Lincoln Property Co. Sells Industrial Facility in Glendale, Arizona to BentallGreenOak for $186M

GLENDALE, ARIZ. — LPC Desert West, the western regional office of Lincoln Property Co. (LPC), has completed the disposition of the first phase of Park 303, an industrial park located at 6600 N. Sarival Road in Glendale. BentallGreenOak acquired the building for $186 million, which is the highest sales price for a single industrial facility in the history of Arizona.Situated on 71 acres, the nearly 1.3-million-square-foot property is fully leased to an unnamed retailer. The building …

September 17, 2021Acquisitions, Arizona, Industrial, Western

Prologis Acquires 441,569 SF Safari Business Park in Las Vegas

LAS VEGAS — San Francisco-based Prologis has purchased Safari Business Park, a Class A industrial campus in Las Vegas. An entity doing business as Black Bongo LP sold the asset to Prologis for an undisclosed price.Located at 7650-7850 Dean Martin Drive, the five-building property features 441,569 square feet of multi-tenant industrial space. At the time of sale, the park was 82 percent leased, with available suites ranging from 10,280 square feet to 15,303 square feet. Each suite features …

September 17, 2021Acquisitions, Industrial, Nevada, Western

JRK Investors Buys Terraces Apartments in Prescott Valley, Arizona for $76.6M

PRESCOTT VALLEY, ARIZ. — Los Angeles-based JRK Investors has acquired Terraces, an apartment property located at 5700 E. Market St. in Prescott Valley. Larkspur, Calif.-based Virtu Investments sold the asset for $76.6 million.Constructed in 2003, Terraces features 226 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a heated pool with waterfall feature, a zero-edge hot tub, dog park, 56 detached garages, barbecues and an outdoor lounge.Brad …

September 17, 2021Acquisitions, Arizona, Multifamily, Western

MedCore Sells 60-Unit Birchview Memory Care in Sedro-Woolley, Washington

SEDRO-WOOLLEY, WASH. — MedCore Partners has sold Birchview Memory Care, a 60-unit senior living community in Sedro-Woolley, approximately 72 miles north of Seattle. The community was part of a seven-property portfolio that MedCore purchased in July 2020 with locations in Washington State and Southern California. The buyer and price were not disclosed.“We are pleased with our investment in Birchview and the success in operations during the 14 months MedCore owned it,” says Brian …

September 17, 2021Acquisitions, Multifamily, Seniors Housing, Washington, Western

Marcus & Millichap Brokers Sale of 9,000 SF Retail Property in Farmington, New Mexico

FARMINGTON, N.M. — Marcus & Millichap has arranged the sale of Starbucks Shops at Largo Square, a retail center located at 4337 E. Main St. in Farmington. An unnamed limited liability company sold the asset to an undisclosed buyer. The acquisition price was not released.Austin Snedden, Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller in the transaction. Matthew Reeves, also with Marcus & Millichap, served as broker of record.Starbucks Shops at …

September 17, 2021Acquisitions, New Mexico, Restaurant, Retail, Western

Partnership Breaks Ground on $1.8B Arena for Los Angeles Clippers in Inglewood, California

INGLEWOOD, CALIF. — A public-private partnership between Murphy’s Bowl LLC and the City of Inglewood has broken ground on Intuit Dome, a 915,000-square-foot basketball and events arena in Inglewood that will serve as the home of the Los Angeles Clippers. Murphy's Bowl is a development entity backed by the Los Angeles Clippers. San Francisco-based developer and investor Wilson Meany is also part of the project, which is expected to cost $1.8 billion, according to the Los Angeles …

September 17, 2021California, Development, Mixed-Use, Top Stories

Lincoln, Harvard Buy 585-Acre Land Site for 7 MSF Goodyear Airpark Industrial Development in Arizona

GOODYEAR, ARIZ. — A joint venture between Harvard Investments and LPC Desert West, the Southwest regional office of Lincoln Property Co., has acquired a 585-acre land parcel in Goodyear for the development of a Class A industrial park.Situated next to the Phoenix-Goodyear Airport, Goodyear Airpark will feature up to 7 million square feet of industrial space in as many as 20 buildings at build-out. The partnership will break ground on the first phase in first-quarter 2022. The first phase …

September 16, 2021Arizona, Development, Industrial, Western

Chartwell Real Estate Acquires Iconic Balboa Fun Zone in Newport Beach

NEWPORT BEACH, CALIF. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price.The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s.Located at 600 E. Bay Ave., the …

September 16, 2021Acquisitions, California, Retail, Western

Wright Runstad, J.P. Morgan Open 58-Story Residences at Rainier Square in Downtown Seattle

SEATTLE — Wright Runstad & Co. and J.P. Morgan have welcomed the first residents of The Residences at Rainier Square in downtown Seattle. Wright Runstad & Co. partnered with institutional investors advised by J.P. Morgan Global Alternative on development of the mixed-use project.The Residences features 189 for-lease apartments, occupying floors 39 through 58 of the mixed-use structure, in a mix of one-, two- and three-bedroom layouts and top-floor penthouse. The property also …

September 16, 2021Development, Multifamily, Washington, Western

CGR Breaks Ground on 1.1 MSF Costco Distribution Facility in Tumwater, Washington

TUMWATER, WASH. — CRG has broken ground on a 1.1 million-square-foot distribution center in Tumwater, approximately 60 miles southwest of Seattle. Costco will own the 79-acre project, located at 2311 93rd Ave.The $160 million build-to-suit project will feature 175 car parking spaces, 418 trailer spaces and 129 dock doors. Construction started in mid-August and completion is slated for August 2022.CRG sourced the land, navigated the entitlement process and provided development services …

September 16, 2021Development, Industrial, Washington, Western