Western Real Estate Business

AUG 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 16 • August 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T SDS REALTY CORP. ACQUIRES MULTIFAMILY PROPERTY FOR $3.2 MILLION LAS VEGAS — SDS Realty Corp. has purchased Fremont Palms Apart- ments, a multifamily property located at 2540 Fremont St. in Las Vegas. Sack- ley Family Management 2540 LLC sold the building for $3.2 million. The property features 53 apartment units, resulting in a price of $60,377 per unit. Devin Lee, Robin Willett, Jerad Rob- erts and Jason Dittenber of Northcap Multifamily represented the seller, while Blake Leavitt of Wardley Real Estate represented the buyer in the off-market transaction. NEILSTATE INVESTMENT SELLS COMMUNITY FOR $5.5 MILLION PHOENIX — Neilstate Investment Properties has completed the disposi- tion of Phoenician Villa Apartments, located at 1545 W. Camelback Road in Phoenix. Thomas Price International and ECOHAUS Real Estate acquired the property for $5.5 million. The 93- unit community offers a value-add opportunity to renovate and reposi- tion the multifamily community in a growing area. Karl Abert of Kidder Mathews represented the seller in the transaction. HENLEY TOWER 16 BUYS 512-UNIT MULTIFAMILY COMMUNITY LAS VEGAS — Henley Tower 16, a joint venture between Henley USA and Tower 16 Capital Partners, has ac- quired a multifamily property located in the Spring Valley submarket of Las Vegas. The community features 512 one-, two- and three-bedroom town- homes with central air conditioning and individual electric metering. On- site amenities include three swim- ming pools, two hot tubs, two bas- ketball courts, four laundry facilities, a business center, a large playground and dog runs. The buyer plans to up- grade and renovate the entire proper- ty. The name of the seller and acquisi- tion price were not released. NAI HORIZON NEGOTIATES $1.6 MILLION SALE OF INDUSTRIAL PROPERTY CHANDLER, ARIZ. — NAI Horizon has arranged the sale of an industrial property located at 2120 S. Doug- las Drive in Chandler. Traditional Asset Management acquired the 11,187-square-foot property from John L. Smith for $1.6 million. Mark Wilcke of NAI Horizon represented the seller, while Chris McClurg of Lee & Associ- ates represented the buyer in the deal. KPN INDUSTRIAL ACQUIRES 56,634 SF INDUSTRIAL CENTER FOR $9.9 MILLION SCOTTSDALE, ARIZ. — KPN In- dustrial had purchased Cornwell Technology Center, located at 17301 N. Perimeter Drive in Scottsdale. Andersen Equities sold the property for $9.9 million, or nearly $175 per square foot. Situated on 4.7 acres, the 56,634-square-foot asset consists of two freestanding multi-tenant R&D industrial buildings. Built in 2000, the fully occupied asset is 100 per- cent air conditioned and offers high- quality space for tenants with com- plex and precise processes requiring clean rooms and labs. Current ten- ants include Hemisphere GNSS, Pro- vista Diagnostics and Plastic Design Co. Andersen Equities arranged its own acquisition financing for the transaction. Mark Linsalata, Patrick Dempsey and Jan Fincham of Lee & Associates Arizona represented the seller, while Ron Schooler and Ken Elmer of Commercial Properties rep- resented the buyer in the deal. PANATTONI DEVELOPMENT BREAKS GROUND ON 204,000 SF SPEC INDUSTRIAL PARK LAS VEGAS — Panattoni Develop- ment Co. has broken ground on Cen- tennial Commerce Center, located at 6405 E. Centennial Parkway in North Las Vegas. Situated on 10.4 acres, the property will feature 204,000 square feet of speculative industrial space. Valued at $16 million, the cross-dock facility will feature 32-foot clear heights, an ESFR sprinkler system, LED warehouse lighting and flexible office build-outs. Additionally, the property will be designed with flex- ibility to accommodate up to four 51,000-square-foot tenants. Speedway 10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, is the owner of the development. Vertical construc- tion is slated to begin this month, with completion scheduled for December. Greg Tassi and Donna Alderson of CBRE are marketing the property for lease. FARIS LEE BROKERS $9.8 MILLION ACQUISITION OF RETAIL PROPERTY PHOENIX — Faris Lee Investments has arranged the acquisition of a retail property located at 5035 W. Baseline Road in Phoenix. A family trust pur- chased the property from CF Albert Propco for $9.8 million. Safeway occu- pies the 55,259-square-foot property on a new 20-year, triple-net, corpo- rate-guaranteed lease. The property includes 237 parking spaces and was built in 2008. Christopher DePierro of Faris Lee Investments represented the buyer, while Marcus & Millichap rep- resented the seller in the deal. YAM PROPERTIES SELLS MEDICAL OFFICE CAMPUS FOR $16.5 MILLION GLENDALE, ARIZ. — Scottsdale- based YAM Properties has completed the disposition of Arrowhead Profes- sional Center, located at 18301 N. 79th Ave. in Glendale. Cleveland, Ohio- based Woodside Health acquired the property for $16.5 million. Steve Lind- ley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield Phoenix's capital markets group, along with the healthcare team of Sheila Bale, Tom Weinhold and Ryan O'Connor, rep- resented the seller in the deal. The eight-building medical and profes- sional office campus features 70,652 square feet of space. At the time of sale, the property was fully occupied and anchored by a surgery center jointly owned by Banner Health and the CORE Institute. Located in the Spring Valley submarket of Las Vegas, Henley Tower 16 features 512 one-, two- and three-bedroom townhomes. "Petersen is a manufacturer we usually specify. The Snap-Clad roofing panel performance specs met all of our requirements for wind uplift, UV protection, ease of application and warranty." -Joe Dougherty, Principal, Dougherty Architecture + Design Performance Excellence 30Ave Retail Center, Inlet Beach, FL Owner: Corr Group US Architect: Dougherty Architecture + Design Installing contractor: Ameritech Roofing Distributor: Roofer's Mart Profile : Snap-Clad Color: Cityscape PAC-CLAD.COM | INFO�PAC�CLAD.COM Case study at PAC � C L A D.C O M � 3 0 AV E IL: 800 PAC CLAD MD: 800 344 1400 AZ: 833 750 1935 MN: 877 571 2025 GA: 800 272 4482 TX: 800 441 8661 A surgery center, jointly owned by Banner Health and CORE Institute, anchors Arrowhead Professional Center in Glendale.

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