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.

Issue link: https://westernrealestatebusiness.epubxp.com/i/1027244

Contents of this Issue


Page 28 of 82

C A L I F O R N I A 26 • September 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T KIDDER MATHEWS BROKERS $4.4 MILLION SALE OF MEDICAL OFFICES TUCSON, ARIZ. — Kidder Mathews has arranged the purchase of Desert Sun Medical Center located at 7140 E. Rosewood St. in Tucson. Cypress West Realty Partners acquired the property for $4.4 million. The center features 15,038 square feet of medical office space. The seller was not disclosed. Fletcher Perry and Darren Tappen of Kidder Mathews represented the buy- er in the off-market transaction. SHOPONE ACQUIRES 113,376 SF SHOPPING CENTER FOR $18 MILLION RENO, NEV. — ShopOne Centers REIT has entered the Nevada market with the purchase of Caughlin Ranch Shopping Center, a 113,376-square- foot shopping center located within the Caughlin Rancho master-planned community in Reno. An undisclosed seller sold the property for $18 mil- lion. A 50,451-square-foot Raley's Supermarket anchors the property. ShopOne has already improved the property by increasing occupancy from 88 percent to 91 percent and se- curing a long-term lease with Raley's to replace the previous tenant, Sco- lari's Warehouse Markets. This pur- chase further advances the company's strategy of owning well-located shop- ping centers in densely populated, fundamentally strong markets across the country. TAYLOR STREET REAL ESTATE BROKERS $2.7 MILLION SALE OF ESTILO APARTMENTS PHOENIX — Taylor Street Real Estate Advisors has arranged the sale of Esti- lo Apartments, a multifamily commu- nity in Central Phoenix. A local private capital investment partner sold the property to an undisclosed buyer for $2.7 million, or $178,333 per unit. Brian Tranetzki and Eric Thomas of Taylor Street Real Estate Advisors represent- ed the seller, while CBRE represented the buyer in the transaction. Located at 3025 N. 38th St., Estilo Apartments features 15 renovated apartments with polished concrete floors, new kitch- ens and bathrooms, new stainless steel appliance packages, new in-suite full-size washer and dryers, double- pane windows and modern customer doors. Additional improvements in- clude new roofs, landscaping and a modern paint scheme. P.B. BELL DIVESTS 286-UNIT APARTMENT COMMUNITY FOR $64.3 MILLION GLENDALE, ARIZ. — P.B. Bell has completed the disposition of Velaire at Aspera, a 286-unit multifamily prop- erty located at 7700 W. Aspera Blvd. in Glendale, approximately 20 miles northwest of downtown Phoenix. An undisclosed buyer acquired the property for $64.3 million, or $225,000 per unit. The community was built in 2016. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, rep- resented the seller and procured the buyer in the transaction. NKF CAPITAL MARKETS NEGOTIATES $51 MILLION SALE OF 14-BUILDING OFFICE CAMPUS SCOTTSDALE, ARIZ. — NKF Capi- tal Markets has arranged the sale of The Quad, a creative office campus located on 13.4 acres at 6200-6390 E. Thomas Road in Scottsdale. A joint venture between EverWest, George Oliver Cos. and WHI Real Estate Partners sold the property to Van- couver-based City Office REIT for $51 million. Built in 1982, the 14-building, 166,606-square-foot campus recently underwent a $23 million renovation. The property features a connected de- sign, efficient floor plans, fitness cen- ter with showers, on-site restaurant and coffee bar, community lounge/ conference center, pet-friendly envi- ronment, walking/biking paths and accessible Wi-Fi throughout the cam- pus. At the time of sale, the multi-ten- ant property was 98 percent leased. CJ Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson How- ard and Rick Stumm of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Populaঞon Growth Source: 2018 ESRI Community Profile 2000: 1,657 2003: 5,088 2006: 26,661 2010: 43,482 2017: 50,174 Age Distribuঞon Source: 2018 ESRI Detailed Age Profile Under 15 13,880 5,620 15-25 16,012 25-44 45-64 10,072 4,415 65-85 186 86 and Up Income $66,860 $78,851 $26,014 Median Household Mean Household Per Capita Income Source: 2018 ESRI Community Profile Educaঞonal Aainment (Head of Household) Source: 2013 City of Maricopa Labor Market Study, Elliot D. Pollack & Co. High School Graduate or Higher 89% Bachelor's Degree or Higher Master's Degree or Higher 46% 20% Source: 2018 ESRI Retail Marketplace Profile Total $368.8 M Food & Drink $35.1 M Clothing & Accessories $25.9 M Furniture & Home Furnishings $18.9 M General Merchandise $54.5 M Motor Vehicles & Parts Dealers $115.9 M Contact Us: (520) 316-6990 | www.maricopamaers.com Retail Leakage Velaire at Aspera in Glendale features 286 apartment units.

Articles in this issue

Links on this page

Archives of this issue

view archives of Western Real Estate Business - SEP 2018