Western

JLL Brokers $31.5M Sale of 148,805 SF Corona Hills Marketplace in Corona, California

by Amy Works August 23, 2019

CORONA, CALIF. — JLL has arranged the sale of Corona Hills Marketplace, a grocery-anchored community shopping center located in the Corona Hills neighborhood of Corona. A public REIT sold the property to a private investor for $31.5 million. Situated on 12.3 acres at 529-591 N. McKinley St., Corona Hills Marketplace features 148,805 square feet of retail space in California’s Riverside County. At the time of sale, the property was 98 percent leased to a mix of daily-needs and service-oriented tenants. Anchor tenants include Vons, PetSmart and Howard’s Appliances. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Capital Markets represented the seller in the transaction.

August 23, 2019

Acquisitions California Retail Western

Beta Negotiates Sale of 37,346 SF Retail Building in Southern California

by Amy Works August 23, 2019

NEWBURY PARK, CALIF. — Beta, a California-based commercial real estate agency, has negotiated the sale of a retail building located at 3057 Grande Vista Drive in Newbury Park. AHS Property Inc. acquired the asset from Academy Road LLC. Although the price was not disclosed, the building was listed for $15 million. LA Fitness occupies the 37,346-square-foot building, which is located within the 575,644-square-foot Village at Newbury Park shopping center, which was developed this year. Additional tenants at the shopping center include Target, The Home Depot, Staples, Lowe’s Home Improvement Warehouse and PetSmart. Richard Rizika and Yvonne Shum of Beta represented the seller, while Mark Thiel of Marcus & Millichap represented the buyer in the deal.

August 23, 2019

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Arranges $2.4M Acquisition of 11,971 SF Industrial Asset in Vista, California

by Amy Works August 23, 2019

VISTA, CALIF. — Lee & Associates – North San Diego County has brokered the purchase of a net-leased investment property located at 1046-1050 La Mirada Court in Vista. Sterndahl Group 3 LLC acquired the asset from The San Diego 17 Trust for $2.4 million, or $205 per square foot. At the time of sale, the 11,971-square-foot building was leased to H2O Innovation USA on a long-term basis. The tenant specializes in water filtration, wastewater treatment and water reuse. Isaac Little, Marko Dragovic, TJ Donnelly and Matt Weaver of Lee & Associates – North San Diego County represented the buyer, while Rocket Glass represented the seller in the transaction.

August 23, 2019

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Apartment Market Remains Red-Hot, Fueling Influx of New Capital

by Taylor Williams August 23, 2019

It isn’t just temperatures that are scorching in the Phoenix metro this summer. The multifamily rental market is hot as well; and vigorous demand is coming from both renters and investors. Investors are snapping up apartment properties and paying hefty prices. Buyers spent $3.72 billion on 94 Phoenix-area apartment complexes in the first half of 2019, a 41.8 percent jump from the first half of 2018. Sales in the $50 million range experienced the greatest rate of acceleration. The Driving Factors Behind Strong Demand Phoenix is the fastest-growing city in the U.S., according to recently released data from the U.S. Census Bureau. The region saw an increase of 25,288 new residents between 2017 and 2018, topping all other U.S. cities. One reason for that growth is that Phoenix remains more affordable than many other large U.S. metros. People are flocking to the Valley from high-cost, high-tech cities like Los Angeles and San Diego. Phoenix also boasts a thriving job market that includes a fast-growing, high-paying tech sector. Other booming industries include bioscience/healthcare and financial services. In fact, the Phoenix metro led the U.S. for new jobs created from May 2018 to May 2019 with 66,500 non-farm jobs, representing 3.2 percent …

August 23, 2019

Acquisitions Arizona Industrial Western

Nike Inc. Purchases 901,699 SF Industrial Asset in Arizona for $69.8M

by Amy Works August 22, 2019

GOODYEAR, ARIZ. — Nike Inc. has acquired an industrial property located at the south southeast corner of 143rd Avenue and Van Buren Street in Goodyear. An undisclosed seller sold the property for $69.8 million, or approximately $77 per square foot. Situated on 49.9 acres and built in 2018, the asset features 901,699 square feet of I-1-zoned industrial space. Walter Unger of Kasten Long Commercial Group arranged the transaction.

August 22, 2019

Acquisitions California Retail Western

First Washington Realty Acquires Fairmont Shopping Center in Pacifica, California

by Amy Works August 22, 2019

PACIFICA, CALIF. — Bethesda, Md.-based First Washington Realty (FWR) has purchased Fairmont Shopping Center, a community shopping center located in Pacifica. Terms of the acquisition, including seller’s name and price, were not released. Situated at the intersection of Hickey and Skyline boulevards, Fairmont Shopping Center features 102,982 square feet of retail space, with Safeway and Rite Aid as anchor tenants. FWR currently owns 103 shopping centers with a value of more than $5.5 billion located in 22 states and the District of Columbia. The company’s centers contain approximately 13.8 million square feet with approximately 2,500 tenants.

August 22, 2019

Acquisitions California Healthcare Office Western

LaSalle Investment Management Buys 89,650 SF Medical Office Property in Orange County

by Amy Works August 22, 2019

BREA, CALIF. — LaSalle Investment Management, through its medical office fund, has acquired a medical office property located at 2767 E. Imperial Highway in Brea. A joint venture between Healthcare Property Advisors and The Innovation Institute sold the asset for an undisclosed price. St. Jude fully occupies the 89,650-square-foot property on a net-lease basis with 14 years remaining on the term. The two-story property is situated on 5.1 acres with frontage and visibility from Imperial Highway, as well as convenient access to the 57 Freeway. St. Jude is a network hospital of Providence St. Joseph Health. Nick Foster of JLL’s Net Lease Practice Group; Evan Kovac and Andrew Milne of JLL’s National Healthcare Capital Markets team; and Andrew Harper from JLL’s Los Angeles office investment team represented the seller. Additionally, John Chun of JLL’s National Healthcare Capital Market team advised from a debt and structured finance perspective.

August 22, 2019

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $12M Sale of Bluff Place Apartments in San Pedro, California

by Amy Works August 22, 2019

SAN PEDRO, CALIF. — Marcus & Millichap has negotiated the sale of Bluff Place, an apartment property located in San Pedro. A limited liability company sold the property for $12 million. Located at 4034 S. Pacific Ave., the building features 36 apartments in a mix of one studio, seven one-bedroom, 24 two-bedroom and four three-bedroom layouts. At the time of sale, 31 of the 34 units were vacant. The buyer plans to extensively renovate the property prior to releasing the units. Kevin King of Marcus & Millichap’s Long Beach, Calif., office represented the seller, while Bryan Schellinger of Marcus & Millichap’s Los Angeles office represented the buyer, another limited liability company, in the deal.

August 22, 2019

Acquisitions Arizona Retail Western

SRS Real Estate Partners Brokers $2.2M Sale of Walgreens-Occupied Property in Arizona

by Amy Works August 22, 2019

GILBERT, ARIZ. — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 805 S. Val Vista Drive in Gilbert. An Arizona-based private investor sold the asset to a San Diego-based fund for $2.2 million. Walgreens occupies the 13,905-square-foot property, which was built in 1999 and features a drive-thru and two monument signs. The tenant recently signed a corporate-guaranteed lease extension. Patrick Luther, Britt Raymond and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Jan Fincham of Lee & Associates represented the buyer in the deal.

August 22, 2019

Arkansas Colorado Loans Multifamily Southeast Texas Top Stories Western

Greystone Provides $179.2M Refinancing for Suburban Multifamily Portfolio Across Three States

by Kristin Harlow August 22, 2019

FAYETTEVILLE, ARK.; LONGMONT, COLO.; PARKER, COLO.; AND MISSOURI CITY, TEXAS — Greystone has provided $179.2 million in Freddie Mac loans for the refinancing of four suburban multifamily properties totaling 1,188 units in Arkansas, Colorado and Texas. Watermark Residential was the borrower. The properties include: the 306-unit Watermark at Steele Crossing in Fayetteville, Ark.; the 276-unit Watermark on Harvest Junction in Longmont, Colo.; the 294-unit Watermark on Twenty Mile in Parker, Colo.; and the 312-unit The Ranch at Sienna Plantation in Missouri City, Texas. The newly constructed, Class A communities are at or near full stabilization. PJ McDevitt of Greystone originated the four separate loans, which carry 15-year terms, fixed interest rates, 30-year amortization schedules and seven years of interest-only payments. 3G Capital Advisors LLC arranged the loans. The financing will enable Watermark to redeploy capital more efficiently and effectively, says Paul Thrift, CEO of the Indianapolis-based apartment development and management firm. — Kristin Hiller

August 22, 2019

Newer Posts

Older Posts