Property Type

EKN Development Receives $24.5M Construction Loan for Dual-Branded Hotel Development in Tempe

by Amy Works July 19, 2022

TEMPE, ARIZ. — California-based EKN Development has received a $24.5 million construction loan for the development of a dual-flagged Fairfield Inn and TownePlace Suites by Marriott in Tempe. The four-story, 148-key, dual-branded hotel will share a lobby; more than 2,000 square feet of meeting space; a select-service restaurant and bar; fitness and business center; outdoor pool with hot tub; and a covered patio. Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024. Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley of JLL Capital Markets sourced the financing for the project. Dallas-based Hall Structured Finance closed the loan for the borrower.

July 19, 2022

Development Multifamily Washington Western

CBRE Brokers $35M Sale of Land in Downtown Redmond for Multifamily Development

by Amy Works July 19, 2022

REDMOND, WASH. — CBRE has arranged the $35 million sale of a land parcel in downtown Redmond to an undisclosed buyer. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented the undisclosed seller in the deal. Located at 16135 NE 85th St., the 99,883-square-foot parcel is fully entitled for the development of 425 multifamily units. Initial plans proposed prior to the sale called for two nine-story apartment towers with one-, two- and three-bedroom floorplans and ground-floor retail space. The site is within walking distance of the future Downtown Redmond Link light rail station, which is slated for completion in 2024.

July 19, 2022

Acquisitions Colorado Retail Western

InvenTrust Properties Sells 152,000 SF Centerplace of Greeley Retail Center in Colorado

by Amy Works July 19, 2022

GREELEY, COLO. — InvenTrust Properties has completed the disposition of Centerplace of Greeley, a shopping center in Greeley, to Slate Grocery REIT for an undisclosed price. Safeway, Ross Dress for Less, Famous Footwear, Buckle, Bath & Body Works, Cold Stone Creamery, Bank of America, Sally Beauty, Tokyo Joe’s and Heartland Dental are tenants at the 152,000-square-foot retail center. Ryan Bowlby and Drew Isaac of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 19, 2022

Acquisitions Multifamily Washington Western

Kidder Mathews Arranges $5.5M Sale of Apartment Portfolio in Spokane, Washington

by Amy Works July 19, 2022

SPOKANE, WASH. — Kidder Mathews has arranged the combined $5.5 million sales of two multifamily properties in Spokane. Max Frame of Kidder Mathews represented the undisclosed separate buyers in each transaction. The Lloyd, a multifamily property located on the corner of West Mansfield Avenue and North Monroe Street in Spokane, sold for $4.3 million. Built in 1911, the property features 33 residential units and four commercial units. The buyer plans to renovate the entire building. Built in 1910, The Annie features two buildings offering a total of 11 units. The property, which is located at 1022 W. Sinto Ave., sold for $1.2 million.

July 19, 2022

Colorado Development Industrial Mixed-Use Top Stories Western

Coors Family Begins $900M Mixed-Use Redevelopment of CoorsTek Headquarters Campus in Golden, Colorado

by John Nelson July 19, 2022

GOLDEN, COLO. — The Coors family, a magnate responsible for Coors beer products, has begun Phase I of the mixed-use redevelopment of its CoorsTek Inc. campus in downtown Golden, just west of Denver. CoorsTek, formerly Coors Porcelain, was founded in 1910 at the multi-block site at Washington Avenue and 9th Street, which is the historical location of the invention of the aluminum beer can in 1959. The new global headquarters for CoorsTek will anchor the 1.3 million-square-foot project, which is the largest redevelopment in the history of downtown Golden. At full buildout, the development will feature new and adaptive reuse office space, multifamily residences, shops, restaurants and a hotel. The costs for the redevelopment weren’t disclosed, but the Denver Business Journal reports that the Coors family is investing $900 million in the project. AC Development, a master-planned community developer established by the Coors family in 2020, is overseeing construction. Owned by the Coors family since 1884, the site was in continuous use for industrial purposes for over 100 years, ceasing its operations earlier this year. CoorsTek is privately owned by the Coors family and is not part of Molson Coors Beverage Co. (NYSE: TAP), the producer of beer and seltzer …

July 19, 2022

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Shows No Signs of Stopping

by Jeff Shaw July 19, 2022

By Paul Sweetland, Senior Vice President, Colliers After a record year in 2021, Southern Nevada’s industrial market does not appear to be slowing down. The first-quarter vacancy decreased to 1.7 percent with 2.9 million square feet of net absorption. This is the lowest vacancy rate we have ever recorded in Southern Nevada. For comparison, vacancy only went as low as 3.1 percent during the boom that preceded the Great Recession. Demand was positive for all industrial subtypes for the first quarter, while rents for warehouse and distribution space increased 46 percent year over year. All industrial sectors added jobs on a year-over-year basis, with the largest increase being in logistics, which added 8,100 jobs. The current industrial boom has been driven by the influx of relocations and expansions from all over the U.S., but primarily from California. Southern Nevada’s strategic location, with its ability to service 12 markets within one day, has also made it an ideal location for regional and national distribution. New industrial completions totaled 2.1 million square feet this quarter, almost all of it being warehouse/distribution product. Southern Nevada is in its third major wave of post-Great Recession industrial development, with more than 8 million square feet now under …

July 19, 2022

Loans Multifamily Texas

Walker & Dunlop Arranges Loan for Refinancing of 680-Unit Apartment Community in San Antonio

by Taylor Williams July 18, 2022

SAN ANTONIO — Walker & Dunlop has arranged a loan of an undisclosed amount for the refinancing of The Place at Castle Hills, a 680-unit apartment community located on the north side of San Antonio. Built in 1984, the garden-style property comprises 52 buildings that house one- and two-bedroom units with walk-in closets and private balconies/patios. Amenities include four pools, a fitness center, outdoor picnic areas and a Wi-Fi lounge. Alex Inman, Jon Hyduke, René Jaubert, Harrison Hoskins and Hannah Coen of Walker & Dunlop arranged the loan on behalf of the borrower, Arizona-based investment firm MC Cos.

July 18, 2022

Acquisitions Retail Texas

JLL Brokers Sale of 262,556 SF Retail Power Center in West Houston

by Taylor Williams July 18, 2022

HOUSTON — JLL has brokered the sale of Market Square at Eldridge, a 262,556-square-foot retail power center located near the Energy Corridor area in West Houston. At the time of sale, the property was 98 percent leased to tenants such as Burlington, Michaels, Party City, PetSmart, Dollar Tree, HomeGoods, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot. Chris Gerard, Ryan West, Erin Lazarus and Megan Babovec of JLL represented the seller, Walton Street Capital, in the transaction. Locally based investment firm Wu Properties purchased the center for an undisclosed price.

July 18, 2022

Acquisitions Industrial Texas

Fort Capital Acquires 226,663 SF Industrial Portfolio in Euless, Texas

by Taylor Williams July 18, 2022

EULESS, TEXAS — Locally based investment firm Fort Capital has acquired a portfolio of 10 Class B industrial buildings totaling 226,663 square feet in Euless, located in the central part of the Dallas-Fort Worth metroplex. At the time of sale, the portfolio was 98 percent leased to a roster of 36 tenants in industries such as logistics, furniture and fabrication. All of the buildings were constructed between 1964 and 1985, with most construction dates trending toward the latter end of that range. The seller and sales price were not disclosed.

July 18, 2022

Industrial Leasing Activity Texas

Lee & Associates Negotiates 38,353 SF Industrial Lease in Dallas

by Taylor Williams July 18, 2022

DALLAS — Lee & Associates has negotiated a 38,353-square-foot industrial lease at 9755 Clifford Drive in Dallas. According to LoopNet Inc., the building sits on 8.5 acres and totals 114,500 square feet. Adam Graham and Stephen Williamson of Lee & Associates represented the landlord, Link Industrial Properties, in the lease negotiations. The name and representative of the tenant were not disclosed.

July 18, 2022

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