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5725-Eastgate-Dr-San-Diego-CA
AcquisitionsCaliforniaIndustrialWestern

Rexford Industrial Buys 27,267 SF Industrial Building in San Diego for $8.2M

by Amy Works

SAN DIEGO — Southern California-based Rexford Industrial Realty has acquired an industrial building located 5725 Eastgate Drive in San Diego’s Miramar neighborhood. Valley Investment Services sold the asset for $8.2 million. Bill Dolan of CBRE represented the seller in the deal. The 27,267-square-foot property features 22-foot clear heights, eight grade-level loading doors, excess land and a secured yard. At the time of closing, the property was vacant. However, Rexford secured a long-term tenant prior to closing.

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1925-Blake-St-Denver-CO
AcquisitionsColoradoMixed-UseOfficeRetailWestern

Cushman & Wakefield Brokers Acquisition of Historic Mixed-Use Building in Denver for $6.4M

by Amy Works

DENVER — Cushman & Wakefield has facilitated the sale of 1925 Blake Street, a 129-year-old mixed-use building in Denver’s Lower Downtown neighborhood. The property traded for $6.4 million, or $418 per square foot. The names of the seller and buyer were not released. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver Capital Markets group handled the transaction. Originally constructed in 1890 as a warehouse, the three-level building was converted into an office building in 1934. At the time of sale, the 15,375-square-foot building was fully leased to four tenants.

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6721-Melrose-Ave-Los-Angeles-CA
AcquisitionsCaliforniaOfficeRetailWestern

Marcus & Millichap Arranges $3.2M Sale of Commercial Asset in Los Angeles’ Melrose District

by Amy Works

LOS ANGELES — Marcus & Millichap has arranged the sale of a retail and creative office building located at 6721 Melrose Ave. in Los Angeles’ Melrose district. A limited liability company sold the property to another limited liability company for $3.2 million, or $1,067 per square foot. Situated on 7,091 square feet of land, the 3,046-square-foot building was delivered vacant. The property offers the redevelopment potential and utilize the current C4 zoning. The asset features 14 parking spaces. Brandon Michaels of Marcus & Millichap’s Encino, Calif., office represented the seller and the buyer in the deal.

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AcquisitionsArizonaHospitalityTop StoriesWestern

Trinity Investments, Elliott Management Acquire JW Marriott Phoenix Desert Ridge Resort & Spa for $602M

by Kristin Harlow

PHOENIX — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the JW Marriott Phoenix Desert Ridge Resort & Spa, the largest resort in Phoenix. Blackstone reportedly sold the asset for $602 million, according to Pacific Business News. Spanning 396 acres, the resort features a 950-room hotel, 212,500 square feet of meeting space and seven food and beverage options. Amenities include a spa, lazy river, five pools and two championship golf courses designed by Arnold Palmer and Nick Faldo. The transaction follows Trinity and Elliott’s joint purchase of the Grande Lakes Orlando Resort in December 2018. The partnership says its strategy is to acquire large hotel properties with value-add opportunities. Trinity and Elliott intend to implement a multi-million-dollar capital improvement plan to further enhance the offerings at the JW Marriott Phoenix Desert Ridge. In addition to guestroom renovations, plans call for upgrades to the resort’s meeting spaces, ballrooms, water features and food offerings. “Large, luxury group-business resort and conference center properties continue to be attractive investment opportunities,” says Tim Mackey, portfolio manager at Elliott. “The JW Marriott Phoenix Desert Ridge is a market leader in terms of number of rooms, meeting …

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Tukwila-Village-Phase-II-Tukwila-WA
LoansMultifamilySeniors HousingWashingtonWestern

Sortis Provides Funding for $59.8M Opportunity Zone Project in Near Seattle

by Amy Works

TUKWILA, WASH. — Sortis Holdings Inc. (SOHI), a Portland-based private equity firm, has provided equity funding for Tukwila Village Phase II, a mixed-income senior living development in Tukwila, approximately 10 miles south of Seattle. Sortis invested capital from its $100 million Sortis Opportunity Zone Fund alongside project sponsor Bryan Park, a Puyallup, Wash.-based developer that has developed, owns and operates more than 5,000 senior living apartments in Washington. Nonprofit operator Sustainable Housing for Ageless Generations (SHAG) will operate the community. “By 2050, the population of individuals who are 65 and older in the U.S. is projected to double, yet rising rents and lack of supply have reduced the availability of affordable, high-quality housing in desirable locations for this population,” says Paul Brenneke, Sortis founder. “We believe delivering a high-quality project with attractive investment returns while simultaneously providing an affordable housing option to low-income seniors is a win-win.” The two-phase project is situated on approximately 5.8 acres. Phase II comprises 204 apartment units exclusively for seniors, six live/work units, approximately 8,300 square feet of commercial/retail space and structured parking. Once Phase II is complete in late 2020, the combined project will be the third-largest senior living development in Washington, according to …

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AZ-202-Commerce-Park-Chandler-AZ
ArizonaDevelopmentIndustrialWestern

ViaWest Group To Develop 140,372 SF Spec Industrial Project Near Phoenix

by Amy Works

CHANDLER, ARIZ. — ViaWest Group is developing a two-building speculative industrial park located at the southwest corner of East Willis Road and South Hamilton Street in Chandler, a southeastern suburb of Phoenix. The company plans to break ground on the 140,372-square-foot project this week. The 65,892-square-foot and 74,480-square-foot buildings will be divisible from 16,000 square feet to 35,000 square feet. The properties will feature 28-foot clear heights, ESFR sprinklers, a mix of dock-high and grade doors and a 180-foot shared concrete gated truck court. The project will complete Phase II of the AZ 202 Commerce Park. Phase I, a built-to-suit for PODS Moving and Storage, was delivered in April 2018. The second phase is slated for completion in April 2020. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield are marketing the new buildings for lease. ViaWest Group will manage the properties once completed.

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24151-Ventura-Blvd-Calabasas-CA
AcquisitionsCaliforniaLee & AssociatesOfficeWestern

Lee & Associates Brokers $24M Sale of Office Building in Calabasas, California

by Amy Works

CALABASAS, CALIF. — Lee & Associates – LA North/Ventura has arranged the sale of an office building, located at 24151 Ventura Blvd. in Calabasas. An entity of Valley Crest sold the asset to an entity of Los Angeles-based 4M Investment Corp. for $24 million, or $314 per square foot. Constructed in 2004 as a build-to-suit for ValleyCrest Landscape Cos., the 76,496-square-foot building was designed by Nadel Architects and features 360-degree views of the Santa Monica mountains, an atrium and a 17-acre campus with outdoor seating areas. The buyer plans to convert the asset into a multi-tenant office building. BrightView currently occupies the property and will continue to do so until its lease expires at year’s end. Mike Tingus, Grant Fulkerson and Jonathan Bruce of Lee & Associates – LA North/Ventura represented the seller in the deal.

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6300-Hollister-Ave-Goleta-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

Local Investor Purchases 106,309 SF Office/R&D Asset in Goleta, California

by Amy Works

GOLETA, CALIF. — A local investor has acquired an office/R&D building located at 6300 Hollister Ave. in Goleta. The asset sold for $33.2 million. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the undisclosed seller in the transaction. At the time of sale, the 106,309-square-foot property was fully leased to three technology companies: Wyatt Technology, Asylum Research (Oxford Instruments) and Seek Thermal. Wyatt Technologies and Asylum Research have been tenants at the property for approximately 15 years, while Seek Thermal moved into the building in 2018.

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7326-Glen-Harbor-Blvd-Glendale-AZ
AcquisitionsArizonaIndustrialOfficeWestern

Marcus & Millichap Arranges $9M Purchase of 52,330 SF Flex Building in Metro Phoenix

by Amy Works

GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a flex building, located at 7326 Glen Harbor Blvd. in Glendale, a suburb of Phoenix. FM NPL Glendale LLC acquired the asset from NPL Construction Co. for $9 million in a sale-leaseback transaction. The property features 52,330 square feet of office and industrial space. NPL Construction Co. will continue to occupy the space on a net-leased basis. Jay Krew and Marty Cohan of Marcus & Millichap, along with Gregg Fox of Marc Realty, procured the buyer, while Dan Dowd of Newmark Knight Frank represented the seller. Frank Mandel of New York-based Mandel Management Co. will operate the asset.

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Tech Continues to Bolster Bay Area’s Surrounding Industrial Basin

by Taylor Williams

Class A product is going off the market fast in Northern California’s industrial basin. Older product is sitting on the market longer, while mid-sized spaces are still the East Bay’s bread and butter. Net absorption has been pegged on a negative trend due to new construction and the volume of deals slowing down. Certain products are giving concessions to compete with newer product, while some landlords are trying to push the market limits to see how heavy tenant’s pockets really are. Several significant leases were signed in the East Bay during the second quarter of 2019. The largest deal of the quarter belonged to Service West, a furniture installer that signed a renewal and expansion totaling 252,021 square feet in San Leandro at 2350 Williams Street. Javelin Logistics, a logistics and distribution provider, also inked a new lease for 134,279 square feet at 7091 Central Ave. in Newark. Confluent Medical had the largest research and development deal of the second quarter, totaling 65,385 square feet. The material science tech company renewed at 47513 Westinghouse Drive in Fremont. The most significant investment sale of the second quarter occurred at 44100 and 44200 Osgood Road in Fremont. This is where Western Digital …

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