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

Loans Multifamily Seniors Housing Washington Western

First Citizens Bank Provides Refinancing for 159-Unit GenCare Lifestyle Tacoma at Point Ruston

by Amy Works June 21, 2024

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.

June 21, 2024

Acquisitions Colorado Retail Western

Trevey Commercial Real Estate Negotiates Acquisition of 9,100 SF Retail Building in Pueblo, Colorado

by Amy Works June 21, 2024

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.

June 21, 2024

Market Reports Nevada Office Western Western Market Reports

Southern Nevada’s Office Market Adapts to the New Normal

by Jeff Shaw June 21, 2024

— 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 …

June 21, 2024

Arizona Development Industrial Western

Ryan Cos. Breaks Ground on 432,000 SF Schrader Farms Business Park in Chandler, Arizona

by Amy Works June 20, 2024

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.

June 20, 2024

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