Western

Cushman & Wakefield Brokers $50.5M Sale of Apartment Property in Phoenix

by Amy Works June 28, 2018

PHOENIX — Cushman & Wakefield has arranged the $50.5 million sale of Aura Apartments, a multifamily property located at 1920 E. Indian School Road in Phoenix. Banner Audere LLC, an entity formed by Northbrook, Ill.-based Banner Real Estate Group, acquired the property from Dallas-based TRG Indian School LP, an entity of Trinsic Residential Group. The newly constructed community features 220 apartments in a mix of one-, two- and three-bedroom floor plans. On-site amenities include a clubhouse with an entertainment lounge/coffee bar, resort-style swimming pool with spa, private poolside cabanas, outdoor fireside seating, and an outdoor kitchen with televisions and barbecue grills. Additionally, the property features a multi-level fitness center, cardio theater, spin bikes, pool table, electric car charging station, covered parking and detached garages, and controlled access. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

June 28, 2018

Acquisitions California Office Western

EverWest Acquires 261,959 SF Office Park in Burlingame, California

by Amy Works June 28, 2018

BURLINGAME, CALIF. — EverWest Real Estate Investors, in partnership with Partners Group, has purchased Burlingame Bay Office Park, located at 555 and 577 Airport Blvd. in Burlingame. The acquisition price was not released. Situated on 13 acres, office park comprises a 120,681-square-foot building and 139,413-square-foot building, offering a total of 261,959 square feet. Ryan Madison provided in-house represented for EverWest in the deal. The name of the seller was not disclosed.

June 28, 2018

California Development Industrial Western

CapRock Partners Breaks Ground on 18-Acre Industrial Park in Inland Empire West

by Amy Works June 28, 2018

JURUPA VALLEY, CALIF. — Newport Beach, Calif.-based CapRock Partners has broken ground on Serrano Business Park in Jurupa Valley within the Inland Empire corridor. Situated on 18 acres, the three-building industrial development will feature units ranging from 31,220 square feet to 179,030 square feet and deliver 327,000 square feet of modern industrial space to the market. Each building will offer two percent prism skylights and can provide up to 4,000-amp, 277/480-volt electrical power. Additionally, the properties will meet sustainability standards consistent with California Green Building Standards Code. To complement tenant needs, the project will incorporate 4,500 square feet of executive office space positioned between the three buildings. The facilities will also include a minimum door clearance of 32 feet and ample secured parking and truck courts. Serrano Business Park is scheduled for delivery in 2019.

June 28, 2018

Arizona Development Hospitality Loans Western

Trez Capital Arranges $10M Construction Financing for 116-Room Hotel in Metro Phoenix

by Amy Works June 28, 2018

TOLLESON, ARIZ. — Trez Capital has secured more than $10 million in construction financing for Phoenix-based Virtua Partners. Loan proceeds will be used to finance the construction of a 116-room Fairfield Inn & Suites by Marriott in Tolleson, a western suburb of Phoenix. Slated to open in late summer 2019, the hotel will feature a fitness center, pool, free WiFi, an in-room ergonomic desk and chair, and an on-site business center. Hotel Equities will manage the hotel, which will anchor a 21-acre mixed-use development that will include office, retail, restaurants and 240 units of multifamily space.

June 28, 2018

Acquisitions California Retail Western

Progressive Real Estate Brokers Two Retail Parcel Sales Totaling $3.8M in San Bernardino

by Amy Works June 28, 2018

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of two retail parcels at University Town Center in San Bernardino for a combined total of $3.8 million. Mike Lin and Maggie Gonzalez of Progressive represented the seller, a Norwalk, Calif.-based private investor, in both transactions. In the first deal, a Temecula, Calif.-based private investor acquired a single-tenant pad building, located at 4304 University Parkway, for $1.8 million. Jiffy Lube is the original lessee of the 2,173-square-foot building that was built in 2007. In the second deal, a Walnut, Calif.-based private investor purchased a multi-tenant building, located at 4414 University Parkway, for $2 million. Subway, Little Caesars and Liquid Tea Bar fully occupy the property.

June 28, 2018

Development Industrial Nevada Western

Panattoni Development Breaks Ground on 204,000 SF Spec Industrial Park in Las Vegas

by Amy Works June 27, 2018

LAS VEGAS — Panattoni Development Co. has broken ground Centennial Commerce Center, located at 6405 E. Centennial Parkway in North Las Vegas. Situated on 10.4 acres, the property will feature 204,000 square feet of speculative industrial space. Valued at $16 million, the cross-dock facility will feature 32-foot clear heights, an ESFR sprinkler system, LED warehouse lighting and flexible office build-outs. Additionally, the property will be designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway 10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, is the owner of the development. Vertical construction is slated to begin this month, with completion scheduled for December. Greg Tassi and Donna Alderson of CBRE are marketing the property for lease.

June 27, 2018

California Industrial Loans Western

Newmark Arranges $25.6M in Financing for Multi-Tenant R&D Building in San Jose

by Amy Works June 27, 2018

SAN JOSE, CALIF. — Newmark has arranged $25.6 million in permanent financing for a research and development building located at 5500-5550 Hellyer Ave. in San Jose. Robert Slatt, Jeff Wilcox and Charlie Kokernak of Newmark secured the 10-year, fixed-rate loan, which features a 30-year amortization schedule through a conduit lender for the undisclosed borrower. The two-story property is divided into three tenant spaces and is fully occupied by industrial flex and office users.

June 27, 2018

Acquisitions California Retail Western

Champion Real Estate Sells Redeveloped, Grocery-Anchored Retail Center in Metro Los Angeles

by Amy Works June 27, 2018

GLENDORA, CALIF. — Champion Real Estate Co. has completed the disposition of Grand & Alosta, a grocery-anchored retail center located in Glendora, to 655 South Grand Avenue Owner LLC for an undisclosed price. Champion Glendora, an affiliate of Champion, acquired the vacant 85,615-square-foot building in 2016 and redeveloped it into a smaller, 70,811-square-foot, multi-tenant shopping center. Sprouts Farmers Market and Marshalls anchor the fully occupied property. Bryan Ley, Gleb Lvovich and Justin Kundrak of HFF represented the seller, while the buyer represented itself in the transaction.

June 27, 2018

Acquisitions Arizona Retail Western

JLL Brokers $11.2M Sale of Ocotillo Plaza Retail Building in Chandler, Arizona

by Amy Works June 27, 2018

CHANDLER, ARIZ. — JLL has arranged the sale of Ocotillo Plaza, a retail building located at 2880 S. Alma School Road in Chandler’s Ocotillo area. Thompson Thrift Retail Group sold the property to Southern California-based Slater Avenue II for $11.2 million. The 121,829-square-foot building was renovated from a former Target store into a multi-tenant retail property. Current tenants include Goodwill, Shoppers Supply, and a home and outdoor supply retailer. Peter Bauman, Tivon Moffitt, Dennis Desmond and Tyson Switzenberg of JLL’s Phoenix office represented the seller, while Nina Patel represented the buyer in the deal.

June 27, 2018

Acquisitions Arizona Development Office Western

DBM Ventures Buys Land Parcel for 32,054 SF Office Development in Scottsdale, Arizona

by Amy Works June 27, 2018

SCOTTSDALE, ARIZ. — DBM Ventures, a local partnership, has acquired a 2.8-acre land parcel, located at 8399 E. Hartford Drive within Perimeter Center in Scottsdale, for $9 million. The partnership plans to develop a two-story, 32,054-square-foot office building on the property. LGE Design Build is providing architectural services and general contracting for the project. Construction is slated to begin at the end of year with occupancy scheduled for summer 2019. Jim Keeley of Colliers International’s Greater Phoenix office negotiated the land sale transaction.

June 27, 2018

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