Western

Marcus & Millichap Arranges $12.5M Sale of Two-Story Shopping Center in Los Angeles’ Koreatown

by Amy Works August 29, 2019

LOS ANGELES — Marcus & Millichap has arranged the sale of The Heyman Center, a two-story shopping located in Los Angeles’ Koreatown. A California-based limited liability company sold the property to another California-based limited liability company for $12.5 million. Located at 730 S. Western Ave., The Heyman Center features 25,252 square feet of retail space and a 48-car parking lot on a 28,918-square-foot site. At the time of sale, the property was 87 percent occupied by a mix of net-leased tenants. Brandon Michaels of Marcus & Millichap’s Encino office represented the seller and buyer in the deal.

August 29, 2019

Acquisitions California Restaurant Retail Western

Progressive Real Estate Partners Brokers $2.3M Sale of Restaurant Asset in Inland Empire

by Amy Works August 29, 2019

BEAUMONT, CALIF. — Progressive Real Estate Partners has facilitated the sale of a restaurant property, located at 501 E. Fifth St. in Beaumont. A private Riverside-based investor sold the property to San Jose-based private investor for $2.3 million, or $1,006 per square foot. Built in 2008, the 2,250-square-foot building, which features a drive-thru, recently underwent a renovation. Popeyes Louisiana Kitchen occupies the single-tenant property. Greg Bedell of Progressive Real Estate Partners represented the seller, while Cindy Hipwell of Hipwell Real Estate represented the buyer in the deal.

August 29, 2019

Acquisitions Arizona Office Western

Black Salmon Acquires U.S. Bank Center in Phoenix for $93M

by Amy Works August 28, 2019

PHOENIX — Black Salmon, a national commercial real estate investment firm, has purchased U.S. Bank Center in Phoenix. Local news reports an acquisition price of $93 million, while Black Salmon claims a total capitalization of more than $107 million, inclusive of other costs. The buyer engaged in a joint venture with ScanlanKemperBard Cos., a privately held real estate merchant bank, for the transaction. Centrally located at 101 N. First Ave., the 375,862-square-foot, Class A office building is located in Phoenix’s downtown submarket. Currently, the high-rise building is 83 percent leased to a variety of tenants, including U.S. Bank, WeWork and Jacobs Engineering Group. The transaction also includes a separate, seven-story parking structure that sits in a designated Opportunity Zone. Additional terms of the transaction were not released.

August 28, 2019

Colorado Development Industrial Western

NorthPoint Development Buys 185 Acres for Stafford Logistics Center in Colorado

by Amy Works August 28, 2019

AURORA, COLO. — NorthPoint Development has closed on 185 acres of land that will be part of the site for Stafford Logistics Center, a 350-acre, 4.4 million-square-foot industrial and mixed-use development in Aurora. The property is located at the confluence of Interstate 70, Expressway 470, East Colfax Avenue and Picadilly Road. NorthPoint has already started construction on a 598,500-square-foot warehouse that is slated for delivery in the second quarter of 2020. Building 1 at Stafford Logistics Center will feature 136 trailer spaces, approximately 134 dock-high doors, four drive-in doors/ramps, 36-foot clear heights and ESFR sprinklers. Aaron Valdez, Tyler Smith and Alec Rhodes of Cushman & Wakefield Denver’s industrial team represented the undisclosed seller in the deal. Additionally, the Cushman & Wakefield team has been retained to handle the leasing efforts of Stafford Logistics Center.

August 28, 2019

Acquisitions Arizona Multifamily Western

IPA Arranges $58.5M Sale of Remington Ranch Multifamily Property in Metro Phoenix

by Amy Works August 28, 2019

LITCHFIELD PARK, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Remington Ranch, an apartment community in Litchfield Park, a western suburb of Phoenix. BRIO Investment Group sold the asset to JB Partners for $58.5 million, or $192,434 per unit. Remington Ranch is a two-story, low-density multifamily community featuring 304 apartments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

August 28, 2019

Acquisitions Office Washington Western

Schnitzer West, RMA Sells Four-Building Bellevue 520 Corridor Office Portfolio in Washington

by Amy Works August 28, 2019

BELLEVUE, WASH. — A joint venture between Schnitzer West and RMA has completed the disposition of Bellevue 520 Corridor Office Portfolio, two multi-tenant office assets located in Bellevue. Swift Real Estate Partners acquired the portfolio for $59 million. Totaling 185,930 square feet, the assets are known as Bel-Kirk 520 and Centra Office Park. At the time of sale, the portfolio was 93 percent leased. Situated on 7.2 acres at 11120 and 11130 NE 33rd Place, Bel-Kirk 520 consists of two two-story buildings offering a total of 94,221 square feet. Built in 1988, the property underwent a renovation in 2016 and features indoor and outdoor work spaces and an Avanti Market. Located at 11808 and 11820 Northrup Way, Centra Office Park consists of two three-story office buildings totaling 91,709 square feet on 4.7 acres. Built in 1983 and renovated in 2016, the property features an Avanti Market, outdoor plaza with seating areas, new monument signage and a renovated lobby. Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Bill Delacy of Newmark Knight Frank (NKF) represented the seller, while the buyer was self-represented in the deal. David Milestone and Brett Green, also of NKF, represented the buyer in securing new acquisition …

August 28, 2019

Acquisitions Multifamily Utah Western

CBRE Negotiates Sale of 293-Unit The Zeller Apartments in Salt Lake City

by Amy Works August 28, 2019

SALT LAKE CITY — CBRE has arranged the sale of The Zeller, a transit-oriented multifamily development in Salt Lake City. A joint venture partnership between Watt Investment Partners and certain funds managed by Westport Capital Partners sold the property for an undisclosed price. Completed in 2018, The Zeller features 293 apartment units, a 25-meter lap pool and rooftop lounge with a fire pit. Located at 2255 S. 300 East, the mid-rise community was 94 percent occupied at the time of sale. Eli Mills and Patrick Bodnar of CBRE’s Salt Lake City office represented the seller in the transaction. The buyer was not disclosed.

August 28, 2019

Acquisitions Industrial Washington Western

Colliers Negotiates $22M Sale of Two Industrial Parks Near Seattle

by Amy Works August 27, 2019

KENT AND AUBURN, WASH. — Colliers International has arranged the sale of two industrial parks in southern King County. TA Realty acquired the assets from a local Puget Sound private investor for $22 million. Totaling four buildings on 6.3 acres, the properties are Pacific West Business Center in Kent and White River Corporate Park in Auburn. Built in 1979 and located at 18852-18872 72nd Ave. South, Pacific West Business Center features 60,530 square feet of industrial space on a 3.3-acre campus. At the time of sale, the asset was fully leased to nine tenants. Located at 2200-2222 W. Valley Highway North, White River Corporate Park offers a total of 60,852 square feet of warehouse space spread across two buildings. Built in 2004, the property was fully leased to five tenants at the time of sale. Bill Condon and Matt McGregor of Colliers International handled the transaction.

August 27, 2019

Acquisitions Multifamily Nevada Western

Haven Realty Capital Sells Mountain Vista Apartments in Las Vegas for $17.7M

by Amy Works August 27, 2019

LAS VEGAS — Haven Realty Capital has completed the disposition of Mountain Vista, an apartment community located in Las Vegas. An undisclosed buyer acquired the property for $17.7 million. Located at 3950 S. Mountain Vista St., the community features 178 apartments in a mix of one-, two- and three-bedroom layouts. Units offer walk-in closets, balconies, storage space and high-speed internet access. The two-story property was built in 1979. Community amenities include a business center, breakfast/coffee concierge, grills, fitness center, laundry facilities, pool and a picnic area. Taylor Smith and Carl Sims of Cushman & Wakefield represented the seller in the deal.

August 27, 2019

Acquisitions Multifamily Seniors Housing Western Wyoming

Blueprint Brokers Sale of 120-Bed Skilled Nursing Facility in Wyoming

by Amy Works August 27, 2019

CASPER, WYO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 120-bed skilled nursing facility in the Central Wyoming city of Casper. A New York-based owner of more than 150 facilities sold the property to a national owner-operator. The price and name of the facility were not disclosed. The asset was positioned as a value-add opportunity. At the time of sale, in-place cash flow was negative, with occupancy in multiple year-over-year decline. However, the facility was well maintained with strong historical operational performance. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.

August 27, 2019

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