Monday, July 21, 2025
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IndustrialMarket ReportsNevadaWesternWestern Market Reports

Tourism to Operations: Reno’s Robust Industrial Market

by Jeff Shaw

— By Justin Basie President of Real Estate, Mark IV Capital — While the Reno-Sparks Metropolitan Statistical Area (MSA) is best known for its gaming-tourism industry, its location in Northern Nevada also appeals to fans of the outdoors.  In addition, Reno’s diversified economy readily attracts Fortune 500 companies that are targeting the area for their manufacturing and distribution efforts. This, in turn, drives the massive growth of Northern Nevada’s industrial sector, generating overwhelming demand for warehouse, logistics and manufacturing space in the region.  The following fundamentals have positioned Northern Nevada and the Reno-Sparks MSA as ideal destinations for logistics, manufacturing and other industrial activities: • Population Proximity The MSA is conveniently located within a one-day trip of major West Coast cities like Los Angeles, San Francisco and Portland, Ore. Thanks to an efficient infrastructure network that includes major highways, two railways and the Reno-Tahoe International Airport, companies can reach a vast 80 percent of the Western U.S. population in less than 24 hours.  • Business-Friendly Climate Nevada is consistently ranked as a top 10 state for conducting business because of its pro-business regulatory environment, low-cost start-up fees, and streamlined licensing and approval processes. Nevada also offers a favorable tax environment for …

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Post-District-SLC-UT
DevelopmentMixed-UseMultifamilyRetailUtahWestern

Bridge Investment, Lowe Property Group Receive $157.5M Refinancing for Post District Mixed-Use Project in Salt Lake City

by Amy Works

SALT LAKE CITY — Bridge Investment Group and Lowe Property Group have received $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Part of a three-phase project, Post District features 580 residential units across four buildings with approximately 26,000 rentable square feet of retail space. Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring of Walker & Dunlop co-originated the loan with Affinius Capital and Clarion Partners. The borrowers will use the loan proceeds to repay existing debt, fund future costs to complete the construction and repatriate equity to the client as the project continues the lease-up of its newly delivered units.

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Motto-Apts-Marysville-WA
DevelopmentLoansMultifamilyWashingtonWestern

CBRE Arranges $47M Construction Loan for Motto Apartments in Marysville, Washington

by Amy Works

MARYSVILLE, WASH. — CBRE has arranged $47 million in construction financing for Motto Apartments, a multifamily property in Marysville, 35 miles north of Seattle. Intracorp Homes is developing the 228-unit community. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Construction of the project will begin with the close of financing. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Completion is slated for early 2026.

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Decatur-215-Plaza-Las-Vegas-NV
AcquisitionsLoansNevadaRetailWestern

Calmwater Capital Funds $23.2M Acquisition Loan for Decatur 215 Plaza in Las Vegas

by Amy Works

LAS VEGAS — Calmwater Capital has provided $23.2 million in short-term, first-mortgage debt to a Los Angeles-based private investor for the purchase of Decatur 215 Plaza, a shopping center in northwest Las Vegas. Built in 2013, the 126,678-square-foot property is fully leased to a mix of national and regional tenants including Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. Approximately 90 percent of the tenants have occupied the center since 2016. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater originated the loan for the borrower.

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Mountain-West-Ind-Park-LV-NV
DevelopmentIndustrialNevadaWestern

Miltson Consulting Receives Approval for Second Phase of Mountain West Industrial Park in Las Vegas

by Amy Works

LAS VEGAS — Miltson Consulting has received approval from Clark County to proceed with the second phase of Mountain West Industrial Park in southwest Las Vegas. The second phase of the project will add 19.3 acres and 352,000 square feet of industrial space to the overall project. Construction is slated to start in late 2024, with completion scheduled for late 2025. Phase II will offer spaces ranging from 7,150 square feet to more than 110,000 square feet. When complete, Mountain West Industrial Park will feature more than 605,000 square feet of multi-tenant light distribution space on 36 acres. Buildings at the park will offer dock-high and grade-level loading doors, 24-foot to 30-foot clear heights, abundant parking, heavy power and an ESFR sprinkler system. CBRE’s Willmore Industrial and Logistics Team is overseeing the marketing and leasing of the industrial park.

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9008-Foothill-Blvd-Rancho-Cucamonga-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers $4.9M Sale of Dollar Tree-Occupied Retail Property in Rancho Cucamonga, California

by Amy Works

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant retail property located at 9008 Foothill Blvd. in Rancho Cucamonga. Red Mountain Group sold the asset to Celery Realty Investments LLC for $4.9 million in an all-cash deal. Dollar Tree occupies the 16,560-square-foot property on a triple-net, 10-year, corporate-backed lease. Brad Umansky, Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the seller, while Katherine Quach and Wendy Wong of Treelane Realty Group represented the buyer in the deal.

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DevelopmentMidwestMissouriMultifamily

Mia Rose Holdings Opens 44 West Luxury Living Apartment Complex in Valley Park, Missouri

by Kristin Harlow

VALLEY PARK, MO. — Developer Mia Rose Holdings has opened 44 West Luxury Living, a new apartment complex in the St. Louis suburb of Valley Park. The project features five buildings with one- and two-bedroom units along with a clubhouse. Three of the five buildings totaling 120 units are complete. The remaining two buildings totaling 84 units are slated for completion in January. The two-bedroom units average 1,020 square feet while the one-bedroom floor plans are approximately 780 square feet. The 3,800-square-foot clubhouse features a conference center, package concierge, specialty coffee bar, great room and fitness center. The outdoor amenities, which include a pool, sun deck and lounge with fire pits and grills, will open this spring. Additionally, a two-acre parcel of the 10-acre project site is slated for future commercial and retail space. Wright Construction is the general contractor, Rosemann & Associates PC is the architect, Engenuity is the mechanical, electrical and plumbing engineer, and Premier Design Group is the civil engineer. The property manager is 2B Residential.   

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IllinoisLoansMidwestMultifamilyStudent Housing

BWE Arranges $10M Equity Investment for Acquisition of Illinois Student Housing Portfolio

by Kristin Harlow

CHAMPAIGN, ILL. — BWE has arranged a $10 million preferred equity investment to finance the acquisition of a portfolio of student housing properties near the University of Illinois Urbana-Champaign. The portfolio includes 616 beds across 170 units. Mike Guterman of BWE arranged the financing on behalf of an East Coast-based student housing owner and operator. The capital stack includes a five-year senior loan with a loan-to-cost ratio of 60 percent from a Midwest regional bank. The seller was a multigenerational ownership group that had held the properties for 100 years. The buyer plans to renovate and redevelop some of the properties.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 204-Unit Self-Storage Facility in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of Superior Self Storage of Rockford, a 31,210-square-foot self-storage facility in Rockford. The sales price was undisclosed. Located at 1711 York Ave., the property features 204 non-climate-controlled units, an onsite manager’s office, four rental apartments and one-single family residence. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company.

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Leasing ActivityMidwestMissouriOffice

CBRE Opens New 13,611 SF Office at The Plaza in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — CBRE has opened a new 13,611-square-foot office on the sixth floor of The Plaza in Clayton, a western suburb of St. Louis. The firm relocated from the 14th floor of the same building, which it has occupied since 2012. The new office is part of CBRE’s Workplace360 program, which showcases the company’s “Future of Work” space standards, including innovative technology and a wider variety of collaborative spaces designed to support hybrid working. There are two conference rooms, one living room, a library, a large communal gathering space and a café. A cornerstone of the Workplace360 model is its free-address approach of unassigned seating. Teams get access to various work areas where they can use any unoccupied seat. Amenities at The Plaza include an outdoor terrace, two tenant lounges, a fitness center, training room, golf simulator and game room.

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