Western

Dunbar Real Estate Buys Industrial Complex in Carson, California for $10.2M

by Amy Works August 12, 2024

CARSON, CALIF. — Dunbar Real Estate Investment Management has acquired an industrial investment complex, located at 16925-16927 Main St. in Carson, from MacLeaod Family Trust for $10.2 million. Built in 1992, the two-building, 41,880-square-foot asset offers six units ranging in size from 6,000 square feet to 7,000 square feet, with one combined 14,000-square-foot unit. Additionally, the property offers dock-high loading on four of the five units. Matt Stringfellow and Tyler Rollema of The Klabin Company/CORFAC International represented the buyer in the deal, while Mark Granger and Patrick Granger of The Granger Co. represented the seller.

August 12, 2024

Acquisitions Arizona Loans Retail Western

PSRS Arranges $7.6M Acquisition Financing for Superstition Marketplace in Mesa, Arizona

by Amy Works August 12, 2024

MESA, ARIZ. — PSRS has arranged $7.6 million in financing for the acquisition of Superstition Marketplace in Mesa. Built in 1988, Superstition Marketplace offers 54,837 rentable square feet. Current tenants include Dollar Tree, Jersey Mike’s Subs, State Farm Insurance and Thai House. Mike Davis and Tony Messiah of PSRS arranged the 10-year loan with a 30-year amortization schedule through one of its correspondent life insurance companies.

August 12, 2024

Acquisitions Colorado Loans Multifamily Western

CBRE Arranges $25.4M in Acquisition Financing for Parkside at Littleton Village Apartments in Colorado

by Amy Works August 9, 2024

LITTLETON, COLO. — CBRE has facilitated $25.4 million in acquisition financing for Brixton Capital for the purchase of Parkside at Littleton Village, an apartment community at 300 E. Freemont Place in the Denver suburb of Littleton. The buyer and seller were not disclosed. Built in 2022, the 114-unit community features one-, two- and three-bedroom floorplans, averaging 1,215 square feet. Each unit features high-end finishes including custom cabinets, private balconies or patios, stainless steel appliances, in-unit washers/dryers and wood-style flooring. Community amenities include an entertainment and game room, electric vehicle charging stations, a clubhouse, fitness center and pet park. Scott Peterson, Mark McGovern, Brian Cruz and Colby Matzke of CBRE Capital Markets’ debt and structured finance team secured the five-year, interest-only, nonrecourse loan with a national life insurance company.

August 9, 2024

Acquisitions Arizona Multifamily Western

Christiansen Ventures Acquires 229-Unit Alta North Central Multifamily Community in Phoenix

by Amy Works August 9, 2024

PHOENIX — Christiansen Ventures LLC has purchased Alta North Central, an apartment community located in North Central Phoenix. An institutional fund manager sold the asset for an undisclosed price. Built in 2020, Alta North Central features 229 apartments with quartz countertops, custom tile backsplashes, designer cabinetry and stainless steel appliances. Community amenities include a social lounge with a grand piano, epicurean demonstration kitchen, billiards table, multiple TV seating areas and a private resident bar. Additional on-site amenities include an athletic center with spin and yoga rooms and a swimming pool and spa area with fire features and in-water seating. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal. Troy Tegeler and CJ Connolly, along with the CBRE Debt & Structured Finance team, arranged financing for the buyer.

August 9, 2024

Acquisitions New Mexico Retail Western

Faris Lee Investments Brokers $12.9M Sale of Zecca Plaza Retail Asset in Gallup, New Mexico

by Amy Works August 9, 2024

GALLUP, N.M. — Faris Lee Investments has arranged the sale of Zecca Plaza, a retail property located in Gallup, a small city near the Arizona border approximately 150 miles west of Albuquerque. The asset traded for $12.9 million, or $126 per square foot. Situated on 6.3 acres, Zecca Plaza offers 110,593 square feet of retail space. Current tenants include Albertsons, Goodwill, O’Reilly Auto Parts and Aaron Rents. Don MacLellan and Chris DePierro of Faris Lee Investments represented the undisclosed seller and undisclosed buyer in the transaction.

August 9, 2024

Arizona Development Industrial Western

Seefried Industrial Properties, MDH Partners Plan 59,723 SF Fiesta Tech Center in Gilbert, Arizona

by Amy Works August 9, 2024

GILBERT, ARIZ. — Seefried Industrial Properties, with development partner MDH Partners, has acquired a 5.1-acre site in Gilbert, approximately 20 miles southeast of Phoenix. The developers plan to build an industrial property named Fiesta Tech Center on the land. Construction is slated to begin in third-quarter 2024, with delivery expected in second-quarter 2025. Located at 1352 N. Fiesta Blvd., Fiesta Tech Center will feature 59,723 square feet of industrial space. The facility will offer 28-foot clear heights, 19 dock-high doors, four grade-level doors and 78 parking stalls within a secure, fenced site. The building will be able to accommodate tenants with space requirements ranging from 14,930 square feet to 59,723 square feet. The project team includes DLR Group as architect, Cole Engineering as civil engineer and Alcorn Construction as general contractor. Mike Peter of CBRE will oversee leasing and marketing for the property.

August 9, 2024

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Negotiates $4.3M Ground Lease Sale of Chipotle-Occupied Restaurant Property in Rancho Cordova, California

by Amy Works August 9, 2024

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the pre-sale of a new restaurant property at Anatolia Marketplace in Rancho Cordova, a suburb east of Sacramento. Locally based Anatolia Marketplace sold the absolute triple-net ground lease to a private 1031 exchange investor for $4.3 million. A Chipotle Mexican Grill with a drive-thru occupies the 2,325-square-foot building, which is located at 4001 Sunrise Blvd. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and the buyer in the transaction.

August 9, 2024

2375 N. Tustin Street in Orange, California

California Market Reports Retail Western Western Market Reports

Orange County Retail: Consistency Isn’t Just About the Weather

by Jeff Shaw August 9, 2024

— By John R. Read — Orange County’s retail market continues to shine, mirroring its famously consistent weather. Despite challenges like persistent interest rate fluctuations, capital markets volatility and signs of a slowing economy, the region remains a beacon for retailers and investors alike. This resilience has cemented Orange County as one of the strongest retail markets in Southern California and the nation. As 2023 drew to a close, a notable drop in the 10-year U.S. Treasury yield to below 4 percent and signals from the Federal Reserve of potential rate cuts in the upcoming year fueled optimism among real estate investors. However, 2024 has continued to see volatility, with yields reaching mid-4 percent levels and no rate cuts yet implemented. This environment has impacted Orange County’s retail investment sales volume, which saw a 29 percent drop in 2023 from the prior five-year averages and a muted start in 2024. Despite this, investor demand and pricing have remained strong due to Orange County’s high barriers to entry, with average cap rates in the mid-5 percent range and several significant transactions highlighting the market this year. This includes the April sale of an El Pollo Loco in Orange for $3.8 million …

August 9, 2024

Acquisitions Multifamily Washington Western

Glencrest Group Buys 177-Unit Meadowscape Apartments in Lacey, Washington for $40.9M

by Amy Works August 8, 2024

LACEY, WASH. — Glencrest Group has purchased Meadowscape Apartments in Lacey for $40.9 million. The property was acquired as part of the bankruptcy proceedings of Tacoma-based Harbor Custom Development. Located at 7641 3rd Way SE, Meadowscape features 177 units in a mix of studio, one- and two-bedroom apartments with high ceilings, modern finishes, in-unit laundry and private patios and balconies. Community amenities include a heated pool, barbecue area, dog run and oversized clubhouse with fitness center, entertainment lounge, business center and package lockers. At the time of sale, Meadowscape was 50 percent leased.

August 8, 2024

Acquisitions Retail Utah Western

SEG Buys The Shops at South Town in Sandy, Utah for NHL Practice Facility Development

by Amy Works August 8, 2024

SANDY, UTAH — Pacific Retail Capital Partners (PRCP) has completed the sale of The Shops at South Town in Sandy to Smith Entertainment Group (SEG) for an undisclosed price. SEG plans to develop a state-of-the-art practice and training facility for its incoming National Hockey League franchise on the 111-acre site to create a mixed-use destination. PRCP plans to use the proceeds from the sale to pay off the outstanding balance of the loan in full and reinvest elsewhere in its portfolio. PRCP will continue to manage and lease The Shops at South Town to ensure continuity with the ownership transition and minimize disruption for consumers. PRCP will lead SEG’s leasing efforts for The Shops at South Town, in partnership with Woodley Real Estate.

August 8, 2024

Newer Posts

Older Posts