Western

NALS Apartment Homes Sells 361-Unit Multifamily Complex in Salt Lake City

by Amy Works August 22, 2018

SALT LAKE CITY — NALS Apartment Homes has sold Cobble Creek, a multifamily property located six miles south of downtown Salt Lake City. An established, family-owned real estate investment business purchased the asset for an undisclosed price. Developed in 1974, the property was owned and operated by the seller for more than 25 years. Situated on more than 18 acres, the property features 309,696 square feet of net rentable space and 361 apartment units, with an weighted average unit size of 858 square feet. Steve Gebing of Institutional Property Advisors (IPA) and Cliff David, Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller in the deal. Cody Cannon of Marcus & Millichap is the broker of record in Utah.

August 22, 2018

Acquisitions Colorado Multifamily Western

ARA Newmark Brokers $7.6M Sale of Apartment Property in Boulder

by Amy Works August 22, 2018

BOULDER, COLO. — ARA Newmark has arranged the sale of 2037 Walnut, a multifamily asset located one block from Pearl Street in Boulder. An undisclosed buyer acquired the property from Boulder-based Element Properties for $7.6 million. Constructed in 1981 and renovated in 2014, the property features 26 one-bedroom units, averaging 400 square feet, with private patios. Recent renovations included new kitchens and bathrooms, stainless steel appliances, engineering hardwood floors and energy-efficient appliances. Andy Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.

August 22, 2018

Acquisitions Colorado Retail Western

Quantum Real Estate Arranges $1.2M Sale of Retail Building in Gunnison, Colorado

by Amy Works August 22, 2018

GUNNISON, COLO. — Quantum Real Estate Advisors has arranged the sale of a multi-tenant retail building located at 720-730 N. Main St. in Gunnison. A Crested Butte, Colo.-based individual investor acquired the property for $1.2 million. At the time of sale, the 8,848-square-foot property was fully occupied by a variety of tenants, including Domino’s and Verizon. Zack Hilgendorf of Quantum Real Estate represented the seller, a Phoenix-based individual investor, in the transaction.

August 22, 2018

California Development Industrial Western

Shea Properties Begins Construction of 500,000 SF Industrial Park in Santa Ana

by Amy Works August 21, 2018

SANTA ANA, CALIF. — Shea Properties has started construction of Shea Business Center, an industrial park located on a former ITT site on Dyer Road in Santa Ana. Consisting of nine buildings, the development will feature a total of 500,000 square feet of Class A industrial space. Completion is slated for October 2019. The buildings will feature dock-high and ground-level loading doors, ESFR sprinklers, concrete truck courts, gas service to all buildings, potential private yards, ample power and 28-foot to 30-foot clear heights. Additionally, the site will feature drought-tolerant landscaping, bicycle racks, and enhanced outdoor patio areas, benches and pathways, as well as power for electric vehicles. John Griffin and Max Wang of Cushman & Wakefield are handling leasing for the project.

August 21, 2018

Acquisitions California Industrial Western

DAUM Commercial Brokers Sales of Nine Industrial Assets in Central Los Angeles for $18.5M

by Amy Works August 21, 2018

LOS ANGELES — DAUM Commercial Real Estate Services has brokered the sales of nine adjacent industrial properties totaling more than 145,000 square feet in Central Los Angeles. A private investor sold the properties to three separate buyers — an owner-user and two private investors — for a total of approximately $18.5 million. James Vu, Michael Collins and Ben Spinner of DAUM represented the seller in the transactions. Originally constructed in the 1950s and 1960s, the properties feature major street exposure, separate legal parcels with ample parking, and dock-high and grade-level parking. At the time of sale, the properties were 100 percent leased. The investment properties are located at 1177 E. 58th Drive, 1213-1217 E. 58th Drive, 1206 E. Slauson Ave., 1223 E. 58th Place, 1237 E. 58th Place, 1247 E. 58th Place, 1253 E. 58th Place, 1168-1202 E. 58th Place and 1206-1212-1220-1226 and 1232 E. 58th Place.

August 21, 2018

Acquisitions Arizona Office Western

Buchanan Street Partners Sells 106,209 SF Office Property in Arizona for $15.6M

by Amy Works August 21, 2018

MESA, ARIZ. — Newport Beach, Calif.-based Buchanan Street Partners has completed the sale of Mesa Corporate Center, an office property located at 1001 W. Southern Ave. in Mesa. Escondido, Calif.-based Buster’s Bounce Texas acquired the property for $15.6 million, or $147 per square foot. Eric Wichterman, Mike Coover, Jerry Noble and Greg Mayer of Cushman & Wakefield Phoenix represented the buyer and seller in the transaction. Constructed in 2000, Mesa Corporate Center is a two-story, multi-tenant property totaling 106,209 square feet of Class A office space on 8.3 acres. At the time of sale, the property was 94.5 percent occupied by a variety of national and local corporations, including Allstate Insurance, Adtalem Global Education, Allied Universal Security, Teledoc and Kimley-Horn.

August 21, 2018

California Loans Multifamily Western

Walker & Dunlop Arranges $10.8M in Acquisition Financing for Multifamily Property in Palm Springs, California

by Amy Works August 21, 2018

PALM SPRINGS, CALIF. — Walker & Dunlop has structured $10.8 million in financing for Prism Multifamily Group’s acquisition of Latitude 33, a multifamily property in downtown Palm Springs. Alison Williams, Mark Grace and Matt Baldwin of Walker & Dunlop arranged the financing. Built in 1965, Latitude 33 operates under a 99-year ground lease that is regulated by the United States Department of Interior of Indian Affairs. The 121-unit property underwent a comprehensive renovation and repositioning in 2016. On-site amenities include a resort-style swimming pool, grilling stations and a private courtyard with shade sails.

August 21, 2018

Acquisitions Arizona Multifamily Western

Taylor Street Real Estate Negotiates $3.1M Sale of Apartment Community in Phoenix

by Amy Works August 21, 2018

PHOENIX — Taylor Street Real Estate Advisors has arranged the sale of Campbell Apartments, an apartment community located at 2417 E. Campbell Ave. in Phoenix’s Biltmore area. An undisclosed buyer acquired the asset for $3.1 million, or $131,250 per unit. The buyer plans to renovate the property, which features 24 apartment units. Brian Tranetzki and Eric Thomas of Taylor Street Real Estate Advisors represented the undisclosed seller in the deal.

August 21, 2018

Market Reports New Mexico Retail Western Western Market Reports

New Mexico’s Retail Market Gives Steady Performance

by Taylor Williams August 21, 2018

The New Mexico commercial real estate market continues to be a safe play for owners and developers in the Southwest. Albuquerque, which contains 50 percent of the state’s population, continues to drive the market with more than 80 percent of the commercial real estate transactions. A moderate supply-demand imbalance currently exists. This imbalance will allow vacant real estate to be matched up with occupier requirements relatively quickly, taking the vacancy rate lower or continuing to place upward pressure on the need for new construction. The New Mexico market, like many others, has experienced little to no development on the periphery of the city. Instead, owners and occupiers remain focused on the core areas of the market where density can be increased for a more efficient use of retail or office space. Albuquerque’s tech sector is also picking up momentum through the organic growth of existing companies and a large push from the University of New Mexico in partnership with the business community. New Mexico has one of the highest per capita concentrations of doctorate degrees in the U.S. The vacancy rate for retail space sits at 12.5 percent as of the first quarter of 2018. The outlook will be trending …

August 21, 2018

Acquisitions California Office Western

NKF Arranges Sale of Three-Building Office Campus in Mountain View, California

by Amy Works August 20, 2018

MOUNTAIN VIEW, CALIF. — NKF Capital Markets has arranged the sale of Castro Station, a three-building office campus located in downtown Mountain View. TH Real Estate sold the property to Northwestern Mutual Life Insurance and McCarthy Cook for an undisclosed price. Built in phases between 2000 and 2014, the three-building, Class A property is located at 100, 150 and 200 W. Evelyn Ave. on approximately four acres of land. At the time of sale, the 114,809-square-foot asset was 94 percent leased to seven tenants, with Dropbox as its anchor. Additionally, the campus features ample parking with a three-story, below-grade parking garage that offers 346 stalls. Steven Golubchik, Edmund Najera, Tyler Meyerdirk and Darren Hollak of NKF Capital Markets represented the seller in the transaction.

August 20, 2018

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