Western

Dougherty Mortgage Arranges $16.2M in Financing for Healthcare Clinic in Templeton, California

by Amy Works December 9, 2019

TEMPLETON, CALIF. — Dougherty Mortgage has partnered with Community Health Care Centers of the Central Coast (CHCCC) to obtain $16.2 million in public and private financing for a new healthcare clinic and expanded community services in Templeton. CHCCC provides healthcare services to the Central Coast’s vulnerable and at-risk residents. Located at 1330 Las Tablas Road in Templeton, the clinic, which is open and welcoming new patients, will meet more of the needs in the community for primary care, dental and behavioral health services. The project was financed through two United States Department of Agriculture Rural Development programs. Half of the total investment was provided to CHCCC through the department’s Community Facilities Loan program, with the remaining $8.1 million invested as a loan guarantee to Dougherty Mortgage.

December 9, 2019

Acquisitions California Industrial Lee & Associates Office Western

Lee & Associates Negotiates Sale of 60,416 SF R&D Building in Southern California

by Amy Works December 9, 2019

SIMI VALLEY, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of a research and development building located at 685 E. Cochran St. in Simi Valley. Albert Halami, a private investor, acquired the asset from 685 Cochran Holdings LLC for $11 million, or $183 per square foot. The seller will continue to occupy a portion of the 60,416-square-foot property for its businesses, which include SensoScientific, under a sale-leaseback arrangement. Other tenants at the fully leased building include Hangman Products and Brown & Brown Insurance. Built in 1986, the two-story property features 22-foot and 24-foot clear heights, two dock-high doors and three grade-level loading doors. The second floor, with about 20,000 square feet of general and engineering offices, was fully renovated in 2015. The buyer plans to continue the renovation efforts, including re-landscaping and improving the parking lot. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura.

December 9, 2019

Acquisitions Colorado Industrial Western

CBRE Brokers $9.9M Sale of Moncrieff Business Center Industrial Building in Aurora, Colorado

by Amy Works December 9, 2019

AURORA, COLO. — CBRE has arranged the sale of Moncrieff Business Center, an industrial building located in Aurora. San Francisco-based Berkeley Partners sold the property to an investor advised by Zurich Alternative Asset Management for $9.9 million. Located at 14603 E. Moncrieff Place within Denver’s Airport submarket, the 101,406-square-foot building features 22-foot clear heights; an ESFR fire protection system; dock-high and oversized drive-in loading; rail doors serviced by Union Pacific; and fenced outside storage. Constructed in 1982 on 4.23 acres, the property was fully leased at the time of sale. Tyler Carner, Jeremy Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal.

December 9, 2019

Market Reports Nevada Western Western Market Reports

Henderson Readies for an Even Larger Influx of California Companies

by Taylor Williams December 7, 2019

Once a bedroom community largely overshadowed by its Las Vegas neighbor, the City of Henderson is thriving. With a population of more than 300,000, Henderson recently surpassed Reno to become the second-largest city in Nevada. Henderson’s employment rates have been steadily rising, according to the city’s latest economic update. The city’s employment was at 144,000 last year and has risen to 153,800 in 2019. Henderson accounted for about 11 percent of all jobs in the Las Vegas Valley in 2018, according to labor market analytics company Emsi. Company leaders are also seeing the competitive advantage of growing a presence in Henderson. This has spurred relocations and start-ups in the area. Vinotemp, a leading wine storage solutions and appliance provider, recently relocated its Southern California headquarters to Henderson. The company’s new headquarters is more than 118,000 square feet, making Vinotemp the largest wine cabinet and cooling solutions provider in the nation. A major element in the high cost of doing business in California is the cost of operating in an office space. There is a stark contrast in the price per square foot for office spaces when comparing Southern California and Henderson. For example, the average per square foot for office …

December 7, 2019

Acquisitions Office Top Stories Washington Western

The Roxborough Group Acquires Metro Seattle Office Portfolio for $73.6M

by Alex Patton December 6, 2019

REDMOND, WASH. — San Francisco-based investor The Roxborough Group LLC has acquired Quadrant Willows, a 248,041-square-foot, Class A office complex in Redmond, an eastern suburb of Seattle. The purchase price was $73.6 million, according to the Seattle Daily Journal of Commerce. The four buildings of Quadrant Willows are located along Willows Road in the tech-dominated Redmond submarket. The seller, Equus Capital Partners Ltd., acquired the complex in 2016 and has since completed $850,000 worth of renovations. “We were able to assemble an attractive four-building portfolio, through two separate acquisitions, in one of the most dynamic office markets in the country and take the occupancy from a combined 78 percent at acquisition to 100 percent at the time of sale,” says Robert Butchenhart, vice president for Equus and manager for Equus’ West Coast office. Redmond benefits from Microsoft’s 8 million-square-foot corporate headquarters and the Eastlink Light Rail transit line. “The Redmond submarket is one of the most dynamic Eastside submarkets with 21.5 percent rent growth over the past 24 months. Vacancy, including Microsoft, is at 4.4 percent with overall Eastside vacancy at 4.3 percent,” says Joe Lynch, executive managing director of Newmark Night Frank (NKF), which represented the Equus in the …

December 6, 2019

Acquisitions Arizona Office Restaurant Retail Western

Sumitomo Acquires 24-Story Collier Center Commercial Complex in Downtown Phoenix

by Amy Works December 6, 2019

PHOENIX — Sumitomo Corp. of Americas has purchased Collier Center, a 2.8-acre commercial complex in downtown Phoenix. Eastdil Secured handled the transaction. Terms of the deal, including acquisition price and seller, were not disclosed. The 24-story property features more than 578,000 square feet of rentable space, including a variety of restaurants and bars, plus a three-level underground parking garage. At the time of acquisition, the building was 84 percent occupied, with Bank of America and Uber among its largest tenants. With this new acquisition, Sumitomo owns a commercial real estate portfolio totaling over $425 million to date with more than 1.6 million square feet of commercial space.

December 6, 2019

OCC-Language-Arts-Social-Science-Costa-Mesa-CA

California Civic Development Western

C.W. Driver Breaks Ground on $50M Language Arts, Social Science Building at Orange County College in California

by Amy Works December 6, 2019

COSTA MESA, CALIF. — C.W. Driver Cos. has broken ground on Orange Coast College’s new $50 million Language Arts and Social Science Building in Costa Mesa. Slated for completion in summer 2021, the three-story, 107,760-square-foot building is part of a larger initiative to modernize the campus and accommodate its expanding enrollment. The building’s first floor will house classrooms, labs, an English as a Second Language computer lab, facilities for the Speech, Debate and Theater Team and a journalism newsroom. The second floor will feature classrooms and connect to the existing Mathematics Business and Computer Center Building, while the third floor will encompass division and faculty offices. Additionally, the building will include two elevators, a lactation room and gender-neutral restrooms on every floor. tBP Architecture is serving as architect on the project. The building is being financed through a combination of funding from California Proposition 51 and Measure M, a $698 million general obligation bond provided to construct education facilities for Coast Community College District.

December 6, 2019

Acquisitions Colorado Multifamily Western

CBRE Global Investors Purchases 320-Unit Multifamily Community in Metro Denver

by Amy Works December 6, 2019

WESTMINSTER, COLO. — A fund sponsored by CBRE Global Investors has purchased The Tenzing, a 297,615-square-foot apartment property located in Westminster, approximately 25 minutes north of downtown Denver. Terms of the transaction were not released. Located at 11674 N. Pecos St., The Tenzing features 320 apartments in a mix of one-, two- and three-bedroom floor plans. Community amenities include a fitness center, yoga studio, saltwater pool, outdoor barbecue grills, dog wash station, outdoor dog park, bike repair shop and business center. At the time of sale, the property was 90 percent occupied.

December 6, 2019

Acquisitions Arizona Industrial Western

JLL Income Property Trust Buys 211,000 SF Chandler Distribution Center in Phoenix for $31M

by Amy Works December 6, 2019

PHOENIX — JLL Income Property Trust has acquired Chandler Distribution Center, a Class A industrial asset located in the Southeast submarket of Phoenix. An undisclosed seller sold the property for $31 million. Located immediately off Arizona State Route 202, Chandler Distribution Center features two newly developed Class A warehouses designed to accommodate a wide range of tenant sizes including those under 35,000 square feet. At the time of sale, the property was 97 percent occupied. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and manages a diversified portfolio of apartment, industrial, office and retail properties.

December 6, 2019

Acquisitions Multifamily Oregon Western

Trion Properties Acquires Three Multifamily Assets in Metro Portland for $26M

by Amy Works December 6, 2019

ALOHA, BEAVERTON AND TIGARD, ORE. — Trion Properties has acquired a three-property multifamily portfolio in metro Portland for a total consideration of $26 million. NBP Capital sold the portfolio, which offers a total of 162 apartments. The transaction included Aster Parc Townhomes in Aloha; Parker Apartments in Beaverton, and York Apartments in Tigard. Located at 18745 Farmington Road, Aster Parc features 62 units in a mix of townhome and garden-style flats ranging from studio to three-bedroom layouts. Amenities include in-unit washers/dryers, private courtyards, landscaping and ample parking. Parker Apartments, located at 17135 SW Heritage Court, features 48 two- and three-bedroom units with private decks or patios and garage parking. Located at 7582 SW Hunziker St., York Apartments offers 52 one- and two-story flats ranging from studio to four-bedroom layouts. Continental Partners arranged a $19.1 million loan to finance the acquisition. Rob Marton of HFO Investment Real Estate represented Trion Properties in the deal.

December 6, 2019

Newer Posts

Older Posts