Western

EB Capital Buys 77,736 SF Industrial Building in Southern California for $14M

by Amy Works May 14, 2019

VISTA, CALIF. — EB Capital LLC has purchased an industrial building, located at 1125 Joshua Way in Vista, from BRE 1125 Joshua Owner LLC for $14 million. Situated on 4.75 acres, the asset features 77,736 square feet of industrial space and 16,780 square feet of highly improved, high-end, two-story office area. At the time of sale, 21,359 square feet of the building was leased. The buyer intends to occupy the remaining 56,377 square feet. Rusty Williams and Chris Roth of Lee & Associates, North San Diego County, represented the buyer, while Barry Hendler and Aric Starck of Cushman & Wakefield represented the seller in the deal.

May 14, 2019

Acquisitions California Retail Western

Arroyo Parkway Acquires Whole Foods Market-Occupied Retail Building in Pasadena, California

by Amy Works May 13, 2019

PASADENA, CALIF. — The Arroyo Parkway LLC, a Pasadena-based investment group, has purchased a retail building and two acres of adjoining land in Pasadena from a private family trust for more than $100 million in an off-market transaction. Whole Foods Market has occupied the 80,000-square-foot retail building since it was built in 2007. The assets are located at 465-577 Arroyo Parkway. David Ickovics of Commercial Asset Group represented the seller, while the buyer was self-represented in the transaction.

May 13, 2019

Acquisitions Colorado Multifamily Western

Gelt Buys 384-Unit Cedar Run Apartments in Denver for $62M

by Amy Works May 13, 2019

DENVER, COLO. — Los Angeles-based Gelt Inc. has acquired Cedar Run Apartments, a 384-unit multifamily community located at 888 S. Oneida St. in Denver. Maxx Properties sold the asset for $62 million. Situated on 14 acres, Cedar Run features nine residential buildings with 240 one-bedroom units and 144 two-bedroom units, with an average size of 846 square feet. On-site amenities include a 27,000-square-foot clubhouse building with two racquetball courts, an indoor pool, fitness center and conference room spaces. Additionally, the property features two outdoor pools, three courtyards with picnic and barbecue areas, a playground, a sand volleyball court and covered parking. The property was built in 1970 and partially renovated between 2012 and 2017. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. Newmark Knight Frank’s Mitch Clarfield and Ryan Greer secured a 10-year, full-term, interest-only loan at 70 percent loan-to-value and a 4.2 percent rate through Freddie Mac’s Green-Up program.

May 13, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $91.8M Refinancing for Seniors Housing Portfolio in California

by Amy Works May 13, 2019

WALNUT CREEK, CALIF. — CBRE has arranged $91.8 million in financing for DiNapoli Capital Partners (DCP), an investor based in Walnut Creek. The funds will refinance existing debt on a five-property, 560-unit seniors housing portfolio located in California. Integral Senior Living manages three of the communities, located in Los Angeles area, and Westmont Senior Living manages the remaining two communities, located in the Sacramento area. DCP bought each of the assets within the portfolio separately as value-add acquisitions. The financing package comes at the end of the company’s repositioning plan for the properties. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year Fannie Mae loan includes five years of interest-only payments.

May 13, 2019

Development Industrial Washington Western

Bridge Development Buys Industrial Development Site in Metro Seattle

by Amy Works May 13, 2019

SUMNER, WASH. — Bridge Development Partners has acquired a 2.9-acre land parcel, located at 1710 136th Ave. East in Sumner, from an independent seller for an undisclosed price. The company plans to develop Bridge Point Sumner 60 on the site. The project will feature 64,574 square feet of industrial space, 30-foot clear ceiling heights, an ESFR sprinkler system, three grade-level doors, 10 dock-high doors, a 120-foot truck court and parking for 54 cars. The facility will offer flexible space options ranging from 20,000 square feet to 65,000 square feet. Construction is slated to begin in the next 30 days, with delivery by first-quarter 2020. Kermit Jorgensen and Scott Price of Neil Walter Co. represented Bridge in the acquisition and will serve as leasing agents for the project.

May 13, 2019

Acquisitions California Industrial Western

Realty Advisory Group Negotiates $8.9M Sale of 75,286 SF Industrial Asset in the Inland Empire

by Amy Works May 13, 2019

RIVERSIDE, CALIF. — Realty Advisory Group has arranged the sale of a single-tenant industrial property, located at 7275 Sycamore Canyon Blvd. in Riverside. An undisclosed seller sold the property for $8.9 million. Situated on 4.3 acres, the freestanding, 75,286-square-foot facility features 28-foot clear heights, 10 dock-high positions and future divisibility. At the time of sale, the property was fully leased to a Fortune 200 tenant. John Repstad and Mark Repstad of Realty Advisory Group represented the seller and undisclosed buyer in the deal.

May 13, 2019

California Development Loans Office Western

HFF Arranges $313.8M Construction Financing for Office Development in Silicon Valley

by Amy Works May 10, 2019

SUNNYVALE, CALIF. — HFF has secured $313.8 million in acquisition and construction financing for the development of Catalyst, a fully entitled, four-property office project in Sunnyvale. The borrower, a joint venture between Hearst Properties and Invesco Real Estate, acquired the development site in early May. Brandon Roth, Bruce Ganong, Peter Smyslowski and Bercut Smith of HFF worked on behalf of the borrower to secure the construction loan through ACORE Capital. Catalyst currently consists of a shovel-ready office development site and three existing office buildings, totaling 164,870 square feet, two of which will be demolished and replaced with new Class A office space. Upon completion, the 587,942-square-foot project will comprise three newly built, Class A office buildings with two parking structures and one original Class B office building.

May 10, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties in Southern California for $30.3M

by Amy Works May 10, 2019

LOS ANGELES AND RANCHO DOMINGUEZ, CALIF. — Rexford Industrial Realty has purchased two industrial properties for a combined total of $30.3 million. The acquisitions were funded using cash on hand. The company acquired a single-tenant industrial building, located at 15835 Oxnard St. in Los Angeles for $16.8 million, or $235 per square foot, in an off-market transaction. Situated in the Van Nuys neighborhood, the 71,467-square-foot building features 24-foot clear heights and 1,000 feet of freeway frontage along the Interstate 405 and substantive excess paved lane. Rexford also purchased a low-coverage building, located at 19100 S. Susana Road in Rancho Dominguez, for $13.5 million, or $77 per land square foot, in an off-market transaction. Situated on four acres, the 52,630-square-foot property features 24 dock-high loading positions, excess land for trailer storage and Interstate 710 freeway frontage. At the time of sale, the property was fully leased to a regional logistics operator.

May 10, 2019

Acquisitions Colorado Office Western

McWhinney Acquires 179,688 SF Office Building in Fort Collins, Colorado

by Amy Works May 10, 2019

FORT COLLINS, COLO. — Colorado-based McWhinney has purchased an office building, located at 3420 E. Harmony Road in Fort Collins, for an undisclosed price. The three-story, 179,688-square-foot building is adjacent to the Arapaho Bend Natural Area. Comcast, Madwire and Micro Focus occupy the property. Peter Kelly of CBRE represented the buyer, while Peter Kast, Alex Sommerville and Chad Flynn of CBRE represented the undisclosed seller in the deal.

May 10, 2019

Development Industrial Washington Western

Bridge Development to Build 97,522 SF Industrial Facility in Kent, Washington

by Amy Works May 10, 2019

KENT, WASH. — Bridge Development Partners has purchased a 4.7-acre development site, located at 26524 79th Ave. in Kent, from an independent seller for an undisclosed price. Bridge Development plans to construct Bridge Point Kent 100, a 97,522-square-foot industrial facility, on the site. Slated for delivery in first-quarter 2020, the facility will feature 30-foot clear ceiling heights, 14 dock-high doors, two grade-level doors, flexible size configurations and an ESFR sprinkler system. Steve Brunette, Shawn Childs and Andrew Stark of CBRE represented Bridge in the acquisition. Childs and Stark will serve as leasing agents for the property.

May 10, 2019

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