Western

Lincoln Property Co. Enters Nevada Market, Buys Hughes Airport Center for $72M

by Amy Works May 22, 2020

LAS VEGAS — The Desert West Region of Lincoln Property Co. (LPC) has acquired its first-ever asset in Nevada. The company purchased Hughes Airport Center, a six-building industrial portfolio located in Las Vegas’ airport submarket. An undisclosed seller sold the asset for $72 million. At the time of sale, the 425,752-square-foot industrial complex was 98 percent occupied. The property is part of the larger 3.3 million-square-foot Hughes Airport Center master-planned business park, which includes office and industrial product across 420 acres. Located at 890 and 950 Pilot Road; 111, 1151 and 1181 Grier Drive; and 6700 Paradise Road, the portfolio offers unit sizes ranging from 4,352 square feet to 86,674 square feet, with the ability to support a variety of uses including distribution, warehouse, office and flex. The asset also features 3.5 acres of on-site parking with near-immediate access to McCarran International Airport and interstates 215 and 15. Darla Longo and Barbara Emmons of CBRE’s National Partners team represented the seller. Kevin Higgins of CBRE will handle leasing for the property, while LPC, in partnership with its affiliate Lincoln Harris, will lead all property management services. LPC’s Desert West Region includes Arizona, Nevada, Utah and New Mexico, and the company …

May 22, 2020

Acquisitions California Multifamily Western

Decron Properties Acquires Rancho Luna Sol Multifamily Complex in Bay Area for $71.5M

by Amy Works May 22, 2020

FREMONT, CALIF. — Los Angeles-based Decron Properties has entered the Fremont market with the $71.2 million purchase of the Rancho Luna Sol apartment community. With this acquisition, the company increased its regional portfolio to 1,054 units across six properties. Located at 3939 Monroe Ave., Rancho Luna Sol features 188 apartments in a mix of one- and two-bedroom floor plans. Over the past six years, the property, which was built in 1980, received nearly $8 million in interior and exterior improvements. Unit amenities include wood-style flooring, granite countertops, custom Shaker cabinets, energy-efficient appliances and in-unit washers/dryers. The property also features a variety of outdoor spaces and offerings, including a swimming pool, for residents. Mark Leary, John McCulloch and Robert Le Doux of Newmark Knight Frank represented the buyer and undisclosed seller in the deal.

May 22, 2020

Industrial Loans Multifamily Washington Western

Gantry Arranges $24.8M in Financing for Two Properties Near Puget Sound

by Amy Works May 22, 2020

TACOMA AND EVERETT, WASH. — San Francisco-based Gantry has arranged $24.8 million in financing for two properties located in Washington’s Puget Sound region. Mike Wood of Gantry’s Seattle office secured the financing for both properties through two correspondent life insurance companies The firm arranged a three-year, $17 million bridge loan for the Brewery Blocks, a multifamily property in Tacoma. The newly built community features 49 apartments and 31,000 square feet of commercial space. Wood secured the loan for the borrower, Horizon Commerce Partners, with a West Coast-based life insurance company. Additionally, Wood arranged a $7.8 million loan for two buildings at Seaway Business Park in Everett. The loan includes five years of interest-only payments. Built in 2003, the two industrial buildings are located at 1330 and 1500 Industry St. and offer a total of 112,475 square feet. Building G consists of 46,590 square feet and Building H features 65,885 square feet. The properties offer 24-foot clear heights and reinforced concrete construction.

May 22, 2020

Acquisitions Arizona Multifamily Western

SVN | Desert Commercial Negotiates $11.3M Purchase of Ridgewood Gardens Apartments in Tucson

by Amy Works May 22, 2020

TUCSON, ARIZ. — SVN | Desert Commercial Advisors has brokered the acquisition of Ridgewood Gardens, a multifamily property located at 3302 S. Pantano Road in Tucson. Ridgewood USA LLC sold the property to Lilly Tucson Investments for $11.3 million. Situated 10 minutes from The University of Arizona, the 148,494-square-foot Ridgewood Gardens offers 171 apartments. The property is undergoing upgrades, including the installation of separate water meters to individual units in an effort to reduce water usage. Danny Lee of SVN | Desert Commercial represented the buyer in the deal.

May 22, 2020

Acquisitions California Industrial Western

Westcore Acquires Industrial Warehouse in Oakland for $40.5M

by Amy Works May 21, 2020

OAKLAND, CALIF. — San Diego-based Westcore has purchased a 155,000-square-foot industrial warehouse located at 8380 Pardee Drive in Oakland for $40.5 million. Constructed in 2012, the fully leased distribution facility features 8,000 square feet of cold storage, 30-foot clear heights and ESFR fire suppression. The site is adjacent to the Oakland airport. Tom Damaschino of Cushman & Wakefield represented the buyer, while Richard Sutherland of The Sutherland Company represented the undisclosed seller in the deal.

May 21, 2020

California Development Multifamily Western

CIT Provides $37.3M Investment for Jordan Downs Apartment Project in Los Angeles

by Amy Works May 21, 2020

LOS ANGELES — CIT and its Pasadena, Calif.-based bank subsidiary CIT Bank has provided a $37.3 million investment in the Jordan Downs Apartments project, a previously announced 92-unit affordable multifamily complex in the Watts neighborhood of Los Angeles. The Michaels Organization is developing the property. Slated for completion in early 2022, the apartment community will feature 23 one-bedroom, 41 two-bedroom, 24 three-bedroom and four four-bedroom units, with 17 apartments designated for residents with physical disabilities and hearing or visual impairments. Residences will be available for households earning between 30 percent and 80 percent of the area median income. The apartment project is the third phase of the larger mixed-use redevelopment project designed to revitalize Watts community. CIT plans to make further investments in the Watts community later this year, including the possibility of opening a new branch in the area.

May 21, 2020

Acquisitions Multifamily Washington Western

Milestone Properties Buys Queen Anne Gardens Multifamily Building in Seattle for $9M

by Amy Works May 21, 2020

SEATTLE — Milestone Properties has acquired Queen Anne Gardens, a multifamily property located at 1250 Fifth Ave. N. in Seattle. A private investor sold the asset for $9 million, or $746 per square foot. Built in 1991, Queen Anne Gardens features 38 apartments. Dan Swanson of Kidder Mathews represented the buyer in the deal.

May 21, 2020

Acquisitions California Retail Western

Hanley Investment Group Brokers $4M Sale of Two-Tenant Retail Asset in Ontario, California

by Amy Works May 21, 2020

ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of a two-tenant retail pad building located at 961 N. Milliken Ave. in Ontario, approximately 35 miles east of downtown Los Angeles. The price was $4 million. Built in 2002, the building features 6,300 square feet of retail space. Assure Dental occupies 3,500 square feet of the property, while Verizon Wireless occupies the remaining 2,800 square feet. Sam’s Club at The Marketplace at Ontario Center shadow anchors the property. Matt Burnett of Hanley Investment Group represented the buyer and seller, both Los Angeles-based private investors, in the transaction.

May 21, 2020

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $2.5M Sale of AAMCO-Occupied Retail Property in Arizona

by Amy Works May 21, 2020

MARICOPA, ARIZ. — Marcus & Millichap has negotiated the sale of a built-to-suit AAMCO Transmission Shop & Total Car Care building located at 20215 N. John Wayne Parkway in Maricopa. A limited liability company acquired the asset from another limited liability company for $2.5 million. The 4,380-square-foot building opened for service earlier this month. The asset includes a 15-year, absolute triple-net lease with a multi-unit franchisee. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller, while Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office procured the buyer in the deal.

May 21, 2020

Acquisitions Colorado Multifamily Western

Oakmont Properties Acquires Fusion 355 Multifamily Complex Near Denver for $90M

by Amy Works May 20, 2020

BROOMFIELD, COLO. — Sacramento, Calif.-based Oakmont Properties has purchased Fusion 355, an apartment property located at 355 Eldorado Blvd. in Broomfield’s Interlocken neighborhood. Stockton, Calif.-based AG Spanos sold the asset for $90 million. Built in 2019, Fusion 355 features 286 apartments in a mix of apartment and townhome floor plans with in-unit washers/dryers, ceiling fans, storage units, vaulted ceilings and hardwood flooring. The 256,376-square-foot property is a controlled access, smoke-free community with a 24-hour fitness center; yoga studio; dog park; media and game rooms; elevator access; bike storage; a heated swimming pool with spa and Baja deck; community garden; 400 parking spaces; and private garages. At the time of sale, the property was 85 percent leased. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets Denver represented the seller, while Marc Ross of CBRE’s Sacramento office represented the buyer in the transaction.

May 20, 2020

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