Western

PCCP Purchases 296,000 SF Park Square Office Complex in Downtown Portland for $96.5M

by Amy Works June 5, 2019

PORTLAND, ORE. — PCCP has acquired Park Square, a two-building office asset on the south end of the Portland’s central business district, for $96.5 million. The name of the seller was not released. Park Square consists of two buildings connected by a lobby/great room, which includes multiple seating areas, a fireplace/lounge area and a high-end soup and salad bar. The asset was substantially repositioned in 2016, including the renovation of its 8,000-square-foot lobby. The first building is the single-tenant, six-story, 181,049-square-foot Woolworth Building, located at 1621 SW First Ave. The building was originally a build-to-suit for the tenant, which has occupied the space since the building was constructed in 1984. The second building, located at 100 SW Market St., was built in 1964. The seven-story asset totals 113,719 square feet and is leased to three investment-grade credit tenants. At the time of sale, the property was nearly fully-leased.

June 5, 2019

Acquisitions California Multifamily Western

Raintree Partners Buys Seven-Asset Multifamily Portfolio in California for $79M

by Amy Works June 5, 2019

GLENDALE, CALIF. — Orange County, Calif.-based Raintree Partners has purchased a seven-property multifamily portfolio in Glendale for $79 million. Totaling 231 units, the portfolio includes: Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Ave. Everett Apartments, an eight-unit community at 138 N. Everett St. Wilson Apartments, a 14-unit property located at 1458-1462 E. Wilson Ave. Justin Oaks Apartments, a 54-unit asset located at 1133 Justin Ave. Chestnut Apartments, a 33-unit property located at 120 W. Chestnut St. Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Ave. Burchett Apartments, a 20-unit asset at 314-320 W. Burchett St. Raintree Partners plans to implement a value-add renovation plan across the portfolio. The improvements will include addressing deferred maintenance; upgrading exteriors, amenity areas and unit interiors; and installing new washers and dryers in select properties. Additionally, the Raintree Partners will rebrand and operate the seven properties as The Indie Collection. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the deal. Wells Fargo provided acquisition financing.

June 5, 2019

Acquisitions Colorado Industrial Western

CBRE Arranges Sale of Four Industrial Buildings at Airways Business Center in Aurora, Colorado

by Amy Works June 5, 2019

AURORA, COLO. — CBRE has brokered the sale of four buildings at Airways Business Center, a Class A warehouse distribution center in Aurora. EastGroup Properties acquired the asset from Principal Global Investors for an undisclosed price. Built in 2007 and 2008, the four buildings — 2, 4, 5 and 6 — offer a total of 382,137 square feet of industrial space. At the time of sale, a mix of 11 tenants fully occupied the assets. Doug Viseur, Todd Witty, Tyler Carner, Jeremy Ballenger, Jessica Ostermick and Jim Bolt of CBRE’s Denver office represented the seller in the deal.

June 5, 2019

Acquisitions Idaho Industrial Western

Alder AS Industrial Acquires 2 MSF Portfolio in Boise, Idaho

by Amy Works June 5, 2019

BOISE, IDAHO — Adler AS Industrial LLC has purchased a portfolio of land and buildings in Boise from the Van Auker Cos. The acquisition consists of more than 2 million square feet of industrial properties across more than 80 assets and over 400 acres of future development land. The acquisition price was not released. The buyer has opened its headquarters on Emerald Street in Boise to manage the new properties. Peter O’Brien of Pacific Commercial Realty Advisors/Cushman & Wakefield assisted the buyer, while Dave Ellis of Capacity Commercial Group represented the seller in the deal.

June 5, 2019

Acquisitions Colorado Industrial Western

Unique Properties Negotiates $12.4M Acquisition of Single-Tenant Industrial Building in Colorado

by Amy Works June 5, 2019

CENTENNIAL, COLO. — Unique Properties has brokered the purchase of a single-tenant industrial building located at 7909 S. Chambers Road in Centennial. Tim Finholm and Sam Leger of Unique Properties represented the undisclosed buyer in the deal. Additional terms of the deal were not released. Constructed in 2018, the 52,000-square-foot industrial building was a build-to-suit for RoadSafe Traffic Systems, a long-term tenant. Situated on 7.9 acres, the property features a large fenced yard.

June 5, 2019

Siempre-Viva-Business-Park-Building-18-San-Diego-CA

Acquisitions California Industrial Western

Murphy Development Co. Sells 201,020 SF Industrial Portfolio in San Diego

by Amy Works June 4, 2019

SAN DIEGO — Murphy Development Co. has completed the sale of a two-building industrial portfolio located at 8500 Kerns and 2600 Melksee streets in San Diego’s Otay Mesa submarket. LaSalle Investment Management acquired the property for an undisclosed price. Situated on 14.6 acres within the 2 million-square-foot Siempre Viva Business Park, the 201,020-square-foot portfolio features 28- to 32-foot clear heights, wide truck courts, loading via 50 dock-high and eight grade-level doors, and a low office build-out space. The two buildings were constructed in 2016 and 2019. Nick Psyllos and Kara Mathis of HFF represented the seller in the deal.

June 4, 2019

Development Multifamily Washington Western

Wood Partners Breaks Ground on 243-Unit Alta Columbia City Multifamily Project in Seattle

by Amy Works June 4, 2019

SEATTLE — Wood Partners has broken ground on Alta Columbia City, a multifamily development in Seattle’s historic Columbia City neighborhood. Slated to open in summer 2021, Alta Columbia City will feature 243 studio, one- and two-bedroom apartments, along with 27,000 square feet of retail and commercial space. On-site amenities will include a private lounge, entertainment area, gourmet kitchen, fitness center, co-working space, outdoor courtyard, heated greenhouse, rooftop deck and dog run. Once completed, the property will be Wood Partners’ third multifamily community in the Seattle area.

June 4, 2019

Acquisitions California Industrial Western

CenterPoint Acquires 75,208 SF Last-Mile Industrial Facility Near Port of Oakland

by Amy Works June 4, 2019

OAKLAND, CALIF. — CenterPoint Properties has purchased an industrial property, located at 4601 Malat St. in Oakland, for an undisclosed price. Situated on 3.9 acres, two tenants currently lease the 75,208-square-foot, cross-dock property. The building features secured excess loading with an ability to pave the northern yard, creating drive-around access and cross-dock activation. Mark Maguire and Justin Smutko of Colliers International represented CenterPoint in the transaction. The name of the seller was not released.

June 4, 2019

California Development Multifamily Seniors Housing Western

Cadence Living Starts Construction of 97-Unit Seniors Housing Community Near Los Angeles

by Amy Works June 4, 2019

RANCHO CUCAMONGA, CALIF. — Cadence Living has broken ground on Cadence at Rancho Cucamonga, a seniors housing community in the Town Center neighborhood of Rancho Cucamonga, approximately 40 miles east of Los Angeles. Cadence is developing the property in partnership with Coyne Development. When complete, the community will offer 97 units of independent living, assisted living and memory care. The community is scheduled to open in the fall of 2020.

June 4, 2019

Acquisitions Colorado Office Western

CBRE Arranges $5.8M Sale of Monaco Tower Office Asset in Denver

by Amy Works June 4, 2019

DENVER — CBRE has brokered the sale of Monaco Tower, a Class B, value-add office building in the Glendale submarket of Denver. Benjamin Borgers, a local certified public accountant, acquired the property from an entity managed by Stabilis Capital Management for $5.8 million. Located at 925 S. Niagara St., the six-story, 63,170-square-foot building was built in 1974. At the time of sale, 16 tenants occupied the property. Monica Wiley and Jeff Wood of CBRE’s Denver office represented the seller in the transaction.

June 4, 2019

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