SURPRISE, ARIZ. — Diversified Partners has unveiled plans to develop a new 120,000-square-foot retail development within the master-planned community of Prasada in Surprise, roughly 30 miles northwest of Phoenix. The project will feature 16 acres of pad sites, shop space, auto and storage opportunities, as well as ground lease and build-to-suit options. Current confirmed tenants include a convenience store with an attached gas station, national drive-thru restaurant brands and a veterinary clinic, with additional tenants in negotiations across dining, wellness, automotive and lifestyle categories. Delaney McGroarty of Diversified will handle leasing at the property, which was designed by RKAA Architects.
ROHNERT PARK, CALIF. — SRS Real Estate Partners has completed the $17.7 million sale of Mountain Shadows Plaza, a multi-tenant retail center at 901, 941, 967 and 968 Golf Course Drive in Rohnert Park. John Redfield and Jose Chichester of SRS Capital Markets represented the seller, a special purpose vehicle controlled by Oak Cap Ventures LLC. Situated on 7.4 acres, the five-building property features 77,651 square feet of retail space. The property was 97 percent occupied at the time of sale to a variety of tenants, including Walmart Neighborhood Market, Starbucks Coffee and Anytime Fitness.
SEATTLE — Open House Westwood has completed the sale of Greenlake Terrace Apartments, a multifamily community located at 7415 5th Ave. NE in Seattle’s Green Lake neighborhood. A local family office acquired the property for $16.5 million. Built in 1986, Greenlake Terrace Apartments offers 48 apartments, secure garage parking, a bike room and updated commons areas. The buyer plans to continue the property’s value-add renovation program. Matt Kemper, Tim McKay, Dan Chhan, Jacob Odegard, Dylan Roeter and Bryon Rosen of Cushman & Wakefield represented the seller and procured the buyer in the transaction.
TORRANCE, CALIF. — CB Arcadia Partners, an affiliate of Calbay Development, has completed the disposition of a freestanding retail property located at 23865 Hawthorne Blvd. in Torrance, to Madrona F&F LLC for $8.2 million. Starbucks Coffee occupies the 2,400-square-foot property, which was delivered in 2025, on a long-term, triple-net lease. The property features a drive-thru that can accommodate 20 vehicles, plus a full-size café format with indoor and outdoor seating. Alex Kozakov and Patrick Wade of CBRE represented the seller in the deal.
SAN DIEGO — PSRS has arranged $5.6 million in refinancing for Washington Center, a shopping center in San Diego. Built in 1979, the 33,971-square-foot asset is leased to a mix of local tenants. James Mulvihill and Kevin Mulvihill of PSRS arranged the financing through one of PSRS’ correspondent life insurance company lenders. The cash-out refinance retired existing debt and provided the undisclosed borrower with additional flexibility through an option to extend the loan term.
BOISE, IDAHO — Intercontinental Real Estate Corp., in partnership with Interwest Capital Group, has acquired River Edge, a 175-unit student housing community in Boise. Terms of the transaction were not disclosed. Located adjacent to Boise State University, River Edge offers 622 beds in a mix of two- and four-bedroom residences, averaging 1,197 square feet. Community amenities include a fitness center, study rooms, a business center, residential lounge/theater, coffee bar and parking for 277 vehicles. The joint venture plans to implement a light renovation program to all of the units, which have remained in their original condition since the property’s construction in 2015. Planned upgrades include stainless steel appliances, modern lighting, new living room furniture, smart TVs in every unit and keyless entry systems to align with market standards. Situated on 3.2 acres at 1004 W. Royal Blvd., River Edge is currently 99 percent leased for the 2025/25 academic year.
CARLSBAD, CALIF. — Cushman & Wakefield has brokered the sale of Raceway Industrial, a Class A logistics facility at 3125 Lionshead Ave. in Carlsbad. An institutional seller sold the asset to a private capital buyer for $76.9 million. Aric Starck and Drew Dobbs of Cushman & Wakefield represented the seller, while Brant Aberg and Bryce Aberg, also of Cushman & Wakefield, represented the buyer in the transaction. Constructed in 2024, the 228,548-square-foot logistics center includes a 4,369-square-foot first-story office and a 4,000-square-foot mezzanine office. The facility also features a clear height of 36 feet, 69 dock-high loading positions, 125-foot concrete truck courts, 370 parking stalls, ESFR sprinkler systems and 4,000 amps of power.
DENVER — Redpeak Properties has obtained $33.2 million in agency acquisition financing for Monaco Row, a garden-style apartment property in Denver. Tony Nargi and Eric Tupler of JLL Capital Market’s Debt Advisory team originated the five-year, fixed-rate Fannie Mae loan, which will be serviced by JLL Real Estate Capital. Located at 4665 S. Monaco St., Monaco Row features 196 one- and two-bedroom apartments spread across 16 residential buildings on 8.9 acres. Many units include direct-access garages and offer Rocky Mountain views. Community amenities include a pool, spa, fitness center, resident lounge and pet spa. The property was built in 2013.
SALEM, ORE. — Ethos Commercial Advisors has secured construction financing for The Citizen, an apartment community in Salem. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors originated the $22 million, 36-month construction loan at an 82 percent loan-to-cost ratio for Deacon Development. Located downtown and spanning 64,397 square feet of gross building area, The Citizen will offer 105 apartments. Construction began recently with completion slated for spring 2027.
GILBERT, ARIZ. — Edward Homes Development has broken ground on Melrose Professional Park, a Class A medical and office condominium park on the southeast corner of S. Rome and E. Melrose streets in Gilbert. Tom Weinhold, Sheila Bale and Erika Eckblad of Cushman & Wakefield are handling sales efforts for the project. Upon completion, the 120,000-square-foot asset will feature eight approximately 10,000-square-foot and two 20,000-square-foot medical condominium buildings, offering units ranging from approximately 5,000 square feet to 20,000 square feet. The first delivery is scheduled for April 2026, with phased completion through December 2026. Melrose Professional Park is designed as a single-story, 10-building mixed-use office property. The development will offer designated patient drop-off areas, generator pad accessibility, exterior-loaded buildings and planned building signage. Each unit will be delivered in shell condition with HVAC curbs, allowing for customized build-outs.
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