Western

IPA Capital Markets Arranges $26.5M in Financing for Culver City Industrial Property in California

by Amy Works March 18, 2025

CULVER CITY, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $26.5 million in financing for an industrial building at 8631 Hayden Place in Culver City. The property offers 76,755 square feet of Class A industrial space. New York City-based IPA Capital Markets team of Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen secured the financing with First Citizens Bank on behalf of a Los Angeles-based real estate investment, operating and development company with more than $10 billion in assets under management.

March 18, 2025

Acquisitions Hawaii Restaurant Retail Western

New Retail Tenants Open at Ala Moana Center in Honolulu

by Amy Works March 18, 2025

HONOLULU — Ala Moana Center, a 2.4-million-square-foot shopping center located in Honolulu, has announced the expansion of 10 new tenants this year. A mix of restaurant and retail businesses — Amaterasu; Coconut Ave; Baskin Robbins; Eve Ala Moana; fanfancy+; Lovisa; NOHO HOME; Skinceuticals Skin Lab; and ZEGNA — have already opened at the property. Dave & Buster’s, the final tenant to join the roster, is scheduled to open in mid-April. Brookfield Properties of Chicago owns and operates the center. Ala Moana Center is anchored by Bloomingdale’s, Neiman Marcus, Nordstrom, Macy’s and Target and houses more than 350 stores and restaurants, including a selection of local, international and luxury brands.

March 18, 2025

Acquisitions Arizona Retail Western

Marcus & Millichap Brokers $3.2M Sale of U.S. Bank-Occupied Property in Gilbert, Arizona

by Amy Works March 18, 2025

GILBERT, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at North Higley Road and East Michelle Way in Gilbert. A Colorado-based limited liability company acquired the asset from an Arizona-based limited liability company for $3.2 million. U.S. Bank occupies the property on a 10-year absolute triple-net ground lease. The building was constructed in 2023. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap’s Phoenix office represented the seller, while Brennan Clegg of Marcus & Millichap procured the buyer in the transaction.

March 18, 2025

Arizona Market Reports Restaurant Retail Western Western Market Reports

Phoenix’s Growing Population Brings New Retail Tenants, Shopping Centers

by John Nelson March 18, 2025

By Nellie Day Metro Phoenix’s population grew to include more than 5 million people in 2023, per the Census, making it the second fastest-growing large U.S. city that year. This increase in residents and employment opportunities naturally brought new, emerging and different retailers to the area, who quickly occupied both existing centers and new developments. Phoenix-headquartered Vestar’s activity paints a picture of how this retail market has grown with its population. In the last quarter of 2024 alone, Vestar broke ground on Verrado Marketplace, a 500,000-square-foot shopping center in Buckeye; ushered in a new wave of tenant openings at Las Tiendas Village in Chandler and Queen Creek Marketplace in Queen Creek; and brought back a seasonal pop-up inside a 50-foot spherical dome at the District at Desert Ridge Marketplace in Phoenix. Balancing Tenant Mix, Community Relevance The key to capitalizing on Metro Phoenix’s growth, the firm says, is focusing on tenant diversification and market positioning. Vestar actively seeks out curated tenant mixes that not only attract foot traffic but align with the demographic and economic profiles of each community. Las Tiendas Village, for example, recently welcomed Marshalls, beauty supply store Happy Beauty, luxury lash spa Revelashons and child-focused hair salon …

March 18, 2025

Arizona Development Multifamily Western

Greenlight Communities, Holualoa Cos. to Develop 229-Unit Attainable Housing Community in Tempe, Arizona

by Amy Works March 17, 2025

TEMPE, ARIZ. — Greenlight Communities, in partnership with Holualoa Cos., will break ground on Cabana Kyrene, a 229-unit attainable rental housing property in Tempe, on March 20. Located at 515 W. Guadalupe Road, Cabana Kyrene will offer 90 studio apartments, 93 one-bedroom units and 46 two-bedroom units.

March 17, 2025

Acquisitions New Mexico Retail Western

Faris Lee Investments Brokers $24.8M Sale of Pavilions San Mateo Retail Center in Albuquerque

by Amy Works March 17, 2025

ALBUQUERQUE, N.M. — Faris Lee Investments has brokered the sale of Pavilions San Mateo, a retail center in Albuquerque. The asset traded for $24.8 million. Current tenants include Walmart Neighborhood Market, Old Navy, Dollar Tree and Orange Theory Fitness. Don MacLellan, Jeff Conover and Scott DeYoung of Faris Lee represented the undisclosed buyer. The name of the seller was not released.

March 17, 2025

Acquisitions Arizona Healthcare Western

UHS of Tucson Acquires 76,770 SF Behavioral Health Hospital in Arizona for $19.1M

by Amy Works March 17, 2025

TUCSON, ARIZ. — UHS of Tucson LLC has purchased Palo Verde Behavioral Health, a behavioral health hospital and medical office building in Tucson. TMC sold the asset for $19.1 million. Located at 2695 N. Craycroft Road, the property offers 76,770 square feet of space. Richard Kleiner of Cushman & Wakefield | PICOR represented the seller in the deal.

March 17, 2025

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Arranges $10.8M Sale of Multifamily Property in Denver

by Amy Works March 17, 2025

DENVER — NorthPeak Commercial Advisors has directed the sale of The Patrician, an apartment property at 1075 Corona St. in Denver. The asset traded for $10.8 million. Built in 1955, The Patrician offers 36 over-sized apartments, a 23-car underground garage and a landscaped courtyard. Greg Johnson and Conner Piretti of NorthPeak Commercial handled the transaction on behalf of the undisclosed buyer and seller.

March 17, 2025

California Development Retail Western

Nintendo to Open 11,000 SF Store in San Francisco

by Amy Works March 17, 2025

SAN FRANCISCO — Japanese electronics and video game company Nintendo will open its second store in the United States — and its fifth overall location in the world — in San Francisco in May. Situated in Union Square at 331 Powell Street, Nintendo San Francisco will total 11,000 square feet and offer game systems and games, as well as a shopping experience that will include Nintendo’s characters and worlds. Exclusive products such as accessories, apparel, home goods and souvenirs will be available at the location. The grand opening will be held on Thursday, May 15. Nintendo currently operates one store in New York City and three in Japan.

March 17, 2025

California Company News Retail Top Stories Western

Forever 21 Files for Chapter 11 Bankruptcy, Will Close All U.S. Stores

by Taylor Williams March 17, 2025

LOS ANGELES — Forever 21 has filed for Chapter 11 bankruptcy and will begin the process of closing all its U.S. stores. According to Reuters, the U.S. store count is about 350. The Los Angeles-based apparel retailer filed over the weekend in the U.S. Bankruptcy Court for the District of Delaware. Forever 21 has entered into a plan support agreement with its lenders to begin the voluntary closure process while continuing to look for sales opportunities of existing U.S. assets. Forever 21 was founded in 1984 and had a footprint of more than 800 stores worldwide at the height of its operation. The company also filed for Chapter 11 bankruptcy protection in 2019, which led to the company closing 350 stores across the United States and other countries. International stores are not impacted by the 2025 filing. As a relative staple within American mall tenancy, Forever 21 faced new challenges in its post-2019 bankruptcy filing stemming from the COVID-19 pandemic and elevated competition from e-commerce brands and platforms. According to CNBC, the company has been hit especially hard by competition from Chinese platforms Shein and Temu. The company’s ownership structure underwent a series of changes between 2021 and 2023, and …

March 17, 2025

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