Western

Broadrange Logistics Leases 1.1 MSF at 76 Commerce Center in Denver

by Amy Works July 16, 2024

DENVER — Broadrange, a Georgia-based third-party logistics company, has signed a long-term lease to occupy 1.1 million square feet at 76 Commerce Center in Denver. A servicer of the green energy sector, Broadrange plans to occupy the two buildings at 76 Commerce Center starting in September 2024. The company will use this property for distributing solar panel components. Situated on 155 acres, 76 Commerce offers four cross-dock buildings, 36-foot clear heights, four drive-in doors and 106 and 108 dock-high doors in Building 1 and Building 3, respectively, in addition to trailer parking and office space. Building 1 is also on a gated and secured site. Todd Witty and Daniel Close of CBRE represented the landlords, Hyde Development and Mortenson Properties, while Sam Dragan and Jim Bolt of CBRE represented the tenant in partnership with Atlanta-based Strategic Real Estate Partners in the transaction.

July 16, 2024

Acquisitions California Net Lease Restaurant Retail Western

Beta Agency Arranges $7.5M Sale of Raising Cane’s Chicken Fingers-Occupied Restaurant in Carson, California

by Amy Works July 16, 2024

CARSON, CALIF. — Beta Agency has arranged the sale of a restaurant property located at 20707 Avalon Blvd. in Carson, south of Los Angeles. A Los Angeles-based private investor sold the asset to an Orange County, Calif.-based private buyer in a 1031 exchange for $7.5 million. Raising Cane’s Chicken Fingers occupies the 2,950-square-foot property with 12 years remaining on its triple-net lease, which backed by a corporate guarantee. The lease also includes 10 percent rental increases every five years. The restaurant opened in 2022. Adam Friedlander of Beta Agency represented the seller, while George Felix and Dan Blackwell of CBRE represented the buyer in the deal.

July 16, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $2.3M Sale of Multifamily Property in Denver

by Amy Works July 16, 2024

DENVER — NorthPeak Commercial Advisors has arranged the sale of 995 Corona St., an apartment building in Denver. The 11-unit asset traded for $2.3 million, or $205,454 per unit. Greg Johnson and Conner Piretti of NorthPeak Commercial represented the undisclosed seller in the deal. The name of the buyer was not released.

July 16, 2024

6401-Stockton-Blvd-6050-Elder-Creek-Rd-Sacramento-CA

Acquisitions California Industrial Net Lease Western

Marcus & Millichap Negotiates Sale of 43,996 SF Industrial Property in Sacramento

by Amy Works July 16, 2024

SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of a net-leased property located at 6401 Stockton Blvd. and 6050 Elder Creek Road in Sacramento. The asset sold for $1.6 million. The undisclosed buyer intends to lease the 43,996-square-foot property to a suitable tenant, according to Marcus & Millichap. Although the use of the property was not disclosed, the address is for a used car dealership in an industrial area. Christopher Hurd of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.

July 16, 2024

Idaho Market Reports Retail Western Western Market Reports

Boise MSA Retail Market Shows Strong Fundamentals

by Jeff Shaw July 16, 2024

— By Holly Chetwood, Retail Specialist, TOK Commercial — The Boise MSA retail market had one of its strongest quarters on record with net absorption reaching 559,000 square feet at the end of March of this year. Multiple big-box spaces were backfilled in the first 90 days of the year including the former K-Mart and Gordmans spaces in Nampa as well as both Bed, Bath, and Beyond locations in Boise and Meridian. In addition, the highly anticipated Scheels opened its first Idaho store at Ten Mile and I-84 in Meridian. Along with a healthy level of net absorption, nearly 100 transactions were recorded, the highest number of deals seen in a quarter since 2021. The top five deals of the quarter were all over 25,000 square feet, however, leasing activity continues to be primarily driven by tenants in spaces below 2,000 square feet. These deals have accounted for 52 percent of transactions over the past 12 months. As demand stayed high, vacancy continued to tighten throughout the first 3 months of the year. Total vacancy ended the quarter at 4.4 percent, its lowest level in nearly a year. The majority of submarkets are seeing vacancy remain between 2 to 4 percent. …

July 16, 2024

Arizona Development Multifamily Western

Greenlight Communities, Holualoa Cos. Open 196-Unit Villa Cielo Cortaro Multifamily Complex in Tucson, Arizona

by Amy Works July 15, 2024

TUCSON, ARIZ. — A joint venture between Greenlight Communities and Holualoa Cos. has completed construction of Villa Cielo Cortaro, an “attainable multifamily property” in Tucson. Located at 8255 N. Shannon Road, Villa Cielo Cortaro features 196 studio, one- and two-bedroom units, with rents starting at $1,199. Community amenities include a 24-hour gym, pool, electric vehicle charging stations and a co-working lounge. Move-ins are set to begin in August.

July 15, 2024

Acquisitions Arizona Multifamily Western

Oak Creek Hospitality Buys 62-Space Oak Creek Mobilodge Manufactured Home Property in Sedona, Arizona

by Amy Works July 15, 2024

SEDONA, ARIZ. — Oak Creek Hospitality has acquired Oak Creek Mobilodge, a manufactured home community in Sedona, approximately 30 miles south of Flagstaff. Creekfront Holdings LLC sold the property for $5.3 million. Located at 1156 AZ-179, Oak Creek Mobilodge features 62 manufactured home spaces. Richard Butler of Marcus & Millichap represented the seller, while Lee Jeans of Coldwell Banker procured the buyer in the deal.

July 15, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $4.3M Sale of Apartment Building in San Jose, California

by Amy Works July 15, 2024

SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of an apartment building located at 544 S. Sixth St. in San Jose. A limited liability company sold the asset to an undisclosed buyer for $4.3 million. Situated on a 11,868-square-foot parcel, the 7,970-square-foot building features 10 two-bedroom apartments with in-unit washers and dryers. Nine of apartments have been remodeled to include new wood flooring, stainless steel appliances, updated kitchens and granite countertops. Built in 1969, the asset also features on-site parking and storage. Eymon Binesh, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal.

July 15, 2024

Acquisitions Colorado Healthcare Office Western

Boulder Group Negotiates $2.5M Acquisition of Medical Office Property in Montrose, Colorado

by Amy Works July 15, 2024

MONTROSE, COLO. — The Boulder Group has arranged the purchase of a single-tenant medical office building located at 2011 Market St. in Montrose, a city of approximately 20,000 residents in the southwest quadrant of the state. A Colorado-based investor acquired the asset from a Midwest-based real estate investment and development company for $2.5 million. Heartland Dental occupies the newly constructed property on a new 10-year net lease. The lease includes 10 percent rental increases every five years and is corporately guaranteed. Heartland Dental has more than 1,700 locations across 38 states nationwide. The company is primarily owned by KKR. Zach Wright and Brandon Wright of The Boulder Group represented the buyer in the transaction.

July 15, 2024

Acquisitions Industrial Oregon Self-Storage Western

Norris & Stevens Brokers $1.6M Sale of Self-Storage Facility in Portland, Oregon

by Amy Works July 15, 2024

PORTLAND, ORE. — Norris & Stevens has arranged the sale of a mini-storage warehouse, located at 5620-5622 S. Kelly Ave. in Portland. Ronald A. Buss and Teresa McCurdy sold the asset to Macadam Moving LLC for $1.6 million. Constructed in 1964 as a warehouse and renovated into a self-storage facility in 1998, the 17,322-square-foot property offers 168 individuals storage units, four office/retail spaces and a freight elevator. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller, while Jason Kennedy of RE/MAX Equity Group represented the buyer in the deal.

July 15, 2024

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