Western

Bascom Group Buys 25-Unit Apartment Community in Southern California for $7.5M

by Amy Works June 19, 2018

ANAHEIM HILLS, CALIF. — The Bascom Group has purchased Sleepy Hollow Apartments, an infill apartment community located in Anaheim Hills. An undisclosed seller sold the property for $7.5 million, or approximately $300,000 per unit. Built in 1964, the property features 25 apartment units in a mix of two- and three-bedroom units averaging more than 1,000 square feet. Manufacturers Bank provided debt financing for the acquisition. Scott Parker and Spencer Heichman of Triqor Group brokered the transaction. James D’Argenio and Chang Liu of Bascom sourced and managed the deal for the buyer.

June 19, 2018

Acquisitions Arizona Healthcare Office Western

Sun Commercial Brokers $4.5M Sale of Medical Office Building in Glendale, Arizona

by Amy Works June 19, 2018

GLENDALE, ARIZ. — Sun Commercial Real Estate’s Investment Services Group has arranged the sale of a medical office building located at 20325 N. 51st Ave. in Glendale. A California-based buyer acquired the property for $4.5 million, or approximately $375 per square foot. DaVita Dialysis occupies the 12,148-square-foot property on an absolute net-leased basis, with at least 10 years remaining on its lease. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate handled the transaction. The name of the seller was not released.

June 19, 2018

Acquisitions California Industrial Western

DAUM Commercial Negotiates Sales of Two Industrial Buildings in Costa Mesa, California

by Amy Works June 19, 2018

COSTA MESA, CALIF. — DAUM Commercial Real Estate Services has arranged the sales of two industrial warehouses in Costa Mesa to two private buyers. Mike Barreiro of DAUM represented the seller, Keller & Sons Construction, in both transactions. Constructed in 1971 and 1972, the warehouses both feature secured fenced yards, drive-in/grade-level doors, 13-foor clear heights, warehouse skylights, office space and upgraded roofs. In the first transaction, Steven Card and Christopher O’Connor of Savills Studley represented the buyer of the 6,498-square-foot property located at 1621-1625 Ohms Way, which sold for $2.5 million. In the second deal, a separate private buyer purchased the 6,897-square-foot property at 1635 Ohms Way for $2.6 million.

June 19, 2018

California Features Industrial Retail Western Western Feature Archive

Retail Drives Industrial Growth Through Much of the Western U.S.

by David Cohen June 19, 2018

The industrial market is enjoying a moment in the sun throughout the West. Much of this is due to the retail sector’s continued technological advances, which have placed increasing demand on speedy delivery as manufacturing, distribution and warehousing needs are more important now than ever. “The market fundamentals for industrial properties are the best they have ever been,” says Bob O’Neill, senior vice president of acquisitions at CapRock Partners in Newport Beach, Calif. “Industrial absorption, lease rates and sales prices are at all-time highs, while market vacancies are at historic lows and construction in the Western United States remains in check.” Michael Collins, vice chairman of DAUM Commercial Real Estate Services in Los Angeles, has witnessed a similar trend in his market. He notes industrial assets in LA typically sell for $140 per square foot to $200 per square foot, with a vacancy rate of less than 2 percent in Southern California. “Developable land is becoming more scarce and the Los Angeles County industrial marketplace remains very vibrant,” he notes. “Lease rates throughout Southern California have reached an all-time high and sales values are at unprecedented highs, with actual prices based on building age, location, functionality and amenities.” Those looking …

June 19, 2018

Market Reports Multifamily Nevada Western Western Market Reports

Reno Multifamily Rent Growth Among Nation’s Highest as Vacancy Remains Low

by Taylor Williams June 19, 2018

Reno’s proximity to the Bay Area is supporting an economy beyond the gaming industry. The area’s lower cost of living is also attractive for Bay Area transplants attempting to further stretch their income. Tesla is the most notable utilizer of the metro’s favorable location and business-friendly environment. The company pulled 112 permits last year to build out internal areas of the factory. The introduction of Tesla’s electric semitruck necessitates a further expansion of production in the coming years. On the supply side, development is ramping up quickly as builders finally move away from primary markets to relieve housing pressure in tertiary metros. Inventory will expand by more than 4 percent this year, representing the largest increase on record. The South Reno submarket contains a majority of the completions slated this year. More than 1,400 units are underway in the submarket, including nearly 1,000 scheduled for delivery in 2019. Builders are also active in the Sparks submarket, where 600 units are underway and scheduled for completion. The introduction of new units has pushed up the percentage of properties offering leasing incentives to 16 percent. Still-tight conditions are limiting the average incentive to just nine days of free rent. An influx of …

June 19, 2018

Acquisitions Arizona Office Western

International Joint Venture Acquires 302,209 SF Office Property in Phoenix

by Amy Works June 18, 2018

PHOENIX — New York Life Real Estate Investors, on behalf of a joint venture between New York Life Insurance Co. and Finland-based Ilmarinen Mutual Pension Insurance Co., has purchased 24th at Camelback, an office property located in Phoenix’s Camelback Corridor submarket. Hines U.S. Office Value Added Venture III sold the property for an undisclosed price. The eight-story property features 302,209 square feet of Class A office space. CBRE represented the seller in the deal.

June 18, 2018

Acquisitions California Office Western

Meridian Sells Multi-Tenant Office Building in Bay Area for $39.5M

by Amy Works June 18, 2018

BRISBANE, CALIF. — Meridian has completed the disposition of a multi-tenant office building located at 1000 Marina Blvd. in Brisbane, just south of San Francisco. Phase 3 Real Estate Partners acquired the property for $39.5 million in an off-market transaction. Built in 1983, the six-story building features 104,000 square feet of office space. CBRE’s Northern California Capital Markets team represented the seller and buyer in the deal.

June 18, 2018

Acquisitions California Office Western

Vanbarton Group Buys 73,835 SF Office Building in Los Angeles for $37.7M

by Amy Works June 18, 2018

LOS ANGELES — Vanbarton Group has acquired an office building located at 6725 Sunset Blvd. in Los Angeles’ Hollywood submarket. Crown Realty & Development sold the property for $37.7 million. The five-story multi-tenant property features 73,835 square feet of office space. At the time of sale, the property was fully leased by 15 tenants. Additionally, the transaction included an adjacent three-level parking structure. Kevin Shannon, Rob Hannan, Ken White, Michael Moll of NKF Capital Markets, along with John Tronson of Avison Young and Kreg Groat of Crown Realty & Development, represented the seller in the sale.

June 18, 2018

Arizona Development Multifamily Seniors Housing Western

Spectrum Opens 159-Unit Seniors Housing Community Near Phoenix

by Amy Works June 18, 2018

CHANDLER, ARIZ. — Spectrum Retirement Communities has opened The Enclave at Chandler Senior Living, an independent living, assisted living and memory care community in the Phoenix suburb of Chandler. The three-story, 165,000-square-foot community features a total of 90 independent living units, 45 assisted living units and 24 memory care units. The property will also offer Spectrum’s Residence Club, which offers a transitional step between assisted living and memory care. Spectrum now owns and operates seven seniors housing communities in the Phoenix metro. The developer is based in Denver.

June 18, 2018

California Loans Retail Western

NorthMarq Capital Secures $8.5M Refinancing for Retail Center in Richmond, California

by Amy Works June 18, 2018

RICHMOND, CALIF. – NorthMarq Capital has arranged $8.5 million in refinancing for Richmond City Center, a shopping center located at 1100-1350 MacDonald Ave. in Richmond. Walgreens, FoodCo and Payless Shoe Source are tenants at the 73,892-square-foot property. Joe Giordani of NorthMarq Capital’s Los Angeles office secured the refinancing, which was structured with an 18-month term on a 30-year amortization schedule.

June 18, 2018

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