Western

MBK Rental Living Buys 14.5-Acre Site in Southern California for Azure Multifamily Community

by Amy Works April 10, 2019

SANTA MARIA, CALIF. — MBK Rental Living has acquired a 14.5-acre land site in Santa Maria for the development of Azure, a multifamily property. Easton Plaza LP sold the site for an undisclosed price. Upon completion, Azure will feature 318 two- and three-story garden-style apartments ranging in size from 406 square feet to 1,211 square feet. Community amenities will include two swimming pools, two hot tubs, a dog park, sports court, fitness center and playground. Grading of the site is slated for this spring, with leasing expected to begin in mid- to late-2020.

April 10, 2019

Arizona Development Industrial Western

Fairlife to Build 300,000 SF Production, Distribution Facility in Goodyear, Arizona

by Amy Works April 10, 2019

GOODYEAR, ARIZ. — Fairlife, a milk production company, plans to develop a 300,000-square-foot production and distribution facility in Goodyear. Slated to begin operations in late 2020, the $200 million facility will house product lines to accommodate growing demand. Working with the United Dairymen of Arizona to source milk from numerous dairy farmers in Goodyear, the new Fairlife plant will enable increased production of all its products, including different varieties of ultra-filtered milk, Core Power, fairlife YUP!, fairlife smart snacks and fairlife nutrition plan. Located at the corner of Cotton Lane and Thomas Road within Palm Valley 303 Business Park, the new facility will feature advanced manufacturing technologies and energy-saving equipment to reduce power consumption, while creating more than 140 local jobs.

April 10, 2019

Acquisitions California Office Western

Madison Partners Directs $31M Sale of 55,000 SF Office Building Near Los Angeles

by Amy Works April 10, 2019

EL SEGUNDO, CALIF. — Madison Partners has arranged the off-market sale of an office building, located at 2221 Park Place in El Segundo. Powerscourt Partners purchased the property from 2221 PPA LLC for $31 million, or $564 per square foot. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, while Geoff Ludwig of Colliers International represented the buyer in the deal. The 55,000-square-foot office building was vacant at the time of sale.

April 10, 2019

Acquisitions California Lee & Associates Multifamily Seniors Housing Western

Lee & Associates Arranges Sale of 132-Unit Seniors Housing Project in Southern California for $8.7M

by Amy Works April 10, 2019

LANCASTER, CALIF. — Lee & Associates-LA North/Ventura has negotiated the sale of Aurora Village Apartments, a low-income seniors housing project in Lancaster. The property is located in what city planners hope will be a “Medical Main Street” district for the city, which is north of Los Angeles in the western Mojave Desert area. It features 132 units on a 3.4-acre site within the city’s Amargosa Creek Master Plan, which envisions a mixed-use, pedestrian-friendly district with retail and medical amenities. The seller, Aurora Village LP, was the original developer and used federal Low Income Housing Tax Credit funding to finance the project. Afton Properties acquired the community for $8.7 million. Matt Benwitt of Lee & Associates-LA North/Ventura represented the seller in the transaction. Edward Mulflur of Re/Max Commercial represented the buyer. “With the expiration of the 15-year initial operation period, the new buyer is able to sell new tax credits,” says Benwitt. “The buyer will also benefit from the property’s location in an Opportunity Zone. Recent installation of solar electric and water heating systems by the seller presented an attractive package to the buyer.”

April 10, 2019

California Loans Retail Western

SRS Secures $6.5M Acquisition Loan for Mimi’s Plaza in Tustin, California

by Amy Works April 10, 2019

TUSTIN, CALIF. — SRS Real Estate Partners has secured a $6.5 million loan for the purchase of Mimi’s Plaza, a retail center located at 13911, 13931 and 13951 Carroll Way in Tustin. Built in 1990 and situated on 2.4 acres, the three-building property features 30,795 square feet of retail space. At the time of financing, the property was fully occupied. Ben Townsend and Matt Marlin of SRS’s Debt & Equity team structured the non-recourse, five-year loan on behalf of an out-of-state private investor. The loan features a 4.65 percent fixed interest rate and a 30-year amortization.

April 10, 2019

Leasing Activity Office Top Stories Washington Western

Dropbox Signs 120,886 SF Lease at Spec Office Tower Under Construction in Seattle

by Kristin Harlow April 10, 2019

SEATTLE — Dropbox Inc. has leased four floors totaling 120,886 square feet at a speculative office tower currently under construction in Seattle’s central business district. Skanska is developing the 38-story building, known as 2+U. Dropbox, a San Francisco-based file storage and sharing company, is expected to occupy the space at 2+U in late 2020. With this new signing, 2+U is now 60 percent leased. Other tenants joining Dropbox include Indeed.com and coworking firm Spaces. The 686,000-square-foot tower is scheduled for completion this summer. Located at the corner of Second Avenue and University Street, the development is adjacent to the Seattle Art Museum and Benaroya Hall. The property is lifted 85 feet off the ground in order to create an outdoor “urban village” underneath the building. The village area will include nearly a half-acre of open space with 17,000 square feet of retail and arts space. Floor plates at 2+U will range from 18,000 to 30,000 square feet. In addition to a rooftop deck, tenants will enjoy unobstructed views of the Puget Sound and Olympic Mountains. Dropbox currently occupies space at the Columbia Center in the city. “We’re thrilled to expand in Seattle,” says Greg Conklin, engineering director and Seattle site …

April 10, 2019

Acquisitions Multifamily Nevada Utah Western

Next Wave Investors Acquires Two Multifamily Properties in Nevada, Utah Totaling 188 Units

by Amy Works April 9, 2019

WEST VALLEY CITY, UTAH, AND LAS VEGAS — Next Wave Investors has purchased two multifamily communities in Nevada and Utah totaling 188 units for an undisclosed price. Additional details of the acquisitions were not released. Next Wave acquired Harlow Apartments, a 98-unit property located at 10602 W. Alexander Road in Las Vegas, with units averaging 1,061 square feet. The resort-style, Class A property was built to condominium specifications and was more than 95 percent occupied at time of sale. Unit amenities include walk-in closets, USB ports, vinyl-plank flooring, nine-foot ceilings and smart-technology package that includes Alexa devices, Nest thermostats, lighting and locks, as well as the smart apartment Dwelo app. The company also purchased Aspen Village Apartments, a 90-unit property located at 3043 W. 3500 S in West Valley City, near the 215 Beltway and Bangerter Highway. As of January, the property was 96.7 percent leased with units averaging 950 square feet. Situated near Fairbourne Station, a new mixed-use development, Aspen Village is in its original condition, which allows Next Wave to add value to the property with unit and amenity upgrades.

April 9, 2019

Acquisitions California Multifamily Western

Levin Johnston Directs $10M Sale of Multifamily Community in San Jose, California

by Amy Works April 9, 2019

SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Delano Apartments, a multifamily property located at 272-280 La Pala Drive in San Jose. A private, high-net-worth investor sold the property for an undisclosed price. Built in 1960, Delano Apartments features 35 units in a mix of one- and two-bedroom layouts. Community amenities include a swimming pool, on-site leasing office, coin-operated laundry facility and secured gated perimeter with security cameras. The newly renovated units feature granite countertops, engineered hardwood flooring, stainless steel appliances and modern light fixtures. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the deal.

April 9, 2019

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $3.5 Million Sale of Raising Cane’s Location in Southern California

by Amy Works April 9, 2019

FONTANA, CALIF. — Hanley Investment Group has arranged the $3.5 million sale of a single-tenant building situated on 0.6 acres within a Sprouts Farmers Market-anchored retail center in Fontana. The 3,233-square-foot property is fully leased to a Raising Cane’s Chicken Fingers restaurant, which opened in February. Other tenants at Highland Village shopping center include Jack in the Box, Burgerim, Jersey Mike’s, Oggi’s Restaurant, Mountain View Tires, Pacific Dental and Quick Quack Car Wash. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments Inc., in the transaction. Kevin Boeve of Marcus & Millichap represented the buyer, a private investor based in Covina, Calif.

April 9, 2019

Acquisitions California Office Western

Optimus Properties Sells 16,000 SF Office Building in West Los Angeles

by Amy Works April 9, 2019

LOS ANGELES — An affiliate of Optimus Properties has completed the sale of an office building located at 864 S. Robertson Blvd. in West Los Angeles. Terms of the sale were not disclosed. Originally built in 1956 and renovated in the 1980s, the 16,000-square-foot property features three floors, parking and several rooftop patios. Optimus completed improvements on the interior and exterior, including modernization of the entrance, lobby, common areas and new, ADA-compliant bathrooms.

April 9, 2019

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