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Tatum-Place-Scottsdale-AZ
AcquisitionsArizonaMultifamilyWestern

Clear Sky Capital Sells Scottsdale Apartment Complex for $26.1M

by Amy Works

SCOTTSDALE, ARIZ. — An entity formed by Phoenix-based Clear Sky Capital has completed the disposition of Tatum Place, a 164-unit multifamily property located at 16801 N. 49th St. in Scottsdale. Tatum Investment Partners, an entity formed by Chicago-based Rockwell Partners, purchased the asset for $26.1 million. Tatum Place features a mix of one- and two-bedroom apartments with an average size of 814 square feet. Units offer nine-foot ceilings, all-electric kitchens, in-unit washers/dryers, patios/balconies, wood-style flooring and walk-in closets. Community amenities include a fitness center, two swimming pools, a poolside clubhouse, outdoor barbecue grills, covered parking, gated access, a fire pit and complimentary Wi-Fi. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.

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All-Star-Self-Storage-Belfair-WA
AcquisitionsIndustrialSelf-StorageWashingtonWestern

Marcus & Millichap Directs $9.7M Sale of Self-Storage Facility in Belfair, Washington

by Amy Works

BELFAIR, WASH. — Marcus & Millichap has arranged the sale of All Star Self Storage, Boat & RV, a self-storage facility located at 19720 E. Highway 106 in Belfair. A regional investment group acquired the property from a local partnership for $9.7 million, or approximately $127 per rentable square foot. The five-parcel asset is situated on 12 acres and features 586 self-storage units, a 25,000-square-foot boat barn for indoor boat and vehicle storage and 120 uncovered parking spaces. The property was built in several phases between 1987 and 2003. Christopher Secreto of Marcus & Millichap represented the seller and secured the buyer in the deal.

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AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Mogharebi Group Brokers $6.8M Sale of Seniors Housing Community in San Bernardino, California

by Amy Works

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living, a 71-unit apartment community in San Bernardino, approximately 60 miles east of Los Angeles. Built in 1984, Bernadine Senior Independent Living is a four story, 71-unit retirement community totaling 36,210 rentable square feet and situated on a one-acre site. A private investor out of Los Angeles acquired the property for $6.8 million, or $95,423 per unit. The seller was an Inland Empire-based acquisition group. Alex Mogharebi, Otto Ozen and Bryan LaBar of TMG represented both the seller and buyer in the deal.

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The-Hudson-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Timberlane Partners Sells 127-Unit The Hudson Apartments in Seattle for $38.7M

by Amy Works

SEATTLE — Timberland Partners has completed the disposition of The Hudson, a multifamily property located at 2450 Aurora Ave. N. in Seattle’s Queen Anne neighborhood. A private family acquired the asset for $38.7 million. Dylan Simon and Jerrid Anderson of Colliers International’s Seattle Multifamily team represented the seller in the deal. Built in 1987, The Hudson underwent extensive renovations from 2014 to 2016. Modernization of the building included unit finishes and upgraded amenities, such as a fully-equipped gym, large deck with community barbecue, and a bike maintenance and storage area.

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CaliforniaLoansMultifamilyWestern

Marcus & Millichap Arranges $50.5M to Refinance Two Multifamily Assets in Southern California

by Amy Works

ORANGE COUNTY AND LOS ANGELES, CALIF. — Marcus & Millichap Capital Corp. has secured a total of $50.5 million in capital to refinance two multifamily properties in Southern California. In the first transaction, the firm arranged $27.5 million to refinance a 136-unit apartment asset in Orange County. The low-leverage loan, 55 percent loan-to-value, was structured with five years of interest-only payments. For the second transaction, Marcus & Millichap Capital Corp. secured $23 million for the refinancing of a 69-unit multifamily property in Los Angeles. The loan was leveraged at 65 percent and structured with a five-year fixed interest rate.

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Centennial-Commerce-Center-Las-Vegas-NV
DevelopmentIndustrialNevadaWestern

Panattoni Development Completes Centennial Commerce Center in North Las Vegas

by Amy Works

LAS VEGAS — Panattoni Development Co. has completed the construction of Centennial Commerce Center, a speculative industrial facility in North Las Vegas. Located at 6405 E. Centennial Parkway on 10.4 acres, the cross-docked 213,000-square-foot facility features 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. Valued at $16 million, the project will designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, owns the industrial asset. Alston Construction served as general contractor, and Greg Tassi and Donna Alderson of CBRE are handling the leasing of the property.

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AcquisitionsCaliforniaIndustrialWestern

Allstate Electric Buys 55,000 SF Industrial Building in Los Angeles for $9.6M

by Amy Works

LOS ANGELES — Allstate Electric, a division of Regency Lighting, has purchased an industrial property, located at 9240 Jordan Ave. in the Chatsworth submarket of Los Angeles. SDG Jordan Associates LLC sold the property for $9.6 million. Allstate Electric, the buyer, has occupied the 55,000-square-foot property since 2016. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura, while Matthew Dierckman of CBRE represented the buyer in the transaction.

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3730-3770-Astrozon-Blvd-Colorado-Springs-CO
AcquisitionsColoradoRetailWestern

Private Investor Sells 18,410 SF Shopping Center in Colorado Springs for $2.1M

by Amy Works

COLORADO SPRINGS, COLO. — A private investor has completed the disposition of a neighborhood shopping center located at 3730-3770 Astrozon Blvd. in Colorado Springs. An undisclosed California-based buyer acquired the property for $2.1 million in a 1031 exchange. The newly renovated property features 18,410 square feet of retail space. Cory Gross and Jake Shirek of Marcus & Millichap’s Denver represented the seller, while Brian Smith, also of Marcus & Millichap’s Denver, represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap Capital Corp. in Denver, facilitated the loan for the buyer.

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AcquisitionsCaliforniaDevelopmentOfficeTop StoriesWestern

Marquee Move: Warner Bros. to Purchase Portion of Burbank Studios, Anchor Office Campus in $1B Deal

by John Nelson

BURBANK, CALIF. — Entertainment and media giant Warner Bros. has inked a deal to purchase a portion of The Burbank Studios, a new 35-acre film, TV, broadcast media and new media campus in Burbank formerly known as NBC Studios. The purchase includes office space, eight soundstages, a mill building and a commissary. The seller is Worthe Rea Estate Group, a Los Angeles-based office developer. Additionally, Warner Bros. inked a lease to be the sole and long-term tenant of a planned two-building office campus adjacent to The Burbank Studios. The Los Angeles Times is reporting the combined value of the studio acquisition and new office space exceeds $1 billion. The co-developers of the office campus are Worthe and San Francisco-based Stockbridge Real Estate, which plan to break ground on the project this fall. The office development will be known as the Second Century Project, named in honor of Warner Bros.’ 100th anniversary in 2023, which is the expected completion date of the design and construction phases. Second Century will include a seven-story building spanning 355,000 square feet and a nine-story building spanning 445,000 square feet. “This is an opportunity to reimagine not only our workspace but our future,” says Kim Williams, …

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Vermont-Corridor-Apts-Los-Angeles-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Meta Housing Breaks Ground on $51.4M Affordable Seniors Housing Community in Los Angeles

by Amy Works

LOS ANGELES — Meta Housing Corp., a Los Angeles-based developer, in a joint venture partnership with Western Community Housing, a Southern California-based nonprofit corporation, has broken ground on Vermont Corridor Apartments. The six-story, transit-oriented, affordable community is located in the Koreatown neighborhood of Los Angeles. The $51.4 million project will provide affordable housing for seniors age 62 and older earning between 25 and 60 percent of area median income. Of the 72 units to be built at the property, 36 will include supportive services funded through the County of Los Angeles’ Measure H and subsidized rents for residents experiencing varying levels of homelessness. These units were constructed with funding from Proposition HHH from the City of Los Angeles and a partnership with the Housing Authority of the City of Los Angeles (HACLA), the Los Angeles Housing and Community Investment Department (HCID) and the County of Los Angeles. “Affordable seniors housing is extremely difficult to find in Los Angeles,” says Kasey Burke, president of Meta Housing. “Los Angeles needs more affordable alternatives for older residents, and we are delivering that alternative in this project. This is a great example of public-private partnership working together to improve the community and the lives …

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