Western

Dunhill Partners West Acquires 89,457 SF Office Property in Novato, California

by Amy Works November 1, 2018

NOVATO, CALIF. — A buying group led by Mark Hutchinson and Doug Twillman of San Francisco-based Dunhill Partners West has purchased Woodside Office Center, a suburban office property in the Marin enclave of Novato. A joint venture between Artemis Real Estate Partners and Ellis Partners sold the property for an undisclosed price. Whitney Strotz and Steven Leonard of Cushman & Wakefield, in collaboration with Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson of JLL, represented the seller in the deal. Located at 7250 Redwood Blvd., the three-story, 89,457-square-foot property was 92 percent leased at the time of sale.

November 1, 2018

Company News Development Retail Utah Western

Best Buy to Open its First New U.S. Store in Seven Years in Farmington, Utah

by Amy Works November 1, 2018

FARMINGTON, UTAH — Best Buy has opened its first new U.S. store in seven years at Station Park in Farmington. The 36,000-square-foot retail property features a variety of appliances, premium audio and home theater technology, and other products. The store employs 91 people and plans to hire additional employees for the holiday season. The company operates more than 1,000 stores across the United States, Canada and Mexico.

November 1, 2018

Acquisitions California Industrial Western

Faris Lee Investments Negotiates $1.5M Acquisition of Industrial Property in Costa Mesa

by Amy Works November 1, 2018

COSTA MESA, CALIF. — Faris Lee Investments has arranged the acquisition of an industrial property located within the Mesa West Bluffs Urban Redevelopment Plan in Costa Mesa. A private investor purchased the property for $1.5 million. Thomas Chichester, Joseph Chicester and Matt Brooks of Faris Lee represented the buyer, while Lee & Associates represented the undisclosed seller in the deal. Built in 1961 and located at 789 W. 20th St., the multi-tenant property features 5,228 square feet of industrial space.

November 1, 2018

Acquisitions California Office Western

Newmark Knight Frank Negotiates $106.2M Sale of Gateway Towers in Los Angeles

by Amy Works October 31, 2018

LOS ANGELES — Newmark Knight Frank (NKF) has negotiated the sale of Gateway Towers, an office property located at 970 and 990 190th St. in Los Angeles. Equity Office Properties sold the asset to The Ruth Group, along with Roxborough Group as its capital partner, for $106.5 million. Kevin Shannon, Ken White, Scott Schumacher and Guillermo Boisson of NKF represented the seller in transaction. Additionally, David Milestone and Brett Green, also of NKF, secured financing for the buyer. At the time of sale, the 443,517-square-foot asset was 91 percent leased. Herbalife International of America is the anchor tenant at the twin nine-story towers. The buyer plans to develop the land between the towers, creating restaurant, amenity and creative office space.

October 31, 2018

Acquisitions Nevada Retail Western

Weingarten Realty Sells Dual Grocery-Anchored Shopping Center in Las Vegas for $59M

by Amy Works October 31, 2018

LAS VEGAS — Houston-based Weingarten Realty has completed the sale of Tropicana Beltway Shopping Center, a retail property located in Las Vegas. Affiliates of San Francisco-based The Krausz Cos. acquired the property for $59 million. Mark Lucescu of Lucescu Realty represented the seller and procured the buyer in the deal. Walmart Supercenter, Lowe’s, Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only (featuring a grocery department) and Pier 1 Imports anchor the 617,821-square-foot shopping center. At the time of sale, the property was 99.7 percent occupied. Additional tenants include Applebee’s, Bank of America, IHOP, Panera Bread, Chase Bank, Pacific Dental Services, Chipotle, Del Taco, Leslie’s Pool Supplies, Panda Express, T-Mobile, Club Pilates, Cricket Wireless, Sally Beauty Supply, Starbucks Coffee, MetroPCS, Subway, The UPS Store, GNC, GameStop, Sport Clips and The Joint Chiropractic. Neither Walmart Supercenter or Lowe’s Home Improvement Warehouse were included the in the sale.

October 31, 2018

Arizona Development Multifamily Seniors Housing Western

Koelsch Communities Building $40M Independent Living Community in Chandler, Arizona

by Amy Works October 31, 2018

CHANDLER, ARIZ. — Koelsch Communities is in the midst of construction for Park at Copper Creek, a luxury independent living community in the Phoenix suburb of Chandler. The three-story, 166,000-square-foot property will offer 135 apartments. Development costs were estimated at $40 million. RJ Development, which is partnering with Koelsch on the project, purchased the six-acre development site in 2017 for $3.2 million. PNC Bank provided $30.5 million in construction financing, while private investors funded the remainder of the costs. Koelsch Construction is acting as general contractor. Judy Koelsch and David Goularte of JSK Design will handle interior designs, and Koelsch Communities will operate the property. Construction is scheduled for completion in spring 2019.

October 31, 2018

Acquisitions California Office Western

GM Properties Brokers $12.5M Sale of 104,000 SF Office Park in Santa Fe Springs, California

by Amy Works October 31, 2018

SANTA FE SPRINGS, CALIF. — GM Properties has brokered the sale of Imperial Square, a multi-tenant office park located at 12631 E. Imperial Highway in Santa Fe Springs. An undisclosed buyer acquired the property for $12.5 million. Situated on 5.8 acres, the five-building, 104,000-square-foot office complex features more than 100 suites. At the time of sale, the property was 90 percent occupied. Ben Greer and Dustin Wheelan of GM Properties represented the undisclosed seller in the transaction.

October 31, 2018

Loans Oregon Retail Western

NBS Financial Arranges $2M in Financing for Retail Property in Roseburg, Oregon

by Amy Works October 31, 2018

ROSEBURG, ORE. — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $2 million in financing for Newton Creek Center, a retail property located in Roseburg. Ken Griggs, Paddy Ryan and Bryant Bushnell of NBS Financial arranged the fixed-rate, non-recourse funding for the undisclosed borrower. A correspondent life company of NBS Financial provided the funding. The perm loan financing was structured with a 15-year term and a 25-year amortization, with rate reset options every five years. Built in 2004, Newton Creek Center is a two-building, 13,717-square-foot retail property. At the time of financing, the property was 100 percent occupied. Tenants include Batteries Plus Bulbs and Edward Jones.

October 31, 2018

Acquisitions California Industrial Western

IDS Real Estate Group Buys 544,864 SF Industrial Portfolio in San Diego

by Amy Works October 30, 2018

SAN DIEGO — An affiliate of IDS Real Estate Group has purchased a four-building industrial portfolio within Siempre Viva Business Park in San Diego’s Otay Mesa submarket, for an undisclosed price. Situated on 28.1 acres, the 99 percent-leased portfolio is located at 8690 Kerns St., 2660 Sarnen St. and 8863 and 9043 Siempre Viva Road. Totaling 544,864 square feet, the properties feature 24- to 32-foot clear heights, wide truck courts, loading via 98 dock-high and 14 grade-level doors, an above-standard parking ratio, and low office built-out. The properties were originally constructed between 2001 and 2003. Nick Frasco, Nick Psyllos and Andrew Briner of HFF represented the undisclosed seller in the deal.

October 30, 2018

Acquisitions Office Utah Western

Terracom Acquires 120,000 SF Office Campus in Provo, Utah

by Amy Works October 30, 2018

PROVO, UTAH — Terracom has purchased The Park at Riverwoods, an office campus situated on 9.2 acres in Provo. Brentwood Provo sold the property for an undisclosed price. The two-building, 120,000-square-foot property formerly served as headquarters for Ancestry.com. Brandon Fugal, Josh Smith and James Bullington of Colliers International represented both parties in the transaction.

October 30, 2018

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