Western

Levin Johnston Negotiates $13.6M Acquisition of Multifamily Community in Redwood City, California

by Amy Works June 25, 2018

REDWOOD CITY, CALIF. — Levin Johnston, a division of Marcus & Millichap, has arranged the purchase of 10 Birch, a multifamily property located at 10 Birch St. in the Mount Carmel neighborhood of Redwood City. A private investor acquired the property for $13.6 million from another private investor, which was the long-time owner of the property. The buyer plans to renovate the exterior of the property, as well as execute a full interior remodel on each of the 27 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the buyer in the transaction.

June 25, 2018

Acquisitions California Industrial Western

Rev Projects Acquires R&D Building in Fremont’s Bayside Business Park for $9.6M

by Amy Works June 25, 2018

FREMONT, CALIF. — Rev Projects has purchased a freestanding R&D building, located at 46355 Landing Parkway in Fremont. Oplink Communications, the former occupant, sold the property for $9.6 million, or $183 per square foot. The buyer plans to complete improvements at the 52,321-square-foot building, which is located within Bayside Business Park. Oplink Communications, a United States-based manufacturer of optical components, relocated its operations to a nearby building after being acquired by Koch Industries. Mike Spiro of Newmark Knight Frank Oakland represented the seller in the transaction.

June 25, 2018

Acquisitions Nevada Retail Western

NAI Alliance Arranges Sale of 15,984 SF Shopping Center in Sparks, Nevada

by Amy Works June 25, 2018

SPARKS, NEV. — NAI Alliance has brokered the sale of Marina Marketplace, a shopping center located in Sparks. An undisclosed buyer purchased the property for $4.4 million. Mark Keyzer negotiated the transaction. The 15,984-square-foot property is occupied by 11 tenants, including Peg’s Glorified Ham ‘N Eggs as the anchor. The name of the seller was not released.

June 25, 2018

Development Loans Multifamily Oregon Western

Guardian Real Estate Receives Construction Financing to Build 110-Unit Multifamily Project Near Portland

by Amy Works June 22, 2018

MILWAUKIE, ORE. — Guardian Real Estate Services has received construction financing for the development of Axletree, a multifamily project located at the intersection of SE Main and SE Washington streets in Milwaukie, a suburb of Portland. Casey Davidson of HFF arranged the floating-rate construction loan through a regional bank, while Ira Virden and Carrie Kahn, also of HFF, arranged joint venture equity for the project through Hanover Financial. Terms of the loans were not released. Slated for completion in third-quarter 2019, the property will feature 110 units in a mix of studio, one- and two-bedroom floor plans averaging 610 square feet. The community will also offer approximately 7,000 square feet of ground-floor retail space and 77 parking stalls. Axletree is the first multifamily community to be built in Milwaukie since 1995, according to HFF.

June 22, 2018

Acquisitions California Industrial Western

DAUM Commercial Brokers $16.1M Sale of Industrial Property in Southern California

by Amy Works June 22, 2018

BREA, CALIF. — DAUM Commercial has brokered the sale of an industrial property located 331-333 Cliffwood Park St. in Brea. SAME Investments sold the building to LFT-Cliffwood for $16.1 million. Constructed in 1974, the 99,552-square-foot property features 7,900 square feet of office space, four dock-high loading doors, a ground-level loading door, 22- to 24-foot minimum warehouse clearance, a fenced yard and a recently installed Energy Star-rated “cool roof.” Chris Migliori and the DAUM Commercial team represented the seller, while Chuck Wilson and Brain Chastain of Colliers International represented the buyer in the deal.

June 22, 2018

Acquisitions Colorado Hospitality Western

Marcus & Mililchap Brokers $9.2M Sale of 92-Room Hotel in Metro Denver

by Amy Works June 22, 2018

ENGLEWOOD, COLO. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites, a 92-room hotel located at 7380 S. Clinton St. within Denver Tech Center in Englewood. A private seller sold the property for $9.2 million. The buyer plans to complete a property improvement plan to convert the property into an EVEN Hotel by InterContinental Hotels Group. Neville Rustomjee of Marcus & Millichap represented the seller and buyer, a Florida-based private investor, in the transaction.

June 22, 2018

Acquisitions California Retail Western

Walnut Town & Country Retail Center in California Changes Hands for $10.7M

by Amy Works June 22, 2018

WALNUT, CALIF. — Faris Lee Investments has arranged the sale of Walnut Town & Country, a multi-tenant retail center located at 1205-1243 N. Grand Ave. in Walnut. A Northern California-based family trust acquired the property from an Oregon-based family trust for $10.7 million. Built in 1988, the 22,322-square-foot property is situated on 1.2 acres of land at the intersection of Amar Road and Grand Avenue. At the time of sale, the property was 95 percent occupied by a variety of tenants, including Jack in the Box, Subway, Wing Stop, Lollicup and Mathnasium. Shaun Riley of Faris Lee represented the seller and buyer in the deal.

June 22, 2018

Hospitality Idaho Loans Western

Aries Conlon Capital Arranges $5.3M Refinancing for 120-Key Hotel in Meridian, Idaho

by Amy Works June 22, 2018

MERIDIAN, IDAHO — Aries Conlon Capital has arranged a $5.3 million refinancing for Candlewood Suites Boise-Meridian, a 120-key hotel located at 1855 S. Silverstone Way in Meridian. The 10-year loan features a fixed interest rate and a 25-year amortization schedule. The borrower, TNB Hotels, used the loan to monetize accrued equity and take cash out. Suraj Desai of Aries Conlon Capital originated the transaction, and Rushi Shah, also of Aries Conlon Capital, placed the financing. Additionally, Heather Madsen and Prabhat Jayara of Aries Conlon Capital assisted with the underwriting and closing for the transaction.

June 22, 2018

Acquisitions Industrial Nevada Western

Panattoni Development Sells Two Industrial Buildings in Reno for $81.1M

by Amy Works June 21, 2018

RENO, NEV. — Panattoni Development Co. has completed the disposition of buildings A1 and B of the North Valleys Commerce Center (NVCC) in Reno. PRISM-IQ Nevada LLC and GOF Nevada LLC purchased the properties for $81.1 million. Panattoni made the sale through CP Logistics NVCC and CP Logistics NVCC Building A-1, two joint ventures between Panattoni and a public retirement fund. Building A1, totaling 352,957 square feet, and Building B, totaling 707,660 square feet, are located on 56 acres at 9460 N. Virginia St. in Reno. Trademark Global, Exxel Outdoors, Microflex Corp. and SupplyHouse.com are tenants at the properties. Completed in 2018, the buildings are cross-docked distribution facilities with a 36-foot clear height and low-cost LED lighting. JLL and Kidder Mathews represented the sellers in the deal.

June 21, 2018

Acquisitions California Office Western

Ensign Group Purchases 115,517 SF Office Building in Southern California

by Amy Works June 21, 2018

SAN JUAN CAPISTRANO, CALIF. — The Ensign Group, on behalf of a wholly owned subsidiary, has acquired an office building located in San Juan Capistrano. The name of the seller and acquisition price were not released. The Ensign Group plans to enter into a lease with its wholly owned subsidiary, Ensign Services, and expects Ensign to occupy a portion of the 115,517-square-foot property upon termination of its existing office leases in 2019. At the time of acquisition, the property was 92 percent occupied by third-party tenants. The Ensign Group is the parent company of the Ensign line of skilled nursing, rehabilitative care services, home healthcare, hospice care and assisted living companies. Mitch Lundquist and Ryan Hawkins of JLL represented the buyer in the transaction.

June 21, 2018

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