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Cohen Asset Management Completes Sale of 77,642 SF Phoenix Airport Industrial Center for $8.6M

by Amy Works January 4, 2019

PHOENIX — Los Angeles-based Cohen Asset Management has completed the disposition of Phoenix Airport Industrial Center, an industrial building in Phoenix. Denver-based EverWest Real Estate Investors acquired the property for $8.6 million. Will Strong of Cushman & Wakefield Capital Markets represented the seller in the deal. Situated on 3.9 acres at 824 E. University Drive, the 77,642-square-foot Phoenix Airport Industrial Center features ample loading capabilities, a fenced truck yard and an office-to-warehouse ratio of 6.6 percent. DIRTT Environmental Solutions occupies the entire building on a lease that runs through May 2027.

January 4, 2019

Industrial Leasing Activity Western

ATISA Industrial Arranges 56,333 SF Industrial Lease at Pacifico Park in Tijuana

by Amy Works January 4, 2019

TIJUANA, MEXICO — ATISA Industrial has announced that Pipedream has signed a lease to occupy space at Pacifico Park in Tijuana. Pipedream will occupy 56,333 square feet within the Violeta Building. Arturo Valdez of NAI Mexico brokered the deal.

January 4, 2019

Acquisitions California Multifamily Western

IPA Negotiates $56.2M Sale of Newly Built Multifamily Property in Santa Barbara, California

by Amy Works January 3, 2019

SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Marc, a newly constructed multifamily asset located on State Street in Santa Barbara. Realty Center Management acquired the property for $56.2 million. The sellers are a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners. Built in 2017, the property features 89 multifamily apartments and 2,500 square feet of ground-floor retail space for a total of 78,166 net rentable square feet. Additionally, the property features dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective low-heat roof. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of IPA represented the sellers in the transaction.

January 3, 2019

Acquisitions Nevada Retail Western

Cushman & Wakefield Brokers $12.9M Sale of Craig Promenade Shopping Center in North Las Vegas

by Amy Works January 3, 2019

NORTH LAS VEGAS, NEV — Cushman & Wakefield has directed the sale of Craig Promenade, a neighborhood shopping center located at 655-755 W. Craig Road in North Las Vegas. Tulsa, Okla.-based Liberty Crossing Apartments LLC, an entity formed by Precision Equity, purchased the asset from RREF-II KI Promenade, an entity formed by Rialto Capital Advisors. The acquisition price was $12.6 million. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office, along with Lauren Tabeek of the company’s Las Vegas office, represented the seller in the deal. Big Lots anchors the 81,057-square-foot retail center, which sits on 7.6 acres. At the time of acquisition, the property was 84.8 percent occupied.

January 3, 2019

Acquisitions California Retail Western

Sunflower Metro Buys Sunflower Plaza in Santa Ana for $9.5M

by Amy Works January 3, 2019

SANTA ANA, CALIF. — Sunflower Plaza Co. has completed the sale of Sunflower Plaza, a shopping center located at 3929-3941 S. Bristol St. in Santa Ana. Sunflower Metro LLC, a company owned by former NBA player Josh Childress, acquired the asset for $9.5 million. Built in 1979 and renovated in 2014, the 27,000-square-foot property is subject to a 30-year ground lease. Situated on 2.66 acres, the two-building property is anchored by Bank of the West, The Vitamin Shoppe, Panera Bread, Jersey Mike’s Subs and zpizza. Fouy Ly of Kidder Mathews represented the seller in the deal. Sunflower Plaza Co. is the original developer and this is first time the asset has sold in the last 40 years. Eyzenberg & Co., as financial advisor to Childress Ventures, secured a $7.4 million CMBS loan with a 20-year amortization through Morgan Stanley to fund the acquisition. Jeff Conti and Mila Babenko of Eyzenberg & Co. arranged the financing.

January 3, 2019

Acquisitions California Hospitality Western

Andy Investment Co. Sells 102-Room Good Nite Inn Near Los Angeles for $8M

by Amy Works January 3, 2019

WHITTIER, CALIF. — Andy Investment Co. has completed the disposition of Good Nite Inn, a hotel located at 10317 Whittier Blvd. in Whittier. Y&C Pacific acquired the property for $8 million. Situated on a 72,869-square-foot land parcel, the hotel features 102 rooms, a swimming pool and monument signage. Nearby amenities include Starbucks Coffee, Carl’s Jr., Dollar Tree and Wingstop Restaurant. Warren Berzack of Lee & Associates represented the buyer and seller in the transaction.

January 3, 2019

Acquisitions Nevada Retail Western

Colliers Arranges $2.4M Sale of 12,159 SF Retail Property in Las Vegas

by Amy Works January 3, 2019

LAS VEGAS — Colliers International has brokered the sale of a retail property, located at 2885 E. Charleston Blvd. in Las Vegas. E-Z Living LLC acquired the asset from El Mercado LLC for $2.4 million. The property features 12,159 square feet of retail space. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.

January 3, 2019

Hawaii Industrial Market Reports Western Western Market Reports

Hawaii Has Faced A Compressed Industrial Market, But Relief Is in Sight

by Taylor Williams January 3, 2019

When we last reported on the health of Hawaii’s industrial market in 2018, we offered rationale for a then 2.02 percent Oahu industrial vacancy rate. This rate was fueled by the completion of many large residential high rises in urban Honolulu, the ongoing construction of a $9.2 billion light rail system (voter approved at less than $5 billion), and booming tourism and military sectors, our two biggest economic drivers. Oahu’s small, 41 million-square-foot industrial market was under further compression as industrial product was either being taken — or functionally interrupted — by the state to support light rail construction or lost to high-rise residential construction and the expansion of our main Honolulu harbor. A prohibitive industrial construction cost scale, which generally exceeds $125 per square foot for metal skin shell warehouse, had also slowed spec and build-to-suit construction. Fast forward to late 2019, and our market reflects an Oahu industrial vacancy rate of just 2.13 percent, a monthly industrial base rent average of $1.24 per square foot and monthly operating expenses of $0.41 per square foot. Much of this rate is composed of property taxes, which have increased more than 30 percent year over year in some areas, and 50 …

January 3, 2019

Acquisitions California Office Western

Seagate Properties Purchases The Senator Office Building in Sacramento

by Amy Works January 2, 2019

SACRAMENTO, CALIF. — Seagate Properties has acquired The Senator, a landmark office building located at 1121 L Street in Sacramento. Swift Real Estate Partners sold the property for an undisclosed price. Opened in 1924 as a hotel, the property was converted into a 180,123-square-foot office building in 1982. The seller acquired the property in 2015 and implemented a renovation program to transform the building’s traditional office space into modern, creative workspace. Situated across from the California State Capitol, the 10-story building is currently 88 percent leased. Rob Hielscher, Michel Seifer and Erik Hanson of JLL Capital Markets team represented the seller in the deal. Additionally, Alex Witt, John Manning and Tom Gilliland of JLL Capital Markets worked with the buyer to arrange acquisition financing.

January 2, 2019

Acquisitions Arizona Multifamily Western

LaSalle Property Fund Acquires 488-Unit Multifamily Community in Phoenix

by Amy Works January 2, 2019

PHOENIX — LaSalle Investment Management, on behalf of LaSalle Property Fund, has purchased San Melia, a multifamily property located at 14435 S. 48th St. in Phoenix’s Ahwatukee Foothills neighborhood. Situated on 28 acres, the Mark Taylor-built community features 488 units and is located adjacent to more than 2.4 million square feet of retail, dining and recreation options at Ahwatukee Foothills Towne Center. A pedestrian walkway connects the property to the retail center, which is anchored by AMC Theatres and Sprouts Farmers Market. The acquisition price and name of the seller were not released.

January 2, 2019

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