Western

Lee & Associates Brokers $3.9M Sale of Industrial Building in San Marcos, California

by Amy Works July 11, 2019

SAN MARCOS, CALIF. — Lee & Associates has arranged the sale of an industrial building, located at 307 E. Carmel St. in San Marcos. James 2002 Revocable Trust sold the property to 307 E Carmel LLC for $3.9 million. The 18,452-square-foot building features 30 percent showroom, 30 percent office and 40 percent warehouse space. The new owner leased the property to Chefs Toys LLC. Marko Dragovic and Isaac Little of Lee & Associates – North San Diego County and Jim Snyder of Lee & Associates – Newport Beach represented the buyer, while Colliers International represented the seller in the deal.

July 11, 2019

Acquisitions Office Washington Western

Newmark Knight Frank Brokers $305M Sale of 901 Fifth Office Tower in Seattle

by Jeff Shaw July 10, 2019

SEATTLE — Newmark Knight Frank (NFK) has brokered the $305 million sale of 901 Fifth Office Tower, a 41-story, 541,190-square-foot property at the corner of Fifth Avenue and Madison Street in downtown Seattle. NKF’s Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Ken White represented the seller, a partnership of Schnitzer West and Investcorp, in the transaction. HFF represented the buyer, Vanbarton Group. 901 Fifth Office Tower encompasses nearly a full city block and is 100 percent occupied by more than 40 tenants including Pitchbook, Cray and Milliman Care Guidelines. Roughly 18 months ago, the property underwent a $4.6 million lobby renovation. The building is LEED Platinum certified and features valet parking, a fitness center, conference rooms, coffee shop/deli, landscaped outdoor plaza and Wi-Fi.

July 10, 2019

Acquisitions Multifamily Nevada Western

CRA, The Roxborough Group Sell Las Vegas Multifamily Portfolio for $137.5 Million

by Jeff Shaw July 10, 2019

LAS VEGAS — Continental Realty Advisors (CRA) and The Roxborough Group have sold a three-community multifamily portfolio spanning 1,194 units in Las Vegas. The price was $137.5 million. The buyer was not disclosed. The Las Vegas portfolio includes: the 440-unit Stonegate Apartments, which was constructed in 1991; the 402-unit Loma Vista Apartments, constructed in 1998; and the 352-unit Viridian Palms (formerly Stonegate West) constructed in 1990. In recent years, the sellers invested over $5 million in repairs and improvements at the properties.

July 10, 2019

California Development Mixed-Use Office Retail Western

KBS Starts $20M Renovation of Union Bank Plaza in Los Angeles

by Jeff Shaw July 10, 2019

LOS ANGELES — KBS Real Estate Investment Trust II has launched a $20 million renovation of Union Bank Plaza (UBP) in downtown Los Angeles. Improvements will include an updated retail center, conference center, outdoor seating area and lobby. The property is located at 445 S. Figueroa St. In addition to the building renovation, KBS has embarked on a spec suite program, building out tenant suites without a committed tenant. Of the first eight suites currently under construction, two have been pre-leased. UBP includes a 701,888-square-foot office tower, two-level retail center, two-acre landscaped outdoor plaza and a four-level parking structure. Swinerton Builders will handle construction. The first round of demolition work will begin immediately with completion set for early 2020.

July 10, 2019

Acquisitions Colorado Retail Washington Western

Loja Real Estate Acquires Pair of Western Shopping Centers for $34.4M

by Jeff Shaw July 10, 2019

LITTLETON, COLO., AND WOODINVILLE, WASH. — Loja Real Estate has acquired two shopping centers in Colorado and Washington for a combined $34.4 million. Loja purchased Village West in the Denver suburb of Littleton for $19.4 million. TJ Maxx anchors the property. Palmer Capital represented the unnamed seller in the transaction. Loja bought Woodgate Center in the Seattle-area city of Woodinville for $15 million. Capital Pacific represented the unnamed seller in the transaction.

July 10, 2019

Acquisitions California Retail Western

Marcus & Millichap Arranges $3M Sale of Vacant Auto Dealership in Inland Empire

by Jeff Shaw July 10, 2019

VICTORVILLE, CALIF. — Marcus & Millichap has arranged the $3 million sale of a vacant, 21,108-square foot auto dealership in Victorville. Drew Wetherholt and Emily Brun of Marcus & Millichap’s Ontario office marketed the property on behalf of the seller and secured and represented the buyer, both limited liability companies. The dealership is located at 14673 Civic Drive.

July 10, 2019

Development Hospitality Loans Mixed-Use Oregon Western

George Smith Partners Arranges $460M Construction Loan for Five-Star Portland Hotel

by Jeff Shaw July 9, 2019

PORTLAND, ORE. — George Smith Partners has secured a $460 million construction loan on behalf of BPM Real Estate Group (BPM) for Block 216, a planned 1.1 million-square-foot mixed-use project in downtown Portland. The project was announced in June. Ritz-Carlton will anchor the 35-story tower, offering the first five-star hotel in the state of Oregon. An affiliate of Mosaic Real Estate Investors funded the four-year loan. George Smith Partners’ Malcolm Davies and Zachary Streit, along with other members of the firm’s Los Angeles office, sourced the financing on behalf of BPM founder Walter Bowen. The Block 216 project will encompass a full city block. In addition to the 251-room hotel, the tower also will include138 branded Ritz-Carlton Residences, 140,000 square feet of office space and 7,800 square feet of ground-floor retail. Portland-based BPM will begin construction of Block 216 this summer and host a groundbreaking on July 12. Construction is scheduled for completion in 2023.

July 9, 2019

Development Multifamily Seniors Housing Washington Western

Alliance Residential to Develop Assisted Living Community Near Seattle

by Jeff Shaw July 9, 2019

BELLEVUE, WASH. — Alliance Residential Co. is entering into the Bellevue market with a new construction senior living community to open in 2021. The property, Holden of Bellevue, will be a 136-unit assisted living and memory care facility located at 112th Ave. NE in Bellevue’s Highlands community. Architecture firm Ankrom Moisan designed the mid-rise building, and Alliance Pacific Northwest Builders was the general contractor.

July 9, 2019

Acquisitions California Industrial Western

Goodman Group Acquires Pair of Southern California Industrial Properties Totaling 127 Acres

by Jeff Shaw July 9, 2019

LOS ANGELES AND LONG BEACH, CALIF. — Goodman Group has acquired two industrial estates totaling 127 acres in Southern California. The acquisitions are the 90-acre former Boeing C-17 manufacturing plant in Long Beach, which has been renamed Goodman Commerce Center Long Beach, and a 37-acre former distribution center in Los Angeles renamed Goodman Commerce Center Los Angeles. Brett Hardy, Todd Anderson and Jeff Read of Newmark Knight Frank represented Boeing in the Long Beach deal. David Norrie of CBRE brokered the transaction of the Los Angeles property. The prices were not disclosed.

July 9, 2019

Acquisitions Industrial New Mexico Western

JLL Capital Markets Brokers Sale of Industrial Asset in New Mexico

by Jeff Shaw July 9, 2019

SANTA TERESA, N.M. — JLL has arranged the sale of 150 Earhardt Way, a 92,325-square-foot, three-tenant industrial building located in Santa Teresa, 13 miles northeast of El Paso, Texas. JLL’s Zane Marcell and Dustin Volz led efforts on behalf of the seller, GBP Santa Teresa LLC. JLL retained Adin Brown of Sonny Brown Real Estate as a local market expert in the transaction. The asset is 100 percent leased to three tenants and was sold to investment group BRI Earhardt LP. The price was not disclosed. The property is located in the Santa Teresa Intermodal Park adjacent to the Doña Ana International Airport and the Union Pacific Intermodal Terminal.

July 9, 2019

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