Western

Soul Community Planet Opens Inaugural Hotel in Colorado Springs After $6M Renovation

by Amy Works June 21, 2018

COLORADO SPRINGS, COLO. — Soul Community Planet (SCP) has opened its first SCP Hotel. The renovated property is located in Colorado Springs. Located at the base of Pikes Peak, the 98,000-square-foot hotel features 176 guest rooms crafted with reclaimed and beetle-kill wood and sustainable elements; a 2,000-square-foot lobby with co-working spaces, a 500-square-foot meeting room and free WiFi for guests; and SCP Fit, a 12,000-square-foot full-service health and wellness club. SCP Hotels offer a holistic hospitality concept for travelers and the surrounding community through services and the extensive use of green materials, eco-friendly products, solar energy, sustainable practice and water-conserving fixtures. The hotel is in its final stages of a $6 million, nine-month renovation, with a soft opening scheduled for June 27.

June 21, 2018

Acquisitions California Industrial Western

Avison Young Brokers $16.8M Acquisition of Industrial Building in Temecula, California

by Amy Works June 21, 2018

TEMECULA, CALIF. — Avison Young has arranged the acquisition of MCA Business Center, a newly constructed industrial building located on Dendy Parkway in Temecula. An undisclosed buyer purchased the property from MCA Realty for $16.8 million. The buyer plans to occupy the entire 143,689-square-foot facility. Completed in 2018, MCA Business Center features 32-foot clear-height ceilings, 120-foot truck courts, 26 dock-high loading doors, three grade-level doors, 255 skylights and unobstructed views of the Temecula Valley. The property is located within Westside Business Center, a 385-acre master-planned business park that is 95 percent built out. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Lee & Associates, along with CBRE, represented the seller in the deal.

June 21, 2018

Acquisitions Retail Washington Western

Marcus & Millichap Negotiates $3.1M Sale of Retail Property in Seattle

by Amy Works June 21, 2018

SEATTLE — Marcus & Millichap has brokered the sale of a retail property located at 5201 Ballard Ave. NW in Seattle. A limited liability company acquired the property from a private investor for $3.1 million. Built in 1905, the two-story building features 10,540 square feet of retail space. Brian Mayer and Clayton Brown of Marcus & Millichap’s Seattle office represented the seller, while Mayer also represented the buyer in the transaction.

June 21, 2018

Acquisitions California Office Retail Western

Ocean West Capital Partners Acquires 124,000 SF Office/Retail Building at Hollywood and Vine

by Amy Works June 20, 2018

LOS ANGELES — Ocean West Capital Partners has purchased the Taft Building, a 12-story office and retail building located at the intersection of Hollywood Boulevard and Vine Street in Hollywood, for an undisclosed price. Originally built in 1923, the historic property features 124,000 square feet of space. The building, which was the first high-rise office building in Hollywood, recently underwent an extensive renovation. The buyer plans to complete capital upgrades to the lobby and common areas, convert the ground-floor basement space into an entertainment-focused use, and provide a high-touch level of service to its entertainment industry-focused clientele. The name of the seller was not released.

June 20, 2018

Arizona Development Multifamily Seniors Housing Western

Willis Development Opens 106-Unit Assisted Living Community in Tucson, Arizona

by Amy Works June 20, 2018

TUCSON, ARIZ. — Willis Development has completed construction of Sage Desert, an assisted living and memory care community in Northwest Tucson. The community features 86 assisted living units and 20 memory care units, with views of the surrounding desert and mountains. Dekel Strategic Investors provided equity capital for the development, while East West Bank provided construction financing. Milestone Retirement is operating the property. The design team included Jeffrey Demure + Associates and StudioSix5. W.E. O’Neill managed construction. This is the second senior living development project that Willis Development and Dekel have completed together, with a third in California scheduled for groundbreaking later this year.

June 20, 2018

Acquisitions California Retail Western

Hanley Investment Group Arranges $6.4M Sale of Two-Tenant Retail Property in Southern California

by Amy Works June 20, 2018

COVINA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a two-tenant retail property located within Covina Shopping Center in the Southern California community of Covina. Tenants at the 39,159-square-foot building include dd’s Discounts and Stars Gymnastics. Bill Asher, Ed Hanley and Jeff Lefko of Hanley Investment Group arranged the transaction on behalf of the seller, an Orange County-based family partnership. Moon Lim of Marcus & Millichap represented the buyer, Cecelia LLC. Other tenants at Covina Shopping Center include Smart & Final Extra and CVS/pharmacy.

June 20, 2018

Acquisitions Colorado Healthcare Office Western

Quantum Commercial Brokers $2.9M Sale of Medical Office Building in Colorado Springs

by Amy Works June 20, 2018

COLORADO SPRINGS, COLO. — Quantum Commercial Group has arranged the sale of a medical office building located at 1699 Medical Center Point in Colorado Springs. A private investor, 601 El Camino Real LLC, acquired the property for $2.9 million. The building features 9,585 square feet of medical office space. Kay Folan of Quantum Residential Group and Mary Frances Cowan of Quantum Commercial Group represented the seller, 1699 Medical Center Point LLC. Steve Ghirardo and Nick Ghirardo of Ghirardo Real Estate Group represented the buyer in the deal.

June 20, 2018

Acquisitions Industrial Nevada Western

NAI Alliance Negotiates Two Industrial Sales in Nevada

by Amy Works June 20, 2018

SPARKS AND MCCARRAN, NEV. — NAI Alliance has brokered the sales of two industrial assets in Nevada. In the first transaction, Tolles Development Co. purchased a 202,760-square-foot industrial portfolio located at 1210-1280 Icehouse Drive, 575-585 Reator Way and 1355 Industrial Way in Sparks. Dan Oster and Chase Houston of NAI Alliance represented the buyer in the deal. In the second transaction, Rounds Bakery acquired a 11,961-square-foot light industrial property located at 96-114 Megabyte Drive in McCarran. Greg Shutt of Colliers international represented the buyer; while Oster and Houston represented the seller, PSG Resources LLC, in the deal.

June 20, 2018

Acquisitions California Office Western

Harbor Associates, Ascentris Acquire 110,110 SF Office Building in Rancho Bernardo, California

by Amy Works June 19, 2018

RANCHO BERNARDO, CALIF. — Harbor Associates and Ascentris have partnered to acquire The Pinnacle, an office building located in the north San Diego submarket of Rancho Bernardo, for an undisclosed price. Completed in 2007, the property features 110,100 square feet of Class A office space. At the time of sale, the property was 93 percent leased. The buyers plan to execute a capital improvement plan to enhance the tenant experience, including new outdoor covered seating and collaborative workspace with canyon views, modernizing the bike storage and locker room areas, and refreshing the ground-floor lobby. Lynn LaChapelle and Bob Prendergast of JLL represented the undisclosed seller in the deal. Jay Alexander and Tim Olsen of JLL will continue to handle leasing for the new ownership, while Davis Partners will serve as property manager.

June 19, 2018

Acquisitions Colorado Loans Office Western

Equus Investment Partnership XI to Purchase 150,656 SF Office Building in Metro Denver

by Amy Works June 19, 2018

BROOMFIELD, COLO. — Equus Investment Partnership XI, an equity fund managed by Equus Capital Partners, has received $18.8 million in financing for the purchase of 370 Interlocken Blvd. The 150,656-square-foot, Class A office building is located in Broomfield, a northwest suburb of Denver. Leon McBroom and Eric Tupler of HFF secured the seven-year, fixed-rate loans through Guggenheim Partners for the borrower. Completed in 1998 and renovated in 2017, the six-story building features a two-story lobby with a fireplace, touchscreen directory, WiFi access, a fitness center with showers and lockers, a high-end tenant lounge and a bike storage center. At the time of financing, the property was 94 percent leased to a variety of tenants, including Stantec, CliftonLarsonAllen and New York Life Insurance Co.

June 19, 2018

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