Western

Loeffler Self-Storage Group Arranges $6.9M Sale of Self-Storage Asset in California

by Amy Works June 28, 2019

REDDING, CALIF. — The Loeffler Self-Storage Group has facilitated the sale of Best Value Storage, a self-storage facility located along Lake Boulevard in Redding. California-based CP Partners sold the property to a local owner-operator for $6.9 million. Situated on 5.3 acres, Best Value Storage features 64,797 net rentable square feet and 521 self-storage units. The property consists of 15 single-story buildings, a manager’s office and two living quarters. At the time of sale, the property was 100 percent leased. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller in the deal.

June 28, 2019

Loans Multifamily Washington Western

NBS Financial Secures $5.5M in Financing for Soundview Apartments in Seattle

by Amy Works June 28, 2019

SEATTLE — Norris, Beggs & Simpson Financial Services has arranged $5.5 million in financing for Soundview Apartments in Seattle. The borrower, RSA Soundview LLC, plans to use the funds to refinance existing debt. Michael Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate financing through State Farm Life Insurance Co., a life company correspondent of NBS Financial. The 108,066-square-foot property features 85 apartments, a parking garage, rooftop deck, courtyard and 3,872 square feet of ground-floor retail space.

June 28, 2019

Acquisitions California Retail Western

Flocke & Avoyer Negotiates $4.8M Sale of Three Retail Parcels in Ramona, California

by Amy Works June 28, 2019

RAMONA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of three retail parcels, totaling 22,527 square feet, at Stonegate Plaza Shopping Center in Ramona. Trevor Associates acquired the assets from Lesser-Moore South Coast for $4.8 million. Goodwill, The UPS Store, T-Mobile, Sally’s Beauty Supply and Itan occupy the parcels, located at 1668, 1672 and 1676 Main St. Stater Bros and Rite Aid serve as shadow anchors. Bryan Cunningham of Flocke & Avoyer represented the seller, while Steve Hollenbeck represented the buyer in the deal.

June 28, 2019

California Leasing Activity Restaurant Retail Western

Location Matters Arranges 10-Year Lease for Restaurant Property in Downtown San Diego

by Amy Works June 28, 2019

SAN DIEGO — Location Matters has brokered a lease for the relocation of McFadden’s Restaurant & Saloon in San Diego. The restaurant recently shuttered its original location to make way for the development of an AC Hotels by Marriott property and signed a 10-year lease, valued at $3.8 million, for a corner restaurant location in downtown San Diego. McFadden’s Restaurant & Saloon will occupy a 7,932-square-foot property, including approximately 4,500 square feet of basement space, at 672 Fifth Ave. The space was formerly occupied by Jimmy Loves and Florent. Mike Spilky of Location Matters represented the tenant in the deal.

June 28, 2019

Acquisitions California Office Western

American Assets Trust Buys La Jolla Commons Office Complex in San Diego for $525M

by Amy Works June 27, 2019

SAN DIEGO — American Assets Trust has closed on the acquisition of La Jolla Commons, an office complex located in San Diego’s University Town Center submarket, for $525 million. The asset consists of two office towers, an entitled development parcel and two parking structures. Totaling 724,000 square feet, the LEED Platinum-certified office towers were built in 2008 and 2014. The 421,000-square-foot building is fully leased to LPL Financial. The second building, consisting of 303,000 square feet, is 72 percent leased to a variety of tenants, including U.S. Bank National Association, Paul Hastings LLP and Finch, Thornton & Baird LLP. The purchase price of $525 million, less a seller credit of approximately $11.5 million, was paid with a combination of cash on hand and funds drawn against the company’s existing credit facility. Loryn Arkow and Ankush Israni of Los Angeles-based Stroock & Stroock & Lavan represented the undisclosed seller, while James Mann and Jeffrey Gonzalez of Latham & Watkins represented the buyer in the transaction.

June 27, 2019

Development Loans Mixed-Use Multifamily Office Retail Washington Western

Vibrant Cities Receives $31.3M in Construction Financing for Mixed-Use Project in Seattle

by Amy Works June 27, 2019

SEATTLE — Vibrant Cities has received $31.3 million in construction financing for the development of Pivot, a mixed-use property in Seattle’s Capitol Hill neighborhood. Brandon Roth and Zack Goodwin of HFF secured the five-year, floating-rate loan through H.I.G. Realty Partners for the borrower. The project will replace an existing parking lot with a pedestrian-inspired development along the Pike/Pine corridor. Once complete, Pivot will features 71 apartments above a sub-grade parking garage, street-level retail space and 11,000 square feet of office space.

June 27, 2019

Acquisitions Arizona Healthcare Office Western

Hammes Partners Acquires Spectrum Medical Commons in Arizona for $17.7M

by Amy Works June 27, 2019

GILBERT, ARIZ. — Hammes Partners has purchased Spectrum Medical Commons, a medical office property located at 3367 S. Mercy Road in Gilbert. Irgens sold the property for $17.7 million, or $409.41 per square foot. Situated adjacent to Mercy Gilbert Medical Center, the asset features 43,355 square feet of Class A medical office space, including a surgery center. Additionally, the property features prominent building signage and near-immediate access to a full interchange at Val Vista Drive and the Loop 202 Freeway. Brian Ackerman of JLL facilitated the transaction.

June 27, 2019

Acquisitions Arizona Retail Western

Hanley Investments Brokers $7.6M Sale of Retail Pad Building in Glendale, Arizona

by Amy Works June 27, 2019

GLENDALE, ARIZ. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant pad building located at 7870 W. Bell Road in Glendale. ECC Bell Road Property LLC sold the asset to a family trust based in Orange County, Calif., for $7.6 million, or $901 per square foot. Tenants at the 8,433-square-foot property include The Habit Burger Grill, Tempur-Pedic, Pearle Vision and Blaze Pizza. The 1.2 million-square-foot Arrowhead Towne Center Mall shadow anchors the asset. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Pat Kent and Parker Walter of SRS Real Estate Partners represented the buyer in the deal.

June 27, 2019

Acquisitions Arizona Office Western

NAI Horizon Arranges $4.6M Sale of 28,312 SF Office Building in Phoenix

by Amy Works June 27, 2019

PHOENIX — NAI Horizon has arranged the sale of 2944 Plaza, an office building located at 2944 N. 44th St. in Phoenix. Alva Pinchot LLC sold the property to Curran Properties for $4.6 million. Tenants at the 28,312-square-foot property include NAI Horizon, RW Partners, ORB Architecture, Freestar LLC, Salt Digital and the office of U.S. Congressman Greg Stanton. Lane Neville and Logan Crum of NAI Horizon represented the seller in the deal. Jeff Conrad of Lee & Associates was the broker for the buyer, who was represented by Michael Dunn, Scott Carson and Carrie Carson.

June 27, 2019

Acquisitions California Office Western

JV Purchases 318,182 SF Office Building Near Los Angeles for $170M

by Amy Works June 26, 2019

EL SEGUNDO, CALIF. — A joint venture between OceanWest and Lionstone Partners has purchased 777 Aviation, an office campus located in El Segundo, approximately 15 miles southwest of downtown Los Angeles. Westbrook & Embarcadero Partners sold the asset for $170 million, or $535 per square foot. Designed and constructed in 1968, the property features 318,182 square feet of office space, a three-story atrium with stadium seating and multiple gathering areas, on-site fitness center, indoor/outdoor conference rooms, flexible open floor plans, on-site café and outdoor areas. Bob Safai, Matt Care and Brad Schlaak of Madison Partners represented both parties in the deal. The team also procured $114.1 million in financing for the buyer.

June 26, 2019

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