Western

Marcus & Millichap Brokers Sale of 172-Unit Self-Storage Facility in California’s Inland Empire

by Amy Works October 11, 2019

HIGHLAND, CALIF. — Marcus & Millichap has arranged the acquisition of International Self Storage in Highland. A local investment company purchased the asset for an undisclosed price. The 17,905-square-foot International Self-Storage features 172 non-climate-controlled, drive-up units ranging in size from four feet by four feet to eight feet by 10 feet. Additionally, the property is fully fenced and equipped with security monitoring systems, including electronic gate access and individual alarms. The property also features an on-site manager’s office with residence. Keith Phillips of The LeClaire Group of Marcus & Millichap’s Encino, Calif., office procured the buyer, while the undisclosed seller was self-represented in the deal.

October 11, 2019

Market Reports Office Oregon Western Western Market Reports

Spec Office Development Enters Portland as Demand Increases

by Taylor Williams October 11, 2019

Portland’s office market is experiencing strong growth as it continues to benefit from an influx of Bay Area and Seattle tenants moving into the city. This is due to the relatively affordable rental rates and positioning between the two booming tech hubs along the West Coast. The city is seeing an increase of large tech tenants making their home in Portland, starting with Intel, which is Portland’s largest employer. Other companies, such a Genentech, Google, Oracle, Salesforce and many others have also taken up tenancy in the Portland Metro area. Seattle-based Amazon recently leased 83,995 square feet in Portland’s newest Class A office building, Broadway Tower, while Amazon’s AWS Elemental division leased 101,000 square feet in the former Oregonian headquarters, which is adjacent to Broadway Tower. The office market continues to perform well with a vacancy rate of 7.3 percent, beating out the 10-year average of 8.65 percent. All of these new companies making their way to Portland are creating substantial job opportunities for Portland’s ever-growing population. Portland is home to several large industry-leading companies, such as Nike, Intel, Columbia Sportswear and Adidas, which attract workforce talent across the world. This has helped spur the growth of Portland’s economy, which …

October 11, 2019

Residence-Inn-Marriott-Portland-Downtown-RiverPlace-Portland-OR

Acquisitions California Hospitality Oregon Western

Summit Hotel Properties to Acquire Four-Asset West Coast Hotel Portfolio for $249M

by Amy Works October 10, 2019

PORTLAND, HILLSBORO, ORE., AND SOUTH SAN FRANCISCO AND MILPITAS, CALIF. — Through its recently formed joint venture with GIC, Summit Hotel Properties has agreed to acquire four hotels located on the west coast for $249 million. The portfolio is located in three high-growth markets. The properties are the 258-key Residence Inn by Marriott Portland Downtown/RiverPlace in Portland; the 122-guestroom Residence Inn by Marriott Portland Hillsboro in Hillsboro; the 169-key Hilton Garden Inn San Francisco Airport North in South San Francisco; and the 161-room Hilton Garden Inn San Jose/Milpitas in Milpitas, Calif. The total purchase price of $249 million, or approximately $351,000 per key, represents an average capitalization rate of 8.4 percent based on management’s current estimate of the hotels’ net operating income for the full-year 2019. The joint venture plans to invest approximately $23 million of capital on the four hotels during the first three years of ownership. The pending transaction is expected to close in fourth-quarter 2019.

October 10, 2019

Acquisitions California Office Western

Joint Venture Sells 306,243 SF Office Tower in LAX Submarket for $45M

by Amy Works October 10, 2019

LOS ANGELES — An affiliate of San Francisco-based The Roxborough Group, in partnership with Los Angeles-based The Ruth Group, has completed the disposition of an office tower located at 5901 W. Century Blvd. in Los Angeles’ LAX submarket. A partnership led by North Sea Capital acquired the property for $45 million. Kevin Shannon, Michael Moore, Ken White and Sean Fulp of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction. The 15-story tower features 306,243 square feet of office space along Century Boulevard. At the time of sale, the property was 92 percent leased. Along with recent building systems upgrades, 5901 Century was heavily rebranded and features a newly renovated lobby and common areas, an executive clubhouse, dog park and bicycle-sharing program. The seller acquired the asset in early 2017 and invested in excess of $8 million to renovate and reposition the property.

October 10, 2019

Acquisitions California Office Retail Western

BrandWilson Buys 43,437 SF Retail/Office Property in California for $18.1M

by Amy Works October 10, 2019

GLENDALE, CALIF. — A private investor operating under the entity of BrandWilson LLC has purchased a mixed-use property located at 201 N. Brand Blvd. in Glendale. Bow Truss Capital sold the asset for $18.1 million. Warren Berzack and Slavic Zlatkin of Lee & Associates – LA North/Ventura represented the buyer, while Trevor Carl Nelson of Newmontis Real Estate Investment Management represented the seller in the deal. The historic Woolworth Building was recently renovated. The 43,437-square-foot property comprises a storefront retail space on the ground floor and office space on the second floor. At the time of sale, the property was fully leased to a variety of tenants, including AT&T, Unify Credit Union, 85° and Regus.

October 10, 2019

Company News Industrial Office Oregon Western

SIOR to Host Fall World Conference in Portland Next Week

by Amy Works October 10, 2019

PORTLAND, ORE. — The Society of Industrial and Office Realtors (SIOR)’s Fall World Conference is set to take place Oct. 16 to 19 at the Hilton Portland in Portland. Starting in the afternoon on Oct. 16, attendees will be able to sit in on a wide variety of panels and discussions, including Industrial Occupiers: A View from the Inside; Smart Building Platforms; Global Cities – Challenges & Opportunities: Impact on Real Estate; Underwriting & Due Diligence of Investment CRE Deals; and Augmented Reality (AR): Real Estate’s New Reality. SIOR selected Portland for this year’s conference to highlight growth in the city’s commercial office and industrial sectors since 2018. According to CoStar’s Loopnet, office prices have risen by 9.2 percent and industrial has increased by 18.5 percent.

October 10, 2019

Acquisitions Oregon Retail Western

Marcus & Millichap Brokers $4.1M Sale of Retail Property in Milwaukie, Oregon

by Amy Works October 10, 2019

MILWAUKIE, ORE. — Marcus & Millichap has arranged the sale of Westwood Marketplace, a retail asset located in Milwaukie. A limited liability company sold the property to an undisclosed buyer for $4.1 million. Located at 14880 SE Webster Road, Westwood Marketplace features 14,189 square feet of retail space. Safeway anchors the property, which was 100 percent leased to long-term tenants at the time of sale. Joseph Blatner and Scott Logan of Marcus & Millichap’s Portland, Ore., office represented the seller in the transaction.

October 10, 2019

California Multifamily Western

New Rent Control Law to Take Effect in California on Jan. 1, 2020

by Jeff Shaw October 9, 2019

SACRAMENTO — California Gov. Gavin Newsom has signed a statewide rent control bill into law that aims to protect renters against price gouging and provide eviction protections. More specifically, Assembly Bill 1482 bars landlords from raising rents more than 5 percent plus the local inflation rate in one year. The annual inflation rate varies by region, but averages about 2.5 percent across the state.

October 9, 2019

Acquisitions California Office Western

Jupiter Holdings Divests of 292,540 SF Office Building in California for $43.5M

by Amy Works October 9, 2019

SAN PEDRO, CALIF. — Jupiter Holdings has completed the sale of Topaz, a Class A office building located at 222 W. Sixth St. in San Pedro. Harbor Associates acquired the asset for $43.5 million. Situated along the waterfront, the 11-story building features 292,540 square feet of office space, 13,244 square feet of retail space and an adjacent seven-story parking structure. The seller invested more than $10 million in building renovations at the property, which was constructed in 1990. Kevin Shannon, Ken White and Scott Schumacher of Newmark Knight Frank represented the seller in the transaction.

October 9, 2019

LogistiCenter-at-Park-Meridian-Riverside-CA

California Development Industrial Western

Dermody Properties Completes 262,260 SF LogistiCenter at Park Meridian in Riverside, California

by Amy Works October 9, 2019

RIVERSIDE, CALIF. — Dermody Properties has completed construction of LogistiCenter at Park Meridian, located at 21822 Opportunity Way within Meridian Business Center in Riverside. Situated on 13.5 acres in the heart of Inland Empire East, the 262,260-square-foot facility features 32-foot clear heights, 56 dock-high doors, an ESFR sprinkler system and LED warehouse lighting. Additionally, the building has 2,493 square feet of built-out office space within the total square footage available for lease. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield have been retained to handle leasing for the project.

October 9, 2019

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