Property Type

Vestar, DMB Development to Build 500,000 SF Verrado Marketplace in Buckeye, Arizona

by Amy Works May 11, 2022

BUCKEYE, ARIZ. — Vestar, in partnership with DMB Development, has unveiled plans for Verrado Marketplace, a commercial space near Verrado, an 8,800-acre master-planned community in Buckeye. Totaling more than 500,000 square feet of space, Verrado Marketplace will feature a grocery store, apparel and home décor stores, a department store, movie theater, specialty shops, restaurants and services. Additionally, the project will feature public outdoor spaces. Verrado Marketplace will be designed to complement the small-town neighborhood charm of the Verrado community. The marketplace will be located at the northeast corner of Verrado Way and Interstate 10. Construction is slated to begin in mid-2023 following necessary approvals from the City of Buckeye.

May 11, 2022

Colorado Development Industrial Western

JAGreen, Raith Capital Partners Plan 2 MSF AEROS Logistics Center in Aurora, Colorado

by Amy Works May 11, 2022

AURORA, COLO. — JAGreen Development (JAG), in partnership with an affiliate of New York-based Raith Capital Partners, has acquired 157 acres in Aurora for the development of AEROS Logistics Center, a Class A industrial park. AEROS Logistics Center will feature 2 million square feet of logistics, distribution, manufacturing, construction and data center space. Tenants will have the option to buy or lease from the property. The park could accommodate two 1 million-square-foot, east/west-facing, cross-dock buildings, or it could be divided into smaller parcels. Aaron Valdez, Alec Rhodes and Tyler Smith of Cushman & Wakefield represented JAG in the acquisition and will handle the marketing for AEROS.

May 11, 2022

Acquisitions California Retail Western

Newmark Negotiates $42.2M Sale of Country Fair Shopping Center in Chino, California

by Amy Works May 11, 2022

CHINO, CALIF. — Newmark has arranged the sale of Country Fair Shopping Center, a multi-tenant neighborhood shopping center in Chino. Red Mountain Group acquired the property from a publicly traded REIT based in New York for $42.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 11901-12089 Central Ave., Country Fair Shopping Center features 168,264 square feet of retail space. At the time of sale, the center was 92 percent occupied. Current tenants include PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin-Williams.

May 11, 2022

Loans Multifamily Northmarq Oregon Western

Northmarq Arranges $12.9M Refinancing for May’s Landing Apartments in Salem, Oregon

by Amy Works May 11, 2022

SALEM, ORE. — Northmarq has arranged $12.9 million in refinancing for May’s Landing Apartments, a multifamily community in Salem. Salem-based Rushing Group, the borrower, recently constructed the garden-style, 96-unit multifamily property. The permanent refinance will allow the borrower to take out its interim bridge debt, which it utilized during the property’s lease-up, and return equity for its next multifamily development. Conor Freeman of Northmarq’s San Diego office arranged the refinancing for borrower. The transaction was structured with a 10-year term and 10 years of interest-only payments.

May 11, 2022

Acquisitions Arizona Office Western

Scriba Waldron Capital Purchases Fiesta Square Office Complex in Mesa, Arizona for $7.2M

by Amy Works May 11, 2022

MESA, ARIZ. — Newport Beach, Calif.-based Scriba Waldron Capital has acquired Fiesta Square, a multi-tenant office complex in Mesa. A private individual sold the asset for $7.2 million, or $208 per square foot. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal. Comprising two two-story buildings, the asset totals 34,974 square feet of creative office space. At the time of sale, the property was fully leased. Built in 1985, Fiesta Square is located at 1220 S. Alma School Road.

May 11, 2022

Acquisitions Delaware Northeast Retail

IPA Negotiates Sale of 191,973 SF Shopping Center in Dover, Delaware

by Taylor Williams May 11, 2022

DOVER, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of North Dover Center, a 191,973-square-foot shopping center in Dover. The property was built in 1989 and was 97 percent leased at the time of sale. The spaces of two of the original anchor tenants, Toys ‘R’ Us and Acme, have been backfilled by Hobby Lobby and Bob’s Discount Furniture in recent years. Staples and T.J. Maxx are the center’s other anchors. Brad Nathanson, Dean Zang and David Crotts of IPA represented the undisclosed seller and procured the buyer, Milbrook Properties, in the transaction.

May 11, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $50M Multifamily Portfolio Sale in Elizabeth, New Jersey

by Taylor Williams May 11, 2022

ELIZABETH, N.J. — Locally based brokerage firm Kislak Co. Inc. has arranged the $50 million sale of a portfolio of multifamily properties totaling 326 units in the Northern New Jersey community of Elizabeth. The portfolio also included two cell towers. The unit mix comprises 26 studios, 234 one-bedroom units, 60 two-bedroom apartments and six three-bedroom residences. Joni Sweetwood of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

May 11, 2022

Leasing Activity New Jersey Northeast Retail

Fitness Factory Health Club Opens 20,000 SF Facility at Bell Works in Holmdel, New Jersey

by Taylor Williams May 11, 2022

HOLMDEL, N.J. — Fitness Factory Health Club has opened a 20,000-square-foot facility at Bell Works, an office and retail development located in the Northern New Jersey community of Holmdel. A grand opening celebration took place on May 4. In addition to cardio and strength training equipment, the facility will offer a smoothie bar, a turfed functional training area, virtual training area and a recovery room. The location at Bell Works, a redevelopment of the former Bell Labs campus that is owned by Somerset Development, is the seventh for Fitness Factory.

May 11, 2022

California Development Life Sciences Top Stories Western

Trammell Crow, CBRE Plan 116,000 SF Vista Sorrento Labs Spec Life Sciences Building in San Diego

by Kristin Harlow May 11, 2022

SAN DIEGO — Trammell Crow Co. (TCC), in partnership with CBRE Investment Management on behalf of a separate account client, has unveiled plans to build Vista Sorrento Labs, a 116,000-square-foot speculative life sciences development in the Sorrento Mesa submarket of San Diego. The purpose-built life sciences building marks the first ground-up life sciences project in San Diego for both firms. The partnership plans to begin demolition of an existing building on the site and break ground on the new facility in the fourth quarter of this year. Completion is slated for early 2024. The four-story building will feature floor plates spanning 32,000 square feet. The project will feature Class A lab, clean room and office space as well as onsite chemical storage. Ware Malcomb designed the building, which will include amenities such as electric vehicle charging stations, locker rooms, indoor and outdoor conference rooms, bike storage, surface and structured parking, a fitness center and lounge. “This fall’s scheduled groundbreaking will mark the first of multiple planned ground-up life sciences developments in Sorrento Mesa, which will add approximately 700,000 square feet of much-needed life sciences space to the submarket,” says Chris Tipre of TCC Newport Beach. “Vista Sorrento Labs is located …

May 11, 2022

Conference Coverage Features Student Housing

Investment in Student Housing Remains Robust Despite Volatility in Debt, Equity Markets, Says InterFace Panel

by Katie Sloan May 11, 2022

AUSTIN, TEXAS — As we move toward the start of a new academic year, the outlook in the student housing industry keeps getting brighter, according to experts within the industry. All signs point to further movement out of the COVID-19 pandemic — a testament to which was seen at the 14th annual InterFace Student Housing conference in Austin, where over 1,300 attendees gathered last week at the JW Marriott downtown. The sector’s resilience during the pandemic was once again a major topic at this year’s conference, particularly during the ‘Power Panel,’ which brought together a consortium of high-level executives to discuss industry trends and the outlook for the upcoming academic year. “Evidenced once again by a packed house in this room, the sector is demonstrating continued strength, resilience and sustainability as a niche real estate asset class,” began moderator Peter Katz, executive director with Institutional Property Advisors (IPA), a division of Marcus & Millichap. “While 2021 was a record year for many asset classes, one constant that we can expect in life is change,” he continued. “Over the past 90 days, we’ve seen a huge turn of events in the global economic platform. The impact of the COVID-19 pandemic has …

May 11, 2022

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