Western

Berkeley Partners Sells 97,240 SF Pima Street Logistics Center in Phoenix

by Amy Works October 10, 2024

PHOENIX — Berkeley Partners has completed the disposition of Pima Street Logistics Center, a standalone industrial building on 4.2 acres in Phoenix, to Ares Management Real Estate fund for an undisclosed price. Situated in the city’s Sky Harbor submarket, the 97,240-square-foot Pima Street Logistics Center offers a multi-tenant layout, multiple storefronts, LED lighting and approximately 0.5 acres of secured yard. At the time of sale, the asset was fully leased to three tenants. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the transaction. Ares Industrial Management will manage the asset.

October 10, 2024

Acquisitions California Mixed-Use Multifamily Office Restaurant Retail Western

Marcus & Millichap Brokers Sale of 10,734 SF Mixed-Use Property in El Cajon, California

by Amy Works October 10, 2024

EL CAJON, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property located at 245 E. Main St. in downtown El Cajon. Syrian Investments acquired the asset from Ronald L. Bain for $2.6 million. The buyer plans to occupy the building and open its second restaurant on the street occupying the ground floor. Built in 2007, the fully vacant building offers 10,734 square feet of retail, office and apartment space, a rear parking lot, roll-up door, alley access and Main Street frontage. Nick Totah and Joseph Gutierrez of Marcus & Millichap represented the seller, while Na’il Salem of Premiere Homes procured the buyer in the deal.

October 10, 2024

Acquisitions Office Oregon Western

VW Holdings Closes Sale of 4,030 SF Office Building in Gresham, Oregon

by Amy Works October 10, 2024

GRESHAM, ORE. — VW Holdings has completed the sale of an office building and adjacent 0.4-acre land site at 600 N.W. Farris Road in Gresham, about 16 miles east of Portland. Lewis & Clark Montessori Charter School acquired the asset for $1.7 million. Constructed in 1978 and renovated in 2003, the 4,030-square-foot, single-story property is ADA-accessible and includes 26 parking spots. Tim Budelman of Portland-based Norris & Stevens represented the seller, while Anne Hecht of Cushman & Wakefield represented the buyer in the deal.

October 10, 2024

Content Partner Data Centers Features Hospitality Life Sciences Loans Midwest Multifamily Northeast Office Self-Storage Southeast Texas Western

C-PACE Maintains Appeal in Lower Interest Rate Environment

by Sarah Daniels October 10, 2024

The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Sponsored: A smarter way to finance your next CRE project – PACE Loan Group Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. …

October 10, 2024

Development Idaho Multifamily Western

Thompson Thrift to Develop 264-Unit Multifamily Community in Nampa, Idaho

by Amy Works October 9, 2024

NAMPA, IDAHO — Indiana-based Thompson Thrift is entering the Idaho market with the construction of The Logan, an apartment property in Nampa, approximately 20 minutes southwest of Boise. Construction is slated to begin this month with completion scheduled for winter 2025. Located on 12 acres at 2516 W. Karcher Road, The Logan will offer 264 one-, two- and three-bedroom apartments spread across three-story buildings. Units will feature stainless steel appliances, glass-top ranges, hardwood-style flooring, a walk-in shower and multiple smart home capabilities. Additionally, select apartments will feature cabinetry with soft-close doors, a deluxe closet system with shelving, premium lighting, a dry bar and advanced smart home capabilities. Private patios, balconies, yards and detached garage options will also be available. Community amenities will include an outdoor entertainment kitchen and grilling areas, a 24-hour fitness center, resort-style heated swimming pool, electric firepits with seating areas, a billiards and shuffleboard area, dog park, bike storage and a Starbucks Coffee bar. The property will also offer focus suites, community-wide Wi-Fi, an onsite service team, valet trash service and a user-friendly mobile app.

October 9, 2024

Acquisitions Arizona Multifamily Western

Sagard Real Estate Acquires 209-Unit Trovita Rio Apartment Community in Tempe

by Amy Works October 9, 2024

TEMPE, ARIZ. — Sagard Real Estate has purchased Trovita Rio, a multifamily property in Tempe, for an undisclosed price. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the transaction. Built in 2019, Trovita Rio offers 209 apartments, a rooftop entertainment deck, fitness center, community clubhouse and electric vehicle charging stations.

October 9, 2024

Acquisitions Development Healthcare Office Oregon Western

Joint Venture Buys 59,865 SF Office Building Near Portland, Plans Outpatient Healthcare Conversion

by Amy Works October 9, 2024

LAKE OSWEGO, ORE. — A joint venture between Evergreen Medical Properties and Bain Capital’s real estate team has acquired 4004 Kruse Way Place, an office building in Lake Oswego, from San Francisco-based Shorenstein Properties for an undisclosed price. The joint venture plans to convert the three-story, 59,865-square-foot building, which is currently operating as traditional office space, into an outpatient healthcare facility. At the time of sale, asset was 74 percent occupied with Providence Health & Services as the anchor tenant. Evan Kovac of JLL Capital Markets National Medical Properties and Buzz Ellis of JLL Pacific Northwest Advisory represented the seller and procured the buyer in the transaction.

October 9, 2024

Acquisitions Multifamily Washington Western

Northmarq Brokers $13.1M Sale of Aldercrest Apartments in Seattle’s First Hill District

by Amy Works October 9, 2024

SEATTLE — Northmarq has negotiated the sale of Aldercrest Apartments, a multifamily property located at 303 10th Ave. in Seattle. An entity doing business as 303 10th Ave LLC acquired the asset for $13.1 million. Situated within the city’s First Hill district, Aldercrest Apartments offers 47 studio, one- and two-bedroom floorplans with nine-foot ceilings, bay windows and in-unit washers and dryers. Community amenities include landscaped grounds, controlled access, gated/assigned underground parking and 24-hour emergency maintenance. Tyler Smith, Steve Fischer, Joe Kinkopf, Brendan Greenheck, Taylor Wymna and Matt Johnson of Northmarq’s Seattle Multifamily Investment Sales team represented the undisclosed seller in the transaction.

October 9, 2024

600-610-Sequoia-Pacific-Blvd-Sacramento-CA

Acquisitions California Industrial Western

CBRE Facilitates $5.8M Sale of Sacramento Industrial Building

by Amy Works October 9, 2024

SACRAMENTO, CALIF. — CBRE has arranged the sale of an industrial building located at 600-610 Sequoia Pacific Blvd. in Sacramento. Henderson Enterprises LP sold the asset to an undisclosed buyer for $5.8 million. WCP Solutions, a wholesale distributing company, occupies the entire 58,160-square-foot building. Situated on three acres, the property offers 22-foot clear heights, eight dock-high doors and two grade-level doors, as well as 6,880 square feet of office space. Matt Post, Todd Sanfilippo, Anthony DeLorenzo, Sammy Cemo and Nick Williams of CBRE represented the seller in the deal.

October 9, 2024

Colorado Development Loans Multifamily Western

JLL Secures $73M in Construction Financing for Traer Creek Apartments in Avon, Colorado

by Amy Works October 8, 2024

AVON, COLO. — JLL Capital Markets has secured $73 million in construction financing from Bank OZK for Traer Creek Apartments, a Class A multifamily development at 5471 E. Beaver Creek Blvd. in Avon. The borrowers are Prime West and Columnar Investments. Slated for completion in 2026, Traer Creek Apartments will feature 242 studio, one-, two- and three-bedroom floor plans with upmarket finishes, central conditioning and mountain views. Community amenities will include a fitness center, movement center and outdoor spa. The property’s four-story, three-building layout allows for open green areas and 9,200 square feet of communal facilities. Leon McBroom and Will Haass of JLL’s Debt Advisory team represented the borrower in the financing.

October 8, 2024

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