitions California Industrial Western

Cushman & Wakefield Brokers Sale of 120-Acre Industrial Site in Imperial County, California

by Amy Works May 26, 2020

IMPERIAL COUNTY, CALIF. — Cushman & Wakefield has arranged the sale of a 120-acre, industrial-zoned land property in Imperial County through a process run by Ritchie Bros. Auctioneers. ADJ Holdings acquired the property from Ralph Road LLC for $1.8 million. Located at 340 Ralph Road, the property features a seven-car retail spur on the Union Pacific line, plus approximately three quarters of a mile of additional track that could be installed on the property to expand the train component. Approximately 75 acres of the site has chain link perimeter fencing with two main access gates and a third gate at the rail spur. ADJ Holdings purchased the property as an investment and will begin seeking tenants for the industrial facility. Matt Davis and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego brokered the deal.

May 26, 2020

Fourth-Street-Distribution-Center-Rancho-Cucamonga-CA

California Industrial Market Reports Western Western Market Reports

Inland Empire Continues to Be an Industrial Market Leader

by Jeff Shaw May 26, 2020

By David Burback, Senior Vice President and Managing Director, Kidder Mathews A 1.4-million-square-foot distribution center in Rancho Cucamonga that was formerly owned by Big Lots, recently sold for $48 per square foot on the land value. The new owner plans to replace the existing building with a new state-of-the-art distribution center. By every metric, the Inland Empire continues to be the national leader in the industrial real estate sector. The area enjoys the advantage of being just 40 minutes from the two largest and most active ports in the country. Driven by the strategic expansion of supply chains and the rapid emergence of ecommerce, the Inland Empire remains the most robust industrial market in the country. Annual new construction is approaching 25 million square feet, and the absorption of space is in equal proportion. Rents have increased by 65 percent, sales prices have increased by 80 percent and land prices have more than doubled over the past five years, according to our research. There seems to be some moderation from these double-digit, year-over-year increases as we move into 2020. Yet, the market remains active on all fronts – user, developer and investor alike. The most active sector of the industrial …

May 26, 2020

Acquisitions California Multifamily Western

Oakmont Properties Sells Fountains at Point West Multifamily Community in Sacramento for $85.1M

by Amy Works May 22, 2020

SACRAMENTO — San Rafael, Calif.-based Oakmont Properties has completed the disposition of The Fountains at Point West, a value-add apartment property located at 1761 Heritage Lane in Sacramento. Salt Lake City-based Bridge Investment Group acquired the asset for $85.1 million. Built in 1974, The Fountains at Point West features 339 units in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities include a 12,000-square-foot clubhouse; theater room; multi-story fitness center with racquetball courts; three pools and spas; multiple waterways and fountains; a barbecue area; three tennis courts; a basketball court; underground garage parking; and elevators serving the three-story buildings. The property recently underwent exterior renovations, including new roofs, complete exterior residing, replacement of balconies and stair towers, elevated walkways, installation of dual-pane windows, exterior paint, landscaping and an upgraded fitness center and clubhouse. The seller has fully renovated 23 units, allowing Bridge Investment Group to renovate the remaining the units and revitalize the remainder of the property. Marc Ross of CBRE’s Sacramento office represented the seller in the transaction.

May 22, 2020

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