Western

Bridge Investment Group Buys 304-Unit Verona Park Apartment Community in Arizona for $43.7M

by Amy Works April 23, 2019

MESA, ARIZ. — Salt Lake City-based Bridge Investment Group has acquired Verona Park, an apartment community located at 1666 S. Extension Road in Mesa. Salt Lake City-based Millburn Co. sold the property for $43.7 million. Cindy Cooke and Brad Cooke of Colliers International of Arizona represented the seller, while Bridge Investment Group was self-represented in the sale. Built in 1981, Verona Park consists of 19 residential buildings totaling 248,224 square feet. The property features 304 apartments in a mix of one- and two-bedroom layouts, averaging 817 square feet. At the time of sale, 25 of the units had undergone renovations, leaving the remaining apartments with classic interiors for upgrading.

April 23, 2019

Acquisitions California Industrial Retail Western

Online Vehicle Auction Company Acquires 51 Acres in San Diego for $30M

by Amy Works April 23, 2019

SAN DIEGO — Copart, a Dallas-based online vehicle auction company, has purchased 51 acres of land in San Diego’s Otay Mesa submarket. The Street Family sold the property for $30 million. Located at the north end of La Media Road and the east side of Brownfield Airport, the property was most recently used as a truck yard. Additionally, the asset was recently improved with power, water, landscaping, fencing, screening and secure gates. Rob Hixson of CBRE represented the seller, while Joe Carroll of Resource One represented the buyer in the deal. Copart sells roughly 14,000 used cars per day, using patented virtual auction technology.

April 23, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Arranges $11M Sale of 81-Unit Amherst Apartments in Denver

by Amy Works April 23, 2019

DENVER — Nexus Commercial Realty has arranged the sale of Amherst Apartments, a multifamily building located at 2775 S. Federal Blvd. in Denver. Vukota Amherst Apartments LP sold the property to PARS LLC for $11 million. Totaling 58,003 square feet, Amherst Apartments features 81 units in a mix of one- and two-bedroom layouts. On-site amenities include a leasing office, playground, clubhouse and laundry facilities. Adam Riddle of Nexus Commercial represented the seller, while Jason Koch, also of Nexus Commercial, represented the buyer in transaction.

April 23, 2019

Acquisitions Retail Utah Western

Evergreen Devco Sells 5,500 SF Retail Center in Utah for $3.1M

by Amy Works April 23, 2019

PLEASANT GROVE, UTAH — Evergreen Devco has completed the disposition of a newly developed retail center, located at 855 W. State St. in Pleasant Grove. Pinot Pasadena Land Co. acquired the property for $3.1 million. The 5,500-square-foot, multi-tenant retail space was 100 percent occupied. Tenants include Mo’ Bettahs Hawaiian Style restaurant, Beans & Brews Coffee House and Dough Co., which is slated to open this spring. Evergreen originally purchased the 1-acre site in June 2018 and completed the retail center in November 2018. The project team included Utah-based Rimrock Construction and architect Farnsworth Group.

April 23, 2019

California Development Mixed-Use Student Housing Top Stories Western

UC Hastings Selects Greystar as Master Developer of $450M Student Housing Village in San Francisco

by John Nelson April 23, 2019

SAN FRANCISCO — The University of California Hastings College of the Law (UC Hastings) has selected Greystar Real Estate Partners LLC as the master developer of its planned on-campus academic village in downtown San Francisco. Charleston, S.C.-based Greystar plans to build the $450 million project in two phases. “We are excited to be moving forward with Greystar to further develop this vibrant academic village in the heart of San Francisco,” says David Faigman, chancellor and dean at UC Hastings. The law school is situated in downtown San Francisco near the Supreme Court of California and San Francisco City Hall. Phase I of the new project will be the ground-up construction of 630 student housing apartments available for students, faculty and staff. The first phase is estimated to cost $250 million to develop, which will be funded using tax-exempt bonds. UC Hastings and Greystar plan to open the first phase in time for the fall 2022 semester. Phase II is the approximately $200 million renovation of McAllister Tower, a historic on-campus dormitory. The overhaul will update 300 units and add new mixed-use amenities, including a fitness center, study lounges, community kitchens, social lounges and a new auditorium. Overall, the expansion will …

April 23, 2019

Acquisitions California Industrial Western

Innovative Industrial Properties Buys Southern California Industrial Portfolio for $27.1M

by Amy Works April 22, 2019

SAN DIEGO — Innovative Industrial Properties (IIP) has acquired a five-property industrial portfolio in Southern California for $27.1 million. The assets total 102,000 square feet of industrial space. This acquisition marks IIP’s second investment in California, following the company’s acquisition in Sacramento earlier this year. The company claims to be the only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at each property with a licensed cannabis operator. The tenant intends to operate the properties as licensed cannabis cultivation, manufacturing, processing and distribution facilities in accordance with California regulations.

April 22, 2019

Arizona Development Industrial Western

Conor Commercial, Globe Corp. Assemble 18.8-Acre Land Parcel for Airport 40 Spec Industrial Project in Phoenix

by Amy Works April 22, 2019

PHOENIX — Conor Commercial Real Estate and Globe Corp. have assembled 18.8 acres within the Sky Harbor Airport submarket of Phoenix for the development of Airport 40, a 320,700-square-foot speculative industrial development. Construction is slated to begin in June, the two-building project will include Building 1, a 211,900-square-foot rear-load facility featuring 40 dock-high doors and six drive-in doors; and Building 2, a 108,800-square-foot property with 28 dock doors and four drive-in doors. Both buildings will feature 32-foot clear heights, built-to-suit office space, ample vehicle parking and 75 oversized truck trailer stalls. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield negotiated the purchase of the parcels in three separate transactions for a combined total of $8.1 million.

April 22, 2019

Acquisitions Arizona Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of RV Storage Facility in Tucson, Arizona

by Amy Works April 22, 2019

TUCSON, ARIZ. — The LaClaire Group of Marcus & Millichap has negotiated the sale of National RV Central, a 125,015-square-foot recreational vehicle storage facility in Tucson. A Colorado-based national private self-storage operator acquired the property from a local partnership for an undisclosed price. Situated next to Interstate 10, National RV Central features 112,115 rentable square feet of indoor, climate-controlled RV storage; 5,100 rentable square feet of traditional drive-up self-storage space; and a 7,800-square-foot service bay rented to a third party. Built in 2006, the property features fully enclosed RV and boat storage. Thomas Parson and Adam Schlosser of Marcus & Millichap represented the seller in the deal.

April 22, 2019

Acquisitions Colorado Office Western

Cushman & Wakefield Directs $9.1M Sale of Office Building in Colorado Springs

by Amy Works April 22, 2019

COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of an office building, located at 745 Space Center Drive in Colorado Springs. A private individual sold the property for $9.1 million, or $177 per square foot. Booz Allen Hamilton fully occupies the two-story, 51,700-square-foot office building, which features covered parking. The property was constructed in 2006. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield’s Denver-based Capital Markets Group facilitated the transaction. The buyer was not disclosed.

April 22, 2019

Acquisitions Industrial Western Wyoming

Stan Johnson Co. Arranges $7.1M Sale of 36,720 SF Industrial Building in Wyoming

by Amy Works April 22, 2019

GILLETTE, WY. — Stan Johnson Co. has brokered the sale of an industrial building, located at 2600 E. Second St. in Gillette. New York-based AR Global Investments acquired the property from a local Wyoming developer for $7.1 million. Cummins Inc. occupies the 36,720-square-foot building on a double-net-lease basis. Jason Powell and Colin Couch of Stan Johnson Co. represented both parties in the transaction.

April 22, 2019

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