TOLLESON, ARIZ. — Westcore has completed the disposition of an industrial property located at 8590 W. Jefferson St. in Tolleson, approximately 10 miles west of Phoenix. Texas-based Stonelake Capital Partners acquired the asset for $8.3 million. Situated on 4.4 acres, the building features 37,587 square feet of industrial space. At the time of sale, the property was fully leased to a Utah-based wholesale plumbing, waterworks, irrigation and industrial piping distributer. Phil Haenel, Foster Bundy and Will Strong of Cushman & Wakefield represented the seller in the deal. Mike Haenel and Andy Markham, also of Cushman & Wakefield, provided leasing advisory.
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COLORADO SPRINGS, COLO. — Quiver Investments has facilitated the sale of a medical office building located at 8540 Scarborough Drive in Colorado Springs. Pensa Colorado sold the asset to Healthcare Realty (NYSE: HR) for an undisclosed price. Constructed in 2007, the 42,770-square-foot property was fully occupied by 12 tenants at the time of sale. Current tenants include UCHealth, Elevated Family Care and Gorman Medical. John Witt and Ben Swanson of Quiver Investments represented the seller in the transaction.
LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 8220 W. 16th Place in Lakewood, just west of Denver. The property traded for $3.6 million, or $202,777 per unit. Built in 1959, the interior-hallway building features three one-bedroom/one-bath units and 15 two-bedroom/one-bath units. Robert Lawson of Pinnacle represented the undisclosed sellers, while Charlie Mitelhaus and Andrew Monette of Pinnacle represented the undisclosed buyers in the deal.
ARVADA, COLO. — Marcus & Millichap has brokered the sale of an industrial building located at 5790 Lamar St. in Arvada, just northwest of Denver. A limited liability company sold the asset to an undisclosed buyer for $1.7 million. Riley Kilgore, Alyssa Tomback and Thimy Moraitis of Marcus & Millichap’s Denver office represented the seller in transaction. Situated on 0.5 acres, the 8,075-square-foot property features a fully fenced parking lot, one 12-foot drive-in door and three-phase power with 400 amps and 220 volts.
SAN DIEGO — Kilroy Realty Corp. (NYSE: KRC), an office, mixed-use and life sciences REIT based in Los Angeles, has obtained a $375 million loan for a portion of One Paseo, a mixed-use campus in San Diego. New York Life Insurance Co. provided the 11-year, non-recourse loan, which features a fixed 5.9 percent interest rate. The loan matures in August 2034. The 36-acre property is situated between the city’s Carmel Valley neighborhood and Del Mar, as well as near I-5 and State Route 56. One Paseo is home to tenants including lululemon athletica, Sephora, drybar, BodyRok, Harland Brewing, Shake Shack, Cava and Blue Bottle Coffee, among others. The loan was secured by a 23-acre portion of Kilroy Realty’s One Paseo campus that comprises two office buildings, 608 apartment units and more than 95,000 square feet of retail space. This portion was developed in phases between 2019 and 2021, according to Kilroy Realty. “Against a challenging capital markets backdrop, we are very pleased with this loan execution, which further fortifies our already strong balance sheet and liquidity position while establishing a new partnership with a world-class life insurance company,” says John Kilroy, CEO of Kilroy Realty. JLL and Allen Matkins advised …
— By Robert Gallegos, Senior Vice President, The Mogharebi Group — New Mexico is rapidly becoming an important multifamily market for both investors and developers as the state experiences explosive job and population growth, which is expected to continue on an upward trajectory over the next five to 10 years. While Albuquerque remains the most targeted multifamily market in the state, it is worth noting that the tertiary market of Santa Teresa — near El Paso and the Mexico border — is becoming a hotbed for multifamily investment. Santa Teresa is a key inland port serving as a strategic focal point for intermodal shipments in the Southwestern U.S., with more than 6 million square feet of industrial space in use and nearly 1 million square feet under construction. As more jobs flood into New Mexico, the demand for quality rental housing will continue to far outstrip supply. With a population of more than half a million people and counting, it is no wonder Albuquerque is seeing the bulk of investment activity. The city has drawn an influx of new residents thanks to its diverse economy, relatively affordable cost of living and quality of life. According to Numbeo, one of the largest cost-of-living …
Shopping center owners and property managers throughout the United States are exploring opportunities to increase foot traffic by transforming excess parking into restaurants, entertainment venues, neighborhood amenities and even multifamily uses. “In our experience, nearly every shopping center that’s not grocery-anchored is going through a process to reassess the amount of parking they have, the amount of parking they need and alternative ways to develop those parking areas to add value,” says Cornelius Brown, a principal in the Pennsylvania offices of Bohler, a land development consulting and site design firm. With more than 30 offices across the Eastern and Central United States, Bohler has helped many of its clients with parking conversions ranging from single pad site creation to comprehensive, property-wide redevelopment. Municipalities Onboard Landlords have been carving out parcels for standalone retailers, restaurants and other uses for years, but the trend is accelerating as more and more municipalities ease minimum parking requirements. Parking-reduction advocates have argued that offering fewer spaces reduces environmental impacts associated with heat islands and stormwater runoff. Others contend it promotes the use of mass transit and ridesharing, which can reduce vehicle emissions and, in the case of bars and restaurants, may reduce incidents of impaired …
LUTZ, FLA. — Newmark has brokered the $49.6 million sale of Cypress Creek Town Center, a 240,211-square-foot shopping center located in Lutz, about 14 miles north of Tampa. Total Wine, Hobby Lobby, Burlington, HomeGoods, Badcock Furniture and Dollar Tree anchor the power retail center, which comprises four parcels that were fully leased at the time of sale. An undisclosed buyer acquired the center. Drew Fleming of Newmark arranged the sale on behalf of the seller, Chattanooga, Tenn.-based Hutton.
ORLANDO, FLA. — Tavistock Development has announced plans for Lake Nona West, a 405,000-square-foot shopping center to be located in the Lake Nona master-planned community in Orlando. Upon completion, the development will be situated on a 54-acre parcel and feature open-air shops, ground-level parking, outdoor entertainment spaces and public art. Tavistock has submitted site plans to the City of Orlando, and construction is scheduled to begin in 2024, with completion planned for fall 2025. Tenant announcements are expected this winter.
Bluegrass Supply Chain Completes 100,000 SF Expansion of Industrial Facility in Franklin, Kentucky
by John Nelson
FRANKLIN, KY. — Bluegrass Supply Chain has completed a 100,000-square-foot expansion of its industrial facility located in Henderson Industrial Park in Franklin. Situated at 805 Garvin Lane and now totaling 200,000 square feet, the building was purchased in 2021 and originally comprised 100,000 square feet. The expansion will create 20 to 25 jobs, according to Shawn Hart, vice president of operations with Bluegrass Supply Chain.