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The-Forum-Gilbert-Ranch-Gilbert-AZ
AcquisitionsArizonaHealthcareOfficeWestern

CBRE Negotiates $20.5M Sale of Forum at Gilbert Ranch Office, Medical Campus in Arizona

by Amy Works

GILBERT, ARIZ. — CBRE has arranged the sale of The Forum at Gilbert Ranch, a Class A office and medical campus located at 1472, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive in Gilbert. Denver-based EverWest Real Estate Investors sold the property to Forum at Gilbert LLC, a private Midwestern buyer, for $20.5 million. Totaling 92,453 square feet, the five-building campus features one single-story building and four two-story buildings. The asset offers modern construction and improvements, with subterranean and covered parking with a parking ratio of 4.4 spaces per every 1,000 square feet. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix represented the seller in the deal. Jeff Stein and Jeff Harris of CBRE Debt & Structured Finance in Houston arranged financing for the buyer. At the time of sale, the property was 93 percent leased to a variety of finance, real estate, coworking and medical tenants. CBRE’s Jamie Swirtz and Bruce Suppes will handle leasing of the property on behalf of the new ownership.

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Affordable-Self-Storage-Silverdale-WA
AcquisitionsIndustrialSelf-StorageWashingtonWestern

Marcus & Millichap Arranges $4.3M Sale of Self-Storage Facility in Silverdale, Washington

by Amy Works

SILVERDALE, WASH. — Marcus & Millichap has arranged the sale of Affordable Self Storage, a self-storage facility in Silverdale. A limited liability company sold the property to a Washington-based limited liability company for $4.3 million, or $143 per rentable square foot. Located on 7979 Provost Road NW on 1.3 acres, Affordable Self Storage features 30,325 square feet of self-storage space. Christopher Secreto of Marcus & Millichap represented the seller and secured the buyer in the deal.

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2106-Grand-Ave-El-Segundo-CA
AcquisitionsCaliforniaOfficeWestern

Griffin Capital Sells 151,289 SF Office Building Near Los Angeles for $63.5M

by Amy Works

EL SEGUNDO, CALIF. — Griffin Capital Essential Asset REIT has completed the sale of an office building located at 2160 Grand Ave. in El Segundo. SteelWave acquired the asset for $63.5 million, or $420 per square foot. Griffin Capital acquired the 151,289-square-foot property in February 2014 for $52.7 million. At that time the property was fully leased to a single tenant with a lease expiration of June 30, 2021. As part of the transaction, Griffin delivered the property unencumbered by the lease. The Shannon Team of Newmark Knight Frank represented the seller in the transaction.

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AcquisitionsCaliforniaIndustrialWestern

Rexford Acquires Three Industrial Assets in Southern California for $56.1M

by Amy Works

AZUSA, WILMINGTON AND GARDEN GROVE, CALIF. — Rexford Industrial Realty has purchased three industrial properties in Southern California for $56.1 million. The acquisitions were funded using cash on hand. The names of the sellers were not released. The company acquired a 4.2-acre land parcel at 415 S. Motor Ave. in Azusa for $7.2 million, or $39 per land square foot. Rexford plans to construct a 96,950-square-foot Class A industrial building on the site. The development will feature 32-foot clear heights, 14 dock doors, ESFR fire sprinklers and modern office space. Additionally, the company purchased a 57,522-square-foot building located at 508 East E St. in Wilmington for $14.9 million, or $259 per square foot. Situated on 3.45 acres, three tenants fully occupy the property. Rexford also acquired an industrial building located at 12752-12822 Monarch St. in Garden Grove for $34 million, or $130 per square foot. Situated on 11.1 acres, the 276,585-square-foot, four-tenant asset was 93 percent occupied at the time of sale. The company plans to reposition the property with functional and cosmetic improvements and replace a portion of the building with new improvements.

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Willowcrest-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

IPA Brokers $18.8M Sale of Willowcrest Apartments in West Seattle

by Amy Works

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willowcrest, an apartment property in West Seattle. Investco sold the property to Raymond Capital Advisors for $18.8 million, or $251,000 per unit. Built in 1988 on two acres, Willowcrest features 75 units in a mix of one- and two-bedroom apartments averaging approximately 780 square feet. All units have a wood-burning fireplace, full-size washer and dryer, and private patio or balcony. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in deal.

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1500-Portland-OR
LoansOfficeOregonWestern

Clarity Real Estate Receives $18.2M in Refinancing for Creative Office Asset in Portland

by Amy Works

PORTLAND, ORE. — Canada-based Clarity Real Estate and its affiliated private equity fund received an $18.2 million bridge loan for the refinancing of 1500, a five-story creative office building located at 1500 NE Irving St. in Portland. Originally built in 1965, the 73,274-square-foot building was fully renovated into creative office space this year. The repositioned property features 10-foot windows, exposed ceilings, polished concrete floors and full-floor availability on the second floor. On-site amenities include a fitness center with shower facilities, conference room, bike room, tenant lounge and 100 parking stalls. Zack Holderman, Zach Kersten and Daniel Pinkus of JLL arranged the 36-monnth, floating-rate loan for the borrower.

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1666-S-University-Blvd-Denver-CO
AcquisitionsColoradoOfficeWestern

Pinnacle Negotiates Sale of 7,514 SF Office Building in Denver for $2.3M

by Amy Works

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1666 S. University Blvd. in Denver. An undisclosed seller sold the asset to 1666 S University LLC for $2.3 million. The building features 7,514 square feet of office space. Darrin Revious of Pinnacle Real Estate Advisors represented the buyer in the deal.

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Colby-Creek-Everett-WA
AcquisitionsMultifamilyWashingtonWestern

Rise, Aegon Real Assets Buy Two Multifamily Properties in Metro Seattle Totaling $161.3M

by Amy Works

KENT AND EVERETT, WASH. — Rise Properties Trust and Aegon Real Assets have purchased two multifamily assets located in metro Seattle totaling $161.3 million. The joint venture acquired the 366-unit Mosaic Hills Apartments in Kent for $81 million and the 336-unit Colby Creek Apartments in Everett for $80.3 million. These transactions conclude more than $300 million of Seattle-area acquisitions for the joint venture in 2019. Seattle-based Thrive Communities will manage the properties. Including Mosaic Hills Apartments and Colby Creek Apartments, RISE owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.

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2181-Kalakaua-Ave-Waikiki-HI
AcquisitionsHawaiiRetailWestern

LVMH Acquires Two Occupied Retail Assets in Waikiki for $72M

by Amy Works

WAIKIKI, HAWAII — An entity controlled by LVMH Moet Hennessey Louis Vuitton and Mockingbird Interests Waikiki LLC has purchased two commercial units located at 2181 Kalakaua Ave. in Waikiki. The Hawaii-based Moore family trust sold the retail assets for $72 million. Bryan Ley of JLL, in collaboration with Avalon Commercial, represented the sellers in the deal. Cushman & Wakefield, with Sofos Realty Corp. as a local partner, originally listed the property in July 2017 with no asking price. The two units are currently occupied by Quiksilver and First Hawaiian Bank, the latter of which plans to relocate to 1958 Kalakaua Ave. in Waikiki. The assets are located across the street from Tiffany & Co.’s three-story flagship location at Royal Hawaiian Center, while Max Mara and the flagship Louis Vuitton store are located nearby.

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The-George-Besaw-Portland-OR
AcquisitionsMixed-UseMultifamilyOregonRetailWestern

C.E. John Co. Divests of The George Besaw Building in Portland for $23.6M

by Amy Works

PORTLAND, ORE. — Vancouver, Wash.-based developer C.E. John Co. has completed the sale of The George Besaw, a multifamily and retail property located at 2323 NW Savier St. in Portland. An undisclosed buyer acquired the asset for $23.6 million. Located in Northwest Portland’s Alphabet District, The George Besaw features 51 apartment residences above three floors of retail space. Current retail tenants include Pine State Biscuits, Life of Pie, Moberi and The Barbers. The building was completed in 2018. Clay Newton, Jordan Carter and Tyler Linn of Kidder Mathews represented the seller in the transaction.

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