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Park Row LLC Acquires 239,607 SF Industrial Park Near Seattle for $47.2M

by Amy Works February 22, 2019

WOODINVILLE, WASH. — Locally based Park Row LLC has purchased The Park at Woodinville, a Class A industrial park located at 14103 NE 200th St. in Woodinville, a suburb approximately 20 miles northwest of Seattle. Newport Beach, Calif.-based KBS sold the property for $47.2 million, or $197 per square foot, in an off-market transaction. Todd Gauthier and Jason Bloom of Kidder Mathews represented the buyer in the deal. The five-building, 239,607-square-foot industrial park features a café/deli, loading docks and outdoor patios.

February 22, 2019

California Industrial Loans Office Western

Talonvest Capital Secures $22.4M Acquisition Loan for Business Park in Northern California

by Amy Works February 22, 2019

FREMONT, CALIF. — Talonvest Capital has arranged a $22.4 million bridge loan for CIP Real Estate for the purchase of Fremont Business Center, a flex business park located in Fremont. The four-year non-recourse bank loan will finance up to 68 percent of total project costs, including future funding for capital improvements and leasing costs. Fremont Business Center consists of five research-and-development buildings totaling 148,926 square feet of space. The property features suites ranging in size from 5,736 square feet to 28,391 square feet. Erich Pryor, Tom Sherlock and Eric Snyder of Talonvest Capital secured the financing.

February 22, 2019

Acquisitions California Industrial Western

Alere Property Group Buys Industrial Business Park in Orange County for $21.9M

by Amy Works February 22, 2019

ORANGE, CALIF. — Alere Property Group has acquired North Orange Industrial Park, an industrial business park located in Orange from an undisclosed seller for $21.9 million in an off-market transaction. Mike Cargile and Loren Cargile of Voit Real Estate Services represented the buyer in the deal. The three-building asset features 138,970 square feet of industrial space in a variety of ground-level unit sizes and multi-tenant dock-high spaces. At the time of sale, the property was 100 percent occupied by a tenant mix of light industrial and distribution users.

February 22, 2019

Acquisitions Colorado Retail Western

NAI Shames Makovsky Brokers $3M Sale of Retail Asset in Denver

by Amy Works February 22, 2019

DENVER — NAI Shames Makovsky has arranged the sale of a retail property, located at 2903 Larimer St. in Denver. Michio Iwahashi sold the asset to 2093 Larimer LLC for $3 million. The property features a 12,528-square-foot land parcel with two existing structures. Evan Makovsky and Todd Snyder of NAI Shames Makovsky represented the seller in the deal.

February 22, 2019

Acquisitions California Mixed-Use Restaurant Retail Top Stories Western

CBRE Brokers $80M Sale of 430,000 SF Anaheim GardenWalk Near Disneyland

by Amy Works February 22, 2019

ANAHEIM, CALIF. — CBRE’s National Retail Partners-West has brokered the sale of Anaheim GardenWalk, a mixed-use entertainment center located at 400 Disney Way in Anaheim. A partnership between New York City-based Arcturus and two private equity investors sold the property to Whittier, Calif.-based STC Management, on behalf of a partnership between local and Taiwanese investors, for $80 million. Situated within walking distance of Anaheim’s Disneyland Resort and the Anaheim Convention Center, the three-story, open-air project features 430,000 square feet of leasable space. Current tenants include House of Blues Anaheim, Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, The Cheesecake Factory, P.F. Chang’s China Bistro and California Pizza Kitchen. The asset was designed by Callison Architects, in collaboration with Lyons Warren Engineers + Architects, in 2007. It currently features an under-construction, 466-key J.W. Marriott (not part of the sale) abutting GardenWalk. The property is also designed to accommodate 399 timeshare units atop its 2,900-stall parking garage and another 400-key hotel, which is planned to be built at the northwest corner of Katella Avenue and Clementine Street. Jimmy Slusher, Kirk Brummer, Sean Heitzler and Philip Voorhees of CBRE represented the seller in the transaction. “Landmark properties such as GardenWalk only exist around …

February 22, 2019

Finance Insight Industrial Loans Midwest Multifamily Northeast Southeast Texas Video Western

Bellwether: Borrowing Continues as Confidence Continues

by Jaime Lackey February 21, 2019

There may be uncertainties within the market and larger economy, but Tom Turnage, vice president of Bellwether Enterprise, believes much of the activity on which 2018 hung its hat will continue. Fannie Mae and Freddie Mac are coming off record years, as are companies like Bellwether. Turnage believes the multifamily and industrial markets will remain active…but so will competition. This means borrowers and lenders must approach this year with creativity and flexibility. Both will be key to success in this lending environment. Watch the video for insights from Turnage on the lending landscape in the coming year.

February 21, 2019

Finance Insight Loans Midwest Northeast Southeast Texas Western

Berkadia: 2019 Will be a Year of Growth, Resilience

by Jaime Lackey February 21, 2019

Ernie Katai, executive vice president and head of production, and Christopher Philipps, head of small loan originations at Berkadia, believe commercial real estate lending activity will continue with steady momentum through 2019. Katai was admittedly nervous about last year’s interest rate increases, but was happy to see his worry was for naught as the commercial market took it in stride. In Katai’s experience, investors have remained active. Most are willing to accept lower returns, which won’t keep them from buying in 2019. Philipps is focused on future growth. He notes Berkadia’s intention to utilize new small balance loan programs from Fannie Mae and Freddie Mac to offer a wider spectrum of resources to current clients, while introducing a new pool of borrowers to the firm. Watch the video for more insights from Katai and Philipps.

February 21, 2019

Acquisitions Arizona Office Western

Joint Venture Sells Rio West Business Park in Tempe for $63.3M

by Amy Works February 21, 2019

TEMPE, ARIZ. — A joint venture between the principals of Scottsdale, Ariz.-based The Wolff Co. and Seattle-based Leavitt Capital Cos. has completed the sale of Rio West Business Park, an office campus located at 1621-2021 W. Rio Salado Parkway in Tempe. A fund managed by Los Angeles-based Oaktree Capital Management acquired the asset for $63.3 million. Tracy Cartledge, Steve Lindley and Bob Buckley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. The five-building Rio West Business Park features 296,663 square feet of office space. At the time of sale the property was fully leased, with American Airlines occupying four of the five buildings.

February 21, 2019

California Loans Mixed-Use Office Retail Western

HFF Secures $17.6M Acquisition Loan for Mixed-Use Building in Santa Monica, California

by Amy Works February 21, 2019

SANTA MONICA, CALIF. — HFF has secured a $17.6 million acquisition loan for a mixed-use building, located at 1404-1408 Third St. in Santa Monica. The borrower is Blatteis & Schnur. Marc Schillinger and Paul Brindley of HFF arranged the floating-rate loan with a debt fund as the lender. Upon expiration of existing leasing and attainment of entitlements Blatteis & Schnur has plans to develop a new building on the site. The mixed-use building totals 14,584 square feet of two-story creative office space and ground-floor retail space, which is occupied by Lush and Chilli Beans.

February 21, 2019

Acquisitions California Multifamily Western

IPA Brokers $19.5M Sale of 98-Unit Villa Capri Apartment Asset in Escondido, California

by Amy Works February 21, 2019

ESCONDIDO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Villa Capri, a multifamily property in Escondido. VCA Co. sold the property to 902 Washington for $19.2 million. Completed in 1971, Villa Capri features 11 one- and two-story buildings offering a total of 98 apartment units. Christopher Zorbas and Austin Huffman of The Zorbas Group of Marcus & Millichap’s San Diego office represented the seller and procured the buyer in the transaction.

February 21, 2019

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