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 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.

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