AURORA, COLO. — Summit HC Real Estate LLC has acquired a standalone retail building at 390 S. Dayton St. in Aurora from Elianna LLC for $1.2 million, or $542.22 per square foot. The buyer plans to operate its home healthcare business, Summit Home Care, at the 2,250-square-foot building, which features 26 reserved surface parking spaces and prominent signage. Manijeh Saeidi of Brokers Guild Real Estate represented the buyer, while John Propp of John Prop Commercial Group represented the seller in the deal.
SCOTTSDALE, ARIZ. — Vestar has signed leases with 10 new tenants at The Promenade Scottsdale, a 1 million-square-foot retail center located in the Phoenix suburb of Scottsdale. Retail and restaurant concepts including Fan Outfitters, J. Crew, Pvolve and Kura Sushi are now open at the center. IKEA, Sugar Sugar, The Wallpaper Co., DXL and Pella Windows are also scheduled to open at the property before the end of the year. Additionally, existing tenant Cox has expanded its space to occupy an additional 3,852 square feet. Vestar manages the center, which is now more than 98 percent leased. FalconEye Ventures owns The Promenade Scottsdale.
CHANDLER, ARIZ. — Unbound Development of Phoenix has acquired a freestanding industrial building in Chandler from Rogers Corp. for $14 million. Located at 165 S. Price Road, the 100,000-square-foot property was vacant at the time of sale. Built in 1982 and renovated in 2005, the building features 8,400 amps of power, expandable to 150 megawatts, an oversized lot and Loop 101 freeway frontage. The single-tenant property is situated on 16.7 acres. Unbound Development plans to upgrade the property to meet the needs of today’s users. Joshua Wyss and Steven Mardian of Cushman & Wakefield represented the seller, while Michael Kitlica of Cushman & Wakefield represented the buyer in the transaction.
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of a 14-unit property at 2512-2518 England St. in Huntington Beach, about 40 miles southeast of Los Angeles. The 14,518-square-foot property was built in 1977 and renovated in 2022. The community offers a mix of one-, two- and three-bedroom units. The majority of units are townhome-style residences. The property sits on a 0.43-acre parcel. Dan Blackwell and Mike O’Neill of CBRE represented both the buyer and the seller in the deal. The buyer was a 1031 exchange investor based in Orange County. The seller was a Fountain Valley-based repeat client of CBRE.
MONTEREY, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a two-tenant medical and retail building in Monterey. A private investor purchased the asset from an undisclosed seller as part of a 1031 exchange transaction. Located at 2200 Garden Road, the two-tenant property offers 19,102 square feet of medical and retail space. The asset is fully occupied by BluePearl on a 13-year net lease, and the federal government, which has occupied the building since 2015. Built in 1984 and renovated in 2015 and 2022, the property features two grade-level doors and one dock platform, as well as ample onsite parking. Robert Johnston and Adam Levin of Levin Johnston of Marcus & Millichap, along with Mitchell Zurich of Marcus & Millichap, represented the buyer in the transaction.
CHANDLER, ARIZ. — SRS Real Estate Partners has arranged the $3.3 million sale of a childcare property, located at 3700 W. Ray Road in Chandler. Busy Bees occupies the 10,904-square-foot property, with 15 years remaining on its absolute triple-net lease. Alexander Moore of SRS Capital Markets represented the buyer, a California-based private investor. The seller was a Phoenix-based investment group.
LOS ANGELES — The Kroenke Organization, a Denver-based real estate and development firm founded by Stan Kroenke in 1983, has unveiled plans for the development of Rams Village at Warner Center, a 52-acre mixed-use development in Woodland Hills, a Los Angeles neighborhood in the San Fernando Valley. Stan Kroenke is the owner of the NFL’s Los Angeles Rams, which will occupy the development with both its new permanent headquarters and a state-of-the-art training facility. Rams Village is part of an 100-acre tract within the master-planned community of Warner Center that the Kroenke Organization purchased in 2022. That land currently includes the Rams’ temporary practice facility that opened last August and which the team will use during the construction of Rams Village at Warner Center. Kroenke and the Rams organization did not disclose construction costs, but the Los Angeles Times reports that the development could cost upwards of $10 billion to build. “Los Angeles is extremely proud to have the Rams announce their new home in the Valley along with new major plans and commitments that will benefit not only the San Fernando Valley, but our entire city,” says Los Angeles Mayor Karen Bass. “This proposed project will be transformative — …
LOS ANGELES — Dan Baker, director of capital markets for JLL, says the seniors housing and care industry doesn’t need to speculate on whether the market rebound is real or perceived because the numbers tell the story. “I think last year saw the most announced seniors housing transactions ever in a calendar year, not necessarily the most dollar volume,” said Baker during a recent investment panel discussion at InterFace Seniors Housing West in Los Angeles. Baker cited the lack of larger portfolios trading hands as the reason for the modest dollar volume in transaction activity in 2024. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. According to research firm MSCI, property and portfolio sales in the seniors housing and care space totaled $13.2 billion in 2024 compared with $10.9 billion in 2023, a year-over-year increase of 21 percent. That’s still far below the $20.7 billion in deal volume notched in 2021. The data is based on independent reports of sales $2.5 million and above. One compelling trend noted by Baker is the tremendous growth in net operating …
— By Phil Brierley of JLL — The Salt Lake City office market continues to strengthen despite strong systemic headwinds. Last year was a banner year for leasing, with 4.8 million square feet of total leasing velocity. Silicon Slopes once again led all submarkets, representing 43 percent of all leasing. This was followed by the Greater CBD with 25 percent. Absorption was positive through the fourth quarter (for the second consecutive time) at 72,861 square feet, offsetting move-outs earlier in the year. Overall vacancy peaked in 2023 at 18.9 percent and is finally trending in the right direction. It finished the year at 18.6 percent. Subleasing is still a soft spot, especially in Silicon Slopes, with 300,000 square feet of new sublease space hitting the market in the fourth quarter of 2024 alone. Sales volumes rebounded after a dismal 2023, clocking in at $518 million in 2024. RCA notes this is close to the trailing 10-year average of $587 million. Much of that velocity was driven by user sales, including Salt Lake County’s acquisition of the Peace Coliseum, Canyons School District’s purchase of the eBay regional headquarters, the University of Utah’s acquisition of City Center downtown and Onset Financials’ acquisition …
LOS ANGELES — McCarthy Building Co. and HOK, as the design-build team, have broken ground on Kedren Children’s Village for Kedren Community Health Center Inc. in the Watts neighborhood of Los Angeles. Once complete, the $145 million Kedren Children’s Village will be one of the few pediatric-focused behavioral hospitals in the country and the first comprehensive behavioral health facility in South Los Angeles. Slated for completion in summer 2027, the 103,000-square-foot campus will include three main buildings — an inpatient psychiatric facility, outpatient services including primary, urgent care and pharmacy services, and a transitional housing development. The 24-unit transitional housing development is intended for families of patients receiving care, along with homeless families or individuals served by Kedren’s mental health programs and community outreach in need of temporary accommodations. Additionally, the campus will feature a parking structure, a physical therapy gym and an outdoor garden to offer therapeutic and recreational areas for patients’ enjoyment. McCarthy’s design-build services include self-perform concrete, utility and drywall installation, McCarthy Mapping, parking solutions and landscape design. The company will also provide its EQUIP service, an integrated healthcare build approach that includes equipment planning services coordinated from beginning to end, effectively reducing delays and costs down the …