Western

1119-1123-E-Elk-Ave-Glendale-CA

GLENDALE, CALIF. — Champion Real Estate Co. has purchased a two-property apartment portfolio in Glendale. A private individual sold the portfolio for $14.1 million. The acquisition includes a 36-unit community located at 348 W. Chevy Chase Drive and a 26-unit community located at 1119-1123 E. Elk Ave. Champion South Glendale, a subsidiary of Champion, will immediately implement a $2.6 million comprehensive interior and exterior physical improvement and renovation program. The upgrade plan will also address significant deferred maintenance issues stemming from the previous long-term owner including seismic retrofitting on both properties. Built in 1963, 348 W. Chevy Chase Drive features four studio units, 20 one-bedroom/one-bath units and 12 two-bedroom/one-bath units. 1119-1123 E. Elk Ave. was built in 1961 and features 24 one-bedroom/one-bath units and two two-bedroom/one-bath units. With this acquisition, Champion now owns and operates more than 225 units in the Tri-Cities region, which also includes Pasadena and Burbank.

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Benicia-Industrial-Park-Benicia-CA

BENICIA, CALIF. — Cushman & Wakefield has arranged the sale of Benicia Industrial Park in South Solano County. Benicia Partners sold the property to Sarkissian Trust for $12 million. Located at 5500 E. Second St. in Benicia, the property features 63,108 square feet of flex and R&D space. At the time of sale, Bio-Rad Laboratories fully occupied the building. Brooks Pedder, Douglas Longyear and Tony Binswanger of Cushman & Wakefield’s Walnut Creek, Calif., and San Francisco offices represented the buyer and seller in the deal.

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Village-Regal-Pond-Spokane-WA

SPOKANE, WASH. — Newmark has arranged $5 million in permanent financing for the Village at Regal Pond, a retail property located in Spokane’s Inland Northwest submarket. The multi-tenant property features 22,367 square feet of retail space. Demetri Koston and Skip Slavin of Newmark’s Seattle office secured the non-recourse financing with one of Newmark’s correspondent life companies. Newmark will service the 20-year, fully amortizing loan at no additional cost to the undisclosed borrower.

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Some of the larger companies with long-term growth forecasts are focusing on expansion and amenity-rich office environments for recruiting purposes. However, more people in less space continues to be the trend for companies with slower growth opportunities that are focused on efficiencies and overhead costs.   The average standard amount of office space per employee dropped from 225 square feet per person to between 150 square feet and 175 square feet per person in the past couple years.    That being said, occupancy cost is not always the main driver in choosing an office location. There seems to be much more emphasis now on quality, functionality and conveniences. In many cases, this is based more on how we work rather than just cost savings. Open work spaces, perks like on-site dining and retail, and providing collaborative environments that foster employee interaction have proven to increase employee productivity significantly. Design is a critical component of this type of work space. Companies are looking for workplace designs and furniture systems that offer flexibility and adaptability as technology evolves. Technological infrastructure enhances the culture and efficiency of a business and protects the security of a company’s trade information. It also saves resources like …

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Gresham-Station-Gresham-OR

GRESHAM, ORE. — Portland, Ore.-based Harsch Investment Properties has purchased Gresham Station Shopping Center in Gresham, a suburb of Portland, for $64.5 million. Situated on 26 acres, the property features 342,000 square feet of retail space. Tenants include Bed, Bath & Beyond, Cost Plus World Market, Old Navy, Best Buy, ULTA Beauty and 43 other retailers. Additionally, the property is located close to major freeways and Tri-Met Blue Line Max stops, as well as an adjacent Trimet Park and Ride service for neighborhood commuters. Nicolas Bicardo of Newmark Knight Frank’s San Francisco office represented the undisclosed seller in the transaction. Harsch Investments Properties currently operates 18 shopping centers.

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Courtyard-Mt-Tabor-Portland-OR

PORTLAND, ORE. — KeyBank Real Estate Capital has arranged a $63.2 million Freddie Mac first mortgage loan for the acquisition of Courtyard at Mt. Tabor, a seniors housing community in Portland. The borrower and buyer is Strategic Student & Senior Housing Trust, a non-traded REIT sponsored by SmartStop Asset Management. Built between 1992 and 2009, the community is comprised of two three-story buildings on 7 acres of land. The property features 201 independent living units, 73 assisted living units and 12 memory care units. The borrower plans to expand the community to include an additional 23 memory care units. Charlie Shoop of KeyBank’s Commercial Mortgage Group secured the non-recourse, fixed-rate financing with a 10-year term, four-year interest-only period and 30-year amortization schedule.

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Spruce-Plaza-Rancho-Cucamonga-CA.

RANCHO CUCAMONGA, CALIF. — SRS Real Estate Partners has negotiated the sale of Spruce Plaza, a newly constructed Class A retail center in Rancho Cucamonga. A Bay Area-based family trust acquired the property from Costanzo Investments, a Southern California-based development company, for $15.6 million, or $1,005 per square foot. Situated at 10877-10895 E. Foothill Blvd. within the master-planned community of Terra Vista, Spruce Plaza is fully occupied by Blaze Pizza, Tokyo Joe’s, Luna Grill, Jersey Mike’s Sub, Café Rio and Habit Burger. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group and Garrett Colburn of SRS’ Newport Beach, Calif., office represented the seller, while Ralph Borelli and Caleb Scherer of Borelli Investment Co. represented the buyer in the deal.

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NORTH HOLLYWOOD, CALIF. — Bellwether Enterprise has secured a $7.7 million permanent loan and construction loan refinancing for Trevi Villas Apartments, a luxury apartment building located on Hartsook Street in North Hollywood. The newly built property features 27 units in a mix of two-bedroom/two-bath and three-bedroom/two-bath layouts. Mack Mower of Bellwether Enterprise’s Los Angeles office arranged the loan through Nationwide for the undisclosed borrower. The 10-year loan features one year of interest-only payments followed by a 30-year amortization period. Additionally, the financing included approximately a $500,000 cash-out to the borrower after the construction debt and closing costs were paid.

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PHOENIX — Phoenix-based ViaWest Group has completed the sale of Tiger Industrial, an industrial property located at 4901-4929 W. Van Buren St. in Phoenix. Los Angeles-based Dunbar Real Estate Investment Management acquired the building for $6.3 million. Will Strong of Cushman & Wakefield represented the seller, while the buyer was self-represented in the transaction. The 103,511-square-foot industrial facility was originally part of a larger portfolio of thematic properties that ViaWest purchased in 2014.

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breinholt-leroy-sept2018-phx-industrial

The InterFace Phoenix Industrial conference and networking event was held on Wednesday, Sept. 12, featuring three panel discussions. The brokerage panel, moderated by Rob Martensen, executive vice president with Colliers International, featured a lively discussion about activity in local submarkets and a recap of the reasons Phoenix is winning deals over Southern California and Nevada. Industrial Activity in Arizona Microsoft recently purchased 267 acres for a data center in the West Valley, said Anthony Lydon, national director, Industrial Supply Chain & Logistics Solutions with JLL. Qualified data centers receive waivers on personal property tax for 10 years, Lydon said, noting that each rack in a data center is approximately $1 million in personal property, so data centers are certainly enjoying the benefits of locating in Arizona. Arizona will also be a huge winner in the manufacturing sector, Lydon added. He cited Colorado-based food packaging provider Ball Corp. as an example of a company that was looking at Mexico for space before the 2016 election but has since opened a plant in the West Valley submarket of Phoenix due to the strategic location between Mexico and Southern California. Minnesota-based Andersen Windows & Doors is buying 64 acres from Opus to build …

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