Western

Natoma-Station-Corporate-Center-Folsom-CA

Voit Real Estate Negotiates $23.7M Acquisition of Natoma Station Corporate Center in Folsom, California

by Amy Works October 29, 2019

FOLSOM, CALIF. — Voit Real Estate Services has arranged the purchase of Natoma Station Corporate Center, a multi-tenant office building in Folsom. Iron Point acquired the property from PAC West Office Equities, an entity of Buzz Oates Real Estate, for $23.7 million. Located at 950 Iron Point Road, the two-story property features 102,750 square feet of Class A office space. The buyer will occupy a portion of the property as the new corporate headquarters for two entities serving the logging and utility services industries: Mountain G Enterprises and Mountain F Enterprises. With these leases, the building will be fully occupied. Additional tenants include Devry, General Dynamics and Allstate. Rocco Curci of Voit’s Irvine, Calif., office represented the buyer, while Kevin Partington and Sean Mullen of Cushman & Wakefield represented the seller in the transaction.

October 29, 2019

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers $9.2M Purchase of Country Club Village Retail Property in Colorado

by Amy Works October 29, 2019

WESTMINSTER, COLO. — Marcus & Millichap has facilitated the sale of Country Club Village, a retail asset located at 2721 and 2821-2851 W. 120th Ave. in Westminster. A California-based private investor acquired the asset for $9.2 million. Tenants at the 33,091-square-foot property include Caribou Coffee Co., TCBY Yogurt, Ana’s Mexican Restaurant, Hana Matsuri Sushi and Gillett Veterinary Clinic. Ryan Bowlby of Marcus & Millichap’s Denver office represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap, secured financing for the transaction. The financing features a fixed, long-term interest rate with a 30-year amortization term and no prepayment penalty.

October 29, 2019

West-Thunderbird-Mini-Storage-El-Mirage-AZ

Acquisitions Arizona Industrial Self-Storage Western

Cushman & Wakefield Arranges $4.1M Sale of West Thunderbird Mini Storage in El Mirage, Arizona

by Amy Works October 29, 2019

EL MIRAGE, ARIZ. — Cushman & Wakefield has brokered the $4.1 million sale of West Thunderbird Mini Storage, a self-storage facility in El Mirage. Paul Boyle and Rick Danis of Cushman & Wakefield represented the undisclosed buyer and seller in the deal. Located at 12500 W. Thunderbird Road, West Thunderbird Mini Storage totals 400 units. Built in 2002, the 45,230-square-foot property features on-site management, drive-up access, air-controlled units, perimeter fencing, gate entry, surveillance cameras and RV, car and boat parking. At the time of sale, the property was 94 percent occupied.

October 29, 2019

Acquisitions California Office Western

Drawbridge Realty Acquires Two Orange County Office Buildings Totaling 169,315 SF

by Amy Works October 28, 2019

ALISO VIEJO, CALIF. — San Francisco-based Drawbridge Realty has purchased two office buildings in Aliso Viejo for an undisclosed price. Known as 4 and 5 Polaris, the assets serve as the corporate headquarters for Quest Software and UST Global, respectively. Located at 4 and 5 Polaris Way, the four-story 4 Polaris and three-story 5 Polaris buildings offer a total of 169,315 square feet. Anthony Delorenzo, Todd Tydlaska, Sean Sullivan, Michael Longo and Bob Smith of CBRE represented the undisclosed seller in the transaction.

October 28, 2019

Acquisitions California Multifamily Western

TMG Brokers $15.8M Sale of The Regency Apartments in Sacramento

by Amy Works October 28, 2019

SACRAMENTO — The Mogharebi Group (TMG) has arranged the sale of The Regency Apartments, a multifamily community located at 5900 Riza Ave. in Sacramento. An undisclosed private investor acquired the property for $15.8 million. Built in 1969 and situated on 5.4 acres, The Regency features 130 apartments in a mix of one-, two- and three-bedroom layouts. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Sacramento-based investor, in the deal.

October 28, 2019

Development Multifamily Washington Western

Nitze-Stagen, Pinnacle Partners to Develop Canton Lofts Apartment Project in Seattle

by Amy Works October 28, 2019

SEATTLE — Developer Nitze-Stagen and Pinnacle Partners, an Opportunity Zone investment firm, have broken ground on Canton Lofts in Seattle’s historic Pioneer Square. The project is the city’s first Opportunity Zone development. The $30 million development will feature 80 units with transit accessibility and provide affordable, one-bedroom studios.

October 28, 2019

Acquisitions Arizona Multifamily Western

ColRich Multifamily Sells Plaza 550 Multifamily Asset in Phoenix for $11.8M

by Amy Works October 28, 2019

PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million. Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware. Brad Goff, Brett Polacheck and Chris Canter of Newmark Knight Frank represented the seller in the deal.

October 28, 2019

Acquisitions Office Oregon Western

Marcus & Millichap Arranges $1.4M Sale of 10,500 SF Office Building in Portland, Oregon

by Amy Works October 28, 2019

PORTLAND, ORE. — Marcus & Millichap has brokered the sale of MLK Office, an office property located in Portland. An undisclosed buyer acquired the asset for $1.4 million. Located at 2627 NE Martin Luther King Jr. Blvd., the building features 10,500 square feet of office space. Joseph P. Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the undisclosed seller in the transaction.

October 28, 2019

Acquisitions California Industrial Northeast Pennsylvania Top Stories Western

Prologis to Acquire Liberty Property Trust in $12.6B All-Stock Deal

by Taylor Williams October 28, 2019

SAN FRANCISCO AND MALVERN, PA. — San Francisco-based Prologis Inc. has entered into a definitive agreement to acquire Pennsylvania-based Liberty Property Trust in an all-stock transaction valued at approximately $12.6 billion, inclusive of outstanding debt. The deal between the two industrial REITs is expected to close in the first quarter of 2020. Under the terms of the agreement, Prologis (NYSE: PLD) will acquire roughly 107 million square feet of stabilized logistics space, 5.1 million square feet of logistics product in various stages of development and 1,684 acres with a future build-out potential totaling 19.7 million square feet. In addition, Liberty (NYSE: LPT) shareholders will receive 0.675 in shares of Prologis common stock for each Liberty share they own. Both the board of directors of Prologis and the board of trustees of Liberty have unanimously approved the transaction. Prologis plans to dispose of $3.5 billion in assets, including $2.8 billion of non-strategic logistics properties and $700 million of office properties, to help finance the acquisition. “The joining of these two platforms at this moment, when industrial logistics has become so pivotal to the new economy, will further the industry’s ability to support the nation’s supply chain and enhance value creation for …

October 28, 2019

California Development Loans Multifamily Western

Z&L Properties Receives $330M in Financing for 640-Unit Condo Project in San Jose, California

by Amy Works October 25, 2019

SAN JOSE, CALIF. — Z&L Properties has received $330 million in financing for the development of 188 West St. James, a two-tower condominium project in downtown San Jose. Brandon Roth, Charles Halladay and Taylor Gimian of JLL arranged the five-year, floating-rate construction loan with Mack Real Estate Credit Strategies for the borrower. Currently under construction, 188 West St. James will consist of 20- and 22-story towers totaling nearly 629,000 square feet of residential space, approximately 30,000 square feet of ground-floor retail space and more than 650 parking stalls. The 640 condominiums will feature kitchens equipped with stainless steel Bosch appliance packages, custom quartz countertops and white oak cabinetry, as well as bathrooms with custom floating vanities and porcelain tile flooring. Additionally, units will have hardwood flooring throughout the main living areas. Community amenities will include an outdoor pool, spa, grilling area, fitness center, business conference center, pet wash and clubroom with catering kitchen.

October 25, 2019

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