Western

Progressive Real Estate Partners Brokers $2.4M Sale of Value-Add Retail Strip Center in West Covina, California

by Amy Works June 25, 2024

WEST COVINA, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail strip center in West Covina, approximately 20 miles east of Los Angeles. A San Bernardino County-based private investor sold the asset to a West Covina-based investor for $2.4 million in an all-cash transaction. Located at 532-540 N. Azusa Ave., the 7,760-square-foot property was fully occupied at the time of sale by five service-oriented tenants ranging in size from 1,300 square feet to 2,000 square feet. Current tenants include a nail salon, hair salon, martial arts school, massage studio and Friar Tux. Greg Bedell and Roxanne Klein of Progressive Real Estate Partners represented the seller in the deal.

June 25, 2024

Colorado Development Office Western

Jordon Perlmutter & Co., Rockefeller Group Open 200,000 SF Paradigm River North Office Building in Denver

by Amy Works June 24, 2024

DENVER — Jordon Perlmutter & Co. and Rockefeller Group have opened Paradigm River North, a Class AA office building at 3400 Walnut St. in Denver’s River North Art District. Paradigm River North is the first joint venture between Perlmutter and Rockefeller. Designed by Denver-based Tryba Architects, Paradigm River North offers 188,000 square feet of office space across eight stories and 12,000 square feet of ground-floor retail space. The property features smart-phone access, valet-run parking that offers ease of use for tenants, a high-end bike room for multimodal transit and spacious outdoor terraces on every floor. Law firm Davis Graham & Stubbs LLP has pre-leased 80,000 square feet on the top three floors of Paradigm River North. Jamie Gard and Jeff Castleton of Newmark are handling leasing for the property.

June 24, 2024

Arizona Development Industrial Western

Brinkmann Constructors, Scannell Properties Plan 150,000 SF Manufacturing Facility in Mesa, Arizona

by Amy Works June 24, 2024

MESA, ARIZ. — Brinkmann Constructors, in partnership with Scannell Properties, is developing an industrial facility in Mesa for Super Radiator Coils, a company specializing in heat exchanger manufacturing. Constructed of concrete tilt-up panels, the 150,000-square-foot building will include more than 45,000 square feet of Class A office space, 130,000 square feet of fully conditioned manufacturing floor space, gantry crane systems and clean room areas that support advanced manufacturing. The state-of-the-art facility will operate as a western U.S. production hub for Chaska, Minn.-based Super Radiator Coils. The new location will consolidate and expand the company’s manufacturing capabilities to support the growth of the company’s operations in the Western region. Ware Malcomb is serving as architect for the project, which is slated for completion in fall 2024.

June 24, 2024

California Loans Multifamily Western

Gortikov Capital Arranges $49.5M Refinancing for Lux Villas in Brentwood, California

by Amy Works June 24, 2024

BRENTWOOD, CALIF. — Gortikov Capital has arranged $49.5 million in refinancing for Lux Villas, a Class A multifamily building in the East Bay city of Brentwood. Bryan Gortikov of Gortikov Capital led the capital markets team representing the undisclosed borrower. Developed in 2005 and fully renovated in 2023, Luxe Villas features 60 apartments, a fitness center, clubhouse, sunlit central courtyard and a rooftop lounge with expansive city views. Units offer expansive glass windows, high ceilings, top-of-the-line appliances and in-unit washers/dryers.

June 24, 2024

Acquisitions Idaho Multifamily Seniors Housing Western

SLIB Negotiates Sale of 95-Unit Copper Springs Senior Living in Meridian, Idaho

by Amy Works June 24, 2024

MERIDIAN, IDAHO — Senior Living Investment Brokerage (SLIB) has arranged the sale of Copper Springs Senior Living, an assisted living and memory care community in Meridian, just west of Boise. The community consists of 95 units and 105 beds and was built in 1969 with remodeling done in 2013. The property totals 49,664 square feet on approximately five acres of land. The seller is a REIT divesting to exit operations in the state of Idaho. The buyer is an Idaho-based owner-operator expanding its footprint in the state. The price was not disclosed. Vince Viverito, Jason Punzel, Brad Goodsell and Jake Anderson of SLIB handled the transaction. “There’s been a trend over the past few years with newer investors/operators wanting to enter the seniors housing industry, but for various reasons there can be barriers to entry,” says Viverito. “We strategically focused on a confidential auction process that allowed us to reach the fully qualified investment market and seek out a buyer excited about a turnaround project like Copper Springs.”

June 24, 2024

Acquisitions Arizona Industrial Mixed-Use Office Western

Marcus & Millichap Brokers Sale of 6,039 SF Office/Industrial Property in Phoenix

by Amy Works June 24, 2024

PHOENIX — Marcus & Millichap has arranged the purchase of an office and industrial property in Phoenix. Matt Hamblin acquired the asset for $1.9 million. Doug Fielding Jr. of Marcus & Millichap procured the buyer in the deal. Located at 4535 E. Broadway Road within Cotton Business Center, the facility offers 6,039 square feet of fully air-conditioned space, 16-foot clear heights, a 14-foot drive-up roll-up door, a lobby, various office sizes, a bullpen area, a server room, a break area, two ADA restrooms and skylights for natural light. Smart Pest Solutions occupies the space in an 80 percent office and 20 percent warehouse layout.

June 24, 2024

California Industrial Market Reports Western Western Market Reports

Project Development Pace Signifies a Bullish Future for Industrial in San Diego

by Jeff Shaw June 24, 2024

— By Mark Lewkowitz, Executive Vice President, Colliers — The current interest rate environment has seemingly slowed the investment sales volume down, but strength remains with user sales. Over the last two years, users were more frequently being outbid for industrial properties (partially stabilized and vacant). Now, with the investment herd very thin, it has allowed users and buyers to take a crack at the opportunities. The users face the same hurdles where the cost of capital is not cheap, but it is more palatable when their business pays the mortgage or rent. I anticipate vacancies ticking up through Q4 2024, but beginning in Q1 2025, I feel confident we will see transaction frequency rise. In turn, the vacancy rate will lead to a softening of rental rates and increased concessions, but the fundamentals are strong for the industrial market, and it will turn on a dime in Q1 2025. Majestic Sunroad continues progressing significantly with the Landmark at Otay projects, delivering roughly 845,000 square feet by Q4 2024. Their projects are significant because they are among the first with 36’ clearance heights and trailer parking, something the market has not seen. Phelan Development has also introduced some incredibly functional 32’ warehouse …

June 24, 2024

Acquisitions California Multifamily Western

Cityview Buys 130-Unit Tralee Village Apartments in Dublin, California

by Amy Works June 21, 2024

DUBLIN, CALIF. — Cityview has acquired Tralee Village Apartments, a multifamily property located at 6599 Dublin Blvd. in the East Bay city of Dublin. The price and seller were not disclosed. The three-story property offers 130 apartments and more than 30,000 square feet of ground-floor retail space, including eateries and service-focused shops. Originally built in 2011, the community offers one-, two- and three-bedroom floorplans featuring open-concept layouts, in-unit washers/dryers, granite countertops, USB outlet ports, modern custom-wood cabinetry in two styles, central heat and air, large closets, nine-foot ceiling heights and stainless steel appliances. Select units also feature vaulted ceilings, floor-to-ceiling windows and large balconies. Community amenities include ground-floor retail space, a resort-style pool and spa, high-end fitness center, clubhouse, business center, courtyard and barbecue areas, playground, parcel lockers, bike storage and ample garage parking. Cityview plans to implement a comprehensive renovation program for the community, including new unit flooring, lighting, kitchen and bathroom countertops and accessories. Jason Parr of Berkadia brokered the transaction. Westhome, an affiliate of Cityview, will serve as the property manager.

June 21, 2024

Acquisitions Industrial Nevada Western

Colliers Brokers $27.8M Acquisition of Industrial Facility in Henderson, Nevada

by Amy Works June 21, 2024

HENDERSON, NEV. — Colliers has negotiated the purchase of The Henderson Gateway Industrial Facility in Henderson, a suburb southeast of Las Vegas. An undisclosed buyer acquired the asset for $27.8 million. The name of the seller was not released. Brian Riffel and Tyler Jones of Colliers represented the buyer in the transaction. Located at 1735 Chaparral Road, the 98,023-square-foot property features 11 dock loading doors, two grade-access doors, an ESFR fire suppression system with a diesel pump, 91 surface parking spaces and 2,530 square feet of HVAC office space.

June 21, 2024

California Industrial Loans Western

Gantry Arranges $12.2M Refinancing for Industrial Property in Fremont, California

by Amy Works June 21, 2024

FREMONT, CALIF. — Gantry has placed a $12.2 million permanent loan for a private real estate investor to refinance an industrial building at 45541-45581 Northport Loop West in Fremont, located in the Bay Area. The 71,500-square-foot facility features 10 bay doors with 18-foot clear heights. At the time of financing, two long-term tenants fully occupied the property. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry arranged the long-term, fixed-rate loan, which one of Gantry’s exclusive correspondent life company lenders provided.

June 21, 2024

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