Done Deals: Jun 19, 2021

Saturday, June 19, 2021

Apartments in sought-after Portland, OR submarket purchased for $28.2 million

Carrie Kahn

PORTLAND, OR – JLL Capital Markets announced it has closed the $28.2 million sale of the Preserve at Sunnyside, a 108-unit value-add multi-housing community located in the sought-after Clacakamas submarket of Portland, Oregon.

JLL marketed the property exclusively on behalf of the seller, Hamilton Zanze, to complete the sale to the buyer, RISE Properties Trust.

Preserve at Sunnyside apartments located at 13300 SE 122^nd Avenue in the Clacakamas submarket of Portland, OR

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.

“The Preserve at Sunnyside’s location in Happy Valley and recent capital improvements to the property’s exterior make it ideal for a value-add strategy,” said Virden.

Frank Solorzano

“It is no surprise that Happy Valley and Clackamas are seeing high levels of investor demand. The submarket has been a strong performer, even throughout the pandemic. Population growth surpassed 32% over the past five years, while apartment supply increased only 8%.”

“We are glad to pass along this community to another owner who will benefit from the thriving submarket, desirable location, and the substantial improvements we made to units and amenities over our seven years of ownership,” said Anthony Ly, Director of Dispositions for Hamilton Zanze.

Built in 1991, the Preserve at Sunnyside comprises nine garden-style residential buildings with a mix of one-, two-, and three-bedroom units averaging 1,025 square feet.

Anthony Ly

The pet-friendly community features an outdoor pool and spa, clubhouse with full kitchen, covered parking, a dog park and a playground.

The property has been partially renovated, leaving an opportunity for new ownership to complete renovations and capitalize on the submarket’s substantial rent growth.

For more news, videos and research resources on JLL, please visit our newsroom.

CONTACT:

Natalie Passarelli

JLL Senior Associate

Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com\

hamiltonzanze.com.

jll.com.

Daum Commercial Represents Alere Property Group in Acquisition of Prime Industrial Warehouse Site in Los Angeles County, CA

4433 Pacific Boulevard, a 33,400-SF, Class A
industrial warehouse, West Vernon, CA

VERNON, CA – DAUM Commercial Real Estate Services has directed the sale of 4433 Pacific Boulevard, an approximately 33,400-square-foot, Class A industrial warehouse in the Los Angeles County submarket of Vernon, Calif.

DAUM represented both the buyer, Alere Property Group, one of the largest and most active developers and investors of industrial real estate in Southern California, and the seller, a private investor, in the off-market transaction.

The distribution warehouse was built in 2005,

features a contemporary design and includes
8,800 square feet of mezzanine office space,
five dock-high doors and a secured fenced yard.
Clear height ranges from 28 to 30 feet.

“An available property of 4433 Pacific Boulevard’s size and quality is a rare find in west Vernon, a highly-desirable industrial submarket due to its proximity to Downtown Los Angeles and access to the region’s freeway network,” said Jerry Sackler, executive vice president at DAUM Commercial Real Estate Services.

“Alere moved quickly to acquire the asset, which is occupied by a strong credit tenant and provides immediate cashflow. Our team is pleased to have facilitated the transaction on behalf of Alere as the firm continues to bolster its presence in the Los Angeles market and add to its established portfolio.”

Jerry Sackler

Sackler adds that the DAUM team was able to identify the transaction opportunity due to long-standing relationships with both the buyer and the seller.

“Drawing upon decades of experience working within this market on behalf of the region’s top industrial owners, our team was able to complete a quick close and a smooth transaction for all parties at a satisfactory price point,” says Sackler, who notes industrial vacancy in Vernon was 2.7% in Q1, according to a recent DAUM market report.

“Alere owns several assets in Vernon, and the qualities of 4433 Pacific Boulevard fit well into our portfolio of well-located, best-in-class assets that are easily accessible to the ports,” said Alan Carmichael, senior vice president of investments at Alere.

“With a strong knowledge of the highly-competitive Commerce-Vernon submarket, our team was eager to invest in this top-tier asset, and we are grateful to the DAUM team for its swift work in helping us get the deal done.”

CONTACTS:

Arleeny Escarcega / Elisabeth Manville
Brower Group
(949) 438-6262
aescarcega@brower-group.com

www.daumcommercial.com.

alerellc.com.

LinkedIn.

Harvard Investments Sells Commercial Pads at Cadence at Gateway in East Mesa, AZ to Thompson Thrift Retail Group

Stephanie Davis

MESA, AZ – Harvard Investments, an Arizona-based real estate investment and development company is in escrow to sell two commercial pads within its Arrival at Cadence commercial center to Thompson Thrift Retail Group (TTRG), a wholly-owned company of Indianapolis-based Thompson Thrift.

Ed Beeh

Ed Beeh, Mike Polachek and Stephanie Davis of SRS Real Estate Partners represented both Harvard Investments TTRG in the sale transaction, and TTRG in the lease up of the shops.

Cadence at Gateway, a vibrant 444-acre master-planned community in Mesa, Ariz. is located at the southeast corner of Ellsworth and Ray Roads, along the bustling Mesa Gateway corridor.

The two commercial pads are located opposite each other on the north and south sides of Cadence Parkway at the main entrance of the intimate master-planned community.

Mike Polachek

TTRG is planning to build two multi-tenant shop buildings and anticipates welcoming Point 22 Tavern, Cork Crush Wine Bar & Beer House, NextCare Urgent Care, Athletico Physical Therapy, BoSa Donuts and a Nail Spa to its shops. TTRG’s tenants are anticipated to move in mid 2022.

“Thompson Thrift is bringing highly-anticipated retailers to our vibrant community and responding to Cadence residents’ requests for a variety of high-quality dining and retail options to enhance their lives,” said Tim Brislin, vice president of Harvard Investments.

“We are proud to partner with Thompson Thrift at Cadence as they share our vison for this area’s potential.

Tim Brislin

"We appreciate their efforts to bring such a strong mix of businesses to Cadence. Many of these offerings, especially the wine bar, are the first of their kind in our area and we’re thrilled they chose Cadence.”

When Arrival at Cadence is fully built out, the center is planned to have approximately 130,000 square feet of commercial space consisting of approximately 20-25 diverse businesses.

The first sales at Arrival happened in late 2020 to Mountainside Fitness and QuikTrip (QT). Mountainside is under construction and intends to open in the fall of 2021.

QT intends to break ground in July 2021. Additional operators coming to Arrival include Black Rock Coffee Bar, Burger King and McDonald’s. Approved uses include retail, restaurants including quick service, sit-down and fast food, medical and offices.

Chris Hake

“We’re excited to work with Harvard Investments to develop these premium retail pads at the entrance of one of most popular master-planned communities in Arizona,” said Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift.

“We’re proud to be 100 percent pre-leased prior to closing in an area of Mesa that continues to see strong growth as evidenced by the rapid sales of remaining homes at Cadence at Gateway. We look forward to adding additional best-in-class retailers to this project.”

This is the 28th project for TTRG in the Southwest since opening a Phoenix office in 2016. In addition to the Cadence development,

TTRG’s 2021 Southwest pipeline is projected to include over $200 million in volume across the Phoenix metro area, including planned projects in Glendale, Gilbert, Tempe, Peoria, Maricopa, Tucson, Casa Grande and Peoria.

Planned Arrival at Cadence commercial center
East Mesa, AZ

Cadence at Gateway is 444-acre master-planned community in Mesa’s magnetic Gateway corridor. Residents enjoy charming neighborhoods, abundant parks and a trail system that seamlessly connects the walkable community.

Phase 1 is sold out and Phases 2 and 3 are experiencing enviable success in home sales. Cadence homes surround the community’s newly built elementary school as well as resort-style pools, basketball, tennis and bocce ball courts, all found at The Square, the popular community amenity center which comprises fitness facilities, a game room and meeting spaces.

Find out more about Cadence at Gateway and what makes it the premier residential project in Arizona by visiting https://cadenceaz.com/, or follow us on Facebook, Instagram and LinkedIn.

MEDIA CONTACTS:

Heather Austin – The Ferraro Group Phoenix

(For Harvard Investments)

Heather@TheFerraroGroup.com

602-738-9252 cell

Jennifer Franklin – Spotlight Marketing Communications, Inc.

(For Thompson Thrift Retail Group)

Jennifer@SpotlightMarcom.com

(949) 307-6331 cell

Heather Miles Austin, Director

The Ferraro Group Phoenix

120 N. 44^th St. #310