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CBRE Arranges $31.2M Sale of Revival Biltmore Apartments in Phoenix

by Amy Works December 19, 2019

PHOENIX — CBRE has brokered the sale of Revival Biltmore, a multifamily property located in Phoenix. LP.PBV-2911 East Indian School Road LLC acquired the asset from an undisclosed seller for $31.2 million in an all-cash transaction. Located at 2911 E. Indian School Road, Revival Biltmore features studio, one-, two- and three-bedroom units with modern amenities, including upgraded cabinets, flooring and fixtures, as well as stainless steel appliances. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyer and seller in the transaction.

December 19, 2019

Acquisitions Multifamily Washington Western

Village Properties Acquires 54-Unit Multifamily Community in Seattle

by Amy Works December 19, 2019

SEATTLE — Village Properties has purchased The Gilbert, a multifamily community located in Seattle’s Upper Queen Anne neighborhood. LaSalle Investment Management sold the asset for an undisclosed price. Constructed in 2005, The Gilbert features 54 recently renovated apartments, 10,577 square feet of retail space and a subterranean parking garage with more than 70 parking stalls. Jaime Oneill Salon, La Pasta, Chaco Canyon Café and Desert Sun Tanning Salon occupy the fully leased retail space. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

December 19, 2019

Acquisitions Multifamily Washington Western

Summerfield Commercial Brokers $20.9M Sale of Rylee Ann Apartments in Washington

by Amy Works December 19, 2019

EAST WENATCHEE, WASH. — Summerfield Commercial has facilitated the sale of Rylee Ann Apartments, a multifamily asset located at 339 Ninth St. NE in East Wenatchee. Two entities — Richland Spoerl Apartments LLC and Richland Armstrong Apartments LLC — acquired the community from Rylee Ann LLC for $20.9 million, or $199,048 per unit. Originally built in two phases in 2015 and 2016, the garden-style community features 93 two-bedroom units and 12 three-bedroom units, with an average unit size of 1,153 square feet. Apartments offer an open floor plan with stainless steel appliances, granite countertops, private patio or balcony with storage, and in-unit washers/dryers. Common amenities include a clubhouse with resident lounge and ping-pong table, swimming pool, fitness center, outdoor barbecue area, a fenced basketball court and gated dog park. Additionally, the property features an on-site maintenance shop, additional for-rent storage lockers, 106 carports and 132 uncovered parking stalls. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the deal.

December 19, 2019

Acquisitions California Retail Western

Gershman Properties Buys San Elijo Hills Town Center in San Marcos for $16M

by Amy Works December 19, 2019

SAN MARCOS, CALIF. — Gershman Properties has purchased San Elijo Hills Town Center, a lifestyle center located at 1620, 1628, 1640 and 1646 San Elijo Road in San Marcos. Ambient Communities dba SEH Lifestyle Center LLC sold the asset for $16 million. Built in 2019, the property features 23,076 square feet of retail space. Current tenants include Starbucks Coffee, Cyclebar, Everbowl, Sourdough Bread Co., Tapa Tapa Spanish Restaurant, SETS Kitchen & Bar, Lourdes Mexican Food, Grand Vision Optometry, San Elijo Pediatric Dentistry and Downtown Academics Tutoring. Rob Ippolito, John Jennings and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction.

December 19, 2019

Acquisitions Multifamily Oregon Western

DB Capital Management Acquires Terra Murrayhill Apartment Complex in Oregon for $34.1M

by Amy Works December 18, 2019

BEAVERTON, ORE. — DB Capital Management has purchased Terra Murrayhill, a multifamily property located at 14305 SW Sexton Mountain Drive in Beaverton. A West Coast-based investor sold the asset for $34.1 million. Situated on nine acres, the community comprises 15 residential building that offer mix of one-, two- and three-bedroom units averaging 891 square feet. Originally constructed in 1985, the 137-unit property recently underwent $3 million in renovations and capital improvements. Community amenities include a newly updated clubhouse, outdoor pool, hot tub, grilling area, fitness center, business center, dog park, detached garages and direct hiking trail access. Ira Virden and Carri Kahn of JLL Capital Markets represented the seller, while Daniel Terranova led the DB Capital Management team in the deal.

December 18, 2019

Retail-Strip-Portfolio-Colorado-Springs-CO

Acquisitions Colorado Retail Western

Pinnacle Real Estate Arranges $13.1M Sale of Three-Asset Retail Portfolio in Colorado Springs

by Amy Works December 18, 2019

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has brokered the sale of three retail strip centers in Colorado Springs. An undisclosed buyer acquired the portfolio for $13.1 million. King Soopers shadow anchors two of the properties, while Target shadow anchors the third. Eric Diesch and Peter Sengelmann of Pinnacle, along with John Redfield of SRS Real Estate Partners, represented the buyer. The name of the seller was not released.

December 18, 2019

Acquisitions Arizona Retail Western

Global Retail Investors Buys 138,476 SF Shops at Gainey Village in Scottsdale

by Amy Works December 18, 2019

SCOTTSDALE, ARIZ. — An entity formed by Global Retail Investors has acquired The Shops at Gainey Village, an urban village retail asset located in Scottsdale. Gainey Village Retail Center, an entity formed by Des Moines-based Principal Real Estate Investors, sold the property for an undisclosed price. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on the behalf of the seller. Located at the southeast corner of Scottsdale and Doubletree Ranch roads, The Shops at Gainey Village features 138,476 square feet of retail space. Sprouts Farmers Market anchors the asset, which is fully occupied.

December 18, 2019

Acquisitions Colorado Healthcare Office Western

NavPoint Real Estate Group Negotiates $3.9M Sale of Multi-Tenant Medical Office Asset in Colorado

by Amy Works December 18, 2019

CENTENNIAL, COLO. — NavPoint Real Estate Group has arranged the sale of a medical office asset located at 8100 E. Arapahoe Road in Centennial. Hilltop Partnership acquired the property from Mililani Investments Arapahoe for $3.9 million. Situated within Denver Tech Center, the value-add property features 28,700 square feet of medical office and office space. Compass Bank occupied the garden level and first floors of building since it was built in 1986. At the time of sale, the building was 57.3 percent occupied by three tenants. John Witt and Matt Call of NavPoint Real Estate Group represented the seller, while Matt Kulbe, also of NavPoint, represented the buyer in the deal.

December 18, 2019

Acquisitions Industrial New Jersey Northeast

Terreno Realty Acquires 50,000 SF Industrial Property in East Rutherford, New Jersey

by Alex Patton December 17, 2019

EAST RUTHERFORD, N.J. — Terreno Realty Corp. has acquired a 50,000-square-foot industrial property in East Rutherford, a western suburb of New York City, for $12 million. The property comprises one distribution building featuring 30-foot clear heights and eight loading positions, including seven dock-high and one grade-level doors. Located at 46 Whelan Road, the property is situated less than two miles from the Meadowlands Sports Complex and the New Jersey Turnpike. The property is fully leased to one undisclosed tenant.

December 17, 2019

Acquisitions California Industrial Western

Focus Real Estate Divests of Copperwood Center Industrial Park in San Diego for $20M

by Amy Works December 17, 2019

SAN DIEGO — Newport Beach, Calif.-based Focus Real Estate has completed the disposition of Copperwood Center, an industrial park located in San Diego’s Oceanside neighborhood. Newport Beach-based CB Copperwood LLC acquired the asset for $20 million. Located at 3365, 3375 and 3385 Mission Ave. and 101, 102, 105, 106 and 110 Copperwood Way, the eight-building complex features 140,945 square feet of industrial space. Originally built in 1984, the property was 97 percent leased to 64 tenants at the of sale across suites ranging from 886 square feet to 7,397 square feet. Additionally, Copperwood Center features visible signage for each unit and more than 350 parking spaces. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented the seller, while Paul Lafrenz, Josh McFadyen and Joe Crotty of Colliers International San Diego Region represented the buyer in the transaction.

December 17, 2019

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