Western

Velocis Acquires Kierland One Office Building in Scottsdale from Hines, PCCP

by Amy Works October 30, 2019

SCOTTSDALE, ARIZ. — Dallas-based Velocis has purchased Kierland One, a Class A office building located in Scottsdale. Hines, along with PCCP as joint venture equity partner, sold the 175,441-square-foot property for an undisclosed price. Situated in Scottsdale’s Airpark submarket, the four-story Kierland One is 90 percent leased and features institutional-quality construction and finishes, including a remodeled, two-story lobby, new tenant improvements and high-end spec suites. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE’s Luke Walker, Brad Anderson and Mike Strittmatter will continue to handle leasing for the property under the new ownership. Hines will continue to serve as property manager to Kierland One.

October 30, 2019

Development Mixed-Use Multifamily Retail Utah Western

Crandall Capital Breaks Ground on The Commons Mixed-Use Project in Park City, Utah

by Amy Works October 30, 2019

PARK CITY, UTAH — Crandall Capital has started construction of The Commons, a mixed-use development in Park City. The project is scheduled for completion in October 2020. Located in the Newpark Towncenter at Kimball Junction, The Commons is the final component of the larger development’s master plan. Totaling, 37,659 square feet, The Commons will feature 38 affordable apartments in a mix of studio, one-, two- and three-bedroom floor plans and 12,500 square feet of ground-floor retail space, as well as outdoor patio and dining areas overlooking Newpark Amphitheater and the 1,200-acre Swaner Nature Preserve. Zwick Construction is serving as general contractor and Stearns Bank provided financing for the project.

October 30, 2019

Belmont-Shores-Mobile-Estates-Laguna-Beach-CA

California Loans Multifamily Seniors Housing Western

Greystone Funds $33.7M Freddie Mac Loan for 347-Unit Age-Restricted Community in Long Beach, California

by Amy Works October 30, 2019

LONG BEACH, CALIF. — Greystone has provided a $33.7 million Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit, age-restricted, manufactured housing and mobile home community in Long Beach. The borrower was Alamitos Bay Partnership LLC. The loan carries a 15-year term and 30-year amortization, and will fund capital improvements to the property’s common-area buildings. Dale Holzer of Greystone originated the transaction, with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

October 30, 2019

Arizona Loans Multifamily Western

Hunt Real Estate Capital Provides $35M in Refinancing for Manufactured Housing Asset in Arizona

by Amy Works October 30, 2019

TEMPE, ARIZ. — Hunt Real Estate Capital has funded a $35 million Freddie Mac conventional multifamily loan for the refinancing of Contempo Tempe, a manufactured housing community located in Tempe. The name of the borrower was not released. The new loan will refinance existing debt and includes a cash out that will be used to acquire additional manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and three years of interest-only payments. Age-restricted to residents age 55 or older, the 454-pad community features three single-story buildings containing the clubhouse/leasing office, fitness center and maintenance building. Built in 1974, the property underwent recent capital improvements including signage updates, a pool remodel, exterior painting, clubhouse A/C replacement, spa heater replacement, security cameras and upgraded power pedestals. The borrower plans to renovate the existing shuffleboards into a two-court pickleball arena with shaded bleachers. Tom Houlihan of Phoenix-based Sterling Mortgage and Investment arranged the financing for the borrower.

October 30, 2019

California Loans Office Western

Kylli Receives $350M Refinancing for 580,000 SF Historic Office Building in San Francisco

by Amy Works October 29, 2019

SAN FRANCISCO — Kylli Inc. has received $350 million in refinancing for 225 Bush Street, a historic office building in San Francisco’s Financial District. The 580,000-square-foot asset was constructed in 1922 as the Standard Oil Building for John D. Rockefeller by architect George W. Kelham. At the time of completion, the 22-story office tower was the tallest building in San Francisco. The property was fully occupied by 31 tenants at the time of sale. Jordan Angel, Taylor Gimian and Andie Fezell of JLL Capital Markets secured the fixed-rate loan through Deutsche Bank for the borrower.

October 29, 2019

Acquisitions California Industrial Western

CenterPoint Properties Acquires 130,500 SF Industrial Building in Oakland

by Amy Works October 29, 2019

OAKLAND, CALIF. — CenterPoint Properties has purchased an industrial building, located at 5901 San Leandro St. in Oakland, for an undisclosed price. Situated on a 6.8-acre parcel, the 130,500-square-foot property offers rail-served industrial warehouse space and an ample yard area less than six miles from the Port of Oakland. The facility features 10 rail doors, 28 dock-high loading positions, six grade-level loading doors, a fully fenced and secured perimeter, and ample paved yard for truck/trailer parking and staging. The acquisition of 5901 San Leandro Street represents the fourth East Bay acquisition for CenterPoint over the past 10 months. Justin Smutko, Mark Maguire and Nick Mascheroni of Colliers International represented both the buyer and undisclosed seller in the deal.

October 29, 2019

Natoma-Station-Corporate-Center-Folsom-CA

Acquisitions California Office Western

Voit Real Estate Negotiates $23.7M Acquisition of Natoma Station Corporate Center in Folsom, California

by Amy Works October 29, 2019

FOLSOM, CALIF. — Voit Real Estate Services has arranged the purchase of Natoma Station Corporate Center, a multi-tenant office building in Folsom. Iron Point acquired the property from PAC West Office Equities, an entity of Buzz Oates Real Estate, for $23.7 million. Located at 950 Iron Point Road, the two-story property features 102,750 square feet of Class A office space. The buyer will occupy a portion of the property as the new corporate headquarters for two entities serving the logging and utility services industries: Mountain G Enterprises and Mountain F Enterprises. With these leases, the building will be fully occupied. Additional tenants include Devry, General Dynamics and Allstate. Rocco Curci of Voit’s Irvine, Calif., office represented the buyer, while Kevin Partington and Sean Mullen of Cushman & Wakefield represented the seller in the transaction.

October 29, 2019

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers $9.2M Purchase of Country Club Village Retail Property in Colorado

by Amy Works October 29, 2019

WESTMINSTER, COLO. — Marcus & Millichap has facilitated the sale of Country Club Village, a retail asset located at 2721 and 2821-2851 W. 120th Ave. in Westminster. A California-based private investor acquired the asset for $9.2 million. Tenants at the 33,091-square-foot property include Caribou Coffee Co., TCBY Yogurt, Ana’s Mexican Restaurant, Hana Matsuri Sushi and Gillett Veterinary Clinic. Ryan Bowlby of Marcus & Millichap’s Denver office represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap, secured financing for the transaction. The financing features a fixed, long-term interest rate with a 30-year amortization term and no prepayment penalty.

October 29, 2019

West-Thunderbird-Mini-Storage-El-Mirage-AZ

Acquisitions Arizona Industrial Self-Storage Western

Cushman & Wakefield Arranges $4.1M Sale of West Thunderbird Mini Storage in El Mirage, Arizona

by Amy Works October 29, 2019

EL MIRAGE, ARIZ. — Cushman & Wakefield has brokered the $4.1 million sale of West Thunderbird Mini Storage, a self-storage facility in El Mirage. Paul Boyle and Rick Danis of Cushman & Wakefield represented the undisclosed buyer and seller in the deal. Located at 12500 W. Thunderbird Road, West Thunderbird Mini Storage totals 400 units. Built in 2002, the 45,230-square-foot property features on-site management, drive-up access, air-controlled units, perimeter fencing, gate entry, surveillance cameras and RV, car and boat parking. At the time of sale, the property was 94 percent occupied.

October 29, 2019

Acquisitions California Office Western

Drawbridge Realty Acquires Two Orange County Office Buildings Totaling 169,315 SF

by Amy Works October 28, 2019

ALISO VIEJO, CALIF. — San Francisco-based Drawbridge Realty has purchased two office buildings in Aliso Viejo for an undisclosed price. Known as 4 and 5 Polaris, the assets serve as the corporate headquarters for Quest Software and UST Global, respectively. Located at 4 and 5 Polaris Way, the four-story 4 Polaris and three-story 5 Polaris buildings offer a total of 169,315 square feet. Anthony Delorenzo, Todd Tydlaska, Sean Sullivan, Michael Longo and Bob Smith of CBRE represented the undisclosed seller in the transaction.

October 28, 2019

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