Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A & H A WA I I 26 • October 2016 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T TRUAMERICA MULTIFAMILY BUYS THREE LAS VEGAS APARTMENT COMMUNITIES LAS VEGAS — TruAmerica Multifam- ily has purchased three multifamily communities in Las Vegas. The pur- chase price was not disclosed. The Class B portfolio contains a total of 802 units. The properties include Oa- sis Gateway, Oasis Palms and Oasis Vinings. All three assets are situated within 2.5 miles of one another in the northwestern part of the valley. They were built between 1989 and 1997. TruAmerica will immediately imple- ment a capital improvement program across all three properties. The assets were purchased in partnership with MSD Capital. HINES PURCHASES GOODYEAR CROSSING II IN GOODYEAR FOR $56.2 MILLION GOODYEAR, ARIZ. — Hines has purchased Goodyear Crossing II, an 820,384-square-foot fulfillment center in Goodyear, for $56.2 million. The center is situated near the I-10 Free- way and Loop 101. It also features 15,000 square feet of office space. JLL's Bo Mills and Mark Detmer rep- resented the seller, Gramercy Property Trust, on this transaction. MAINSPRING CAPITAL GROUP TO DEVELOP SPEC INDUSTRIAL PROJECT IN SCOTTSDALE SCOTTSDALE, ARIZ. — MainSpring Capital Group has announced plans to develop Mainspring Flex Phase III at Pima Center. This phase will con- tain 150,660 square feet of spec light industrial space for warehouse, as- sembly and distribution uses. Flex Phase III construction will com- mence during the fourth quarter of this year. Completion is scheduled for mid-year 2017. The speculative devel- opment includes two buildings. The existing buildings at Pima Cen- ter are 98 percent leased. Pima Center is a 232-acre mixed-use business park within the Salt River Pima Indian community. The park contains a variety of com- mercial properties ranging from the Honor Health Rehab Hospital and Rancho Solano Private 6-12 School to multi-story Class A office space, garden office and assembly/distribu- tion/flex facilities. The business park contains more than 1 million square feet of office space and about 430,000 square feet of light industrial/flex fa- cilities. PASSCO BUYS ALMERIA AT OCOTILLO IN CHANDLER FOR $80 MILLION CHANDLER, ARIZ. — Passco Compa- nies has acquired the 389-unit Almeria at Ocotillo apartment community in Chandler for $80 million. The commu- nity is located at 2470 and 2471 West Edgewater within the Ocotillo master- planned community. Almeria is walking distance to three of the largest employers in an area known as Silicon Desert. These include Intel, Orbital ATK and Wells Fargo, which is planning to expand within the area. The bank will soon occupy an ad- ditional two, 13-story office towers that may eventually bring more than 13,000 employees to the area. CBRE'S Sean Cunningham repre- sented both Passco and the seller, PB Bell, in this transaction. CARDINAL IG COS. BUYS LAND IN BUCKEYE FOR NEW MANUFACTURING FACILITY BUCKEYE, ARIZ. — Cardinal IG Companies has purchased 77 acres of land in Buckeye where it plans to de- velop a 250,000-square-foot advanced glass manufacturing facility. The build-to-suit facility will be situated just south of the southeast corner of Apache Road and Southern Avenue. The purchase price was not disclosed. The space is about three miles south of Interstate 10 and three miles east of Highway 85. Buckeye is a suburb just west of Phoenix. Cardinal IG is a wholly owned sub- sidiary of Cardinal Glass Industries, a glass manufacturer with more than 6,000 employees and 37 manufactur- ing locations across the U.S. Its new manufacturing facility will produce high-quality, energy-efficient insulat- ing glass for residential window and door companies across the globe. The site is part of 152 acres con- trolled by Evergreen Devco Inc. and Evergreen-Apache & Southern LLC. JLL's Anthony J. Lydon and Marc Hertzberg represented Evergreen in this transaction. The firm is also mar- keting the remaining 75 acres on the direct southeast corner of Apache and Southern, situated just north of the Cardinal IG site. DC BUILDING GROUP REMODELS DELTA LIQUID ENERGY FACILITY IN NORTH LAS VEGAS NORTH LAS VEGAS — DC Building Group has completed the remodel of the Delta Liquid Energy propane dis- tribution facility and offices in North Las Vegas. The project included a 5,300-square-foot office and ware- house remodel, in addition to the in- stallation of 30,000-gallon fuel storage tanks. Construction began in late 2015. The facility is situated near the Apex industrial area. Andoscia Architecture served as the project's architect. The properties include Oasis Gateway, Oasis Palms (pictured) and Oasis Vinings. POWERING YOUR PROSPERITY Henry Nevins Michael Schell Casey Brennan NALS Apartment Homes Avid Anglers Walker & Dunlop borrowers since 2012 California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. www.walkerdunlop.com Commercial Real Estate Finance California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. Photo Location: Three Forks Ranch www.walkerdunlop.com Commercial Real Estate Finance

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