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Fiesta-Village-Mesa-AZ
AcquisitionsArizonaMultifamilyWestern

P.B. Bell, Rockpoint Sell 220-Unit Fiesta Village Apartments in Mesa, Arizona

by Amy Works

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.

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Kanvas-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Priority Capital Arranges $21.6M Recapitalization for Kanvas Apartments in Los Angeles

by Amy Works

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.

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4025-Camino-del-Rio-S-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

CES Remington Buys Aerofund Financial Plaza Office Building in San Diego for $9.8M

by Amy Works

SAN DIEGO — CES Remington has acquired Aerofund Financial Plaza, a multi-tenant office building situated on 1.3 acres in San Diego’s Mission Valley neighborhood, for $9.8 million. The seller was not disclosed. Located at 4025 Camino del Rio S., the three-story, u-shaped building offers 48,571 square feet of space. At the time of sale, the property was fully leased to nine tenants across a diversified mix of industries and sizes. Jeffrey Cole, Nico Napolitano, Mark Avilla and Brooks Campbell of Cushman & Wakefield’s capital markets and private capital groups in Southern California collaborated to represent the seller, while Brandon Keith of Voit Real Estate Services represented the buyer in the deal.

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3110-R-St-Merced-CA
AcquisitionsCaliforniaRetailWestern

Matthews Negotiates $5.8M Sale of Retail Strip Center in Merced, California

by Amy Works

MERCED, CALIF. — Matthews Real Estate Investment Services has arranged the sale of 3110 R Street, a retail strip center in the San Joaquin Valley city of Merced. The asset traded for $5.8 million, or $828 per square foot. The retail center is occupied by corporate-guaranteed tenants, with Chipotle and Panera Bread occupying the end-cap storefronts. Chipotle recently extended its lease for an additional 10 years. Clay Smith of Matthews represented the seller in the transaction.

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AcquisitionsArizonaIndustrialWestern

Cushman & Wakefield | PICOR Brokers Sale of 40,078 SF Industrial Space in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of 40,078 square feet of industrial space at 2106 N. Forbes Blvd. in Tucson. North Forbes LLC sold the asset to Block “C” Properties LLC for $3.9 million. Stephen Cohen of Cushman & Wakefield | PICOR represented both parties in the transaction.

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Wellness-Village-Mead-Valley-CA.jpg
CaliforniaDevelopmentHealthcareWestern

PMB, Riverside University Health System Break Ground on $580M Behavioral Health Campus in Mead Valley, California

by Amy Works

MEAD VALLEY, CALIF. — PMB and Riverside University Health System (RUHS) have broken ground on The Wellness Village, a $580 million behavioral health campus in Mead Valley, located in the Inland Empire region. The 18-acre campus will be located at the intersection of Harvill and Placentia avenues. Slated for completion in 2026, the 445,000-square-foot Wellness Village will include a Youth and Family Care Center; Wellness and Education Center; Recovery Center; and The Residences and Restorative Care adult residential facility and mental health rehabilitation center. The center will also offer green spaces and gardens for relaxation and meditation; sports courts and an activity lawn for physical activity and recreation; public market and café for community gatherings; community meeting space for local events and activities; and boarding for pets while their owners receive treatment. The project team includes PMB as developer, Boulder Associates as architect, Snyder Langston as design-builder and PMB Real Estate Services as property manager.

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Broadwood-Business-Centre-Mesa-AZ
AcquisitionsArizonaIndustrialWestern

BKM Capital Partners Sells 156,154 SF Broadwood Business Centre in Mesa, Arizona for $32.9M

by Amy Works

MESA, ARIZ. — Newport Beach, Calif.-based BKM Capital Partners has completed the sale of Broadwood Business Centre, a multi-tenant light industrial property in Mesa. A joint venture between Bendetii and Westport Capital Partners acquired the asset for $32.9 million. Originally built in mid-1980s and extensively renovated to be competitive in the upper tier of business parks, Broadwood Business Centre features 156,154 square feet of space spread across eight freestanding buildings at 2452 W. Birchwood Ave. and three multi-tenant buildings at 2450 W. Broadway Ave. and 2451 W. Birchwood Ave. At the time of sale, the property was fully leased. The industrial park can accommodate a broad range of user types, including showroom users, quasi retailers, manufacturers and distributors. Bob Buckley and Tracy Cartledge of Cushman & Wakefield Capital Markets, along with Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield National Industrial Advisory Group – Mountain West, represented the seller in the deal.

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Quail-Park-Lynnwood-WA
AcquisitionsMultifamilySeniors HousingWashingtonWestern

IRA Capital Buys 253-Unit Quail Park of Lynnwood Seniors Housing Community in Washington

by Amy Works

LYNNWOOD, WASH. — IRA Capital, a California-based private equity firm, has acquired Quail Park of Lynnwood, a 253-unit, Class A property in the Seattle suburb of Lynnwood. Quail Park is spread across 15 acres and was developed in two phases in 2013 and 2020. The property offers independent living, assisted living, “enhanced assisted living” and memory care. IRA made the acquisition in an all-cash deal alongside an institutional joint-venture partner. The new owners plan to invest in updates to common areas and amenities. The seller and price were not disclosed.

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4141-N-Scottsdale-Rd-Scottsdale-AZ
AcquisitionsArizonaOfficeWestern

Joint Venture Acquires 162,227 SF Office Building in Old Town Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — A joint venture between Phoenix-based developer George Oliver and Ascentris has purchased an office building located at 4141 N. Scottsdale Road in Scottsdale’s Old Town district. Terms of the transaction were not released. Situated on three acres, the 162,227-square-foot property offers three stories of office space and two levels of subterranean parking. Georgie Oliver Design is leading a redevelopment at the property. Concepts are underway now and renovations are slated to begin in 2025.

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18217-Aurora-Ave-N-Shoreline-WA.jpg
AcquisitionsNet LeaseRetailWashingtonWestern

Marcus & Millichap Brokers $2.9M Sale of AutoZone-Occupied Property in Shoreline, Washington

by Amy Works

SHORELINE, WASH. — Marcus & Millichap has arranged the sale of a retail property, located at 18217 Aurora Ave. North in Shoreline, a suburb north of Seattle. A private investor sold the asset to an undisclosed buyer for $2.9 million. AutoZone occupies the 6,030-square-foot property on a net-lease basis. The tenant recently inked an early 10-year extension with scheduled rental increases every five years for the property. Carson Breshears and Hank Wolfer of Marcus & Millichap represented the seller in the deal.

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