Western

Blueprint Negotiates Sale of 132-Unit Seniors Housing Community in Metro Phoenix

by Amy Works January 6, 2020

SUN CITY, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Woodmark at Sun City, a 132-unit assisted living and memory care community located Sun City, an unincorporated municipality in metro Phoenix. A publicly traded REIT sold the property to an undisclosed buyer, which plans to install a privately owned, Southern California-based operator. The price was not disclosed. Built in 2000, The Woodmark at Sun City is a two-building campus in a residential area of the Salt River Valley. Ben Firestone, Michael Segal, Alex Florea and Amy Sitzman of Blueprint handled the sale.

January 6, 2020

Arizona Market Reports Western Western Market Reports

City of Avondale Targets Growth in Multiple Sectors

by Taylor Williams January 4, 2020

The West Valley has a strong, talented workforce in the healthcare, finance, insurance and marketing industries, which has led to job growth increasing by 40 percent in the region, according to Westmarc. It’s no surprise that the West Valley City of Avondale, Ariz., located 15 minutes west of Downtown Phoenix, is experiencing pphenomenal growth. Much of this expansion is facilitated by Avondale’s location off two major freeways, including Interstate 10 and the Loop 101. The completion of the Fairway Drive interchange off I-10 in 2020 will only solidify the city’s growing reputation as a Southwest Valley hotspot. Avondale’s city council has also made economic development a top priority. The city’s economic development toolbox is filled with opportunities for developers who are looking to go West. Avondale boasts three Opportunity Zones, infill incentives, a Greater Maricopa Foreign Trade Zone and tax credits, among other economic development incentives. The city is working hard to make itself attractive to developers looking for a region with burgeoning growth and stable leadership. One such investor is the famous Chicago hot dog chain Portillo’s, which recently opened an 8,000-square-foot restaurant in Avondale. Other high-quality restaurants have been cropping up in the busy Gateway area around 99th …

January 4, 2020

Acquisitions Nevada Retail Western

Passco Sells Silver City Plaza Retail Center on Las Vegas Strip for $59.2M

by Amy Works January 3, 2020

LAS VEGAS — California-based Passco Cos. has completed the disposition of Silver City Plaza, a retail center situated on the northern end of the Las Vegas Strip. Regal Acquisition acquired the property for $59.2 million. Located at 3001 S. Las Vegas Blvd., Silver City Plaza features 41,583 square feet of retail space. Current tenants include Ross Dress for Less, Walgreens, Denny’s and 7-Eleven. Rob Ippolito and Frank Volk of Newmark Knight Frank represented the seller in the transaction.

January 3, 2020

Acquisitions Arizona Loans Multifamily Western

NorthMarq Arranges $40.1M Sale of Soleil Apartments in Chandler, Arizona

by Amy Works January 3, 2020

CHANDLER, ARIZ. — NorthMarq has negotiated the sale of Soleil Apartments, a multifamily property located near Dobson and Ray roads in Chandler. Phoenix-based 3rd Ave Investments acquired the asset from Soleil Chandler Apartments LLC for $40.1 million. Built in 1995, Soleil Apartments features 188 units in a mix of one-bedroom, two-bedroom and three-bedroom layouts. The buyer plans to upgrade the unit interiors and exterior common areas to provide current and future residents with more modern amenities. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix Investment Sales team represented the buyer and seller in the deal. James DuMars and Griffin Martin of NorthMarq’s Phoenix debt/equity team arranged a $33.2 million NXT loan for the acquisition.

January 3, 2020

Acquisitions Multifamily Nevada Western

RSE, Interwest Acquire 376-Unit EVO Apartments in Las Vegas

by Amy Works January 3, 2020

LAS VEGAS — RSE Capital Partners and Interwest Capital Group have purchased EVO Apartments, a Class A apartment building located at 8760 W. Patrick Lane in Las Vegas. The acquisition price was not released. Built in 2018, the property features 376 units and a variety of amenities, including a fitness center, clubhouse, basketball court, playground, four swimming pools, a spa and covered parking. Scott Monroe of NorthMarq’s Las Vegas office secured a Freddie Mac supplemental loan for the acquisition. Carl Sims and Taylor Sims of Cushman & Wakefield’s Las Vegas office represented the undisclosed seller in the deal.

January 3, 2020

Acquisitions Arizona Industrial Office Western

CBRE Brokers Sale of 55,392 SF Flex Industrial/Office Building in Gilbert, Arizona

by Amy Works January 3, 2020

GILBERT, ARIZ. — CBRE has arranged the sale of a flex industrial and office building located at 1145 W. Gary Road in Gilbert. Martinsburg, Pa.-based Curry Supply Co. acquired the property from Edmonton, Alberta-based Silent-Aire. Curry Supply, a manufacturer and dealer of commercial service vehicles, will occupy the building, which serve as its fifth U.S. location and first Arizona location. Situated on 3.16 acres, the two-story, 55,392-square-foot building features 10,000 square feet of office space that includes offices, conference rooms, open bullpen areas, break rooms, restrooms and a dedicated server room. The remaining industrial space features an evaporate-cooled warehouse with LED lighting throughout, 24-foot clear ceiling heights, five grade-level doors, two truck wells and existing five-ton and one-ton cranes. Additionally, the property offers 72 parking spaces. Rusty Kennedy, Pat Feeney, Dan Calihan and James Cohn of CBRE in Phoenix represented the seller, a global manufacturer of HVAC equipment and modular data centers, in the transaction.

January 3, 2020

Acquisitions California Industrial Western

JLL Negotiates $4.5M Sale of Industrial Building Near San Diego

by Amy Works January 3, 2020

VISTA, CALIF. — JLL has brokered the sale of an industrial building located at 1330 Park Center Drive in Vista. Sunny Harvest LLC acquired the property from Park Center Holdings for $4.5 million, or $199 per square foot. Chris Baumgart and Steven Field of JLL’s North County San Diego team represented the seller in the transaction. The 22,356-square-foot, freestanding building features 24-foor clear heights, dock- and grade-level loading and solar panels. At the time of sale, the property was partially occupied by Thirty-Third Threads, an affiliate of the seller. The tenant plans to lease back its space.

January 3, 2020

Bloomington-Logitics-Center-Bloomington-CA

Acquisitions California Industrial Net Lease Western

ASB Real Estate Investments Buys Bloomington Logistics Center in California for $100.5M

by Amy Works January 2, 2020

BLOOMINGTON, CALIF. — ASB Real Estate Investments, on behalf of its Allegiance Real Estate Fund, has acquired Bloomington Logistics Center, a warehouse and distribution building in Bloomington. Crow Holdings Industrial, the industrial development division of Dallas-based Crow Holdings, sold the asset for $100.5 million. Completed in 2019, Bloomington Logistics Center features 36-foot clear heights, ESFR sprinklers, 185-foot wide truck courts, three percent skylights, LED lighting, 4,000-amp electrical service, ample parking spaces, low office finish, 118 dock-high doors and four grade-level doors. Newgistics, the e-commerce arm of Pitney Bowes, occupies the 677,383-square-foot, cross-dock building on a triple-net lease basis. Situated on 34.5 acres at 11260 Cedar Ave., the property offers immediate access to Interstates 10, 15 and 60, as well as proximity to both the Ontario International Airport and the BNSF Intermodal Container Facility. Mark Detmer, Bo Mills and Ryan Sitov of JLL Capital Markets represented the seller in the deal.

January 2, 2020

Acquisitions Arizona Office Western

Lincoln Property Sells First Office Building at The Grand at Papago Park Center in Arizona for $90M

by Amy Works January 2, 2020

TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand 1, an office building within The Grand at Papago Park Center in Tempe. The sale marks the first Class A office building to be developed, fully leased and sold by LPC at the office complex. Florida-based Susquehanna Holdings Ltd. acquired the property for $90 million. The four-story Grand 1 offers 219,212 square feet of office space, as well as an adjacent four-story parking garage. Tokyo-based MUFG, a financial group, and SAP, a global logistics company, occupy the property on a long-term basis. The building is located at 1101 W. Washington St. along Loop 202 Freeway. Grand 1 is the first of 1.8 million square feet of Class A office space slated to be developed by LPC at The Grand at Papago Park Center. The mixed-use project totals 60 acres and is slated for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space on the last developable parcel within the 350-acre Papago Park Center business park. LPC serves as the developer, leasing agent and property manager for all office space at the property. Kevin Shannon, Ken White and CJ Osbrink of Newmark Knight Frank represented …

January 2, 2020

Acquisitions California Loans Retail Western

GRI Fairmont Receives $19.6M Loan for Acquisition of Fairmont Shopping Center in Bay Area

by Amy Works January 2, 2020

PACIFICA, CALIF. — GRI Fairmont LLC, an affiliate of First Washington Realty Inc., has received $19.6 million in financing for the acquisition of Fairmont Shopping Center, a retail asset located in Pacifica. The property is situated on 7.5 acres at 705-799 Hickey Blvd. Greg Brown, John Marshall and Bercut Smith of JLL Capital Markets secured the 10-year, fixed-rate loan with PGIM Real Estate Finance for the borrower. Anchored by Safeway, the 102,982-square-foot property was 96 percent leased at the time of sale. Current tenants include Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry. Completed in 1966, Fairmont Shopping Center was remodeled in 2015 and 2018.

January 2, 2020

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