UTAH — Salt Lake City-based Fort Street Partners and Chestnut Healthcare Real Estate have formed a programmatic joint venture that can acquire and develop up to $150 million in assets over the next four years. The venture will focus on core/core-plus and value-add investments in outpatient medical and surgery center properties in Utah. The partnership has already closed on two medical outpatient developments in Syracuse and Eagle Mountain, Utah. CJ Kodani and Mark Root of JLL Capital Markets arranged the joint venture.
AURORA, COLO. — Brinkmann Constructors, in partnership with United Properties, has broken ground on a speculative industrial project situated on 169 acres in Aurora. Spanning 817,500 square feet, the Aero70 project will include two speculative warehouses, over-lot grading and pad preparation for two future buildings, as well as associated private site civil infrastructure. Additionally, Brinkmann will build nearly two miles of public off-site infrastructure, including roads and utilities, to connect the site to the city’s existing systems.
SEATTLE — Jay Bhullar has acquired the Colman Building, a historic retail and office building in downtown Seattle, through a receivership partnership. Kidder Mathews’ Darren Tappen, Andy Miller, Pete Beauchamp and Nathan Thinnes represented John A. Rothschild of Newmark, the court-appointed receiver, in facilitating the sale. Terms of the transaction were not released. Constructed more than 125 years ago, the 143,922-square-foot Colman Building is located at 811 1st Ave. The property offers proximity to the ferry terminal, Marion Street Pedestrian Bridge and Seattle Waterfront. The buyer plans to reactivate the property’s street-level retail spaces, which were vacated during the pandemic, and lease out the vacant office suites across the building’s upper five floors.
PHOENIX — Discount Tire, through its affiliate real estate division Halle Properties LLC, has purchased Desert Ridge Corporate Center I and II in Phoenix. Terms of the transaction were not released. Desert Ridge includes 275,208 square feet of multi-tenant office space across two four-story office buildings originally constructed in 2005 and 2007. The asset also offers a three-level parking structure. Discount Tire currently occupies an entire floor at Desert Ridge, which houses a part of the national retailer’s corporate functions. Founded in 1960 by Bruce T. Halle, Discount Tire operates more than 1,200 tire retail stores across the United States, as well as an online tire and wheel shopping platform. The 12.2-acre Desert Ridge site is located 4.7 miles from the Discount Tire headquarters and one mile from the 35-acre site Discount Tire acquired in December 2022.
SEATTLE — CBRE has facilitated the $13.9 million sale of a multi-tenant retail property in North Seattle. A private investor acquired the property from Madison Development, which originally developed in the asset in 2007. Dino Christophilis and Daniel Tibeau of CBRE represented seller in the deal. Situated on 3.7 acres at 13244 Aurora Ave. N., the 51,329-square-foot property consists of two components — a 45,000-square-foot building leased to LA Fitness and a 6,329-square-foot pad building that is fully leased to Jersey Mike’s Subs, IRG Physical Therapy and T-Mobile.
KENT, WASH. — CBRE has negotiated the $64.2 million sale of the 315,422-square-foot Seattle Industrial Portfolio. The names of the seller and buyer were not released. Brett Hartzell, Paige Morgan, Andrew Stark and Andrew Hitchcock of CBRE National Partners represented the undisclosed the seller. The portfolio includes two industrial facilities: Kent Valley DC II at 6111 S. 228th St. and Kent Valley DC IV at 6205-6305 S. 231St. The distribution buildings were constructed between 1995 and 1997 and offer 30-foot clear heights and a high dock-door count.
SCOTTSDALE, ARIZ. — Phoenix-based developer George Oliver, in partnership with Ascentris, has acquired 7272 East Indian School Road, a 165,220-square-foot office building in the Old Town neighborhood of Scottsdale, for $42.2 million. The purchase, which follows the partnership’s mid-2024 acquisition of 4141 and 4167 N. Scottsdale Road, expands the companies’ Old Town Scottsdale footprint to more than 350,000 square feet. The partnership plans to redevelop the properties into a new trademark George Oliver experiential office campus. The Old Town assemblage occupies approximately 6 acres at the corner of Scottsdale and Indian School roads. Design concepts for the campus are underway, with renovations slated to begin in 2025. The design and architecture for the new Old Town Scottsdale assemblage is being led by George Oliver Design. JLL’s Ben Geelan, Will Mast, Jack Miller and Gigi Martin represented the seller in the acquisition.
CHANDLER AND MESA, ARIZ. — Gantry has secured a total of $39.5 million in permanent loans for the owner of Parc Germann Industrial Park and Ray Industrial Park. Located at 2215 and 2225 E. Germann Road in Chandler, Parc Germann offers 225,000 square feet of fully occupied industrial space spread across two buildings. Located at 7535 E. Ray Road in Mesa, Ray Industrial Park offers a 139,000-square-foot fully occupied, multi-tenant industrial building. Tony Kaufman and Joe Foley of Gantry represented the borrower, a Bay Area real estate investor with a legacy-hold Arizona investment strategy. Each fixed rate loan was secured from Gantry’s correspondent insurance company lenders. The individual nonrecourse loans feature interest-only payments and have no ongoing structure or operating covenants.
DENVER — Louisville, Colo.-based Real Capital Solutions (RCS) has acquired Belleview Tower, a 12-story Class B+ office building in Denver’s Tech Center, for $20 million from an undisclosed seller. Totaling 201,670 square feet, Belleview Tower was 75 percent leased at the time of sale. The property features recently renovated corridors, amenities and a lobby. RCS will continue upgrading the property’s amenity package, including enhancements to the fitness center and common areas. The asset is located at 7887 E. Belleview Ave. Charley Will of CBRE brokered the transaction.
PHOENIX — GO Industrial, in partnership with Clarion Partners, has acquired a 9.4-acre infill parcel at 3050 S. 35th St. in Phoenix. The site is located on the southern border of Sky Harbor International Airport. Terms of the transaction were not released. GO Industrial plans to demolish the existing single-story, office/light industrial building on the site by the end of first-quarter 2025 and begin construction of Three Five Logistics. Designed by DLR Group, the 159,305-square-foot industrial facility will feature a clear height of 32 feet, 27 dock-high doors, four drive-in loading doors, 47 trailer stalls and 164 auto parking spots. Payton Kruidenier and Kyle McGinley of Ross Brown Partners facilitated the transaction, representing both the buyer and undisclosed seller.