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SBH Real Estate Sells 14,000 SF Retail Asset in Southern California for $7.8M

by Amy Works April 29, 2019

BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has completed the disposition of a retail property in Burbank. A private investor acquired the asset for $7.8 million. SBH originally purchased the property in the first quarter of 2018 and proceeded to renovate and improve the building. Renovations included a new roof, updated electrical and lighting systems, new restrooms and new HVAC system. Harbor Freight Tools occupies the 14,000-square-foot property. Adam Friedlander and Kien Tsoi of JLL represented the seller, while Jeff Gerlach from CBRE represented the buyer in the deal.

April 29, 2019

Acquisitions California Retail Western

Hanley Investment Group Arranges $2.6M Sale of Two-Tenant Retail Property in Merced

by Amy Works April 29, 2019

MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail asset, located at 360 W. 16th St. in Merced. Novato, Calif.-based Ares Commercial Properties acquired the property from a Bakersfield, Calif.-based private investor for $2.6 million. Built in 2016, the 3,700-square-foot pad building features a 1,900-square-foot Starbucks Coffee with drive-thru and an 1,800-square-foot T-Mobile store. Bill Asher, Jeff Lefko and William Ito of Hanley Investment Group represented the seller, while Mort Rothman of San Francisco-based Starboard Commercial Real Estate represented the buyer in the transaction.

April 29, 2019

Acquisitions Office Washington Western

Unico Properties Buys Historic Washington Park Building in Seattle’s Pioneer Square District

by Amy Works April 26, 2019

SEATTLE — Unico Properties, a subsidiary of Unico Investment Group, has purchased Washington Park Building, a historic building located in Seattle’s Pioneer Square submarket. Terms of the sale were not disclosed. The four-story Washington Park Building features 36,000 square feet of office space, with 83 percent leased to a number of small tenants. Originally constructed in 1890, the building was built for the Lowman & Hanford Stationery and Printing Co. for its printing and bindery operations. The building features 16-foot to 18-foot ceilings, as well as the original Carnegie steel beams. MaKensay Real Estate Services will continue to operate and manage the building on behalf of the ownership group. The acquisition marks Unico’s seventh investment along Seattle’s waterfront since 2014. With the addition of Washington Park Building, the company now owns and manages more than 840,000 square feet along the waterfront.

April 26, 2019

Acquisitions Florida Office Southeast

CBRE Negotiates $32.5M Sale of Two-Building Office Portfolio in Orlando

by John Nelson April 26, 2019

ORLANDO, FLA. — CBRE has negotiated the $32.5 million sale of a two-building office portfolio totaling 182,753 square feet in Orlando. The assets include Windsor at Metrocenter located at 2101 Park Center Drive and Berkshire at Metrocenter located at 2145 Metrocenter Blvd., with both locations offering convenient access to the downtown area and the Florida Turnpike. The Class A portfolio was 89 percent leased at the time of sale to 11 tenants. Ron Rogg and Chip Wooten of CBRE represented the undisclosed seller in the transaction. The buyer was a locally based limited liability company, Metrocenter Office LLC.

April 26, 2019

Acquisitions Georgia Industrial Southeast

Newmark Knight Frank Brokers $19.8M Sale of Distribution Center in Metro Atlanta

by John Nelson April 26, 2019

ROSWELL, GA. — Newmark Knight Frank (NKF) has brokered the $19.8 million sale of Roswell Distribution Center, a two-building, 259,641-square-foot industrial park in Roswell. Longpoint Realty Partners acquired the asset from an undisclosed institutional investor. Matt Tritschler and Peter Everett of NKF represented the seller in the transaction. Built in 2006 on Hembree Park Drive, the distribution center was 55 percent leased at the time of sale to tenants such as Room & Board Inc., Central EMS and Ferguson Enterprises. Located along Hembree Park Drive, the office building includes 26 dock doors, two drive-in doors and clear ceiling heights up to 24 feet.

April 26, 2019

Acquisitions Hospitality Nevada Western

MCR Acquires 139-Room Hilton Garden Inn Las Vegas/Henderson in Nevada

by Amy Works April 25, 2019

HENDERSON, NEV. — MCR has purchased Hilton Garden Inn Las Vegas/Henderson, a hotel located approximately six miles from McCarran International Airport. Terms of the deal were not released. Located at 1340 W. Warm Springs Road, the hotel features 139 pet-friendly guestrooms with microwaves, coffee makers and refrigerators; free Wi-Fi; Rachel’s Kitchen, serving breakfast, lunch and dinner; The Pavilion Pantry, a 24-hour convenience store; 1,300 square feet of meeting and event space for up to 100 people; 24-hour business center; fitness center; heated outdoor swimming pool and hot tub; and on-site laundry service.

April 25, 2019

Acquisitions California Industrial Western

Cushman & Wakefield Brokers $14.4M Sale of Industrial Facility Near San Diego

by Amy Works April 25, 2019

CARLSBAD, CALIF. — Cushman & Wakefield has brokered the sale of an industrial facility, located at 3248 Lionshead Ave. in Carlsbad. Badiee Development sold the property to a San Diego-based high-net-worth family for $14.4 million. Built in 2017, the property features 55,573 square feet of Class A industrial space with dock- and grade-level loading, designed ingress/egress, outdoor amenities and an efficient layout for warehouse and showroom use. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Zach Harmam and Devin Muna of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the seller in the transaction. Additionally, Brant Aberg and Dennis Visser of Cushman & Wakefield provided local market advisory for the deal.

April 25, 2019

Acquisitions Arizona Office Western

Pathfinders Partners, Global Building Divest of 32,741 SF Office Property in Phoenix for $5.2M

by Amy Works April 25, 2019

PHOENIX — Pathfinders Partners and Global Building LLC have completed the sale of an office building located at 2730 W. Agua Fria Freeway in Phoenix. Devil Dogs Properties acquired the property for $5.2 million. Located in the Deer Valley/Interstate 17 submarket, the asset features 32,741 square feet of office space. At the time of sale, the multi-tenant property was fully leased. Darren Tappen and Peter Beauchamp of Kidder Mathews represented the seller, while Michelle Gardner, also of Kidder Matthews, represented the buyer in the transaction.

April 25, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $3.3M Sale of West Hill Apartments in Colorado

by Amy Works April 25, 2019

PUEBLO, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of The West Hill Apartments, a multifamily property located in Pueblo. An undisclosed buyer acquired the 36-unit property for $3.3 million, or $91,388 per unit. The six-building asset features 32 two-bedroom/two-bath units and four two-bedroom/one-bath units. All units are individually metered for gas and electric, while 32 of the units are individually metered for water. Chris Knowlton of Pinnacle Real Estate Advisors represented both parties in the deal.

April 25, 2019

Acquisitions Nevada Retail Western

PEBB Enterprises Acquires 228,279 SF Rainbow Promenade Retail Center in Las Vegas

by Amy Works April 24, 2019

LAS VEGAS — Boca Raton, Fla.-based PEBB Enterprises has purchased Rainbow Promenade, a retail power center adjacent to U.S. 95 and North Rainbow Boulevard near Las Vegas’ Summerlin submarket. PEBB acquired the 228,279-square-foot property through an auction platform. The price was not disclosed. The center recently underwent a $5 million renovation and is currently 95 percent occupied by a variety of tenants, including Hobby Lobby, Barnes & Noble Bookstore, Party City and Cost Plus World Market. The asset also includes three ground-lease pads occupied Macaroni Grill, Chili’s and AMC Theatres. The buyer plans to subdivide and sell off one or more of the outparcel pads. PEBB currently owns and manages approximately 2.5 million square feet of commercial real estate across the United States for its own portfolio as well as major institutions. Terms of the transaction were not released.

April 24, 2019

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