Western

EQT Exeter Acquires 326,018 SF Falcon Park Phase II Industrial Property in Glendale, Arizona

by Amy Works July 18, 2024

GLENDALE, ARIZ. — EQT Exeter, a real estate division of EQT, has purchased Falcon Park 303 – Phase II, a 326,018-square-foot, Class A industrial building on more than 21 acres in Glendale. US Capital Development (USCD) and an institutional investor sold the asset for $50 million. A single tenant occupies the freestanding building, which was completed on a speculative basis in 2023. Totaling 925,504 square feet, Falcon Park 303 – Phase I and II are located at 15132 and 15152 W. Camelback Road, respectively. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the sellers in the disposition. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy provided market leasing advisory in the sale, as well as brokered the full-building lease with the existing tenant in fourth-quarter 2023. In 2023, the Cushman & Wakefield team brokered the sale of Falcon Park – Phase I to Cohen Asset Management for $81.7 million, while the Cushman & Wakefield equity debt structured finance team arranged the financing for the buyer.

July 18, 2024

California Civic Development Office Retail Western

GPI Cos. Completes 114,000 SF Academic Facility for UC San Diego

by Amy Works July 18, 2024

SAN DIEGO — GPI Cos., in partnership with the University of California, San Diego, has completed the development of 8980 Villa La Jolla Drive, an academic facility in at the corner of La Jolla Village and Villa La Jolla drives in San Diego. The nine-story, 114,000-square-foot building is directly across from the university and serves as a gateway to the main campus. The building includes academic, administrative and research space and will be a hub for students, faculty and patients, as well as the home for various programs offered by UC San Diego Health Sciences and UC San Diego Division of Extended Studies. Additionally, Bird Rock Coffee Roasters will occupy ground-floor retail space at the building. The project team included Gensler’s San Diego office as architect and Swinerton Builders as general contractor. JLL will manage the building.

July 18, 2024

Acquisitions California Industrial Leasing Activity Western

Brennan Completes Sale-Leaseback of Manna Beverage Manufacturing Facility in West Sacramento

by Amy Works July 18, 2024

WEST SACRAMENTO, CALIF. — Brennan Investment Group has acquired a three-building manufacturing facility in West Sacramento and simultaneously leased the property back to the seller, Manna Beverages & Ventures. Totaling 213,000 square feet, the assets are located at 2150 and 2286 Stone Blvd. and 1691 Cebrian St. Manna is a leading beverage manufacturer specializing in co-packing, co-manufacturing and distribution of juices, teas and carbonated beverages. Terms of the transaction were not released.

July 18, 2024

Acquisitions Multifamily Seniors Housing Washington Western

JLL Arranges $28M Sale of Van Mall Retirement Community in Vancouver, Washington

by Amy Works July 17, 2024

VANCOUVER, WASH. — JLL has directed the sale of Van Mall Retirement, a seniors housing community in Vancouver, just across the Columbia River from Portland, Oregon. Lytle Enterprises sold the asset to a regional Pacific Northwest owner and operator for $28 million. Located at 7808 NE 51st St., Van Mall Retirement features 191 independent living and assisted living units in one- and two-bedroom layouts. The property was constructed in 1989 and expanded in 1994. The pet-friendly community features an on-site theater; salon and barbershop; fitness center; activity and games room; arts and crafts studio; library; and bistro. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Alanna Ellis, Dan Baker and Dean Ferris of JLL Capital Markets represented the seller, procured the buyer and procured acquisition financing from a regional bank on behalf of the buyer in the transaction.

July 17, 2024

Acquisitions Industrial Nevada Western

CapRock Partners Buys 707,010 SF Industrial Warehouse in Sparks, Nevada

by Amy Works July 17, 2024

SPARKS, NEV. — CapRock Partners has acquired 3200 USA Parkway, a cross-dock industrial warehouse in the Reno suburb of Sparks. An institutional investor sold the asset for an undisclosed price in an off-market transaction. Situated on 48 acres within the Tahoe-Reno Industrial Center, 3200 USA Parkway features 707,010 square feet of space with 36-foot clear height, up to 131 dock-high doors, three grade-level doors and 14,890 square feet of office space, as well as ESFR sprinklers, ample power, LED lighting and 435 skylights. The property includes a 190-foot secured truck courts with dedicated truck access points. The asset was built in 2014. Brian Armon of NAI Alliance represented CapRock Partners on the acquisition.

July 17, 2024

Colorado Development Industrial Western

Ryan Cos., PGIM Real Estate to Develop 343,000 SF Northwest Commerce Center Industrial Project in Broomfield, Colorado

by Amy Works July 17, 2024

BROOMFIELD, COLO. — Ryan Cos. and PGIM Real Estate, on behalf of its U.S. core-plus investment strategy, have formed a joint venture and received financing for the development of Northwest Commerce Center. The Class A industrial development will be located in Broomfield, a suburb north of Denver. Situated within Verve Innovation Park, Northwest Commerce Center will consist of two buildings offering a total of more than 343,000 square feet with 32-foot clear heights, LED lighting, an ESFR sprinkler system, 22 trailer parking spots and heavy power with 4000-amp electrical service. The buildings are designed to accommodate a wide range of tenants such as warehousing, advanced manufacturing and other industrial uses. Ryan is the developer and builder for Northwest Commerce Center. Ware Malcomb is the architect of record. Carmon Hicks, Patrick McGettigan and Jason White of JLL have been selected to market and lease the project. Construction is slated to begin in August, with completion scheduled for second-quarter 2025.

July 17, 2024

Acquisitions Colorado Industrial Office Western

Pinnacle Brokers Sale of 38,114 SF Flex Property in Wheat Ridge, Colorado

by Amy Works July 17, 2024

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office, industrial and warehouse facility situated on 3.3 acres in Wheat Ridge, just west of Denver. Tecta LLC and Solo@LHC LLC sold the asset to an undisclosed buyer for $4.8 million. Located at 4725 Independence St., two tenants fully occupy the 38,114-square-foot property. John Reynolds and James Wachholz of Cushman & Wakefield, along with RC Myles of Pinnacle Real Estate Advisors, represented the seller, while Mark Alley and Paul Schneider with Pinnacle Real Estate Advisors represented the buyer in the deal.

July 17, 2024

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates Ground Lease Sale of 4,500 SF US Bank-Occupied Retail Property in Scottsdale, Arizona

by Amy Works July 17, 2024

SCOTTSDALE, ARIZ. — Marcus & Millichap has arranged the sale of the ground lease for a U.S. Bank-occupied, net-leased retail property in the Phoenix suburb of Scottsdale. A private investor acquired the asset from a limited liability company for $5.5 million. The transaction included a 4,500-square-foot retail building and a new 10-year, absolute triple-net ground lease with corporate guaranty by U.S. Bank. Built in 2023, the property is located at 14900 N. Pima Road. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap represented the seller and procured the buyer in the transaction.

July 17, 2024

Colorado Development Industrial Top Stories Western

Philip Morris Plans $600M ZYN Manufacturing Facility in Aurora, Colorado

by Kristin Harlow July 17, 2024

AURORA, COLO. — Philip Morris International Inc. (PMI) has unveiled plans to invest $600 million over the next two years through one of its U.S. affiliates to open a manufacturing facility in Aurora, just east of Denver. PMI says the facility will produce Swedish Match ZYN nicotine pouches to help meet the growing global demand for smoke-free products. PMI plans to break ground on the development later this year and to begin preliminary operations by the end of 2025. Regular production is slated to begin in 2026. Swedish Match North America is also currently working to increase ZYN oral nicotine pouch production at its facility in Owensboro, Ky. PMI acquired Swedish Match in late 2022. Nicotine pouches are a flavored product marketed as an alternative to smoking or dipping tobacco. Long popular in Europe, they recently skyrocketed in popularity in the United States, fueled by social media influencers, according to ABC News. The project is expected to create 500 direct jobs with ongoing annual economic impact of $550 million and an additional 1,000 indirect jobs for the state of Colorado, according to PMI. The construction is expected to create nearly 5,000 temporary jobs. Career opportunities at the new facility will …

July 17, 2024

Development Multifamily Seniors Housing Washington Western

Watermark, Alliance Complete Independent Living Expansion at Watermark at Bellevue

by Amy Works July 16, 2024

BELLEVUE, WASH. — Watermark Retirement Communities and Alliance Residential Co. have completed construction of a new independent living tower at Watermark at Bellevue in the Seattle suburb of Bellevue. The community now offers a continuum of care, with its existing assisted living and memory care spaces. The property features 110 assisted living apartments and 26 memory care units. The expanded Watermark at Bellevue, now totaling 360,000 square feet, spans an entire city block. The 155-unit, 22-story independent living tower features studios, one-bedroom and two-bedroom apartments. Watermark at Bellevue is adjacent to the 190-unit Broadstone Savoie, which is a luxury multifamily project featuring studios, one-bedroom and two-bedroom apartments, as well as townhomes.

July 16, 2024

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