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Lehi-Spectrum-UT
AcquisitionsOfficeUtahWestern

Fort Street Partners, Cumming Capital Purchase Lehi Spectrum Office Buildings in Utah

by Amy Works

LEHI, UTAH — Fort Street Partners has partnered with Cumming Capital Management to acquire Lehi Spectrum I and II, two Class A tech office properties in Lehi’s Silicon Slopes district. Terms of the transaction were not released. Built in 2018 and 2020, the buildings offer approximately 265,000 square feet of combined space. Onsite amenities at Lehi Spectrum include pickleball courts, a daycare, gym, locker rooms with showers, an open space auditorium and food services. Bryce Blanchard of Newmark, along with Woodley Real Estate, represented the undisclosed seller in the deal.

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2310-Telegraph-Ave-Berkeley-CA.jpg
AcquisitionsCaliforniaRestaurantRetailWestern

Levin Johnston Brokers $12.7M Sale of Restaurant Property in Berkeley, California

by Amy Works

BERKELEY, CALIF. — Levin Johnston, part of Marcus & Millichap, has arranged the $12.7 million sale of a retail building at 2310 Telegraph Ave. in Berkeley. Raising Cane’s will occupy the 12,419-square-foot property, which is currently anchored by Walgreens, as a new flagship restaurant. Additional details of the transaction were not released.

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AcquisitionsColoradoRetailWestern

Ziff Real Estate Acquires 40,211 SF Village Square Shopping Center in Louisville, Colorado

by Amy Works

LOUISVILLE, COLO. — Ziff Real Estate Partners (ZRP) has purchased Village Square Shopping Center, a necessity-based retail center in Louisville, for $9.2 million. ZRP plans to improve the 40,211-square-foot asset by enhancing the center’s tenant mix and physical property. Located at 535-655 E. South Boulder Road, Village Square is shadow-anchored by Centre Court Apartments and Shamrock Foods.

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4301-Vermont-Ave-Los-Angeles-CA
Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

Walker & Dunlop Secures $34.8M Construction Loan for Affordable Housing Project in Los Angeles

by Amy Works

LOS ANGELES — Walker & Dunlop has arranged $34.8 million in construction financing for 4301 Vermont, an affordable housing development in Los Angeles. Chris Montes of Walker & Dunlop secured the loan on behalf of the client, SoLa, and identified the lender as ACORE Capital. The five-story multifamily complex will offer 188 affordable residences at 4301 Vermont Ave. Approximately 80 percent of the units will be designated for low-income residents, while 20 percent will be reserved for moderate-income residents. The project will feature prefabricated modular units supplied by Model Z, a subsidiary of SoLa Impact.

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5770-Industrial-Pkwy-San-Bernardino-CA
CaliforniaDevelopmentIndustrialWestern

Dedeaux Properties Delivers 850,000 SF of Logistics Space Across Southern California

by Amy Works

LOS ANGELES — Dedeaux Properties has received certificates of occupancy on five recently completed industrial developments totaling approximately 850,000 square feet in Southern California. The projects include a 167,000-square-foot warehouse in Ontario, a 326,000-square-foot warehouse in Riverside, a 165,000-square-foot high-velocity distribution center in Fontana, a 53,000-square-foot cross-dock facility in Perris, a 52,000-square-foot cross-dock property in San Bernardino and an 83,000-square-foot distribution facility in Rialto.

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Sunrise-Lane-Apts-Everett-WA
AcquisitionsMultifamilyWashingtonWestern

IPA Arranges Sale of 131-Unit Apartment Property in Everett, Washington

by Amy Works

EVERETT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sunrise Lane, a multifamily property in Everett. Weidner Apartment Homes sold the asset to an undisclosed buyer for $35.1 million, or $268,130 per unit. Sunrise Lane offers 131 apartments, a large resident clubhouse, swimming pool, spa and barbecue areas. Units come in one-, two- and three-bedroom layouts averaging 1,020 square feet. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the transaction.

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701-E-Ball-Rd-Anaheim-CA
CaliforniaDevelopmentIndustrialWestern

Voit Real Estate, Hines Break Ground on 139,535 SF Industrial Development in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — Voit Real Estate Services, in partnership with Hines as the owner, has broken ground on an industrial project located at 701 E. Ball Road in Anaheim. Situated on 7 acres, the 139,535-square-foot Class A industrial property is slated for completion in November. Seth Davenport, Adam Hill, Mitch Zehner and Michael Zehner of Voit Real Estate Services are handling marking, sale and leasing efforts for the project.

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9915-E-Colfax-Ave-Aurora-CA
AcquisitionsColoradoRetailWestern

Kaufman Hagan Brokers Sale of 4,608 SF Retail Building in Aurora, Colorado

by Amy Works

AURORA, COLO. — Denver-based Kaufman Hagan Commercial Real Estate has facilitated the purchase of a retail property located at 9915 E. Colfax Ave. in Aurora. Shifted Lens Theatre Co. acquired the asset from an undisclosed seller for $1 million, or $226.78 per square foot. Located within Aurora Cultural Arts District, the property offers 4,608 square feet of retail space. Amanda Weaver of Kaufman Hagan represented the buyer in the deal.

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ArizonaDevelopmentIndustrialLife SciencesTop StoriesWestern

Semiconductor Manufacturer TSMC to Invest $100B in US, Including Development of Six New Facilities

by John Nelson

HSINCHU, TAIWAN —TSMC (NYSE: TSM), a Taiwanese manufacturer of semiconductors, has announced plans to invest at least $100 billion in the United States, which would bring the company’s total investment in its U.S. manufacturing base to $165 billion. As part of the new round of investment, TSMC plans to develop three more fabs (i.e. manufacturing plants), two advanced packaging facilities and a major research-and-development (R&D) center in Arizona. Once fully realized, the project will be solidified as the “largest single foreign direct investment in U.S. history,” according to TSMC. The construction timeline was not disclosed, but U.S. President Donald Trump and TSMC CEO C.C. Wei announced the investment at a press conference on Monday, with Trump saying the investment will be made “over the next short period of time.” TSMC’s expanded investment is expected to support 40,000 construction jobs over the next four years and create tens of thousands of high-tech jobs in advanced chip manufacturing and R&D, which Trump said would range between 20,000 and 25,000 jobs. Yahoo! Finance reported that Intel is currently the only computer chip manufacturer with a dedicated R&D center in the United States. TSMC is currently building out its 1,100-acre campus in north Phoenix, …

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ArizonaMarket ReportsOfficeWesternWestern Market Reports

Phoenix Office Balances Rising Vacancies, Emerging Opportunities

by John Nelson

— Dave Carder, Senior Vice President, Kidder Mathews — The state of Phoenix’s office market is not easily summed up with a catchy headline or a few brief bullet points. Along with most large metropolitan areas across the country, Phoenix has struggled with lower demand, rising vacancies and a shift toward hybrid workweeks. However, several emerging trends are creating positive shifts in the market that should be noted as we look to 2025 and beyond. The average vacancy rate of the Phoenix office market over the past decade was 18.5 percent. That includes a low of 13.9 percent in 2019 and a high of 24.8 percent in 2024. Gross leasing absorption averaged nearly 7 million square feet annually, with a high of nearly 7.9 million square feet in 2019 and a low of 5.5 million square feet last year.  Net leasing absorption showed a similar pattern, peaking at 3.1 million square feet in 2019 and declining to negative 2.2 million square feet in 2024. These trends point to 2019 being the market’s best-performing pre-pandemic year across all three metrics.  Despite 2024’s gross leasing absorption (5.5 million square feet) being close to the 10-year average, the significant rise in vacancy and …

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