Western

Intercontinental Real Estate, Harvest Properties Purchase 85,580 SF Office Building in San Francisco

by Amy Works August 15, 2019

SAN FRANCISCO — Intercontinental Real Estate Corp. and Harvest Properties have completed the acquisition and recapitalization of 400 Montgomery, a historic office building located in San Francisco’s Financial District. Located at the corner of California and Montgomery streets, 400 Montgomery features 85,580 square feet of office space. Constructed in 1901, the building has undergone a multi-million-dollar capital improvement program that included upgraded building systems and infrastructure, a new lobby, refreshed common areas and restrooms, as well as a complete façade restoration to preserve the building’s Renaissance/Baroque architecture and ornamentation. Additionally, more than half of the building’s space was redesigned as creative office space offering more than 13-foot ceiling heights, polished concrete floors and operable windows. At the time of sale, the building was 91 percent occupied by a variety of tenants, including Hexagone, Clearmetal, WE Communications, Lightsource Renewable Energy, Bank of Guam and Sterling Bank & Trust. Rob Hielscher, Michel Seifer, Erik Hanson, Cheri Pierce, Kristina Wollan and Michael Manas of JLL advised on the transaction.

August 15, 2019

Acquisitions Colorado Multifamily Western

Pathfinder Partners Buys Value-Add Multifamily Property in Metro Denver for $20.7M

by Amy Works August 15, 2019

LITTLETON, COLO. — San Diego-based Pathfinder Partners has acquired The Station, a 97-unit multifamily community located at 2100 W. Berry Ave. in Littleton. An undisclosed seller sold the value-add asset for $20.7 million. Constructed in 1983, The Station features 17 studios, 44 one-bedroom and 36 two-bedroom apartments with well-equipped kitchens including over-the-range microwaves, dishwashers and garbage disposals. Additionally, the units feature walk-in closets, private balconies or patios, air conditioning, washer/dryer hook-ups in 80 units and fireplaces in nine units. On-site amenities include parking, laundry facilities and a leasing office.

August 15, 2019

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Arranges $3.8M Sale of Restaurant Building in Southern California

by Amy Works August 15, 2019

MISSION VIEJO, CALIF. — SRS Real Estate Partners’ National Net Lease Group has completed the sale of a single-tenant retail property located at 28651 Marguerite Parkway in Mission Viejo. Irvine, Calif.-based Pacific Castle sold the asset to a Hawaii-based investor for $3.8 million, or $1,374 per square foot. Patrick Luther, Matthew Mousavi and Terrison Quinn of SRS’ National Net Lease Group represented the seller, while Arthur Flores of CBRE represented the buyer in the deal. Built in 1979, the 2,759-square-foot property is scheduled to be renovated in the near future. Jack in the Box occupies the building and recently signed a lease extension for 15 years and has been a tenant at the location for more than 35 years.

August 15, 2019

Colorado Development Multifamily Western

Origin Investments, Massimino Development Break Ground on 280-Unit Farm Haus Apartments in Colorado

by Amy Works August 14, 2019

LONGMONT, COLO. — A joint venture partnership between Chicago-based Origin Investments and Boulder-based Massimino Development has started construction of Farm Haus Apartments, a $68.8 million multifamily property located in Longmont. Situated on 13.5 acres at Ken Pratt and East Third avenues, the eight-story Farm Haus Apartments will feature 280 units in a mix of one-, two- and three-bedroom apartments. Units will range in size from 761 square feet to 1,412 square feet. Additionally, 12 percent of the units, 34 apartments, will be set aside for residents making 60 percent or less of area median income for the region. Farm Haus Apartments will include fully equipped lifestyle spaces with exterior patios; resort-style swimming pool and spa; outdoor entertainment areas with built-in barbecues; farmhouse tables set amongst tree orchards; custom water features; and outdoor firepits. Exterior amenities will include a bouldering area, bocce call court, dog park, playground and active game areas. Additionally, Farm Haus will include a fitness center, outdoor yoga plaza, postal center, pet spa, bike wash and ski tuning rooms. The community is expected to be delivered in phases beginning in the fourth quarter of 2020. The partnership is also developing Connect at First Creek, a $35 million, 150-unit …

August 14, 2019

Acquisitions Arizona Office Western

Buchanan Street Partners Sells Quattro Office Building in Phoenix for $43.5M

by Amy Works August 14, 2019

PHOENIX — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of Quattro, an office building located at 4310-4350 E. Colton Center Blvd. in Phoenix. Boston-based Albany Road Real Estate Partners acquired the property for $43.5 million. Situated within Cotton Center business park, Quattro features 264,994 square feet of flex office space. Built in 2002, the asset was 92.5 percent leased at the time of sale. Current tenants include CVS Health, Freeport-McMoRan, Konica Minolta, Sodexo and Xerox. Tracy Cartledge, Bob Buckley and Steve Lindley of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

August 14, 2019

Central-Seven-Commerce-Center-Las-Vegas-NV

Acquisitions Industrial Nevada Western

MCA Realty Buys 357,608 SF Equus Business Center in Las Vegas for $42M

by Amy Works August 14, 2019

LAS VEGAS — Orange County, Calif.-based MCA Realty has acquired Equus Business Center, a multi-tenant industrial property located at 3400 Desert Inn Road, 3110-3230 Polaris Ave. and 3401 Sirius Ave. in Las Vegas. A private investor sold the asset for $42 million in an off-market transaction. MCA Realty plans to rebrand the 357,608-square-foot property as Central Seven Commerce Center. At the time of sale, the property was 89 percent occupied by more than 170 tenants. The buyer plans to implement interior and exterior renovations to the property, including new paint, landscaping and improved signage. Dan Doherty of Colliers International, along with Gabe Telles and Ali Roesener of Gatski Commercial, represented the buyer. Frank Gatski of Gatski Commercial represented the seller in the transaction.

August 14, 2019

Acquisitions Colorado Multifamily Western

CBRE Brokers $21.8M Sale of Copperleaf Place Apartment Complex in Fort Collins, Colorado

by Amy Works August 14, 2019

FORT COLLINS, COLO. — CBRE has arranged the sale of Copperleaf Place, a multifamily community in Fort Collins. Brinkman sold the asset to California-based Warm Springs Holdings for $21.8 million. Located at 3425 S. Shields St., Copperleaf Place features 94 apartments across three rental buildings on 2.8 acres. At the time of sale, the property was 96.8 percent occupied. Built in 2018, the community features a clubhouse, 24-hour fitness center and dog park. Dan Woodward, David Potarf, Matthew Barnett and Jake Young of CBRE Capital Markets represented the seller in the transaction.

August 14, 2019

Acquisitions Arizona Multifamily Western

Berkadia Negotiates $13.5M Sale of Two-Property Multifamily Portfolio in Metro Phoenix

by Amy Works August 14, 2019

PHOENIX AND SCOTTSDALE, ARIZ. — Berkadia has brokered the sale of a two-property multifamily portfolio located in Phoenix and Scottsdale. Colorado-based Birch LLC sold the portfolio to Phoenix-based ZH Multifamily for $13.5 million. The properties are Oak Tree, a 76-unit community located at 3620 E. McDowell Road in Phoenix built in 1984, and Scottsdale 5th Avenue, a 59-unit complex located at 6405 E. Indian School Road in Scottsdale built in 1968. Scottsdale 5th Avenue sold for $6.6 million, or $111,864 per unit, and Oak Tree sold for $6.9 million, or $90,789 per unit. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal.

August 14, 2019

Loans Multifamily Washington Western

CBRE Arranges $160M in Financing for 40-Story Apartment Building in Seattle

by Amy Works August 13, 2019

SEATTLE — CBRE has secured a $160 million permanent loan for McKenzie Seattle, a 40-story for-rent residential property located at 2202 Eighth Ave. in Seattle. Completed in August 2018, the elliptical tower features 450 apartments in a mix of studio, one-, two- and three-bedroom penthouse layouts and 379 parking spaces. On-site amenities include a fitness center on the 39th floor, a common area with deck on the 40th floor, a private spa retreat and a 24/7 tenant concierge. Wild Ginger, a restaurant, occupies the ground-floor retail space. David Stinebaugh and Mark Capeloto of CBRE’s Seattle office arranged the financing for the borrower, a subsidiary of Seattle-based Clise Properties. The fixed-rate, 10-year loan was closed as the property approaches stabilized occupancy. Northwestern Mutual Life Insurance Co. provided the financing.

August 13, 2019

Acquisitions Multifamily Student Housing Utah Western

Colliers Brokers Sale of Promenade Place Student Housing Asset Near Utah Valley University

by Amy Works August 13, 2019

OREM, UTAH — Colliers International has arranged the sale of Promenade Place, a student housing property located at 875 S. Geneva Road in Orem. Woodbury Corp. sold the asset to a private out-of-state investor. Constructed in 2017, Promenade Place is a transit-oriented, 429-bed student housing property located adjacent to Utah Valley University. While terms of the transaction were not released, the sale is one of the largest student housing transactions in Utah and set a record as the highest price per bed, according to the brokers. Rawley Nielsen, Mark Jensen and Darren Nielsen of Colliers facilitated the deal and represented the seller.

August 13, 2019

Newer Posts

Older Posts