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

California Market Reports Retail Western Western Market Reports

Inland Empire Retail Market Remains Steady Despite Big Box Closures

by Taylor Williams December 6, 2019

Southern California’s Inland Empire region has enjoyed a sustained period of growth in the retail real estate sector. Good spaces in quality centers are leasing quickly. Although new developments have slowed, there is still about 1.2 million square feet of new space under construction. These are all top-tier projects that will very much enhance the communities where they are being built. Projects include a Sprouts-anchored center in Eastvale, a Grocery Outlet/Planet Fitness center in Beaumont, an Aldi-anchored center in Hesperia, a Stater Bros. center in Calimesa, AMC Theaters at Montclair Place in Montclair and a Cardenas grocery market center in Montclair. Conversely, apart from the Inland Empire, there are likely few other areas that were as impacted by the recent store closure announcements from Sears and Forever 21. Closings will occur in Montclair, San Bernardino, Victorville, Moreno Valley, Palm Desert, Riverside, Temecula and Rancho Mirage. All told, more than 900,000 square feet of big box space just hit the market. The Inland Center Mall in San Bernardino, which has been a very healthy property over the past few years, is dealing with both a Sears and Forever 21 closure. Macy’s and JC Penney (opened in 2016) still remain at the …

December 6, 2019

North-Central-Logistics-Center-Denver-CO

Colorado Development Industrial Western

SunCap, Colony Industrial to Develop Three-Building Spec Industrial Project in Denver

by Amy Works December 5, 2019

DENVER — SunCap Property Group, in partnership with Colony Industrial, a subsidiary of Colony Capital, has closed on the land for the development of North Central Logistics Center, a speculative industrial project in Denver. Formerly known as Welby Gardens, the three-building speculative development will offer tenants the opportunity to occupy space ranging from 25,000 square feet to 641,000 square feet. Situated on 33 acres, the project will feature two single-loaded buildings with trucks entering in the rear and a central cross-docked facility. All buildings will feature 32-foot clear heights and ample employee parking. Murray & Stafford will manage construction, which is slated to begin by the end of the year with completion scheduled for early spring 2021. Mitch Zatz, Jason White and Carmon Hicks of JLL represented the land sellers in the transaction and will be handling leasing for the development.

December 5, 2019

Acquisitions California Mixed-Use Multifamily Retail Western

IPA Negotiates Sale of Multifamily, Retail Mixed-Use Asset in Mountain View, California

by Amy Works December 5, 2019

MOUNTAIN VIEW, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Village Residences, a mixed-used complex located at San Antonio Road and El Camino Real in Mountain View. A venture between Carmel Partners and Merlone Geier Partners sold the asset for an undisclosed price. The name of the buyer was not released. Philip Saglimbeni, Stanford Jones, Bill Rose and Salvatore Saglimbeni of IPA represented the seller in the deal. Developed in 2013 and situated on 5.5 acres, The Village features 271,779 square feet of net rentable multifamily space spread across 330 apartment units and 43,206 square feet of retail space divided into 16 units. Apartments offer floor-to-ceiling windows, moveable kitchen islands and full-sized washers and dryers. On-site community amenities include an Atrium pool retreat with a fireside spa, canopied entertainment bar, grilling stations and lounge seating.

December 5, 2019

Acquisitions California Industrial Office Western

Hamra Properties Acquires 154,627 SF Anaheim Hills Business Center in California for $21.3M

by Amy Works December 5, 2019

ANAHEIM, CALIF. — Hamra Properties has purchased Anaheim Hills Business Center, an industrial and office business park located at 5100-5150 E. La Palma Ave. in Anaheim. Seligman Group sold the asset for $21.3 million. Jeffrey Cole, Jeff Chiate, Ed Hernandez, Mike Adey and Nico Napolitano of Cushman & Wakefield’s Irvine, Calif., office represented the seller, while Rick Ellison and Randy Ellison of Cushman & Wakefield served as market advisors. Built in 1988, the five-building campus features 154,627 square feet of industrial and office space. The property includes grade-level doors, landscaping with palm trees and abundant parking at a ratio of three stalls per 1,000 square feet. The buildings range in size from 19,000 square feet to 49,000 square feet, accommodating tenants as small as 700 square feet.

December 5, 2019

Acquisitions Colorado Industrial Western

NKF Arranges $15.5M Sale of Industrial Asset in Boulder, Colorado

by Amy Works December 5, 2019

BOULDER, COLO. — Newmark Knight Frank has brokered the sale of an industrial building located at 5360 Sterling Drive in Boulder. Alger Boulder I LLC acquired the property from Ivy 5360 Sterling Property LLC for $15.5 million. The property features 38,263 square feet of industrial space. John Jugl of Newmark Knight Frank Colorado represented the seller in the deal.

December 5, 2019

Acquisitions California Retail Western

Colliers Brokers $3.7M Sale of Multi-Tenant Retail Building in Oceanside

by Amy Works December 5, 2019

OCEANSIDE, CALIF. — Colliers International San Diego Region has arranged the sale of a retail asset located at 417-431 S. Coast Highway in Oceanside. Fullerton Square sold the property to an undisclosed buyer for $3.7 million. Bill Shrader and Luke Holler of Colliers represented the seller and buyer in the deal. At the time of sale, the 12,000-square-foot building was fully occupied by nine tenants with existing lease terms.

December 5, 2019

Acquisitions Retail Washington Western

Weingarten Realty Investors Buys 187,388 SF Covington Esplanade Shopping Center in Metro Seattle

by Amy Works December 4, 2019

COVINGTON, WASH. — Weingarten Realty Investors has acquired Covington Esplanade, a daily needs-focused shopping center located in Covington, a suburb 25 miles southeast of Seattle. Situated on 15.3 acres at 27027 S.E. 185th Ave., Covington Esplanade features 187,388 square feet of retail space spread across seven separate parcels with uniform facades. At the time of sale, the property was 97.7 percent leased to a variety of tenants, including The Home Depot, Red Robin Gourmet Burgers and Brews, NorthWest Family Dental Care, IHOP, Bank of America, Verizon and Starbucks Coffee. Nick Kassab and Bryan Ley of JLL Retail Capital Markets represented the undisclosed seller in the deal. The price was not disclosed.

December 4, 2019

Newer Posts

Older Posts