Property Type

Marcus & Millichap Arranges $2.9M Sale of Net-Leased Walmart Property in Malden, Missouri

by Jeff Shaw January 13, 2023

MALDEN, MO. — Marcus & Millichap has brokered the sale of a 43,770-square-foot retail property occupied by Walmart in Malden, which is part of the Missouri Bootheel in the southeast portion of the state. A limited liability company purchased the net-leased property, located at 1007 N. Douglass St., for $2.9 million in an all-cash transaction. Walmart has five years remaining on its lease. Investment specialists Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles from Marcus & Millichap’s Cleveland and Columbus offices marketed the asset on behalf of the seller, a limited liability company and private investor. The buyer was also secured and represented by Shapiro, Fuller, Patton and Wiles with the assistance of David Saverin, Missouri broker of record.

January 13, 2023

Development Industrial Nevada Western

LM Construction Breaks Ground on $40M Nancy J Industrial Park in Henderson, Nevada

by Amy Works January 13, 2023

HENDERSON, NEV. — LM Construction Co. (LMCC) has broken ground on Nancy J Industrial Park, an eight-building industrial project in Henderson. Each of the eight 40,998-square-foot buildings will offer four nine-foot by 10-foot dock loading doors, two 12-foot by 14-foot grade level doors, 24-foot clear heights and rear loading access. Additionally, each building is divisible to two occupants. Las Vegas-based LMCC is the design-build general contractor for the project. The first two buildings are slated for completion in January 2024. Larry Monkarsh, owner of LMCC and partner in Brass Cap Development, is also acting as the owner/developer of the project, developing as Red Label LV LLC. Chris Lexis and Joe Leavitt of Avison Young | Las Vegas are marketing the project for lease or sale.

January 13, 2023

California Loans Office Retail Western

Gantry Arranges $20M Loan for Two-Property Portfolio in Southern California

by Amy Works January 13, 2023

SANTA BARBARA AND PASADENA, CALIF. — Gantry has secured $20 million in financing for a cross-collateralized, two-property, mixed-asset portfolio in Southern California. The portfolio includes a two-building office asset on State Street in Santa Barbara and a 12,500-square-foot retail property located on Colorado Boulevard in Pasadena. Tenants include Zara in Pasadena and Chase Bank in Santa Barbara. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s El Segundo office secured the 15-year permanent loan a private real estate investor. One of Gantry’s regional bank lender relationships provided the capital. The loan has an initial five-year interest-only payment period, followed by 25-year amortization for the remainder of the term.

January 13, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $12.2M Sale of Wilson Gardens Apartments in Banning, California

by Amy Works January 13, 2023

BANNING, CALIF. — Marcus & Millichap has arranged the sale of Wilson Gardens, a multifamily property located at 5001 and 5059 W. Wilson St. in Banning. An individual/personal trust sold the asset to a private investor for $12.2 million, or $180,147 per unit. Douglas McCauley and David Covarrubias of Marcus & Millichap office represented the seller, while Bruce Rajaee of Marcus & Millichap represented the buyer in the deal. Built in 1972, the building features 68 one- and two-bedroom apartments. Onsite amenities include a swimming pool, garages, laundry facilities and a secured entrance.

January 13, 2023

Acquisitions Arizona Industrial Western

Stos Partners Buys 94,186 SF Industrial Property in Phoenix

by Amy Works January 13, 2023

PHOENIX — Stos Partners has purchased a freestanding industrial building located at 1002 S. 54th Ave. in Phoenix. A national window manufacturer and distributor bought the property for $10.9 million. Built in 1992, the vacant asset features 83,889 square feet of warehouse and distribution space and 7,000 square feet of office space. Situated on 4.2 acres, the building offers 25-foot warehouse clearance, a new roof, 17 dock-high doors, two drive-in, ground-level doors, HVAC in the warehouse space and an EVAP cooling system throughout the warehouse area, both powered by more than 2,500 amps of 277/440-volt power. Stos plans to upgrade the property to prepare the space for lease. Anna Josephson and Bo Mill of KBC Advisors represented Stos in the transaction. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are marketing the asset for lease.

January 13, 2023

Acquisitions Colorado Retail Western

Armstrong Capital Development Sells 16,600 SF Parker Keystone Retail Center in Parker, Colorado

by Amy Works January 13, 2023

PARKER, COLO. — Armstrong Capital Development (ACD) has completed the sale Parker Keystone, a retail center in Parker. A publicly traded REIT acquired the asset for an undisclosed price. Located at the intersection of South Parker Road and Lincoln Avenue, the Class A, multi-tenant property was fully leased at the time of sale. The property totals 16,600 square feet. Current tenants include Bank of America, Wingstop, Dunkin’ Donuts and AAA Colorado. ACD completed the transaction on behalf of its ACD 2013 Fund LP. Cory Gross of Marcus & Millichap handled the transaction.

January 13, 2023

Arizona Development Industrial Top Stories Western

Lincoln, Harvard Break Ground on $360M First Phase of 7 MSF Goodyear AirPark in Metro Phoenix

by Jeff Shaw January 13, 2023

GOODYEAR, ARIZ. — Phoenix-based LPC Desert West and Scottsdale-based Harvard Investments have broken ground on Phase I of Goodyear AirPark, located on 565 acres adjacent to the Phoenix-Goodyear Airport in Goodyear, approximately 20 miles west of Phoenix. Phase I of the project comprises 1.6 million square feet and six buildings ranging from 81,000 to 775,000 square feet. At build-out, Goodyear AirPark is expected to total 7 million square feet and up to 20 buildings. The buildings will offer up to 40-foot clear heights and multiple points of ingress and egress for aircraft, as well as truck courts and vehicle parking. Situated approximately three miles south of Interstate 10, the site is generally bounded by Estrella Parkway, Bullard Avenue and State Route MC 85. The property is also approximately 10 minutes from the Goodyear Ballpark, where the Cincinnati Reds and Cleveland Guardians train during spring. Additionally, the AirPark is located adjacent to a dark fiber line, offering extremely strong internet access for communication and data center development. Global neighbors to the site include Microsoft, Amazon, UPS, Walmart, Boeing, SubZero, Daimler-Benz, XPO Logistics, Red Bull and Aldi. Cerberus Capital Management is the equity partner for LPC and Harvard on the project. Butler Design …

January 13, 2023

Features Student Housing

Rising Interest Rates Bring Challenges for Student Housing Acquisitions, Refinancing in 2023

by Katie Sloan January 13, 2023

Financing student housing might not be as bad as you might think. While the capital markets are in flux, purpose-built student housing has some of the strongest fundamentals in commercial real estate going for it. Robust pre-leasing, very healthy occupancy and rental rate increases are making the asset class attractive to lenders. The problem: getting today’s terms to pencil on some projects. “Borrowers should be prepared for lower leverage, higher pricing and fewer options to choose from when seeking financing,” says Timothy Bradley, founder of TSB Capital Advisors and principal of TSB Realty. “We are still getting deals done, but leverage has come down 5 percent to 10 percent on average while pricing has increased significantly over the second half of the year. Groups with long-standing institutional lending relationships are leaning on those sources heavily, but many banks are looking for ancillary business as a prerequisite to lend in this environment.” Loan Pricing For student housing investors who are acquiring properties, figuring out how much the loan is going to cost hasn’t been easy this year. Because of constant changes in the Treasury rate, pricing has been hard to nail down. What may be in place at contract may not …

January 13, 2023

Market Reports Nevada Office Western Western Market Reports

Las Vegas’ Office Market is on the Road to Quality

by Jeff Shaw January 13, 2023

By Patti Dillon, SIOR, Senior Vice President, Colliers While the key measures of the Southern Nevada economy have improved since the COVID lockdowns, some have improved more than others. The future of the office market is strong, but it will be weighted toward newer Class A mixed-use office assets. Employers are feeling the pressure to attract and retain the best talent in a tight labor market. There are plenty of vacant positions. However, available and willing workers are still scarce, which is driving the need for office locations of employers to be more inviting. According to DETR, Southern Nevada’s office job market added 24,000 jobs between May 2021 and May 2022. Unemployment in the Las Vegas-Paradise MSA was 5.2 percent in May 2022. Over the past 12 months, total employment in Southern Nevada increased by 87,100 jobs, a 3 percent increase. After experiencing a significant expansion last quarter, Southern Nevada’s office market cooled at midyear. Net absorption remained positive, at 45,443 square feet, but did not keep pace with the 129,272 square feet of new development. This lifted vacancy to 12.7 percent this quarter from 12.5 percent one quarter ago. Asking rental rates increased to $2.37 per square foot on a full-service …

January 13, 2023

Acquisitions Midwest Multifamily Nebraska

Greystone Housing Impact Investors Sells Two Multifamily Properties in Omaha for $27.7M

by Jeff Shaw January 12, 2023

OMAHA, NEB. — Greystone Housing Impact Investors LP has sold two multifamily properties located in Omaha. Both properties, Vantage at Stone Creek and Vantage at Coventry, comprise 294 market-rate units and feature a swimming pool. No buyer information was provided. Greystone received net cash of approximately $27.7 million upon closing the sales, inclusive of the return of its contributed equity. Greystone’s investment in Vantage at Stone Creek originated in March 2018 and included $7.1 million in contributed equity during construction. Greystone’s investment in Vantage at Coventry originated in September 2018 and totaled $8.1 million in equity during construction.

January 12, 2023

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