Western

Westcore-Hathaway-Dr-Santa-Fe-Springs-CA

Westcore Properties Sells 543,161 SF Los Angeles Industrial Park for $104M

by Amy Works September 10, 2019

SANTA FE SPRINGS, CALIF. — Westcore Properties has completed the sale of Los Angeles Industrial Park, a multi-tenant industrial park in Santa Fe Springs. PS Business Parks acquired the fully leased, 10-building asset for $104 million. Darla Longo, Barbara Perrier and Eric Cox of CBRE represented the seller in the deal. Totaling more than 27 acres, the 543,161-square-foot office park includes properties at 11811-11831, 11947, 11975 E. Florence Ave. and 10510, 10513, 10545, 10551, 10604, 10631, 10637 and 10702 Hathaway Drive in Santa Fe Springs.

September 10, 2019

California Development Healthcare Office Western

BioMed Realty, UC San Diego Open $92M Center for Novel Therapeutics in San Diego

by Amy Works September 10, 2019

SAN DIEGO — BioMed Realty, a Blackstone portfolio company, and the University of California San Diego (UC San Diego) have opened the Center for Novel Therapeutics (CNT) on the UC San Diego Science Research Park campus. The 137,000-square-foot research hub leverages the strength of UC San Diego Moores Cancer Center with private sector companies looking to translate research into helping cancer patients worldwide. The development represents a $92 million investment by BioMed Realty. CNT is San Diego’s newest dedicated oncology research center with best-in-class facilities to advance life-changing treatments for cancer patients. Additionally, the facility includes the first academic-industry drug discovery incubator site in San Diego. CNT will continue UC San Diego’s “bench to bedside” approach, the transition of research from the laboratory space into the clinic and to patients through the promotion of new therapies. BioMed Realty designed the project with UC San Diego to include high-efficiency water-cooled central cooling, LED energy efficient light fixtures and photo-voltaic solar panels in the roof of the atrium and other parts of the building. Due to the project’s design, the facility was awarded LEED Gold certification.

September 10, 2019

Arizona Development Healthcare Western

Banner Health Selects NexCore Group to Develop 130,000 SF Health Center in Arizona

by Amy Works September 10, 2019

GLENDALE, ARIZ. — Arizona-based Banner Health has selected NexCore Group, a national healthcare real estate firm, to develop its newest multi-specialty health center. Situated on 17.5 acres within the Aspera mixed-use development in Glendale, Banner Health Center will feature 130,000 square feet of medical office space. The three-story facility will offer clinical services including family medicine, pediatrics, orthopedics, general surgery, dermatology, gastroenterology, cardiology, endocrinology, internal medicine and OB/GYN, as well as lab, pharmacy and imaging services. Groundbreaking is slated for January, with a grand opening scheduled for early 2021.

September 10, 2019

Acquisitions Nevada Retail Western

K Corp. Acquires Crossing at Meadowood Square Shopping Center in Reno for $4.4M

by Amy Works September 10, 2019

RENO, NEV. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name of the seller was not released.

September 10, 2019

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $3.6M Sale of Planet Fitness-Occupied Property in Buckeye, Arizona

by Amy Works September 10, 2019

BUCKEYE, ARIZ. — Marcus & Millichap has negotiated the sale of a retail property located at 1341 S. Watson Road in Buckeye. A limited liability company sold the property to an undisclosed buyer for $3.6 million. Planet Fitness occupies the 20,091-square-foot property, which was built this year, on a double-net-leased basis. The tenant just signed a 15-year lease for the property. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.

September 10, 2019

Colorado Development Office Western

Schnitzer West To Develop 12-Story Office Building in Denver’s RiNo District

by Amy Works September 9, 2019

DENVER — Schnitzer West has announced plans to develop The Current, River North, a Class A office building located at 3615 Delgany St. in Denver’s River North (RiNo) Art District. The development is a partnership between Schnitzer West and Crafts Cos., a Denver-based real estate firm. Schnitzer West acquired the 34,250-square-foot site to develop an office building for business and retail purposes. The 12-story building will feature two levels of underground parking, three levels of above-grade podium parking and eight floors of office space. The top two floors will offer private amenities for tenants, including Schnitzer West’s signature “great room” working and leisure space and a rooftop terrace. Additional amenities will include ground-level retail, office-building lobby and conference center and bicycle storage. The first phase of construction is scheduled to begin in February 2020. Davis Partnership Architects served as architect and Transwestern has been retained to handle leasing for the completed project.

September 9, 2019

Acquisitions California Retail Western

GIGU Inc. Buys 105,297 SF Stockton Plaza in California’s Central Valley for $17M

by Amy Works September 9, 2019

STOCKTON, CALIF. — GIGU Inc., a private buyer, has purchased Stockton Plaza, a shopping center located at 2323 W. Hammer Lane in Stockton. PPC-Stockton Plaza L.P. sold the asset for $17 million. At the time of sale, the 105,297-square-foot property was 97 percent occupied. Tenants include Food Source (Raley’s), AutoZone, BBVA Compass Bank, Great Clips, McDonald’s and Little Caesars. Chris Tramontano, John Redfield and Steve Kalyk of SRS Real Estate Partners’ Investment Properties Group represented the seller in the deal.

September 9, 2019

Arrowhead-Valley-Retirement-Resort-Peoria-AZ

Arizona Development Multifamily Nevada Seniors Housing Western

Resort Lifestyle Communities Completes Seniors Housing Projects in Arizona, Nevada

by Amy Works September 9, 2019

PEORIA, ARIZ., AND HENDERSON, NEV. — Resort Lifestyle Communities has completed construction of two independent living communities, Arrowhead Valley Retirement Resort in the Phoenix suburb of Peoria and Cactus Valley Retirement Resort in the Las Vegas suburb of Henderson. A grand opening is being hosted Sept. 12 at Arrowhead Valley, while Cactus Valley has already opened its doors. The Henderson community features 128 units, but the size of the Peoria community was not disclosed. Resort Lifestyle Communities develops all-inclusive resort-style seniors housing communities across the country, with 45 properties open or under construction.

September 9, 2019

Santa-Ana-Tustin-Medical-Pavilion-Tustin-CA

Acquisitions California Healthcare Office Western

Camelot West Commercial Negotiates $4.8M Sale of Medical Office Building in Tustin, California

by Amy Works September 9, 2019

TUSTIN, CALIF. — Camelot West Commercial has arranged the sale of Santa Ana – Tustin Medical Pavilion, a medical office building in Tustin. TKL Westminster acquired the property from Santa Ana Tustin Medical Pavilion LLC for $4.8 million with no concessions or repairs. Developed in 1968, the 17,594-square-foot building is located at 17400 Irvine Blvd. in Tustin. The building features 13 separate suites, each with examination rooms, lobbies, offices and private bathrooms. The building also features a full-service pharmacy. Jennifer Esser of Camelot West Commercial represented the seller, while Mia Pham of Lee & Associates represented the buyer in the transaction.

September 9, 2019

Acquisitions California Net Lease Retail Western

Marcus & Millichap Arranges $2.9M Sale of Net-Leased Building in Livermore, California

by Amy Works September 9, 2019

LIVERMORE, CALIF. — Marcus & Millichap has brokered the sale of a retail building, located at 2287 Second St. in downtown Livermore. A limited liability company acquired the building from tenants in common for $2.9 million. Bank of the West occupies the 7,108-square-foot building with one year remaining on the triple-net lease with no options to extend. Constructed in 1960 on a 0.41-acre lot, the building features multiple drive-in lanes and ample parking. Ethan Pintard and Jarrod Senechal of Marcus & Millichap’s East Bay, Calif., office represented the seller and the buyer in the deal.

September 9, 2019

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