Western

Hanley Investment Group Arranges $2.6M Sale of Two-Tenant Retail Property in Merced

by Amy Works April 29, 2019

MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail asset, located at 360 W. 16th St. in Merced. Novato, Calif.-based Ares Commercial Properties acquired the property from a Bakersfield, Calif.-based private investor for $2.6 million. Built in 2016, the 3,700-square-foot pad building features a 1,900-square-foot Starbucks Coffee with drive-thru and an 1,800-square-foot T-Mobile store. Bill Asher, Jeff Lefko and William Ito of Hanley Investment Group represented the seller, while Mort Rothman of San Francisco-based Starboard Commercial Real Estate represented the buyer in the transaction.

April 29, 2019

Speedway-Commerce-Center-III-Las-Vegas-NV

Development Industrial Nevada Western

Harsch Investment Properties Completes 724,608 SF Industrial Project in North Las Vegas

by Amy Works April 26, 2019

NORTH LAS VEGAS, NEV. — Harsch Investment Properties has completed the development of two industrial buildings at Speedway Commerce Center III, located at 6255-6335 N. Hollywood Blvd. in North Las Vegas. Building A features 390,904 square feet and is currently 92 percent leased to several tenants, including Matheson Trucking, Progressive Alloy, Everypet and Artesian Spa. The property has one remaining unit that can accommodate a 30,000-square-foot tenant. Building B features 333,704 square feet and is currently 34 percent leased to several tenants, including Valuepart, 2020 Exhibits and Scholastic Books. The property can accommodate a variety of tenant requirements ranging from 25,000 square feet to 85,000 square feet. Jason Simon, Rob Lujan and Xavier Wasiak of JLL are overseeing the leasing at the property.

April 26, 2019

Colorado Development Mixed-Use Office Restaurant Retail Western

Confluent, Kelmore Break Ground on 140,000 SF Boulevard at Lowry Mixed-Use Project in Denver

by Amy Works April 26, 2019

DENVER — Confluent Development and Kelmore Development have broken ground on The Boulevard at Lowry, a commercial mixed-use redevelopment project in Denver’s Lowry neighborhood. Situated on 1.5 acres, the infill development will feature 140,000 square feet of restaurant, retail and office space. A 25,000-square-foot Lucky’s Market will anchor the property. Additional tenants will include a 1,750-square-foot Logan House Coffee Co. Completion is slated for fourth-quarter 2020.

April 26, 2019

Centerpointe-Commerce-Center-Moreno-Valley-CA

California Development Industrial Western

Rockefeller Group to Develop 203,000 SF Centerpointe Commerce Center in California

by Amy Works April 26, 2019

MORENO VALLEY, CALIF. — Rockefeller Group has acquired an 8.8-acre industrial land site in Moreno Valley for the development of Centerpointe Commerce Center, an industrial distribution facility. The company plans to begin construction of a 203,000-square-foot project this fall, with completion expected in summer 2020. Located on Cactus Avenue, the cross-docked building will feature 32-foot clear ceiling heights, 8,000 square feet of speculative office improvements, 109 auto parking stalls and 27 trailer parking stalls. Rockefeller Group acquired the property fully entitled and zoned from Newcastle Partners for $5.9 million.

April 26, 2019

Acquisitions California Hospitality Western

Marcus & Millichap Negotiates $19.9M Sale of 137-Room Courtyard by Marriott in California’s Napa Valley

by Amy Works April 26, 2019

FAIRFIELD, CALIF. — Marcus & Millichap has negotiated the sale of the Courtyard by Marriott Fairfield Napa Valley Area, a hotel located at 1350 Holiday Lane in Fairfield. A limited liability company purchased the property for $19.9 million. The transaction included the 137-room hotel and an adjacent 1.9-acre development parcel. Renovated in 2016, the hotel features interior-corridor rooms, heated outdoor pool and spa, fitness center, business center, guest laundry facilities and 5,845 square feet of meeting space, as well as The Bistro restaurant. Additionally, select suites include a separate living/dining area, balcony, whirlpool and/or wet bar. Gordon Allred, Matt Monahan and Shane Lupo of Marcus & Millichap represented the seller, a limited liability company, while Allred and Monahan also represented the buyer in the deal.

April 26, 2019

Acquisitions Office Washington Western

Unico Properties Buys Historic Washington Park Building in Seattle’s Pioneer Square District

by Amy Works April 26, 2019

SEATTLE — Unico Properties, a subsidiary of Unico Investment Group, has purchased Washington Park Building, a historic building located in Seattle’s Pioneer Square submarket. Terms of the sale were not disclosed. The four-story Washington Park Building features 36,000 square feet of office space, with 83 percent leased to a number of small tenants. Originally constructed in 1890, the building was built for the Lowman & Hanford Stationery and Printing Co. for its printing and bindery operations. The building features 16-foot to 18-foot ceilings, as well as the original Carnegie steel beams. MaKensay Real Estate Services will continue to operate and manage the building on behalf of the ownership group. The acquisition marks Unico’s seventh investment along Seattle’s waterfront since 2014. With the addition of Washington Park Building, the company now owns and manages more than 840,000 square feet along the waterfront.

April 26, 2019

Acquisitions California Retail Western

Brixton Capital Sells 290,000 SF Towngate Center in Moreno Valley for $50.9M

by Amy Works April 25, 2019

MORENO VALLEY, CALIF. — Brixton Capital has completed the sale of Towngate Center, a community shopping center located at 12625 Frederick St. in Moreno Valley. An Asian-Pacific-based 1031 exchange buyer acquired the asset for $50.9 million. At the time of sale, the 290,000-square-foot property was 95 percent occupied by national and regional credit tenants, including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, ULTA Beauty, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank. Phillip Voorhees of CBRE’s National Retail Partners-West represented the seller in the transaction.

April 25, 2019

Acquisitions Hospitality Nevada Western

MCR Acquires 139-Room Hilton Garden Inn Las Vegas/Henderson in Nevada

by Amy Works April 25, 2019

HENDERSON, NEV. — MCR has purchased Hilton Garden Inn Las Vegas/Henderson, a hotel located approximately six miles from McCarran International Airport. Terms of the deal were not released. Located at 1340 W. Warm Springs Road, the hotel features 139 pet-friendly guestrooms with microwaves, coffee makers and refrigerators; free Wi-Fi; Rachel’s Kitchen, serving breakfast, lunch and dinner; The Pavilion Pantry, a 24-hour convenience store; 1,300 square feet of meeting and event space for up to 100 people; 24-hour business center; fitness center; heated outdoor swimming pool and hot tub; and on-site laundry service.

April 25, 2019

Acquisitions California Industrial Western

Cushman & Wakefield Brokers $14.4M Sale of Industrial Facility Near San Diego

by Amy Works April 25, 2019

CARLSBAD, CALIF. — Cushman & Wakefield has brokered the sale of an industrial facility, located at 3248 Lionshead Ave. in Carlsbad. Badiee Development sold the property to a San Diego-based high-net-worth family for $14.4 million. Built in 2017, the property features 55,573 square feet of Class A industrial space with dock- and grade-level loading, designed ingress/egress, outdoor amenities and an efficient layout for warehouse and showroom use. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Zach Harmam and Devin Muna of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the seller in the transaction. Additionally, Brant Aberg and Dennis Visser of Cushman & Wakefield provided local market advisory for the deal.

April 25, 2019

Acquisitions Arizona Office Western

Pathfinders Partners, Global Building Divest of 32,741 SF Office Property in Phoenix for $5.2M

by Amy Works April 25, 2019

PHOENIX — Pathfinders Partners and Global Building LLC have completed the sale of an office building located at 2730 W. Agua Fria Freeway in Phoenix. Devil Dogs Properties acquired the property for $5.2 million. Located in the Deer Valley/Interstate 17 submarket, the asset features 32,741 square feet of office space. At the time of sale, the multi-tenant property was fully leased. Darren Tappen and Peter Beauchamp of Kidder Mathews represented the seller, while Michelle Gardner, also of Kidder Matthews, represented the buyer in the transaction.

April 25, 2019

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