Western

Philip Morris Plans $600M ZYN Manufacturing Facility in Aurora, Colorado

by Kristin Harlow July 17, 2024

AURORA, COLO. — Philip Morris International Inc. (PMI) has unveiled plans to invest $600 million over the next two years through one of its U.S. affiliates to open a manufacturing facility in Aurora, just east of Denver. PMI says the facility will produce Swedish Match ZYN nicotine pouches to help meet the growing global demand for smoke-free products. PMI plans to break ground on the development later this year and to begin preliminary operations by the end of 2025. Regular production is slated to begin in 2026. Swedish Match North America is also currently working to increase ZYN oral nicotine pouch production at its facility in Owensboro, Ky. PMI acquired Swedish Match in late 2022. Nicotine pouches are a flavored product marketed as an alternative to smoking or dipping tobacco. Long popular in Europe, they recently skyrocketed in popularity in the United States, fueled by social media influencers, according to ABC News. The project is expected to create 500 direct jobs with ongoing annual economic impact of $550 million and an additional 1,000 indirect jobs for the state of Colorado, according to PMI. The construction is expected to create nearly 5,000 temporary jobs. Career opportunities at the new facility will …

July 17, 2024

Development Multifamily Seniors Housing Washington Western

Watermark, Alliance Complete Independent Living Expansion at Watermark at Bellevue

by Amy Works July 16, 2024

BELLEVUE, WASH. — Watermark Retirement Communities and Alliance Residential Co. have completed construction of a new independent living tower at Watermark at Bellevue in the Seattle suburb of Bellevue. The community now offers a continuum of care, with its existing assisted living and memory care spaces. The property features 110 assisted living apartments and 26 memory care units. The expanded Watermark at Bellevue, now totaling 360,000 square feet, spans an entire city block. The 155-unit, 22-story independent living tower features studios, one-bedroom and two-bedroom apartments. Watermark at Bellevue is adjacent to the 190-unit Broadstone Savoie, which is a luxury multifamily project featuring studios, one-bedroom and two-bedroom apartments, as well as townhomes.

July 16, 2024

Colorado Industrial Leasing Activity Western

Broadrange Logistics Leases 1.1 MSF at 76 Commerce Center in Denver

by Amy Works July 16, 2024

DENVER — Broadrange, a Georgia-based third-party logistics company, has signed a long-term lease to occupy 1.1 million square feet at 76 Commerce Center in Denver. A servicer of the green energy sector, Broadrange plans to occupy the two buildings at 76 Commerce Center starting in September 2024. The company will use this property for distributing solar panel components. Situated on 155 acres, 76 Commerce offers four cross-dock buildings, 36-foot clear heights, four drive-in doors and 106 and 108 dock-high doors in Building 1 and Building 3, respectively, in addition to trailer parking and office space. Building 1 is also on a gated and secured site. Todd Witty and Daniel Close of CBRE represented the landlords, Hyde Development and Mortenson Properties, while Sam Dragan and Jim Bolt of CBRE represented the tenant in partnership with Atlanta-based Strategic Real Estate Partners in the transaction.

July 16, 2024

Acquisitions California Net Lease Restaurant Retail Western

Beta Agency Arranges $7.5M Sale of Raising Cane’s Chicken Fingers-Occupied Restaurant in Carson, California

by Amy Works July 16, 2024

CARSON, CALIF. — Beta Agency has arranged the sale of a restaurant property located at 20707 Avalon Blvd. in Carson, south of Los Angeles. A Los Angeles-based private investor sold the asset to an Orange County, Calif.-based private buyer in a 1031 exchange for $7.5 million. Raising Cane’s Chicken Fingers occupies the 2,950-square-foot property with 12 years remaining on its triple-net lease, which backed by a corporate guarantee. The lease also includes 10 percent rental increases every five years. The restaurant opened in 2022. Adam Friedlander of Beta Agency represented the seller, while George Felix and Dan Blackwell of CBRE represented the buyer in the deal.

July 16, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $2.3M Sale of Multifamily Property in Denver

by Amy Works July 16, 2024

DENVER — NorthPeak Commercial Advisors has arranged the sale of 995 Corona St., an apartment building in Denver. The 11-unit asset traded for $2.3 million, or $205,454 per unit. Greg Johnson and Conner Piretti of NorthPeak Commercial represented the undisclosed seller in the deal. The name of the buyer was not released.

July 16, 2024

6401-Stockton-Blvd-6050-Elder-Creek-Rd-Sacramento-CA

Acquisitions California Industrial Net Lease Western

Marcus & Millichap Negotiates Sale of 43,996 SF Industrial Property in Sacramento

by Amy Works July 16, 2024

SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of a net-leased property located at 6401 Stockton Blvd. and 6050 Elder Creek Road in Sacramento. The asset sold for $1.6 million. The undisclosed buyer intends to lease the 43,996-square-foot property to a suitable tenant, according to Marcus & Millichap. Although the use of the property was not disclosed, the address is for a used car dealership in an industrial area. Christopher Hurd of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.

July 16, 2024

Idaho Market Reports Retail Western Western Market Reports

Boise MSA Retail Market Shows Strong Fundamentals

by Jeff Shaw July 16, 2024

— By Holly Chetwood, Retail Specialist, TOK Commercial — The Boise MSA retail market had one of its strongest quarters on record with net absorption reaching 559,000 square feet at the end of March of this year. Multiple big-box spaces were backfilled in the first 90 days of the year including the former K-Mart and Gordmans spaces in Nampa as well as both Bed, Bath, and Beyond locations in Boise and Meridian. In addition, the highly anticipated Scheels opened its first Idaho store at Ten Mile and I-84 in Meridian. Along with a healthy level of net absorption, nearly 100 transactions were recorded, the highest number of deals seen in a quarter since 2021. The top five deals of the quarter were all over 25,000 square feet, however, leasing activity continues to be primarily driven by tenants in spaces below 2,000 square feet. These deals have accounted for 52 percent of transactions over the past 12 months. As demand stayed high, vacancy continued to tighten throughout the first 3 months of the year. Total vacancy ended the quarter at 4.4 percent, its lowest level in nearly a year. The majority of submarkets are seeing vacancy remain between 2 to 4 percent. …

July 16, 2024

Arizona Development Multifamily Western

Greenlight Communities, Holualoa Cos. Open 196-Unit Villa Cielo Cortaro Multifamily Complex in Tucson, Arizona

by Amy Works July 15, 2024

TUCSON, ARIZ. — A joint venture between Greenlight Communities and Holualoa Cos. has completed construction of Villa Cielo Cortaro, an “attainable multifamily property” in Tucson. Located at 8255 N. Shannon Road, Villa Cielo Cortaro features 196 studio, one- and two-bedroom units, with rents starting at $1,199. Community amenities include a 24-hour gym, pool, electric vehicle charging stations and a co-working lounge. Move-ins are set to begin in August.

July 15, 2024

Acquisitions Arizona Multifamily Western

Oak Creek Hospitality Buys 62-Space Oak Creek Mobilodge Manufactured Home Property in Sedona, Arizona

by Amy Works July 15, 2024

SEDONA, ARIZ. — Oak Creek Hospitality has acquired Oak Creek Mobilodge, a manufactured home community in Sedona, approximately 30 miles south of Flagstaff. Creekfront Holdings LLC sold the property for $5.3 million. Located at 1156 AZ-179, Oak Creek Mobilodge features 62 manufactured home spaces. Richard Butler of Marcus & Millichap represented the seller, while Lee Jeans of Coldwell Banker procured the buyer in the deal.

July 15, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $4.3M Sale of Apartment Building in San Jose, California

by Amy Works July 15, 2024

SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of an apartment building located at 544 S. Sixth St. in San Jose. A limited liability company sold the asset to an undisclosed buyer for $4.3 million. Situated on a 11,868-square-foot parcel, the 7,970-square-foot building features 10 two-bedroom apartments with in-unit washers and dryers. Nine of apartments have been remodeled to include new wood flooring, stainless steel appliances, updated kitchens and granite countertops. Built in 1969, the asset also features on-site parking and storage. Eymon Binesh, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal.

July 15, 2024

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