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Gilmore-Gilbert-AZ
ArizonaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailWestern

Thompson Thrift Breaks Ground on $225M Mixed-Use Development in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Thompson Thrift has broken ground on The Gilmore, a $225 million mixed-use development located in the Phoenix suburb of Gilbert. The 35-acre project will comprise approximately 200,000 square feet of grocery, restaurant and retail space, 300 luxury apartment homes and a hotel. The development will feature a main street-style entrance with covered walkways, common areas, murals by local artists and landscaped outdoor gathering spaces. More than 25 retail leases have already been signed, including Better Buzz Coffee; Handel’s Ice Cream; Jersey Mike’s; Sweathouz; Rebel Wine Lounge; Square 1 Food Hall; Nook Kitchen; Phantom Fox Brewery; Level 1 Arcade Bar; Woof Gang Bakery & Grooming; Over Easy; and a 64,000-square-foot Safeway. Retailers are expected to begin opening in late 2026, while the first resident move-ins are planned for early 2027.

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Superstition-Gateway-Mesa-AZ
AcquisitionsArizonaLee & AssociatesRetailWestern

Desert Troon Divests of Superstition Gateway Shopping Center in Mesa, Arizona for $121M

by Amy Works

MESA, ARIZ. — Desert Troon Cos. (DT-SGE LLC and DT-SGW LLC) has completed the disposition of Superstition Gateway Shopping Center to an undisclosed Southern California-based family office for $121 million, or $244 per square foot. Jan Fincham, Mike Sutton and Brent Moser of Lee & Associates Arizona represented the seller in the off-market transaction. The seller was part of the original development partnership that built the shopping center almost 20 years ago. Situated on 65.7 acres at the southwest corner of US-60 and Signal Butte Road, Superstition Gateway offers 495,000 square feet of retail space, totaling 19 individual parcels. Current tenants at the 90 percent-occupied center include Super Walmart, Kohl’s, AMC Theatres, LA Fitness, Total Wine & More, Ross Dress for Less, Marshalls, Five Below, PetSmart, Panera Bread, KFC, In-N-Out Burger and Chili’s. The asset was constructed in 2006 and 2012.

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Gillespie-Field-iPark-El-Cajon-CA
CaliforniaDevelopmentIndustrialWestern

C2 Building Group Completes 380,000 SF Manufacturing Facility for GKN Aerospace in El Cajon, California

by Amy Works

EL CAJON, CALIF. — Construction is complete for Gillespie Field iPark, a build-to-suit manufacturing facility for GKN Aerospace and distribution speculative suite near Gillespie Field public airport in El Cajon. The project’s development team includes Ware Malcomb as architect, interior designer and civil engineer; Chestnut Properties as developer; C2 Building Group as general contractor; Prime Engineering as structural engineer; Ridge Landscaping as landscape architect; and NV5 as utility consultant. GKN Aerospace is a global tier-one suppler of aftermath repairs, airframe and engine structures, landing gear, electrical interconnection systems and transparencies. The 380,000-square-foot facility features a two-story lobby, mezzanine, conference rooms, break areas, technical labs and climate-conditioned manufacturing warehouse.

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3000-Riverside-Dr-Susanville-CA
AcquisitionsCaliforniaRetailWestern

SRS, Hanley Investment Group Broker $4.7M Sale of Plumas Bank-Occupied Retail Property in Susanville, California

by Amy Works

SUSANVILLE, CALIF. — SRS Real Estate Partners and Hanley Investment Group Real Estate Advisors have arranged the sale of a retail property located at 3000 Riverside Drive in Susanville. A private investment group sold the asset to a San Diego-based private investor for $4.7 million. Plumas Bank occupies the 5,440-square-foot property under a new 15-year, absolute, corporate-guaranteed triple-net lease. Situated on 1.1 acres, the property was renovated in 2021. Alexander Moore of SRS Capital Markets and Jeff Lefko of Hanley Investment Group represented the seller in the transaction.

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AcquisitionsArizonaWestern

Coral Sea Acquires 5,584 SF Industrial Space in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Coral Sea LLC has purchased 5,584 square feet of industrial space at 3101, 3125 and 3141 E. Ajo Way in Tucson from PMC Revocable Trust and Vista Pacifica Properties for $1 million. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer, while Jeramy Price of Volk Co. represented the seller in the deal.

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Soma-Towers-Bellevue-WA
AcquisitionsMultifamilyWashingtonWestern

Su Development Disposes of Soma Towers Multifamily Community Near Seattle for $192.8M

by Amy Works

BELLEVUE, WASH. — Su Development has completed the sale of Soma Towers, an apartment property located at 288 106th Ave. NE in Bellevue, to The Sobrato Organization for $192.8 million. Consisting of two towers, Soma Tower features 273 apartments in a mix of studio, one- and two-bedroom floor plans and two- and four-bedroom penthouse suites. The towers also offer 29,964 square feet of commercial space across two floors that is 90 percent leased to restaurants, retail and cultural amenities. Community amenities include a heated lap pool, fitness center, golf simulator, rooftop terrace, 18-seat theater and media room. Eli Hanacek, Kyle Yamamoto and Mark Washington of CBRE represented the seller in the deal.

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Jack in the Box
CaliforniaCompany NewsRestaurantRetailWestern

Jack in the Box to Close Up to 200 Stores, Company to Explore Sale of Del Taco

by Amy Works

SAN DIEGO — Jack in the Box Inc. has announced plans to improve its long-term financial performance across its restaurant system, which includes the closure of 150 to 200 underperforming Jack in the Box restaurants, as well as possible alternatives for its Del Taco brand, which it acquired in March 2022. Jack in the Box will implement a block closure program, which will comprise of approximately 80 to 120 restaurant closures between now and December 31, with the remaining underperforming restaurants closing thereafter, based upon franchise agreement termination dates. San Diego-based Jack in the Box Inc. operates and franchises Jack in the Box, one of the nation’s largest hamburger chains, with approximately 2,200 restaurants across 22 states, and Del Taco, the second largest Mexican-American quick-service restaurant chain by units in the U.S. with approximately 600 restaurants across 17 states.

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Azul-Apts-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Living Well Homes Sells Azul Apartment Property in Phoenix for $37.1M

by Amy Works

PHOENIX — Living Well Homes has completed the disposition of Azul, a multifamily community in Phoenix, to a private buyer for $37.1 million, or $163,436 per unit. Completed in 1986, Azul offers 227 studio, one- and two-bedroom apartments with an average unit size of 766 square feet and in-unit washers/dryers in most floor plans. The two-story, garden-style community features two swimming pools and a spa. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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HealthcareLoansMultifamilyOregonSeniors HousingWashingtonWestern

BWE, Blueprint Healthcare Secure $17.8M in Acquisition Financing for Memory Care Communities in Washington, Oregon

by Amy Works

KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …

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Warner-Euclid-Plaza-Fountain-Valley-CA.jpg
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Arranges Sale of 47,685 SF Warner-Euclid Shopping Center in Fountain Valley, California

by Amy Works

FOUNTAIN VALLEY, CALIF. — Marcus & Millichap has brokered the sale of Warner-Euclid Plaza, a retail property located at 11035 Warner Ave. in Fountain Valley. A private seller sold the asset to a private investor for an undisclosed price. Ron Duong and Tyler Leeson of Marcus & Millichap represented the seller and procured the buyer. Anchored by Stater Bros., Warner-Euclid Plaza offers 47,685 square feet of retail space.

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