Western

High Street Residential, PGIM Complete 192-Unit Huxley Scottsdale Multifamily Community in Arizona

by Amy Works October 24, 2024

SCOTTSDALE, ARIZ. — High Street Residential, the residential subsidiary of Trammell Crow Co., and PGIM Real Estate have completed construction of Huxley Scottsdale, an apartment development in Scottsdale. Located at 8555 E. Raintree Drive, Huxley Scottsdale features 192 studio, one- and two-bedroom floor plans. Units offer work-from-home nooks, Shaker cabinets, smart appliances, in-unit washers/dryers, balconies or patios, 9- to 11-foot ceilings, walk-in closets, bathrooms with tubs and walk-in showers, linen closets and secured access from parking to each unit. Community amenities include a sky lounge with mountain views and barbecue grills, outdoor pet park, indoor pet spa, hidden speakeasy with wet bar, game room, catering kitchen with a private dining space, pool and space with an outdoor lanai, work-from-home suites and conference rooms, concierge services, fitness and yoga studio, multiple lounge and seating areas and dedicated mail and package rooms. ESG served as the project’s architect of record and Weitz served as general contractor. Greystar is handling leasing and property management for the asset. Monthly rental rates at Huxley Scottsdale range from $1,764 to $3,429, according to Apartments.com.

October 24, 2024

Acquisitions Arizona Industrial Western

BKM Capital Partners Buys Nine-Building Wier Thirty6 Business Park in Phoenix for $21.6M

by Amy Works October 24, 2024

PHOENIX — BKM Capital Partners has acquired Wier Thirty6 Business Park, an industrial asset in Phoenix, for $21.6 million. The asset is situated on 5.8 acres at 3610-3660 E. Wier Ave. and 4633-4645 S. 36th St. in Phoenix’s Airport submarket. Built 1986, the 104,146-square-foot property consists of nine freestanding buildings housing 10 units with an average size of 10,415 square feet. The park features 18-foot clear heights, five truck wells, 10- by 12-foot grade-level doors and 243 parking spaces, as well as a 48 percent office component. The buildings are fully leased to a variety of tenants, including Service Education AZ, RestorationHQ, WSP USA Environment & Infrastructure and the U.S. General Services Administration. BKM had originally purchased the asset in 2018, when it was known as Diablo Business Center, for $8 million. The firm invested more than $2 million in deferred maintenance, cosmetic upgrades and speculative tenant improvements on the property. Bob Buckley, Tracy Cartledge, Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield represented the undisclosed seller in the deal.

October 24, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $15.6M Sale of Beachmont Multifamily Property in La Habra, California

by Amy Works October 24, 2024

LA HABRA, CALIF. — Marcus & Millichap has arranged the $15.6 million sale of Beachmont, a beachfront apartment community in La Habra. The names of the buyer and seller were not released. Located in North Orange County, Beachmont offers 45 apartments, 82 percent of which are townhome style. Each unit features individual water heaters, washer/dryer hookups, private patios and two assigned parking spaces. Recent property upgrades include new windows and roofs in 2023, exterior painting in 2024 and asphalt reconditioning in 2019. W. Michael Cavner and Tyler Leeson of Marcus & Millichap’s Orange County office handled the transaction.

October 24, 2024

Acquisitions Colorado Office Western

Pinnacle Real Estate Directs $2.1M Sale of Office Building in Denver

by Amy Works October 24, 2024

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building in Denver. Collaborative Healing Initiative Within Communities (CHIC Denver) acquired the asset from Unbridled Wealth for $2.1 million, or $327.14 per square foot. Located at 1525 Josephine St., the property offers 6,358 square feet of office space. Cody Stambaugh, Liz Morgan and Kyle Moyer of The Morgan Stambaugh Group at Pinnacle Real Estate Advisors handled the transaction.

October 24, 2024

Acquisitions California Multifamily Western

Pacific Urban Investors Purchases 201-Unit Arioso Multifamily Community in Silicon Valley

by Amy Works October 23, 2024

CUPERTINO, CALIF. — Palo Alto, Calif.-based Pacific Urban Investors has purchased Arioso, an apartment property in the Silicon Valley city of Cupertino. Los Angeles-based CIM Group sold the community for an undisclosed price. Built in 1998, the three-story podium-style community offers 201 one- and two-bedroom floor plans, averaging 1,015 square feet. Community amenities include a leasing office, fitness center, business center, swimming pool and a spa. Arioso’s monthly rental rates range from $3,351 to $10,185, according to Apartments.com.

October 23, 2024

Northwest-Coporate-Park-Building-11-Portland-OR

Acquisitions Industrial Oregon Washington Western

EQT Exeter Buys Three-Building Pacific Northwest Industrial Portfolio for $49.9M

by Amy Works October 23, 2024

KENT, WASH. AND PORTLAND, ORE. — EQT Exeter has acquired a three-building, 312,604-square-foot industrial portfolio in Kent and Portland from an institutional investor for $49.9 million. The portfolio consists of Kent 36 & 39, a 63,500-square-foot distribution building and a 42,022-square-foot small-bay industrial building in Kent, as well as Northwest Corporate Park Building 11, a 207,082-square-foot distribution building in Portland. Brett Hartzell, Paige Morgan, Andrew Stark, Stuart Skaug and Cara Nolan of CBRE represented the undisclosed seller in the transaction.

October 23, 2024

California Development Multifamily Seniors Housing Western

Ryan Cos., Cogir Open 158-Unit Seniors Housing Community in Torrance, California

by Amy Works October 23, 2024

TORRANCE, CALIF. — Ryan Cos. and Cogir Senior Living have open Cogir of South Bay, a seniors housing property located at 21507 Hawthorne Blvd. in Torrance. Situated two miles from the beach, the four-story community offers 158 independent living and assisted living residences. Onsite amenities include multiple dining venues, a bistro, fitness center, theater, salon, art room and an outdoor amenity deck with a pool. Ryan Cos. served as builder for the project.

October 23, 2024

Acquisitions Arizona Healthcare Office Western

Meridian Acquires Vacant 94,569 SF Medical Office Building in Tucson for $8M

by Amy Works October 23, 2024

TUCSON, ARIZ. — Meridian, a full-service real estate developer and owner of medical real estate, has purchased a medical office building located at 4888 N. Stone Ave. in Tucson. An affiliate of Tenet Health sold the asset for $8 million. Situated on 9.2 acres, the 94,569-square-foot property was vacant at the time of sale. Meridian plans to renovate and upgrade the facility, which has sat vacant for 15 years. The company will convert the former inpatient cardiovascular hospital into a health center for El Rio Health, a Federally Qualified Health Center, which will occupy the building. Construction is slated to start by the end of the month, with completion scheduled for early 2026. Rick Kleiner of Cushman & Wakefield | PICOR represented the buyer and tenant, while Vince Femiano and Kate Morris of Transwestern represented the seller in the deal.

October 23, 2024

California Loans Multifamily Western

PSRS Arranges $6.5M Refinancing for Parkway Plaza Multifamily Property in La Mesa, California

by Amy Works October 23, 2024

LA MESA, CALIF. — PSRS has arranged $6.5 million in permanent financing for Parkway Plaza, a multifamily property in La Mesa. Parkway Plaza offers 65 studio, one-, two- and three-bedroom apartments, a swimming pool, sun deck, laundry room and onsite property management. David Smyle and Daniel de Leon of PSRS secured the non-recourse, 30 percent loan-to-value refinancing with a seven-year term and 30-year amortization schedule for the undisclosed borrower through a bank execution.

October 23, 2024

California Industrial Loans Western

Cushman & Wakefield Arranges $475M CMBS Financing for 4.8 MSF Industrial Portfolio for Ares Management

by Amy Works October 22, 2024

LOS ANGELES — Cushman & Wakefield, on behalf of an Ares Management Real Estate fund, has arranged $485 million in financing backed by a 4.8 million-square-foot, 25-building industrial portfolio spanning 16 markets in 12 states. The floating-rate, CMBS single-borrower (SASB) financing was provided by a syndicate led by J.P. Morgan, with Morgan Stanley and Natixis Corporate & Investment Banking as joint bookrunners. Rob Rubano, Gideon Gil, Brian Share, Joe Lieske, Ernesto Sanchez and Lars Weston of Cushman & Wakefield Equity, Debt and Structured Finance led the financing. Managed by Ares Industrial Management, the portfolio is currently 97 percent leased to 58 tenants. The properties feature Class A and Class B, bulk warehouse and light industrial assets. The individual assets offer a variety of industrial features, including 30-foot average clear heights, ample dock doors and an average 5 percent of office space square footage across the portfolio. The portfolio includes two properties in the San Francisco Bay area totaling 518,300 square feet; three properties in Southern California totaling 344,700 square feet; five properties in Houston totaling 693,900 square feet; a 722,500-square-foot property in Reno, Nev.; and a 797,600-square-foot property in Atlanta. The remaining properties in the portfolio are spread across Salt …

October 22, 2024

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