Western

JLL Arranges $193M Sale of, $160M Financing for Pasadena Office Portfolio

by Amy Works November 12, 2019

PASADENA, CALIF. — JLL has brokered the $193 million sale and secured $160 million in financing for The Pasadena Collection, an institutional-quality office portfolio in Pasadena. Swift Real Estate Partners acquired the asset from a global investment manager. Totaling 516,890 square feet, the portfolio includes a 146,313-square-foot building at 790 E. Colorado Blvd., a 211,792-square-foot building at 155 N. Lake Ave. and a 158,785-square-foot building at 35 N. Lake Ave. At the time of sale, the portfolio was 68 percent occupied. Michael Leggett, Andrew Harper and Matt McRoskey of JLL Capital Markets represented the seller, while Paul Brindley, Todd Sugimoto, Jeff Sause and Steven Paskover of JLL Capital Market secured acquisition financing for the buyer.

November 12, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys 120,250 SF Property in Southern California for $27.6M

by Amy Works November 12, 2019

BREA, CALIF. — Rexford Industrial Realty has acquired an industrial property, located at 404-407 Berry Way in Brea, for $27.6 million, or $53.72 per land square foot. Situated on 11.8 acres, the 120,250-square-foot asset was fully leased at the time of sale. The low-coverage site comprises three industrial buildings with excess paved land. The name of the seller was not released. Rexford funded the acquisition using cash on hand and the re-investment of proceeds from a previously announced disposition through a tax-deferred 1031 exchange.

November 12, 2019

Acquisitions Nevada Office Western

PREH Paseo Verde Acquires 60,499 SF Office Building in Nevada for $19.4M

by Amy Works November 12, 2019

HENDERSON, NEV. — PREH Paseo Verde LLC has purchased 2200 Paseo Verde, a Class A office building located at 2200 Paseo Verde Parkway in Henderson. Pacific Oak SOR II sold the asset for $19.4 million. Situated within The District at Green Valley Ranch, the 60,499-square-foot property features 24-hour access, a courtyard, balcony and on-site property management. At the time of sale, the building was 94 percent leased to a variety of tenants, including Berkadia Real Estate Advisors, Ticor Title, Umpqua Bank, Michaelson & Assoc. LTD and Ford & Friedman. Charles Moore, Marlene Fujita and Hunter Bradshaw of Cushman & Wakefield brokered the transaction. Cushman & Wakefield also handles leasing and property management for the building.

November 12, 2019

Development Industrial Nevada Western

Bass Cap, LM Construction Complete 195,947 SF Industrial Asset in Las Vegas, Sell to EastGroup for $25.5M

by Amy Works November 12, 2019

LAS VEGAS — EastGroup Properties has acquired a Southwest Commerce Center, a newly constructed industrial asset in Las Vegas, for $25.5 million. Brass Cap Development and LM Construction Co. collaborated on the project. The property consists of three concrete tilt-up buildings offering a total of 195,947 square feet of industrial space. Situated on 11 acres at the northwest corner of Russell Road and Decatur Boulevard, the asset’s three buildings range from 23,000 square feet to 101,000 square feet. Two of the buildings were pre-leased during construction. Rentex, an audio visual and computer rentals company, will occupy the 71,000-square-foot Building B. Ghost, a sports supplement company, will occupy the 23,546-square-foot Building C for its West Coast manufacturing and distribution facility. Dan Doherty, Chris Lane and Jerry Doty of Colliers International | Las Vegas represented the buyer in the deal. This is EastGroup Properties’ third industrial asset in Las Vegas.

November 12, 2019

Acquisitions Multifamily Washington Western

IPA Brokers Sale of Two Multifamily Assets Near Puget Sound in Washington

by Amy Works November 12, 2019

EVERETT AND EDMONDS, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two multifamily properties in metro Seattle. Hacienda Apartments in Everett sold for $5.3 million and North Haven Manor in Edmonds sold for $5.2 million. A private investor sold the assets to Curtis Capital Group. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller in the deal. Additionally, Ray Allen and Seth Heikkila of IPA secured acquisition financing for both acquisitions. Built in 1979, Hacienda Apartments features three buildings and offers a total of 36 apartments. North Haven Manor was built in 1977 and features 32 apartments.

November 12, 2019

Acquisitions Office Washington Western

Urban Renaissance Group Buys 21-Story Park Place Office Tower in Seattle for $177M

by Amy Works November 11, 2019

SEATTLE — Seattle-based Urban Renaissance Group (URG) has purchased Park Place, an office building located in Seattle. An affiliate of Washington Holdings sold the asset for $177 million. Located at 1200 Sixth Ave, the 21-story tower features 317,000 square feet of commercial office space. At the time of sale, the property was more than 95 percent leased with multiple long-term tenants. The building was built in the 1970s. Gensler, an international architect and a tenant in the tower, fully renovated the property in 2012 with contemporary finishes, a dedicated fitness center, secured bike storage and 181 parking stalls. Additionally, the building features a green roof, rain catchment system, water efficient fixtures, systems to measure air flow, a green cleaning program, satellite-controlled irrigation and a LEED-EB Platinum designation. Eastdil Secured represented the seller in the deal.

November 11, 2019

Acquisitions Loans Multifamily Nevada Western

KeyBank Provides $19.5M in Acquisition Financing for Multifamily Property in Nevada

by Amy Works November 11, 2019

LAS VEGAS — KeyBank Real Estate Capital has funded a $19.5 million commercial mortgage to MAXX Properties for the acquisition of Madison at Spring Valley, an apartment community located in Las Vegas. Built in 2000, Madison at Spring Valley offers 168 units in a mix of one-, two- and three-bedroom layouts ranging from 700 square feet to 1,600 square feet. The units feature open-concept, pet-friendly living with nine-floor ceilings, central air and in-unit washer/dryers. Community amenities include a swimming pool with sundeck, playground, clubhouse with coffee bar and 24-hour fitness center. The buyer plans to implement a capital expenditure program that includes unit and common-area renovations. Alan Isenstadt and Cathy Berbieri of KeyBank Real Estate Capital’s Income Property Group structured the financing for the borrower.

November 11, 2019

Acquisitions Multifamily Nevada Western

NAI Vegas Negotiates $18.5M Purchase of Skyline Parc Apartments in Las Vegas

by Amy Works November 11, 2019

LAS VEGAS — NAI Vegas has arranged the sale Skyline Parc Apartments, a multifamily property located in Las Vegas. Pacific Ardent Capital acquired the asset from Cambridge Equity for $18.5 million, or $96,354 per unit. Located at 3675 Cambridge St., the property features 192 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas represented the buyer in the transaction.

November 11, 2019

Gila-Springs-Industrial-Park-Chandler-AZ

Acquisitions Arizona Industrial Western

Bird Dog Industrial Acquires Gila Springs Industrial Park in Arizona for $10.1M

by Amy Works November 11, 2019

CHANDLER, ARIZ. — La Jolla, Calif.-based Bird Dog Industrial has purchased Gila Springs Industrial Park, an industrial complex located near Chandler Boulevard and Kyrene Road in Chandler. GBI Erie, an Arizona corporation led by the Imdieke Family, sold the asset for $10.1 million, or $98.79 per square foot. Constructed between 1988 and 1997, the property’s five buildings offer a total of 101,934 square feet of industrial space. UCT, a subsidiary of Ultra Clean, occupies the complex. The properties are located at 5773, 5763 and 5753 W. Erie St., 481 N. Dean Ave. and 57240 W. Oakland St. All buildings except 5773 W. Erie St. are fully air conditioned. The properties also offer grade and truck-well loading and between 10 percent to 25 percent of space is dedicated to office build-outs, with one facility offering clean-room space. Chris McClurg of Lee & Associates represented the buyer, while Paul Sieczkowski and Justin Sieczkowski of Colliers International in Arizona represented the seller in the deal.

November 11, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Capital One Funds $7.7M Acquisition Loan for Age-Restricted Community in California

by Amy Works November 11, 2019

MANTECA, CALIF. — Capital One has provided a $7.7 million Fannie Mae loan for the acquisition of Almond Blossom Estates. The 139-unit, age-restricted, manufactured housing community is located in Manteca, a Central Valley city 75 miles east of San Francisco. The sponsor is a long-time Capital One and Fannie Mae customer. Damon Reed and Monica Schroeder of Capital One originated the transaction. The fixed-rate loan has a 12-year term with five years of interest-only payments followed by a 30-year amortization schedule.

November 11, 2019

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