Western

Helix Properties Buys 181,584 SF Office Park in Phoenix for $10.7M

by Amy Works August 5, 2019

PHOENIX — Next Gen Black Canyon, an entity controlled by Helix Properties, has acquired Black Canyon Commerce Park, a three-building office park in Phoenix’s I-17 Corridor. Irvine, Calif.-based Granite Black Canyon Holdings sold the multi-tenant asset for $10.7 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE Property Management will continue to manage the property, with Ashley Brooks of CBRE serving as the leasing agent. Built in phases between 1999 and 2001, Black Canyon Commerce Park is situated on 16.1 acres at 2101, 2133 and 2225 W. Peoria Ave. The 181,584-square-foot property, which was 65 percent leased at the time of sale, features two single-story buildings and one two-story building.

August 5, 2019

Acquisitions Arizona Industrial Office Western

Wentworth Property Co. Sells 34,132 SF Flex Building Near Phoenix for $9.9M

by Amy Works August 5, 2019

GILBERT, ARIZ. — Wentworth Property Co. has completed the sale of a build-to-suit office/flex building located at 2228 W. Guadalupe Road in Gilbert. A private trust acquired the property for $9.9 million. Built this year by Wentworth Property Co., the property features 34,132 square feet of office and flex space. New York-based Moog Inc., a designer and manufacturer of high performance motion control products, solutions and services, occupies the building, which features a custom build-out for the company with specific amenities to support Moog’s work in the aircraft, industrial, medical and space and defense markets. Brian Ackerman and Steve Sayre of JLL represented the seller, while Ian Hackett of Hackett Real Estate Solutions represented the buyer in the deal. Deutsch Architecture Group served as architect for the build-out.

August 5, 2019

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $5M Sale of Ocotillo Estates Apartment Complex in Phoenix

by Amy Works August 5, 2019

PHOENIX — Marcus & Millichap has brokered the sale of Ocotillo Estates, a 47-unit apartment property located in Phoenix. A limited liability company acquired the property from a private investor for $5 million. Located at 6702 N. 17th Ave., Ocotillo Estates features two studios, 17 one-bedroom/one-bathroom units and 28 two-bedroom/two-bathroom units. Developed in 1979, the property has undergone light renovations with community amenities including ample covered parking, 24-hour controlled access security gate and an on-site management office. Additionally, the property features individual metering for electricity. Paul Bay of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

August 5, 2019

Acquisitions Arizona Data Centers Industrial Western

CBRE Global Investors Acquires 191,000 SF Data Center in Metro Phoenix for $72.7M

by Amy Works August 2, 2019

CHANDLER, ARIZ. — CBRE Global Investors has purchased a data center, located at 2500 W. Frye Road in Chandler, an eastern suburb of Phoenix, for $72.7 million. The seller was Lincoln Rackhouse, the data center division of Lincoln Property Co., in partnership with Principal Real Estate Investors. Kristina Metzger and James McCarthy of CBRE Data Center Capital Markets represented the seller in the deal. Lincoln Rackhouse and Principal Real Estate Investors originally purchased the data center in 2018 as part of a three-property portfolio. A global data center services provider fully occupies the 191,000-square-foot facility.

August 2, 2019

Acquisitions Mixed-Use Multifamily Oregon Retail Western

Holland Partner, Pacific Life Buy Tupelo Alley Mixed-Use Property in Portland for $58M

by Amy Works August 2, 2019

PORTLAND, ORE. — A joint venture between Holland Partner Group and Pacific Life Insurance Co. has acquired Tupelo Alley, a mixed-use community located in Portland’s North Mississippi Avenue neighborhood. Institutional investors advised by J.P. Morgan Asset Management sold the property for $58 million. Situated on 1.4 acres at 3850 N. Mississippi Ave., the three-building Tupelo Alley features 188 apartments in a mix of studio, one- and three-bedroom layouts, averaging 770 square feet, and 10,000 square feet of ground-floor retail space. On-site amenities include indoor and outdoor gathering spaces for residents. Ira Virden and Carrie Kahn of JLL Capital Markets represented the seller, while Charles Halladay, Rick Salinas and Charlie Watson, also of JLL Capital Markets, represented the buyer in the transaction. Additionally, JLL arranged $37.7 million in acquisition financing for the buyer.

August 2, 2019

Acquisitions Office Oregon Western

Colliers Arranges $47.5M Acquisition of Creative Office Asset in Portland’s CBD

by Amy Works August 2, 2019

PORTLAND, ORE. — Colliers International has arranged the purchase of 6Y, a 11-story creative office building located at 811 SW Sixth Ave. in Portland’s Central Business District (CBD). Deka Immobilien acquired the asset from a joint venture between KBS and True North Management Group for $47.5 million. The transaction marks Frankfurt, Germany-based Deka’s third U.S. purchase in the last nine months and its entry into the Oregon market. Overlooking Pioneer Square, the 116,224-square-foot property was repositioned to include upgraded creative office suites, a tenant lounge and a contemporary lobby. Robert Stamm and Andres Roldan of Colliers’ Investment Advisory Group, in coordination with Chris Johnson of Colliers’ Portland office, represented the buyer, while Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.

August 2, 2019

California Loans Multifamily Seniors Housing Western

KeyBank Provides $29M HUD Refinancing for Skilled Nursing Facility in Northern California

by Amy Works August 2, 2019

SALINAS, CALIF. — KeyBank Real Estate Capital has provided a $29 million loan to refinance Pacific Coast Care Center, a 149-bed skilled nursing facility in Salinas, just south of the Bay Area proper. The facility was built in 1979. The borrower is an investor group led by BM Eagle Holdings and BlueMountain Capital Management. Financing for the property was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program. Proceeds from the FHA loan were used to pay down a portion of an interim bridge loan. A KeyBank-led bank syndicate originally provided the acquisition financing in mid-2017 as part of a multi-asset skilled nursing portfolio. The deal team consisted of John Randolph of Key Bank’s FHA Healthcare team and Grant Saunders and Peter Trazzaera from Key Bank’s Healthcare Group.

August 2, 2019

Acquisitions California Office Western

Voit Real Estate Services Brokers $11.2M Sale of Three-Building Office Asset in San Diego

by Amy Works August 2, 2019

SAN DIEGO — Voit Real Estate Services has arranged the sale of Futura Business Park, a three-building office park located in San Diego’s Kearny Mesa submarket. Otay Terminal – Farnham St. LLC sold the asset to La Jolla, Calif.-based Hill Properties for $11.2 million. The buyer plans to implement a capital improvement program at the 51,229-square-foot, multi-tenant asset. Planned renovations will include exterior and interior improvements and repositioning the property as creative office space. Futura Business Park is located at 9445, 9455 and 9465 Farnham St. Randy LaChance, Ryan Bracker and Arthur Bleier of Voit’s San Diego office represented both parties in the transaction.

August 2, 2019

Market Reports Office Washington Western Western Market Reports

Lack of New Office Supply Pushes Large Users to Tertiary Puget Sound Markets

by Taylor Williams August 2, 2019

A decade ago, the Seattle office market was still reeling from the effects of the global recession. Total downtown vacancy had reached 14.9 percent with nearly every submarket from the Central Business District (CBD) to Lake Union experiencing some form of negative absorption. Total vacancy today is slightly more than half of what it was back then, hovering at around 7.7 percent. This is despite the total net rentable area growing by more than 11 million square feet. Seattle has also shifted from largely being considered a secondary market to one of the leading real estate hubs in the nation, thanks to consistent talent and demand from the engineering, aerospace and technology industries. Seattle currently ranks second behind San Francisco in our annual Scoring Tech Talent report. And yet, while our extensive growth has been a benefit to the office market, a new problem has cropped up in the face of this progress: availability. The rise of coworking, as well as the surplus of partial floor spaces, has been a benefit to smaller companies in the midst of early stage growth and expansion. In fact, there are more than 700 options in Downtown Seattle for smaller tenants, primarily under 15,000 …

August 2, 2019

Acquisitions California Restaurant Retail Western

Weingarten Realty Sells Jess Ranch Marketplace in the Inland Empire for $89M

by Amy Works August 1, 2019

APPLE VALLEY, CALIF. — Houston-based Weingarten Realty has completed the sale of Jess Ranch Marketplace, a community shopping center located in Apple Valley. A Newport Beach, Calif.-based, privately held investment, development and management company acquired the asset for $89 million. The sale included the grocery, lifestyle and entertainment portions of Jess Ranch Marketplace, a 704,927-square-foot community shopping center. Anchor tenants include Target, Winco Foods, Burlington, 24 Hour Fitness, Cinemark, Best Buy, Bed Bath & Beyond, PetSmart, Rite Aid, Big 5 Sporting Goods, Staples, 99 Cents Only Stores and ULTA Beauty. Target, Winco Foods, Staples and 99 Cents Only Stores were not included in the sale. At the time of sale, the property was more than 98 percent leased, with more than 90 percent of the leased gross leasable area occupied by regional and national tenants. Additional tenants include Famous Footwear, Kirkland’s Home, Buffalo Wild Wings, Bank of America, Red Robin Gourmet Burgers and Brews, Western Dental, CareMore, Banner Mattress, rue21, Carter’s, Denny’s, Verizon Wireless, Massage Envy, Sprint, OshKosh B’gosh, Jack in the Box, Chipotle, CareMore’s Nifty After Fifty, AT&T, GNC, Golden Chopstix, Jersey Mike’s Subs, The Flame Broiler and MetroPCS. Lucescu Realty represented the seller and procured the buyer in …

August 1, 2019

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