Western

Cruzan, Cigna Investment Management Acquire 106,890 SF Office Building in Beverly Hills

by Amy Works May 10, 2018

BEVERLY HILLS, CALIF. — A joint venture between Cruzan and Cigna Investment Management has purchased an office building located at 9171 Wilshire Drive in Beverly Hills. An undisclosed seller sold the property for $69.2 million. At the time of sale, the six-story, 106,890-square-foot building was 83 percent occupied. Current tenants include Avalon Holdings, Kaplan Perrone Entertainment and Mejia & Kaplan. The buyer plans to renovate the building. Andrew Harper, Matthew Fisher and Ryan Gallagher of HFF represented the seller and procured the buyer in the deal. Additionally, Paul Brindley, Todd Sugimoto, Steven Paskover and Ryan Ashe, also of HFF, arranged a $51.5 million acquisition loan through Mesa West Capital for the buyer.

May 10, 2018

Loans Retail Washington Western

KeyBank Originates $25.9M in Financing for Retail Center in Marysville, Washington

by Amy Works May 10, 2018

MARYSVILLE, WASH. — KeyBank Real Estate Capital has originated $25.9 million in CMBS first-mortgage financing for The Marketplace at Smokey Point, located at 2615 172nd St. in Marysville. Completed in 2016, the 185,352-square-foot retail center comprises 10 single-story buildings. Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, Party City, Tuesday Morning and Fitness Evolution are current tenants at the 19-tenant property. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and 30-year amortization schedule. The undisclosed borrower will use loan proceeds to refinance existing debt.

May 10, 2018

Arizona Development Multifamily Seniors Housing Western

Ryan Cos., Cadence Senior Living Start Construction of 170-Unit Project in Arizona

by Amy Works May 10, 2018

MESA, ARIZ. — Ryan Cos. and Cadence Senior Living have unveiled plans for Azure Mesa, a 170-unit independent living, assisted living and memory care community in Mesa, a suburb of Phoenix. The upscale, 183,000-square-foot property will feature 142 units that may be used for independent living or assisted living, plus 28 units devoted to memory care. Construction is already underway, with a planned delivery of summer 2019. HFF worked on behalf of Cadence and Ryan to arrange a joint venture equity partnership with an undisclosed institutional partner. Azure Mesa is located on an eight-acre site adjacent to Granite Reef Park, close to restaurants, retail, recreation and medical services. Ryan A+E is designing the community, while Studio SIX5 is designing the interiors. The Cadence-Ryan team is working on a second Azure location in North Scottsdale, which recently received Scottsdale City Council approval. Ryan Companies currently has over 600,000 square feet of senior living projects under construction in Arizona and nationally has completed over 4 million square feet of senior living communities. Cadence Senior Living has over 30 years of seniors housing development and management experience.

May 10, 2018

Acquisitions Arizona Industrial Self-Storage Western

NAI Horizon Negotiates $10.8M Sale of Self-Storage Facility in Metro Phoenix

by Amy Works May 10, 2018

BUCKEYE, ARIZ. — NAI Horizon has arranged the sale of a self-storage facility, located at 24901 W. Yuma Road in Buckeye, a western suburb of Phoenix. A California-based buyer acquired the property from Storage American DBA Store-All America RV and Self-Storage for $10.8 million, or $100.39 per square foot. Situated on 9.1 acres, the 107,130-square-foot facility features 638 drive-up self-storage units and 240 outdoor RV parking spaces. Additionally, the sale included a U-Haul moving truck business. Denise Nunez of NAI Horizon represented the buyer and seller in the transaction.

May 10, 2018

Acquisitions California Restaurant Retail Western

Faris Lee Brokers $3.8M Acquisition of Two-Tenant Restaurant Building in Los Banos, California

by Amy Works May 10, 2018

LOS BANOS, CALIF. — Faris Lee Investments has arranged the purchase of a two-tenant restaurant building located at 1335 W. Pacheco Ave. in Los Banos. LFG Los Banos LLC sold the property to a to a Newport Beach-based private investor. Shaun Riley of Faris Lee represented the buyer, while John Andreini of Capital Pacific represented the seller in the deal. Built in 2017, the 5,500-square-foot property includes one drive-thru and 39 parking spaces. The building is fully occupied by Blaze Pizza and Habit Burger, both quick-serve restaurants.

May 10, 2018

Acquisitions California Healthcare Western

Easterly Government Properties to Purchase 90,085 SF VA Outpatient Clinic in San Jose

by Amy Works May 9, 2018

SAN JOSE, CALIF. — Easterly Government Properties has agreed to acquire a Department of Veterans Affairs (VA) Outpatient Clinic known as VA – San Jose. Completed in first-quarter 2018, VA – San Jose is part of the VA Palo Alto Health Care System and leased to the VA for an initial, non-cancellable lease term of 20 years through February 2038. The three-story, 90,085-square-foot facility consists of medical clinic and administrative space, offering primary care, mental healthcare, women’s health, audiology, speech pathology, podiatry, optometry and dermatology services. The name of the seller and acquisition price were not disclosed.

May 9, 2018

Acquisitions Multifamily Oregon Seniors Housing Western

1031 Crowdfunding Acquires Memory Care Facility in Oregon for $14M

by Amy Works May 9, 2018

HILLSBORO, ORE. — 1031 Crowdfunding, through a joint venture with Seasons Management LLC, has acquired Rosewood Specialty Care, a 48-bed memory care facility in Hillsboro, a suburb of Portland. An affiliate of Frontier Management will operate the 44-unit, 22,950 square foot facility. Frontier has managed the property since 2008, with an average occupancy of 93.8 percent. The purchase price was $14 million. “Seniors housing has already outperformed other noted real estate sectors and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals,” says Edward Fernandez, founder and CEO of 1031 Crowdfunding. “We are particularly excited about the memory care sector.” 1031 Crowdfunding LLC is an online marketplace where real estate investors can find, view and purchase a variety of available, turn-key, investment-grade properties.

May 9, 2018

Acquisitions Industrial Washington Western

Wells Fargo Wealth Management Buys 94,739 SF Industrial Complex in Metro Seattle

by Amy Works May 9, 2018

SEATAC, WASH. — Wells Fargo Wealth Management has purchased Olympic Industrial Park, a two-building, 94,739-square-foot industrial complex located in SeaTac, a suburb of Seattle. Avenue 55, on behalf of an undisclosed 1031 exchange buyer, sold the asset for $12.9 million. At the time of sale, the 75,588-square-foot property located at 19111 Des Moines Memorial Drive was fully leased to a variety of tenants, including Alaska Airlines/Horizon Air, Seattle Air Cargo and BlueStar Refreshment Services. Built in 1983, the building features 26 loading dock doors, seven grade levels and 20-foot clear heights. The second building, located at 1200 S. 192nd St., is a 20,548-square-foot office property built in 1983 and renovated in 2015. At the time of sale, International Rescue Committee, Carmichael International Service, Argent Express Group and Sea & Air Transport occupied the property. Scott Alan and Patrick Mullin of Colliers International represented the seller in the deal.

May 9, 2018

Acquisitions California Retail Western

Sands Investment Group Negotiates $4.1M Sale of Panera Bread-Occupied Property in Fresno

by Amy Works May 9, 2018

FRESNO, CALIF. — Sands Investment Group (SIG) has arranged the sale of a retail property located at 6793 N. Weber Ave. in Fresno. A regional merchant developer sold the property to an undisclosed buyer for $4.1 million. Panera Bread occupies the newly constructed, 4,300-square-foot retail property under a 15-year, triple-net lease. John Cigliano of SIG’s Santa Monica office represented the seller in the transaction.

May 9, 2018

Acquisitions Colorado Office Western

Pinnacle Real Estate Brokers $2.3M Sale of Office Building in Pueblo, Colorado

by Amy Works May 9, 2018

PUEBLO, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office building, located at 720 N. Main St. in Pueblo. An undisclosed buyer acquired the property for $2.3 million, or $55.39 per square foot. The building features 41,524 square feet of office space. Andrew Monette and Jeff Johnson of Pinnacle represented the undisclosed buyer, while Jamie Mitchell and Michael Krebsbach, also of Pinnacle, represented the seller in the deal.

May 9, 2018

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