Western Real Estate Business

JUL 2018

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 10 • July 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T CBRE NEGOTIATES SALE OF 533,116 SF ENTERTAINMENT DISTRICT IN METRO PHOENIX FOR $133 MILLION GLENDALE, ARIZ. — CBRE has ar- ranged the sale of Westgate Enter- tainment District, a mixed-use devel- opment located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scott- sdale-based YAM Properties, pur- chased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from the New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heit- zler, Jesse Goldsmith, Steve Julius and Bryan Taute of CBRE represented the seller and buyer in the deal. CYRUSONE BUYS 68.2 ACRES FOR DATA CENTER DEVELOPMENT MESA, ARIZ. — CyrusOne has ac- quired 68.2 acres of land within Mesa Elliot Technology Park in Mesa for the development of a cloud storage cam- pus for the Fortune 1000. Upon com- pletion, the campus will feature five buildings with up to 198 megawatts of critical power to power cloud- computing services for clients. Details of the acquisition were not released. CyrusOne operates 45 data center facilities across the United States, Europe and Asia. BASCOM GROUP SELLS MULTIFAMILY PROPERTY TO RK PROPERTIES FOR $59.2 MILLION LAS VEGAS — The Bascom Group has completed the disposition of Monte- cito Pointe, an apartment community located at 9745 Grand Teton Drive in northwest Las Vegas. RK Properties acquired the property for $59.2 mil- lion. Completed in 2007, the commu- nity features 336 apartments, with an average unit size of 981 square feet. Amenities include a pool, fitness cen- ter, children's play area and pet ex- ercise park. John Cunningham and Charles Steele of JLL represented the seller in the deal. TITAN BREAKS GROUND ON 188-UNIT MULTIFAMILY PROJECT IN SANTA FE SANTA FE, N.M. — Titan Develop- ment Real Estate Fund I has broken ground on Broadstone Rodeo, a mul- tifamily project in Santa Fe. Devel- oped along with Alliance Residential, Broadstone Rodeo is the sixth project for the partnership. Slated to open in 2019, the property will feature 188 apartments in a mix of one-, two- and three-bedroom layouts, gated entrances, a lounge, entertainment room, patios, covered parking, resort- style pool and fitness center. This in- vestment will be the fund's first in the multifamily sector, and the first sig- nificant Class A multifamily property to be built in Santa Fe in 20 years, ac- cording to the developer. NORTHMARQ ARRANGES $37 MILLION REFINANCING FOR RETAIL CENTER LAS VEGAS — NorthMarq Capital has secured a $37 million refinancing for Sahara Center, a retail property lo- cated at 10000 W. Sahara Ave. in Las Vegas. Scott Monroe of NorthMarq Capital's Las Vegas office arranged the 10-year term on a 30-year amor- tization schedule. A conduit CMBS lender provided the capital. Sprouts Farmers Market, TJ Maxx, Petco, In-N- Out Burger, Stein Mart and Burlington Coat Factory are major tenants at the 222,883-square-foot retail property. CUSHMAN & WAKEFIELD BROKERS SALE OF 162,640 SF OFFICE BUILDING IN TEMPE TEMPE, ARIZ. — Cushman & Wake- field has arranged the sale of Tempe City Center, an office building located at 1400-1470 E. Southern Ave. in Tem- pe. Tempe CC Hui LLC purchased the 162,640-square-foot property from Tempe City Center Limited Partner- ship for an undisclosed price. At the time of acquisition, the property was more than 90 percent leased to a va- riety of tenants, including National Bank of Arizona, Fresensius Medical Care and regional law firm Carpenter, Hazelwood, Delgado & Bolen. Chris Toci and Chad Littell of Cushman & Wakefield represented the seller in the deal. The members of the acquisition group, who are principally from Hong Kong and Honolulu, were introduced to the asset by Brandon Holdings Inc., the investment's sponsor, and IX Ad- visors, an investment advisory based in Seattle. NORTHCAP MULTIFAMILY BROKERS $8.2 MILLION SALE OF MULTIFAMILY PROPERTY LAS VEGAS — Northcap Multifamily has arranged the sale of Decatur Point, a multifamily property located at 1760 N. Decatur Blvd. in Las Vegas. Vegas Venture Holdings LLC sold the asset to an undisclosed buyer for $8.2 million. The property features 100 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily arranged the transaction. COLLIERS ARRANGES $5.3 MILLION ACQUISITION OF RETAIL PROPERTY LAS VEGAS — Colliers International – Las Vegas has brokered the purchase of a retail property located at 6825 W. Russell Road in Las Vegas. Dan- iel and Cathy Pereyra purchased the property from an undisclosed seller for $5.3 million. The property features 23,596 square feet of retail space. Dan Gluhaich of Colliers represented the buyer in the transaction. LINCOLN PROPERTY CO., HARVARD INVESTMENTS SELECTED TO BUILD 1.35 MILLION SF OFFICE PROJECT MESA, ARIZ. — The Mesa City Council has selected Lincoln Prop- erty Cos. and Harvard Investments to develop 28.2 acres of city-owned land in the Riverview mixed-use dis- trict of Mesa. Upon completion, the Union project will bring 1.35 million square feet of Class A office space to the district. Union will include four buildings ranging from four to eight stories and from 225,000 to 450,000 square feet. Constructed in phases, the first building will be the four- story, 225,000-square-foot Building A located at the northwest corner of the property, followed by Buildings B and C, totaling up to six stories and 337,500 square feet. The final building, Building D, will feature eight stories and 450,000 square feet. Construc- tion on Building A is slated to begin in 2019. DAVIS is the project architect, and Layton Construction Co. is serv- ing as the general contractor. Dave Carder and Scott Boardman of Cush- man & Wakefield are exclusive leasing brokers for the project. LAMAR COS. PURCHASES 550,000 SF SHOPPING CENTER IN METRO PHOENIX CASA GRANDE, ARIZ. — New Jer- sey-based Lamar Cos., in partnership with Real Capital Solutions, has ac- quired the Promenade at Casa Grande in Case Grande, a suburb of Phoenix. Macerich sold the 550,000-square-foot property for an undisclosed price. The Promenade at Casa Grande is a por- tion of an open-air shopping center totaling more than 1 million square feet. Tenants at the property include Harkins Theaters, Ross Dress for less, Marshalls, PetSmart, Bed Bath & Be- yond, Shoe Dept., Michaels, Beall's Outlet, Dollar Tree and Ulta Beauty. WEST VALLEY PROPERTIES SELLS 89,804 SF SHOPPING CENTER FOR $26 MILLION CHANDLER, ARIZ. — Los Altos, Calif.-based West Valley Properties has completed the disposition of The Boardwalk at Anderson Springs, a shopping center located at the south- east corner of Dobson and Ray roads in Chandler. Los Angeles-based Westwood Financial purchased the property for $26 million. The original Sprouts Farmers Market anchors the 89,804-square-foot property. Sprouts originally opened in 2005 and is cur- rently undergoing a $1 million reno- vation. At the time of sale, the proper- ty was 97 percent occupied by tenants including Pita Jungle, State Farm, Pet Planet and Desert Financial Credit Union. Ryan Schubert and Michael Hackett of Cushman & Wakefield Phoenix represented the seller. Located in Glendale, Westgate Entertainment District features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters and Yard House, as well as 159,026 square feet of office space and 76 multifamily lofts. Situated in northwest Las Vegas, Montecito Pointe features 336 apartments, a pool, a fitness center, a children's play area and a pet exercise park.

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