Property Type

Sterling Real Estate Begins Presidio Palms Hotel-to-Apartment Conversion Project in Tucson, Arizona

by Amy Works January 27, 2023

TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has started construction of Presidio Palms Apartments, a hotel-to-apartment conversion project located at 475 N. Granada Ave. in downtown Tucson. The project’s first units are slated for delivery by summer 2023. Sterling has been working on the project since January 2021 to change the zoning to allow residential use. The 10-acre property has been entitled and permitted to convert the underperforming and functionally obsolete hotel to a 212-unit apartment complex and allow for development of an additional 154 units. Presidio Palms will offer a modern, market-rate, low-cost rent option in the downtown Tucson submarket. The community’s studio and one-bedroom units will offer new plumbing, electrical, HVAC units, outdoor patios, finished cabinets, quartz countertops, stainless steel appliances, flooring, washers/dryers and modern fixtures. Onsite amenities will include a full-service coffee bar with café seating, residential lounge, private business center, arcade nook, gym and yoga studio, resort-style pool, sand volleyball court, outdoor kitchen area and dog park.

January 27, 2023

Arizona Development Industrial Western

Joint Venture Starts Construction of 599,351 SF Sub-Zero Industrial Project in Goodyear, Arizona

by Amy Works January 27, 2023

GOODYEAR, ARIZ. — ViaWest Group, Scottsdale Investment Management and building partners Willmeng Construction, DLR Group and Kimley-Horn have broken ground on a build-to-suit industrial warehouse in Goodyear for Sub-Zero Group. The 599,351-square-foot development will be the third facility that the Madison, Wis.-based kitchen appliance company operates in the West Valley. Situated on 36.4 acres, the warehouse and distribution center is located on the southwest corner of Camelback Road and Cotton Lane. The company’s other facilities are located at 3865 W. Van Buren and 4295 N. Cotton Lane.

January 27, 2023

Acquisitions Arizona Retail Western

First Washington Realty Sells Whole Foods Market-Anchored Retail Center in Tucson for $31.1M

by Amy Works January 27, 2023

TUCSON, ARIZ. — First Washington Realty has completed the disposition of River Center, a neighborhood retail center at 5555-5675 E. River Road in Tucson, to a private investor for $31.1 million. River Center features 107,508 square feet of retail space. At the time of sale, the property was fully leased to Whole Foods Market, Petco, Walgreens, Tenet Healthcare, Childtime Childcare and Orange Theory Fitness. Patrick Dempsey, Geoff Tranchina and Patrick Anthon of JLL Retail Capital Markets’ investment sales and advisory team represented the seller in the transaction.

January 27, 2023

Arrow-Business-Center-Rancho-Cucamonga-CA

California Development Industrial Western

Core5, MBK Break Ground on Spec 49,291 SF Arrow Business Center in Rancho Cucamonga, California

by Amy Works January 27, 2023

RANCHO CUCAMONGA, CALIF. — A joint venture between Core5 Industrial Partners and MBK Industrial Properties has broken ground on Arrow Business Center, a Class A industrial building in Rancho Cucamonga. Slated for completion in September, the speculative facility will offer 49,291 square feet of warehouse space. Situated on 2.4 acres at 11770 Arrow Route, Arrow Business Center will feature five dock-high doors, one drive-in position, 32-foot clear heights, 145-foot-deep truck court, six-inch floor slab and an ESFR sprinkler system. The property will also feature solar power and ample parking with five trailer parking stalls and 46 vehicle stalls. David Neault of KW Commercial will handle leasing for the project.

January 27, 2023

Acquisitions Colorado Retail Western

NAI Shames Makovsky Brokers $6.3M Sale of Retail Building in Denver

by Amy Works January 27, 2023

DENVER — NAI Shames Makovsky has arranged the sale of a retail property located at 70 N. Broadway in Denver. Fleming Building LLC acquired the asset from 70 Broadway LLC for $6.3 million. The property features 17,500 square feet of retail space. Todd Snyder and Joey Gargotto of NAI Shames Makovsky represented the seller in the deal.

January 27, 2023

Development Industrial Midwest Missouri Top Stories

Contegra Construction Completes 1 MSF Project Luna Distribution Center in Liberty, Missouri

by Jeff Shaw January 27, 2023

LIBERTY, MO. — Contegra Construction Co. has completed Project Luna, a 1 million-square-foot distribution facility at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Located at 2361 S. Withers Road, Project Luna features a 40-foot clear height, 108 dock doors, two drive-in doors and 20,000 square feet of office space. The property is built with tilt-up concrete panels and is topped with thermoplastic polyolefin (TPO) roofing, a single-ply white membrane which reflects heat instead of absorbing it. The warehouse is also equipped with 56 rooftop HVAC units to maintain temperature control throughout the interior. In addition, Edwardsville, Illinois-based Contegra constructed four retaining walls around Project Luna, which are up to 40 feet tall. The company also managed the installation of water, storm water and electrical infrastructure in conjunction with the retaining wall construction, including two large underground detention systems. Project Luna is Liberty Commerce Center’s fifth and largest distribution center since the 337-acre industrial park’s launch by Kansas City real estate developer NorthPoint Development in 2021. Upon its completion, the Liberty Commerce Center will consist of 3.4 million square feet of space located near the Liberty city border with Claycomo, south of Liberty Parkway between Hughes and …

January 27, 2023

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Surprisingly Resilient Amid Economic Headwinds

by Jeff Shaw January 27, 2023

By Dean Willmore, Executive Vice President; Kyle Kirchmeier, Associate; Alex Stanisic, Vice President; and Laura Wilhelm, Senior Field Research Analyst, CBRE Las Vegas’ current industrial market is surprisingly resilient. There is, of course, a possibility of planned projects being put on hold or not moving forward at all due to rising inflation and economic uncertainty, but leasing activity hasn’t slowed. Regardless of never-before-seen rent growth, record-low vacancy and a marked increase in asking lease rates every 60 days, the market still may not have peaked. As of the third quarter of 2022, the average asking lease rate was $1.19 per square foot (triple net), and the overall vacancy rate remained at a very low 1 percent. However, industrial/flex space in the 2,000- to 5,000-square-foot range, which is still dealing with the effects of the pandemic, has shown no noticeable rent growth. Some landlords are even offering leasing incentives to attract tenants. If the market contracts in 2023, smaller tenants in this size range will be the first to see its effects. Nearly half of the 17 million square feet under construction during the third quarter was pre-leased, and nearly 80 percent of those projects were in North Las Vegas. The largest lease of the quarter occurred in the submarket, with …

January 27, 2023

Leasing Activity Office Southeast Tennessee

Oracle Expands Footprint to 100,000 SF at Radius Office Building in Nashville’s Gulch District

by John Nelson January 26, 2023

NASHVILLE, TENN. — Tech giant Oracle has expanded its footprint at Radius, a nine-story office building located at 601 11th Ave. N in Nashville’s Gulch district. The company is expanding its footprint from 31,580 square feet to 100,000 square feet. Rubicon Equities, the landlord of Radius, also recently signed a new lease with CoreTrust, a locally based commercial sourcing agency. The company leased the entire seventh floor, totaling 31,580 square feet. In addition to offices, Radius features a fitness center with lockers and showers, café, onsite security, rooftop terrace, 18,500 square feet of ground-level retail space and a parking garage with 900 spaces. Stream Realty Partners is the property manager for the building and shares the leasing assignment with Sandeema Co. There is currently 125,000 square feet of space available for lease.

January 26, 2023

Acquisitions Multifamily Southeast Virginia

Blackfin Purchases Riverlands Apartments in Newport News, Virginia for $44.2M

by John Nelson January 26, 2023

NEWPORT NEWS, VA. — Blackfin Real Estate Investors LLC has purchased Riverlands Apartments, a 404-unit multifamily community located in the Hampton Roads town of Newport News, for $44.2 million. Hank Hankins, Charles Wentworth, Victoria Pickett and Garrison Gore of Colliers represented the seller, an undisclosed developer that has owned the property since it was delivered in 1989. Riverlands features one-, two- and three-bedroom apartments, as well as a pool and fitness center. The property is adjacent to Westover Station, a 108-unit property that Blackfin acquired in November 2020. Overall Blackfin has acquired nine communities in the Hampton Roads region.

January 26, 2023

Acquisitions Florida Office Southeast

Joint Venture Acquires East Tampa Office Complex for $31M

by John Nelson January 26, 2023

TAMPA, FLA. — A joint venture between Torose Equities, Merrimac Ventures and Linkvest Capital has purchased Interstate Corporate Center, a 350,000-square-foot office complex on Tampa’s east side. The property is located on a 50-acre site at 6302 E. Dr. Martin Luther King Jr. Blvd., about six miles from downtown Tampa. An entity doing business as B&L Investments Interstate LLC sold the property for $31 million. Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell and Nick Sharpe of CBRE represented the seller in the transaction. Built in 1984 and renovated in 2018, Interstate Corporate Center was 80 percent leased at the time of sale to tenants such as Hillsborough County School Readiness Coalition Inc., Ashley Furniture Industries Inc., HealthPlanOne and the Florida Department of Revenue Child Support Services. The largest tenant, Concentrix CVG Customer Management Group Inc., occupies 81,134 square feet.

January 26, 2023

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