Western

Continental Properties Reacquires 31-Story Met Tower in Seattle for $216.1M

by Alex Tostado October 3, 2019

SEATTLE — Continental Properties LLC has acquired Met Tower, a 366-unit residential building in Seattle it helped develop in 2001, for $216.1 million. The seller was Seattle-based Westlake Tower Associates, according to multiple media reports. Bellevue, Wash.-based Continental developed the 31-story tower in a joint venture with Bentall and sold the building in 2003 for $105 million, or $287,000 per unit. Bentall was looking to get out of the multifamily real estate business at the time, leading to the sale, according to the Seattle Daily Journal of Commerce. In an interview with the DJC, Claudio Guincher of Continental said what was once considered the outskirts of Seattle’s central business district, is now “on the 50-yard line.” “We are across the street from Amazon,” Guincher added. Met Tower is located at 1942 Westlake Ave., directly across from Amazon’s Doppler building, which serves as the company’s headquarters, housing 3,800 employees. The multifamily community offers studio, one-, two- and three-bedroom floor plans averaging 894 square feet. Communal amenities include a business center, conference room, fireplace lounge with full kitchen, billiards room, library, fitness facility, aerobics room, indoor pool, whirlpool spa, sauna and locker rooms with steam rooms. The property also features 10,000 square …

October 3, 2019

Acquisitions Multifamily Nevada Western

Security Properties Acquires Lofts at 7100 in Las Vegas for $80M

by Amy Works October 2, 2019

LAS VEGAS — Security Properties has purchased Lofts at 7100, a Class A wrap-style multifamily asset located in Las Vegas’ Northwest submarket. An undisclosed seller sold the property for $80 million. Originally developed in 2008, Lofts at 7100 features 379 apartments with at least 11-foot ceilings, fully appointed kitchens, full-size washers/dryers and either a private patio/balcony or sunroom. The community features two resort-style swimming pools with spa, a 24-hour fitness center, clubhouse, pet exercise park, business center, secured parcel room and garage parking. Security Properties plans to hold the property long term and upgrade unit interiors to uniform finishes and improve the asset’s amenity package, focusing on the leasing office/entryway, fitness center and outdoor pool area. Security Properties Residential, an affiliate of Security Properties, will manage the community. With this acquisition, Security Properties now owns 123 assets totaling approximately 24,500 units across its portfolio, including five properties and more than 1,500 units in the Las Vegas marketplace.

October 2, 2019

Acquisitions California Multifamily Western

Pathfinder Partners Buys Rosemont Park Multifamily Complex in Metro Sacramento for $28.8M

by Amy Works October 2, 2019

SACRAMENTO — San Diego-based Pathfinder Partners has acquired Rosemont Park, an apartment complex near downtown Rosemont, a census-designated place in Sacramento County outside of Sacramento. An undisclosed seller sold the asset for $28.8 million. Located at 9190 Schmuckley Drive in Sacramento, Rosemont Park features 170 apartments in a mix of one-, two-, three- and four-bedroom units, as well as 21 townhomes ranging from 537 square feet to 1,400 square feet. The asset features a mix of original unit interiors and renovated units with upgraded vinyl-plank flooring, resurfaced countertops, stained cabinetry and dual-pane windows. Community amenities include reserved covered parking, a courtyard with a community garden, resident package lockers, 24-hour card-operated laundry facilities, shaded barbecue and picnic area, swimming pool, spa and an open area to host community events.

October 2, 2019

Acquisitions Multifamily Nevada Western

CALCAP Asset Management Sells City View Apartments in Las Vegas for $13M

by Amy Works October 2, 2019

LAS VEGAS — CALCAP Asset Management has completed the disposition of City View Apartments, a multifamily asset located at 3355 Arville St. in Las Vegas’ West-Central submarket. A local multifamily owner acquired the property for $13 million. Constructed in 1977, City View Apartments features 112 garden-style apartments in a mix of one- and two-bedroom layouts with upgraded countertops, appliances, baseboards, paint and hardware. Community amenities include a swimming pool and a clubhouse. Taylor Sims and Carl Sims of Cushman & Wakefield represented the seller in the transaction.

October 2, 2019

Acquisitions California Retail Western

Capstone Advisors Disposes of Sabre Springs Plaza Retail Center in San Diego for $6.8M

by Amy Works October 2, 2019

SAN DIEGO — An affiliate of Capstone Advisors has completed the sale of Sabre Springs Plaza, a retail center in San Diego’s Sabre Springs community. A Southern California-based private investor acquired the property for $6.8 million. Located at the intersection of Poway Road and Springbrook Drive, the asset features 15,038 square feet of retail space. Phil Voorhees of CBRE’s National Retail Partners – West represented the seller, while Gary Stache of CBRE represented the buyer in the deal. Capstone Advisors has owned and operated the retail center since it acquired the property in 2015.

October 2, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Arranges $3.7M Sale of Silver Leaf Apartments in Metro Denver

by Amy Works October 2, 2019

LITTLETON, COLO. — Nexus Commercial Realty has arranged the sale of Silver Leaf Apartments, a 22-unit multifamily property located in 5635 S. Bannock St. in Littleton. An undisclosed buyer acquired the asset for $3.7 million. The newly renovated asset features 12 two-bedroom apartments, six one-bedroom units and four studio apartments. The buyer plans to integrate the property into its existing Littleton portfolio and increase rents as the units turn. Brandon Kaufman and Nik MacCarter of Nexus Commercial Realty represented the undisclosed seller and buyer in the deal.

October 2, 2019

California Retail Western

Forever 21 Files for Chapter 11 Bankruptcy, Plans to Shutter 350 Stores Worldwide

by Jeff Shaw October 1, 2019

LOS ANGELES — Forever 21 Inc. has filed for chapter 11 bankruptcy in the United States Bankruptcy Court in the District of Delaware. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The Wall Street Journal reports Forever 21 could close up to 350 stores worldwide, including up to 178 In the U.S. Forever 21 intends to operate in a business-as-usual manner, honoring all company policies, including gift cards, returns, exchanges, reimbursement and sale purchases. Forever 21 has obtained $275 million in financing from its existing lenders with JPMorgan Chase Bank N.A. as agent, as well as $75 million in new capital from TPG Sixth Street Partners.

October 1, 2019

Acquisitions Arizona Office Western

Griffin Capital Acquires McKesson III Office Building Near Phoenix for $37.7M

by Amy Works October 1, 2019

SCOTTSDALE, ARIZ. — Griffin Capital Essential Asset REIT has acquired McKesson III, a Class A office building located in Scottsdale. Ryan Cos. sold the asset for $37.7 million. McKesson Corp. occupies the 124,879-square-foot asset, which is situated on 11 acres at 5801 N. Pima Road, on a long-term basis. McKesson, a healthcare industry supplies and technology company, utilizes the facility as an expansion of its Scottsdale office campus. The project is subject to an 83-year leasehold interest in land owned by members of the Salt River Pima-Maricopa Indian Community. Ryan Cos., as general contractor and developer, completed the facility in June. Griffin Capital Essential Asset REIT purchased two adjacent buildings, also leased by McKesson, in April 2018 for $67 million. Team Toci of Cushman & Wakefield represented Ryan Cos. in the sale of McKesson III.

October 1, 2019

Arizona Development Retail Western

Evergreen Devco Breaks Ground on 172,000 SF Shopping Center in Metro Phoenix

by Amy Works October 1, 2019

GILBERT, ARIZ. — Evergreen Devco has commenced construction for The Post at Cooley Station, a grocery-anchored shopping center located at the southeast corner of Recker and Williams Field roads in Gilbert. Situated on 23 acres, the retail center will feature 23,000 square feet of multi-tenant shop space in three buildings. Anchored by Fry’s Marketplace, the project will also include AutoZone, Taco Bell and Burger King. Currently, the center is 65 percent preleased, with one junior-anchor pad available. Butler Design Group, Optimus Civil Design Group, Kraemer Engineers and Laskin & Associates are the design consultants for the project. Alexander Building Co. is serving as site contractor. Evergreen Devco purchased the property on Sept. 19, and construction is scheduled for completion in third-quarter 2020.

October 1, 2019

California Industrial Leasing Activity Western

Cardinal Health Leases 1 MSF Industrial Facility in Riverside, California

by Amy Works October 1, 2019

RIVERSIDE, CALIF. — Cardinal Health has signed a long-term lease to occupy the an entire 1 million-square-foot, state-of-the-art warehouse and distribution facility in Riverside. The property is one of two facilities at Dedeaux Sycamore Canyon Distribution Park. Dedeaux Properties, the landlord, acquired the newly completed asset in August. Dublin, Ohio-based Cardinal Health plans to utilize the property at Sycamore Canyon Business Park as a key West Coast medical products distribution center. Cardinal Health provides medical products and pharmaceuticals to hospitals, health systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician’s offices worldwide. Dedeaux Properties is currently nearing completion on an adjacent 361,346-square-foot warehouse building, which is slated for occupancy during fourth quarter of this year. Ian DeVries and Chris DeVries of Colliers International represented the landlord, while Dan de la Paz of CBRE’s Ontario, Calif., office represented the tenant in the lease transaction.

October 1, 2019

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