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Transwestern Development Sells 290-Unit Multifamily Community in Tempe

by Amy Works March 16, 2018

TEMPE, ARIZ. — Transwestern Development Co., in partnership with FL Lakeside Investor LLC, has completed the disposition of Vela, a multifamily community located at 555 N. College Ave. in Tempe. Los Angeles-based Pacific Development Partners acquired the 290-unit property for an undisclosed price. The property features a resort-style pool with cabanas; a fitness center with touch-screen cardio equipment and free weights; an indoor lounge space overlooking the lake with a catering kitchen, fireplace seating area and television viewing area; an activity courtyard with moveable movie projector, gaming area, fire pits and grilling area; indoor bike storage; and an outdoor covered lounge with kitchen, grilling areas, pool table and television viewing area. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the transaction.

March 16, 2018

1136-1140-Westwood-Blvd-Westwood-Village-CA

Acquisitions California Mixed-Use Office Retail Western

CBRE Negotiates $4M Sale of Mixed-Use Property in Westwood Village, California

by Amy Works March 16, 2018

WESTWOOD VILLAGE, CALIF. — CBRE has brokered the sale of a multi-tenant retail and office property located at 1136-1140 Westwood Blvd. in Westwood Village. More LLC acquired the property from a private family trust for approximately $4 million. The two-story building features 6,340 square feet of retail and office space. Current tenants include D’Amores Pizza and a variety of office users. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the seller and the buyer in the deal.

March 16, 2018

Acquisitions Colorado Office Western

Pinnacle Real Estate Brokers $1.7M Sale of Office Building in Denver

by Amy Works March 16, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1423 Race St. in Denver. George Wolf Memorial Trust purchased the property from Dave Chvosta for $1.7 million, or $323 per square foot. The property features 5,338 square feet of office space. Kevin Calame of Pinnacle Real Estate represented the buyer and seller in the deal.

March 16, 2018

Acquisitions Industrial Nevada Western

RealComm Advisors Arranges $1.7M Acquisition of Industrial Property in Las Vegas

by Amy Works March 16, 2018

LAS VEGAS — RealComm Advisors Commercial Real Estate has brokered the acquisition of an industrial property located at 6435 Karms Park Court in Las Vegas. McBeath Holdings LLC purchased the property from an undisclosed seller for $1.7 million. The property features 13,354 square feet of industrial space. Mike De Lew and Greg Pancirov of RealComm Advisors represented the buyer in the transaction.

March 16, 2018

Acquisitions California Retail Western

Paragon Commercial Sells Single-Tenant Retail Property in California for $4.3M

by Amy Works March 15, 2018

SAN CLEMENTE, CALIF. — Paragon Commercial Group has completed the disposition of a retail property located in San Clemente. An undisclosed buyer acquired the property for $4.3 million. The freestanding drive-thru retail property is on a long-term absolute triple-net lease with JPMorgan Chase Bank. Patrick Luther, Matthew Mousavi, Garret Colburn and Michael Fowle of SRS Real Estate Partners represented the seller, while Luther and Mousavi also represented the buyer in the transaction.

March 15, 2018

Acquisitions Multifamily Oregon Student Housing Western

Horizon Realty Advisors Buys 179-Unit Student Housing Property Near the University of Oregon

by Amy Works March 15, 2018

EUGENE, ORE. — Horizon Realty Advisors has purchased Chase Crossing, a 179-unit student housing community located near the University of Oregon campus in Eugene. The company purchased the asset from Chase Crossing LLC for an undisclosed price. The property offers studio and one-bedroom units. Phil Oester, Joe Nydahl and Josh McDonald of CBRE brokered the transaction on behalf of the seller. Benjamin Roelke, also with CBRE, arranged $19.1 million in long-term financing on behalf of Horizon Realty Advisors for its HRA Opportunity Fund. The 10-year, fixed rate loan provided by CBRE through Freddie Mac featured an index rate lock at loan application and five years of interest-only payments.

March 15, 2018

Acquisitions Retail Texas

STRIVE Arranges Sale of 4,800 SF Retail Property in Gun Barrel City, Texas

by Taylor Williams March 14, 2018

GUN BARREL CITY, TEXAS — STRIVE has arranged the sale of Gun Barrel City Shopping Center, a 4,800-square-foot retail property in Gun Barrel City, about 60 miles southeast of Dallas. The two-tenant property was fully leased to Sprint and Cash Store at the time of sale. Will Merritt of STRIVE represented the seller in the transaction. Merritt and Jason Vitorino, also with STRIVE, procured the buyer. Both parties were Texas-based investors that requested anonymity.

March 14, 2018

Acquisitions Illinois Midwest

Marcus & Millichap Arranges $1.9M Sale of Land Site in Burr Ridge, Illinois

by Kristin Harlow March 14, 2018

BURR RIDGE, ILL. — Marcus & Millichap has arranged the $1.9 million sale of a nearly 8-acre land site at 11680 German Church Road in Burr Ridge, a southwestern suburb of Chicago. The sale equates to $237,500 per acre. The parcel, declared surplus property by the City of Burr Ridge, is located about two miles east of Interstate 55. Richard Kozarits of Marcus & Millichap represented the buyer, a private investor.

March 14, 2018

Acquisitions Arizona Colorado Industrial Self-Storage Western

JV Acquires Two-Property Self-Storage Portfolio in Arizona, Colorado

by Amy Works March 14, 2018

GLENDALE, ARIZ., AND LITTLETON, COLO. — A joint venture between Advantage Storage and Harrison Street Real Estate Capital has acquired a two-property self-storage portfolio from a partnership between Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate. The price was not disclosed. Together the properties total 147,521 square feet and 1,425 storage units. Both assets feature drive-up units, climate-controlled units, secure fencing with electric access control, 24-hour video surveillance and retail-oriented customer service offices. The portfolio includes the 96,950-square-foot, 955-unit self-storage facility located at 7910 E. Beardsley Road in Glendale, a Phoenix suburb; and the 50,571-square-foot, 470-unit facility located at 11645 W. Belleview Ave. in Littleton, a suburb of Denver. Brian Somoza and Steve Mellon of JLL brokered the sale.

March 14, 2018

Acquisitions Industrial Washington Western

Bixby Land Co. Buys Industrial Building in Metro Seattle for $18.7M

by Amy Works March 14, 2018

SUMNER, WASH. — Newport Beach, Calif.-based Bixby Land Co. has purchased an industrial building located at 1800 Fryar Ave. in Sumner. Panattoni Development sold the property, which is included within Seattle’s Kent Valley industrial submarket, for $18.7 million. Built in 2017, the 55,660-square-foot property is leased to Cummins Inc., a company that designs, manufactures and distributes engines and power generation products. The transaction represents part of a strategic investment initiative by Bixby to acquire $400 million in leased warehouse and distribution buildings in the Western United States over the next two to three years. Brett Hartzell of CBRE represented the seller, while Bixby was self-represented in the deal.

March 14, 2018

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