Western

IMT Acquires 370-Unit Apartment Community in Phoenix

by Amy Works January 24, 2025

PHOENIX — Los Angeles-based IMT Capital, along with its affiliated property management company IMT Residential, has purchased Marquis at Desert Ridge from a national multifamily investor and operator for an undisclosed price. IMT will rebrand the community as IMT Desert Ridge. Built in 2014, the community features 370 one- and two-bedroom units with select upgrades, including wood-style plank flooring, quartz countertops in the kitchen and baths, stainless steel appliances, custom cabinetry with brushed nickel hardware, full-size washers/dryers, 9- to 14-foot ceilings, open-concept floor plans and private balconies or patios. Onsite amenities include a resort-style swimming pool and spa area with a sundeck lounge and cabanas, an outdoor kitchen and grill stations, a 24-hour fitness center, residential clubhouse with an entertaining kitchen, billiard room and a business center. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Green of CBRE represented the seller in the transaction.

January 24, 2025

California Development Industrial Western

Premier Design + Build Group Breaks Ground on 285,719 SF Orange Logistics Center in California

by Amy Works January 24, 2025

ORANGE, CALIF. — Premier Design + Building Group has broken ground on Orange Logistics Center, the firm’s first project for IDI Logistics in the Western region. Orange Logistics Center will feature two industrial facilities offering a total of 285,719 square feet. The 189,519-square-foot Building 1 will offer 10,000 square feet of office space, a clear height of 36 feet, 25 dock doors and 172 parking spaces. The 99,200-square-foot Building 2 will include a 10,000-square-foot office space, a clear height of 32 feet, 11 dock doors and 106 parking spaces. The facilities will include sustainable features such as a carbon reduction slab system and are designed to achieve LEED certification, with the potential for Silver status. The project team includes HPA Architecture, HSA & Associates, Thienes Engineering, General Underground Fire Protection, Guy Yocom Construction, Engineering Resources and Hunter Landscape. Lee & Associates is serving as the project’s real estate broker.

January 24, 2025

Loans Multifamily Washington Western

Gantry Secures $23M Loan for Multifamily Community in Vancouver, Washington

by Amy Works January 24, 2025

VANCOUVER, WASH. — Gantry has secured a $23 million permanent loan to refinance the Mission Hills Apartments located at 11900 NE 18th St. in Vancouver. Situated on 33 acres, the property includes 556 one-, two- and three-bedroom apartments in multiple buildings. Community amenities include a club house, pool, spa and other Class A amenities. Blake Hering and Abi Hunter of Gantry represented the borrower, a private real estate family. The 10-year, fixed-rate loan was secured through one of Gantry’s correspondent life company lenders and features nonrecourse terms and a 30-year amortization schedule. The loan retires two maturing loans placed on different phases of the property.

January 24, 2025

Development Industrial Nevada Western

Rockefeller Group Completes 145,630 SF Industrial Park in North Las Vegas

by Amy Works January 24, 2025

NORTH LAS VEGAS, NEV. — Rockefeller Group has completed the construction of Cheyenne Industrial Park, a 145,630-square-foot complex located at 3130 N. Lamb Blvd. and 4375 E. Cheyenne Ave. in North Las Vegas. Cheyenne Industrial Park features a 104,440-square-foot building with a clear height of 32 feet, 18 dock-high doors, two grade-level doors, a 135-foot gated truck court, 105 auto parking stalls, 2,000 amps of power and 2,528 square feet of office space, and a 41,190-square-foot facility with a clear height of 30 feet, four dock-high doors, one grade-level door, a 135-foot gated truck court, 62 auto parking stalls, 1,200 amps of power and 1,995 square feet of office space. Both buildings feature six-inch slab thickness, LED lighting, TPO roofing, ESFR sprinklers and evaporative coolers. HPA Architecture served as architect and Martin Harris Construction served as general contractor for the project. Rob Lujan, Jason Simon and Danny Leanos of JLL are marketing the buildings for lease or sale.

January 24, 2025

Acquisitions Arizona Retail Western

Kidder Mathews Arranges $10.5M Sale of Rancho Encanto Retail Center in Phoenix

by Amy Works January 24, 2025

PHOENIX — Kidder Mathews has arranged the sale of Rancho Encanto, a grocery-anchored retail center in Phoenix. Dayanim Real Estate Corp. sold the asset to Junam Enterprises for $10.5 million. Located at 3434 W. Greenway Road, Rancho Encanto offers 70,439 square feet of retail space, with Smart & Final and Aaron’s as anchor tenants. Darren Tappen, Nathan Thinnes, Pete Beauchamp and Patrick Gardner of Kidder Mathews represented the seller and buyer in the deal. Following the sale, Junam Enterprises selected Kidder Mathews to manage the property.

January 24, 2025

Development Industrial Washington Western

TCC, Diamond Realty Investments Complete 1.2 MSF Spec Industrial Facility in Kelso, Washington

by Amy Works January 23, 2025

KELSO, WASH. — A joint venture between Trammell Crow Co. (TCC) and Diamond Realty Investments has completed the construction of Mid I-5, a speculate industrial facility at 2700 Talley Way in Kelso, approximately 50 miles north of Portland, Ore. Situated on 82 acres, Mid I-5 features a 1.2 million-square-foot speculative industrial and logistics building. The single-story, cross-dock facility features a clear height of 40 feet, 650-foot building depth, 8,000 amps of electrical service, 219 dock doors, 348 trailer parking stalls and 427 auto parking stalls. The project also includes adjacent land that could accommodate 475 additional trailer stalls, a yard area or 225,000 square feet of additional building. The facility is expected to become LEED-certified in 2025. The project team included Sierra Construction as general contractor, Gibbs & Olson as civil engineer and HPA Architecture as architect of record. Cara Nolan of CBRE Portland and Andrew Stark of CBRE Seattle are handling the property’s marketing and leasing.

January 23, 2025

California Development Loans Multifamily Western

JLL Arranges $46.5M in Construction Financing for Stella Apartments in San Diego

by Amy Works January 23, 2025

SAN DIEGO — JLL Capital Markets has arranged $46.5 million in construction financing for Stella Apartments, a multifamily development in San Diego. Aldon Cole, Bryan Clark and Bharat Madan of JLL Capital Markets’ Debt Advisory secured a three-year floating-rate loan through Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, for the borrower, Murfey Cos. Located at 3104 El Cajon Blvd. in San Diego’s North Park neighborhood, the nine-story, 73,243-square-foot residential property will offer 149 studios, one- and two-bedroom units. Onsite amenities will include a rooftop terrace, community gym, large outdoor amenity space and lobby. Murfey Co., a vertically integrated developer, plans to begin construction this quarter with completion expected in second-quarter 2027.

January 23, 2025

Arizona Development Multifamily Western

Wespac Residential to Develop 215-Unit Multifamily Project in Scottsdale, Arizona

by Amy Works January 23, 2025

SCOTTSDALE, ARIZ. — Wespac Residential, a division of Wespac Construction, is developing an apartment community at the southwest corner of Scottsdale Road and Gold Dust Avenue in Scottsdale. Situated on 4.7 acres, the property will feature 215 one- and two-bedroom units, 10,000 square feet of indoor amenities and 20,746 square feet of outdoor amenity space, including underground parking, a landscaped community space, and pool and spa area, as well as yoga space and a fitness center. Construction is slated to start in early 2027.

January 23, 2025

Acquisitions Industrial Nevada Western

Cryogenic Industries Buys Industrial Building in North Las Vegas for $10.3M

by Amy Works January 23, 2025

NORTH LAS VEGAS, NEV. — Cryogenic Industries has acquired an industrial building located at 4620 Eaker St. in North Las Vegas from APG Eaker LLC for $10.3 million. CBRE’s Tyler Ecklund represented the seller in the transaction. Built in 2016 on 2.9 acres, the building features 50,504 square feet of industrial warehouse space, two dock-high doors, one grade-level door, a clear height of 24 feet and 7,658 square feet of two-story office space.

January 23, 2025

Acquisitions California Retail Western

Marinita-Sage Rancho Sells 97,380 SF Sun Lakes Village Retail Center in Banning, California

by Amy Works January 23, 2025

BANNING, CALIF. — Marinita-Sage Rancho LLC has completed the disposition of Sun Lakes Village, a retail property in Banning, to a private investor for $8.7 million. Located at 300 S. Highland Springs Ave., Sun Lakes Village offers 97,380 square feet of retail space. Current tenants at the property include Hobby Lobby, Marshalls and Big Five. Paul Bitonti of Marcus & Millichap represented the seller and procured the buyer in the deal.

January 23, 2025

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