TACOMA, WASH. — First Citizens Bank, through its healthcare finance business, has provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator. The amount of the financing was not disclosed.
Trevey Commercial Real Estate Negotiates Acquisition of 9,100 SF Retail Building in Pueblo, Colorado
PUEBLO, COLO. — Trevey Commercial Real Estate has negotiated the purchase of a freestanding retail building located at 609 S. Pueblo Blvd. in Pueblo, approximately midway between Denver and the New Mexico border. Mr Blue Sky LLC acquired asset from 609 Property LLC for $1.2 million. Dollar General occupies the 9,100-square-foot property. David Marulli and Mitch Trevey of Trevey Commercial Real Estate represented the buyer, while Ben Farthing and Logan Grant of CBRE represented the seller in the deal.
— By Travis Marc, vice president, and Landes Magliarditi, first vice president, CBRE — The post-pandemic world has reshaped office space needs, and Southern Nevada is no exception. Economic uncertainty and evolving return-to-work policies are driving a market transformation that will define 2024 activity. Fueled by flexible work schedules, the digital age has fundamentally transformed how office tenants work and remain efficient. This shift in work styles is impacting the office market, and we are closely monitoring these trends to determine if pandemic-era changes will remain the future of office, or if new shifts arise to further define the future of office space. Nevada’s Enduring Strengths, Challenges Nevada’s strong economy continues to attract businesses, with sports and entertainment options fueling the growth. Live-work-play office concepts attract high-quality tenants as they, in turn, look to recruit high-quality talent. This development philosophy in Southern Nevada aims to create vibrant communities with seamless transitions between work, life and leisure activities, resulting in record rental rates. At the same time, rising interest rates and construction costs are slowing the overall development of new office. As a result, tenants have limited options to secure quality office space in newly constructed buildings. Well-located, second-generation suburban office space …
CHANDLER, ARIZ. — Ryan Cos. US has received financing and started construction of Schrader Farms Business Park, located at the northwest corner of Queen Creek and McQueen roads in Chandler. Totaling 432,000 square feet, the three buildings will each feature a privately secured yard, 32-foot clear heights, LED site lighting, air-conditioned warehouse, an ESFR sprinkler system and ample vehicle and trailer parking. Completion is slated for third-quarter 2025. Ryan Cos. is the developer and builder. Deutsche Architecture Group is the architect of record.
CHANDLER AND MESA, ARIZ. — Cushman & Wakefield has advised Newport Beach, Calif.-based CapRock Partners in securing $64.1 million in financings for the acquisition of a Class A industrial portfolio comprising two newly built, multi-building business parks totaling 562,969 square feet in metro Phoenix. The assets include the four-building, 318,683-square-foot Chandler Airport Business Park in Chandler and the two-building, 244,286-square-foot Longbow Industrial Center in Mesa. Funds and accounts managed by BlackRock’s U.S. real estate debt team provided a $38.5 million floating-rate bridge loan for Chandler Airport Business Park in March. California Bank & Trust provided an approximately $25.6 million floating-rate bridge loan for Longbow Industrial Center in May. Situated on 20 acres, Chandler Airport Business Park features 28-foot to 30-foot clear heights and 428 auto parking stalls, while Longbow Industrial Center features 30-foot clear heights and 320 auto parking stalls on 14 acres. Both industrial parks offer ample speculative office space, ESFR sprinklers, numerous loading positions, large secured concrete truck courts, full warehouse HVAC and LED lighting. Rob Rubano, Brian Share, Max Schafer, Lars Weston and Billy Coyle of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in both financing transactions. Will Strong, Molly Hunt and Michael Matchett …
HENDERSON, NEV. — Colliers has arranged the sale of Desert Canyon Industrial Park, a five-building, small-bay industrial complex in Henderson. Nicola Wealth Commercial Real Estate sold the asset to an undisclosed buyer for $16.9 million. Built in 2001, the five-building complex offers 93,550 square feet of industrial space. The property is situated on 4.7 acres at 249-257 Elliott Road. Brian Riffel and Tyler Jones at Colliers represented the seller in the deal.
BOISE, IDAHO — Obie Cos. has purchased Residence Inn Boise Downtown University from an institutional seller for an undisclosed price. Brian Embree of Hunter Hotel Advisors facilitated the transaction. Built in 1986, Residence Inn Boise Downtown University features 104 guest rooms with in-room kitchenettes and complimentary breakfast, as well as a fitness center, business center and an outdoor pool. Crystal Investment Property served as the Idaho licensed broker of record for the seller and assisted the buyer during the deal.
CHANDLER, ARIZ. — NAI Horizon has arranged the sale of Chandler Medical Center, a multi-tenant medical office building at 655 S. Dobson Road in Chandler. New York City-based Chandler Medical Property Company LLC (Tolis Advisors) sold the asset to Cleveland-based Provider Real Estate Partners Fund I LP for $7.3 million, or $323.14 per square foot. Lane Neville, Cole Neville, Brandon Hall, Whitney Heritage and Matt Westra of NAI Horizon represented the seller, while the buyer was self-represented in the transaction. The 22,591-square-foot Chandler Medical Center is located adjacent to Dignity Health’s 429-bed Chandler Regional Medical Center.
MESA, ARIZ. — Scottsdale-based P.B. Bell and Boston-based Rockpoint have completed the disposition of The Landing at Fiesta Village, a multifamily property in Mesa. Salt Lake City-based Millburn & Co. acquired the asset for an undisclosed price. The Landing at Fiesta Village features 220 one-, two- and three-bedroom apartments. In-unit amenities include gourmet kitchens with granite countertops, custom cabinets, stainless steel appliances and outdoor balconies. Community amenities include a business center, clubroom, 24-hour fitness facility, resort-style pool, dog park, dog spa and community playground, as well as smart home door locks, thermostats and lights. P.B. Bell and Rockpoint originally acquired the 10.2-acre development site in 2020 and constructed the apartment complex, which was completed in December 2022. Matt Pesch, Asher Gunter, Sean Cunningham and Auston Groen of CBRE represented the sellers in the deal.
LOS ANGELES — Priority Capital Advisory (PCA) has arranged $21.6 million in financing on behalf of EGC Real Estate Group for the recapitalization of Kanvas, a recently completed multifamily property in Los Angeles’ Koreatown submarket. Zachary Streit of PCA arranged the financing, which BOLOUR provided. Designed by 64North, Kanvas offers 13 studios, 33 one-bedroom and 21 two-bedroom units, seven of which are designated as affordable. Units feature contemporary finishes, stainless steel appliances, gas ranges, balconies and in-unit washers/dryers. Community amenities include a rooftop amenity deck, fitness center, courtyard, storage space, 1,105 square feet of ground-floor retail space, bicycle parking and abundant subterranean and surface parking.