Western Real Estate Business

SEP 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 24 • September 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T VANTRUST REAL ESTATE DELIVERS 117,000 SF OFFICE DEVELOPMENT CHANDLER, ARIZ. — VanTrust Real Estate has completed the develop- ment of Chandler Corporate Center, a Class A office building located at 350 N. McClintock Drive in Chan- dler. Layton Construction Co. served as general contractor and Butler De- sign Group served as architect for the 117,000-square-foot building. Situated on 11 acres, the property features a two-story glass entrance enhanced with stone, wood and ceramic tile lob- by finishes and integrated LED light fixtures. VanTrust plans to develop the remaining 15 acres of land sur- rounding the completed property. AAG MANAGEMENT ACQUIRES 43,484 SF ALBERTSONS FOR $9 MILLION CLOVIS, N.M. — AAG Management has purchased a single-tenant retail property located 1905 N. Prince St. in Clovis. An undisclosed seller sold the property for $9 million. Albertsons Market occupies the 43,484-square- foot building. Matt Berres of JLL's Capital Markets represented the seller in the deal. SUN COMMERCIAL BROKERS $6.5 MILLION SALE- LEASEBACK OF OFFICE PROPERTY LAS VEGAS — Sun Commercial Real Estate has arranged the sale-leaseback of Windmill Place, an office property located at 370 E. Windmill Lane in Las Vegas. MSA Engineering Consultants sold the property to an East Coast- based buyer for $6.5 million, or $299 per square foot. The seller signed a new 10-year lease at closing for the 21,638-square-foot building. In opera- tion since 1978, MSA Engineering is licensed in 40 states. Cathy Jones, Jes- sica Cegavske, Roy Fritz, Paul Miac- hika and Taylor Vasquez of Sun Com- mercial's Investment Service Group brokered the transaction. ACADEMY WEST ACQUIRES 395-BED STUDENT HOUSING PROPERTY RENO, NEV. — Academy West In- vestments has acquired Wolf Run Village and Wolf Run East, a 395-bed student housing property located two blocks from the University of Ne- vada, Reno campus. The acquisition also includes an adjacent five-acre parcel at which the company can de- velop approximately 310 additional beds. The 185-bed Wolf Run Village is set to undergo comprehensive inte- rior and exterior improvements. Wolf Run East — completed for the 2017 school year — will be enhanced with new common area amenities includ- ing a gym, outdoor seating areas, fire pits and an indoor recreational area. Although the sale price was not dis- closed, Highland Realty Capital se- cured joint venture equity and bridge financing totaling $33.1 million for the acquisition of the property. An undisclosed debt fund provided the $26 million senior financing, and Chicago-based Blue Vista Capital Management provided joint venture equity. A timeline for renovations has yet to be announced. STORE CAPITAL CORP. ACQUIRES BIG BOX RETAIL BUILDING FOR $3.4 MILLION CHANDLER, ARIZ. — Scottsdale- based Store Capital Corp. has pur- chased a big box retail property lo- cated at 1200 N. Alma School Road in Chandler. Five Sons Furniture AZ LLC sold the building for $3.4 million. Ray Cashen of Cashen Realty Advi- sors represented the seller in the deal. Situated on 6.8 acres, the property features 62,286 square feet of space. VASA Fitness, the tenant, plans to in- vest $3 million in improvements at the property to convert it into a state-of- the-art health club facility. WOLFF CO. ACQUIRES SCOTTSDALE TENNIS CLUB FOR SENIORS HOUSING CONVERSION SCOTTSDALE, ARIZ. — The Wolff Co. has purchased Scottsdale Tennis Court, including 11 tennis courts and a pool, for $9 million. The buyer plans to redevelop the property into Revel Scottsdale, a 159-unit seniors housing community. The asset is situated on 5.5 acres on Inland Bend Road. Larry Kush of Orion Investment Real Estate represented the seller, Robert Hing, in the transaction. THE BARN FIND Visit our website to learn about the many real estate development and redevelopment opportunities www.peoriaed.com/invest You've seen the stories, opening up the door to a long-abandoned garage to find a musty old car. Most people's instinct would be to call the junk yard. But that's not you. You dig a little deeper, look past blemishes, and low and behold…it's a classic. Anyone can buy a flashy new car right off the lot that looks like everyone else's. But a true connoisseur wants a classic--to stand out. That's you. You have the ability to look beyond the dust, rust and dirt and see a future. Redevelopment projects feel the same way. Peoria has properties that are just waiting for the right person to uncover the gem. That's you. Where others see emptiness, you see potential. You have the eye for it; it's why your business has been successful. You know the real thing when you see it. Come open a few doors here in Peoria, find your hidden gem. The real thing is waiting for you. Situated on 11 acres, Chandler Corporate Center offers 117,000 square feet of Class A office space in Chandler.

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