Western

Building-One-Gilbert-Spectrum-Gilbert-AZ

Graycor Starts Construction of 135,745 SF Industrial Building at Gilbert Spectrum in Arizona

by Amy Works April 29, 2019

GILBERT, ARIZ. — Graycor Construction Co., on behalf of SunCap Property Group, has started construction of a flex industrial building at the Gilbert Spectrum industrial project in Gilbert. The building is the is the first development in the southern portion of the 63-acre project, which is situated at the southwest corner of Elliot and McQueen roads. Known as Building One, the 135,745-square-foot facility will feature 32-foot clear heights, 40 dock-high and four grade-level loading doors, and ESFR sprinklers. Completion is slated for late July. SDHQ Off Road, an off-road vehicle supplier, will occupy 28,000 square feet in the building, with the additional space being developed on a speculative basis and divisible down to 15,000 square feet. Gilbert Spectrum is already home to a 58,289-square-foot, built-to-suit “Satellite Engineering Building” for Northrop Grumman Innovation Systems (formerly Orbital/ATK). Built by Graycor in 2017, the one-story, Class A office building mixes open collaborative areas and task-specific work zones. Building One is one of five new buildings — totaling more than 435,000 square feet — that SunCorp will develop at Gilbert Spectrum as the market demands. At build-out, Gilbert Spectrum will include more than 800,000 square feet in eight to 10 buildings that range in …

April 29, 2019

Acquisitions California Retail Western

CBRE Brokers Sales of Two Smart & Final Grocery Stores in Central California Totaling $14.8M

by Amy Works April 29, 2019

FRESNO AND PORTERVILLE, CALIF. — CBRE has negotiated the sales of two Smart & Final grocery stores in Central California. A private investor acquired the properties as corporate leasebacks for a combined total of $14.8 million. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, a Los Angeles-based grocery chain with more than 300 locations in the western United States. Jerry Suyderhoud of Newmark Knight Frank represented the buyer in the deal. The properties are a 33,150-square-foot Smart & Final, located at 2425 Blackstone Ave. in Fresno, and a newly built, 31,341-square-foot property at 1419 W. Olive Ave. in Porterville. The Fresno asset was built in 1991 and renovated in 2018.

April 29, 2019

California Development Multifamily Western

Wood Partners Breaks Ground on 203-Unit Alta Upland Apartments in the Inland Empire

by Amy Works April 29, 2019

UPLAND, CALIF. — Wood Partners has broken ground on Alta Upland, a multifamily property located at 1160 E. 19th St. in Upland. The property is located on the last undeveloped parcel at The Colonies at San Antonio masterplan and is adjacent to The Colonies Crossroads, a retail development. Slated to open in fall 2020, Alta Upland will features 203 apartments in a mix of one-, two- and three-bedroom floorplans. Community amenities will include a pool, spa, clubhouse and fitness center.

April 29, 2019

Acquisitions California Retail Western

SBH Real Estate Sells 14,000 SF Retail Asset in Southern California for $7.8M

by Amy Works April 29, 2019

BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has completed the disposition of a retail property in Burbank. A private investor acquired the asset for $7.8 million. SBH originally purchased the property in the first quarter of 2018 and proceeded to renovate and improve the building. Renovations included a new roof, updated electrical and lighting systems, new restrooms and new HVAC system. Harbor Freight Tools occupies the 14,000-square-foot property. Adam Friedlander and Kien Tsoi of JLL represented the seller, while Jeff Gerlach from CBRE represented the buyer in the deal.

April 29, 2019

Acquisitions California Retail 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

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