INDIO, CALIF. — Marcus & Millichap has arranged the sale of a retail property, located at 82360 U.S. Highway 111 in Indio. An individual/personal trust acquired the 9,888-square-foot property for $2.1 million at a 6.7 percent capitalization rate. Edwin Mariscal of Marcus & Millichap’s Ontario, Calif., office represented the buyer in the deal.
RENO, NEV. — NAI Alliance has negotiated sales of two properties totaling 21,072 square of industrial and office space in Reno. Prices were not disclosed. In the first transaction, The Carle & Anne Conway Family Trust acquired a 19,222-square-foot office building located at 140 Washington St. Dan Oster and Chase Houston of NAI Alliance represented the seller, TDC Reno Office 1-DE SPE LLC, while Avison Young Western Alliance Commercial represented the buyer. In the second deal, Nevada Outdoors purchased a 1,850-square-foot industrial building, located at 5115 Sun Valley Blvd. Oster and Bryce Wiele of NAI Alliance represented the buyer, while DCG Commercial Group represented the seller, David Muskin.
EL SEGUNDO, CALIF. — TA Realty has acquired 101 Continental, a soon-to-be-vacant office tower in El Segundo, for $138.5 million or $400 per-square-foot. VEREIT Inc. (NYSE: VER) sold the property. Developed by Continental Airlines in 1972, the 340,000-square-foot property was upgraded in 2008. The building is fully leased to Northrop Grumman and features floor-to-ceiling glass on every floor and unobstructed ocean views. TA Realty plans to begin a comprehensive building renovation at the end of May when Northrop Grumman’s lease expires. A timeline for the completion of the renovation was not disclosed. The property is located at 101 Continental Blvd., 18 miles southwest of downtown Los Angles and two miles south of Los Angeles International Airport. Selling 101 Continental decreases VEREIT’s office exposure and strengthens its overall portfolio, according to Thomas Roberts, chief investment officer of the company. As of Dec. 31, 2018, VEREIT managed and owned a 4,000-property, 95 million-square-foot portfolio that spanned across retail, office, restaurant and industrial space in 49 states. When Phoenix-based VEREIT purchased the property in 2014 for $98 million, it was fully leased to Northrop Grumman. VEREIT engaged Newmark Knight Frank (NKF) to market the property as a redevelopment opportunity. “The opportunity to acquire …
A stable economy, lower unemployment rate and diversification of industries are bringing more overall investment activity to Southern Nevada’s industrial real estate scene, noted panelists at InterFace Las Vegas Industrial. Hosted by InterFace Conference Group and Western Real Estate Business, the half-day conference was held April 24 at the Four Seasons Hotel in Las Vegas. Using the terms “investment” and “Las Vegas” in the same sentence can cause many veteran decision-makers to pause as they remember the state that this city was in 10 years ago. During the Great Recession, Las Vegas was struggling to survive and many were uncertain about the city’s long-term future as visitors shunned Vegas hotels and casinos as they went into self-preservation mode. “There was nothing more depressing here than the recession when you could drive from one side of town to the other in half an hour because no one was going to work,” said Larry Monkarsh, owner of LM Construction and moderator of the conference’s Developers/Owners panel. Times have certainly changed, ushering in a new era of investment, commerce and development that has brought a renewed sense of confidence to Las Vegas. Though market players will always have varying opinions, one word reigned …
SUNNYVALE, CALIF. — A joint venture between Harvest Properties and Invesco Real Estate has acquired a three-building, Class A office development site in Silicon Valley’s Sunnyvale submarket. Terms of the transaction were not released. The acquisition marks the eighth joint venture that Harvest and Invesco have completed together. The fully entitled, shovel-ready development site is situated in Peery Park, minutes from downtown Sunnyvale. The project totals approximately 540,000 square feet across three buildings and can be delivered in phases. The partnership plans to break ground immediately and deliver the first building, a 190,000-square-foot asset at 684 W. Maude Ave., in the third quarter of 2020.
DENVER — Amazon plans to expand its Denver Tech Hub and create 400 new high-tech jobs in a variety of fields, including software engineering, hardware engineering, cloud computing and advertising. To accommodate this growth, the company will open a 98,000-square-foot office at Invesco’s 1515 Wynkoop building in Denver’s Lower Downtown district. Currently, Amazon has more than 350 employees in the Denver area, building new products and services for the company’s retail, advertising and Amazon Web Services businesses. The company’s new office joins the company’s Boulder office, which opened last fall, and will allow Amazon to more than double its tech workforce in the Denver area. In total, Amazon has created more than 3,500 full-time jobs in Colorado. Over the last three years, Amazon has invested more than $1.5 billion in Colorado including infrastructure, compensation and Whole Foods Market.
PHOENIX — Thorofare Capital has provided a $11.4 million loan for the acquisition of a multifamily property in Phoenix. The name of the borrower was not released. The Class B property features 158 apartments and was 67 percent occupied at closing. The non-recourse loan features a five-year floating rate with interest-only payments. Additionally, the financing features 75 percent loan-to-cost ratio and funding for future capital expenditures. Kevin Miller, Felix Gutnikov and Daniel Pavlinik of Thorofare Capital handled the financing.
EVERETT, WASH. — Marcus & Millichap has arranged the sale of Everett I-5 Mini Storage, a self-storage facility located in Everett. An out-of-state regional investment group acquired the asset for $10.2 million, or $123 per rentable square foot. Situated on 5.4 acres at 13100 Fourth Ave., the 83,315-square-foot features 782 self-storage units, plus 14 covered and 13 uncovered RV/vehicle parking spaces. The facility was built in 1986. Christopher Secreto of Marcus & Millichap represented the seller, a local partnership, and secured the buyer in the deal.
THORNTON, COLO. — Cushman & Wakefield has arranged the sale of 67 acres of industrial-zoned land that will be developed into 25 North, a master-planned flex development in Thornton. A newly formed joint venture between RMS Properties Co. and Bow River Capital acquired the site for $4 million. Located at Washington Street and 148th Avenue in Thornton, 25 North will feature approximately 900,000 square feet of Class A industrial space. Construction of the first phase is underway and will include two speculative buildings totaling approximately 220,000 square feet. The site is zoned to allow for a variety of uses, including office, flex, industrial, warehousing, manufacturing and outdoor storage uses. Additionally, the development will offer new speculative development and land for build-to-suits, with buildings ranging in size from 50,000 square feet to 250,000 square feet. Matt Trone, Steve Hager and Joey Trinkle of Cushman & Wakefield Denver represented the seller, Regal Properties, in the transaction.
SAN FERNANDO AND SAN DIEGO, CALIF. — Rexford Industrial Realty has acquired two industrial properties, comprising six buildings, for a total of $139 million. The acquisitions were funded using cash on hand and draws on the company’s line of credit. The company purchased San Fernando Business Center within the LA-San Fernando Valley submarket for $118.1 million, or $200 per square foot. At the time of acquisition, the industrial business park was 88 percent occupied. The park consists of three single-tenant industrial buildings and two three-tenant industrial buildings, totaling 591,660 square feet on 28.6 acres of land. The property features 24-foot minimum clear heights, extensive dock-high loading and proximity to four freeways. Additionally, Rexford acquired 10015 Waples Court within the Central San Diego submarket for $21.3 million, or $200 per square foot. Situated on 5.4 acres, the vacant industrial building features 106,412 square feet with 31-foot clear heights and is divisible for two tenants.
