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

Acquisitions California Office Western

NAI Capital Negotiates $6.1M Sale of Ionian Plaza Office Building in Lancaster, California

by Amy Works January 2, 2020

LANCASTER, CALIF. — NAI Capital has arranged the sale of Ionian Plaza, a multi-tenant office building located at 42225 10th St. W. in Lancaster. A.J. Eliopulos Commercial/Industrial Development sold the property to 10835 Camarillo Apartments LLC for $6.1 million, or $270 per square foot. Built in 2004 on a 1.95-acre lot, the single-story building features 22,790 square feet of office space. At the time of sale, the property was fully leased to four tenants ranging in size from 1,720 square feet to 15,930 square feet. The Social Security Administration occupies 73 percent of the building. Tristan Greenleaf of NAI Capital’s Investment Services Group represented the seller in the transaction.

January 2, 2020

Acquisitions Multifamily Washington Western

Kidder Mathews Brokers $5.6M Sale of East Highland Apartments in Seattle

by Amy Works January 2, 2020

SEATTLE — Kidder Mathews has arranged the sale of East Highland Apartments, a two-building multifamily asset located at 1903-1907 E. Highland Drive in Seattle’s Capitol Hill neighborhood. An undisclosed buyer acquired the property for $5.6 million, or $467,000 per unit. Constructed in 1928, East Highland Apartments features 12 units. Dylan Simon, Jerrid Anderson and Matt Laird of Kidder Mathews’ Seattle office represented the seller in the deal.

January 2, 2020

Hawaii Market Reports Office Western Western Market Reports

Government Services Keep Downtown Honolulu’s Office Market Humming

by Taylor Williams December 28, 2019

Honolulu’s office market has remained relatively unchanged for the past decade, but recent events have led to a dramatic shift in the direction of the Downtown submarket. Office vacancy rates in Downtown Honolulu have increased consistently in recent years, and steady leasing activity has led to declining vacancy. The Downtown office market is currently the tightest it has ever been. The vacancy rate in Downtown Honolulu decreased 70 basis points to 12.1 percent in the third quarter of 2019, which is the lowest vacancy rate for the submarket in more than nine years. The average gross asking rate in Downtown decreased slightly from $2.94 per square foot to $2.90 per square foot in third-quarter 2019. A significant amount of movement within the Downtown office market is driven by government need. The federal government, IRS, and city and county of Honolulu, as well as other engineering firms tied to civil projects, are some of the most active employers when it comes to leasing office space in the area. Non-governmental office-using job growth has stagnated in the past four years, which has hindered more growth in the overall office market. Unemployment statewide was at 2.7 percent for October 2019, according to Hawaii …

December 28, 2019

Hawaii Market Reports Retail Western Western Market Reports

Expansion Continues in Hawaii’s Retail Market

by Taylor Williams December 27, 2019

Like so many markets nationally, the Hawaii retail real estate market was firmly in a state of flux in 2019. Despite more new vacancies than new openings — and limited new development — the Hawaii market held its own amidst challenging times. Investment sales demand and fundamentals remained strong, new and prominent retailers entered the market, and existing operators continued to expand and innovate. Last year brought both closings and openings to the Hawaii retail sector. Bucking historic trends, store closures outpaced new store openings. The closings that did occur were all related to corporate downsizing decisions, versus poor store performance by the Hawaii locations. Hawaii stores consistently post strong sales performances when compared to same-store national averages. In most instances, the Hawaii locations were the last to fold, given their consistently strong sales. Sears closed its 128,000-square-foot Windward Mall in Kaneohe, Oahu, in May. Kmart closed its last Hawaii location, a 119,000-square-foot store in Lihue, Kauai, in September. There are currently five vacant Kmart buildings and one vacant Sears location throughout the state. Early 2020 will follow suit, with the anticipated February closure of all seven Pier 1 stores on the islands. Brighter news included the return of Marshalls, …

December 27, 2019

Acquisitions Office Washington Western

KKR Enters Seattle Market With Acquisition of 1.4 MSF Office Portfolio for $1.2B

by Amy Works December 24, 2019

SEATTLE AND BELLEVUE, WASH. — KKR, a global investment firm, has closed on two real estate transactions totaling more than $1.2 billion. The firm purchased Summit in downtown Bellevue and F5 Tower in downtown Seattle, both office assets. Located in Bellevue’s central business district, Summit features 915,000 square feet of Class A office space. The complex is 99 percent leased and comprises two existing LEED Platinum office buildings and a third building that is currently under construction, with completion slated for third-quarter 2020. Recently completed, F5 Tower is a 43-story office tower in Seattle’s central business district. The property includes a fully leased, 516,000-square-foot office condominium acquired by KKR alongside a separate 189-room luxury hotel. The building is architecturally significant to the Seattle skyline and home to F5 Networks as its global headquarters. Urban Renaissance Group, a Seattle-based real estate investor, developer and manager of real estate, will operate the properties. The company also assisted with the acquisition. These investments are being funded by accounts co-advised by KKR and KKR’s balance sheet. The names of the sellers were not released.

December 24, 2019

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