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13812-La-Pat-Pl-Westminster-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $10M Sale of La Pat Courtyard Apartments in Westminster, California

by Amy Works

WESTMINSTER, CALIF. — CBRE has negotiated the sale of La Pat Courtyard Apartments, a multifamily asset in the Orange County city of Westminster. An Orange County-based private investor acquired the property from a Los Angeles-based seller for $10 million. Dan Blackwell and Andrew Boukather of CBRE represented the seller, while Blackwell and Amanda Fielder of CBRE represented the buyer in the transaction. Located at 13812 La Pat Place, La Pat Courtyard consists of 21,416 square feet of space spread across two two-story buildings. Originally built in 1961, the property recently underwent extensive interior and exterior renovations, totaling more than $1.4 million in improvements. The 30-unit community offers one studio unit, 17 one-bedroom units and 12 two-bedroom units, all completely remodeled during the renovation process. The units offer washers/dryers, stainless steel appliances, a wall air conditioner, mirrored closet sliding doors and plank vinyl flooring. Community amenities include a courtyard with picnic tables, barbecues and pergolas; front and rear security gates; and 49 parking spaces, including three garage spaces, 27 covered spaces and 19 open spaces.

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Cortona-Inn-Suites-Anaheim-CA
CaliforniaHospitalityLoansWestern

PSRS Arranges $9.1M Refinancing for Cortona Inn and Suites in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — PSRS has arranged $9.1 million in refinancing for Cortona Inn and Suites, a hotel property in Anaheim. Situated in the heart of Anaheim Resort, the hotel features 127 guest rooms. Cortona Inn and Suites is adjacent to Anaheim Convention Center and walking distance from Disneyland. Mike Thorp and Ari Zeen of PSRS secured a seven-year loan, provided with a bank execution, for the undisclosed borrower.

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2350-Oak-Ridge-Way-Vista-CA
AcquisitionsCaliforniaIndustrialWestern

Hana Roads Holdings Sells 35,469 SF Industrial Building in Vista, California

by Amy Works

VISTA, CALIF. — Hana Roads Holdings LLC has completed the disposition of an industrial building in Vista to Dangra Inc. for $8.8 million, or $250 per square foot. Vista is in northern San Diego County. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE’s Investment Properties team represented the seller, while Sam Sukut of Matthews Real Estate represented the buyer in the deal. Located at 2350 Oak Ridge Way, the building features 25,969 square feet of warehouse space and 9,500 square feet of office space, with 24-foot clear heights. Built in 1999, the building was renovated in 2012 to add a rooftop solar system that fully powers the building.

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6465-W-38th-Ave-Wheat-Ridge-CO
AcquisitionsColoradoMultifamilyWestern

Pinnacle Real Estate Advisors Brokers Sale of 24-Unit Multifamily Property in Wheat Ridge, Colorado

by Amy Works

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 6465 W. 38th Ave. in Wheat Ridge, a suburb west of Denver. The property traded for $5.3 million, or $220,833 per unit. The names of the seller and buyer were not released. Built in 1962, the 24-unit property offers seven one-bedroom/one-bath units and 17 two-bedroom/one-bath units each with private balconies or patios. Jim Knowlton of Pinnacle Real Estate Advisors represented the buyer and seller in the deal. The buyer assumed the seller’s existing debt on the property, which had seven years of term left at a fixed rate of 3.14 percent.

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Company NewsDevelopmentIdahoIndustrialNew YorkNortheastWestern

Micron Technology to Receive $6.1B CHIPS Funding for Manufacturing Projects in Idaho, New York

by Jeff Shaw

BOISE, IDAHO, AND CLAY, N.Y. — Micron Technology Inc. (NASDAQ: MU) has signed a preliminary memorandum of terms (PMT) with the Biden Presidential Administration to receive $6.1 billion in funding under the CHIPS and Science Act to support new microchip manufacturing operations. The grants will support Micron’s plans to invest approximately $50 billion in gross capital expenditures for U.S. domestic memory manufacturing through 2030. These grants and additional state and local incentives will support the construction of one manufacturing facility to be co-located with the company’s existing R&D facility in Boise, as well as the construction of two manufacturing facilities in Clay, a suburb of Syracuse. Micron says the facilities are expected to create approximately 75,000 domestic jobs over the next 20-plus years. In Idaho, this includes 2,000 Micron jobs, 4,500 construction jobs and 15,000 indirect jobs. In New York, this includes 9,000 Micron jobs, 4,500 construction jobs and 40,000 indirect jobs. The two projects, as planned, will represent the single largest private investments ever made in the states of Idaho and New York, according to the company.

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I-10-Gateway-Buckeye-AZ
AcquisitionsArizonaIndustrialWestern

EQT Exeter Buys 641,906 SF Industrial Building in Buckeye, Arizona for $60.1M

by Amy Works

BUCKEYE, ARIZ. — Philadelphia-based EQT Exeter has acquired an industrial building, located at 440 N. 215th Ave. in Buckeye, from BET Investments for $60.1 million. The buyer plans to rebrand the property as I-10 Gateway. Buckeye is located approximately 30 miles west of Phoenix. Situated on 40 acres, I-10 Gateway features 641,906 square feet of Class A industrial and logistics space. At the time of sale, the property was fully vacant. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller and buyer in the deal. EQT Exeter retained Andy Markham and Mike Haenel of Cushman & Wakefield to serve as the project’s leasing team.

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Wespac-XNRGY-Mesa-AZ
ArizonaDevelopmentIndustrialWestern

Wespac Construction Breaks Ground on XNRGY Climate Systems’ U.S. Headquarters in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Wespac Construction has broken ground on the new U.S. headquarters and manufacturing facility for XNRGY Climate Systems at Gateway East at Phoenix-Mesa Gateway Airport in Mesa. The new facility will serve as the U.S. headquarters for XNRGY’s HVAC and climate control solutions. The 275,000-square-foot first phase is part of a four-phase development plan that will eventually include 1 million square feet of sustainable manufacturing space. Located within Gateway East, a master-planned development on the east side of Phoenix-Mesa Gateway Airport, the site offers connectivity with direct access to major transportation routes, including Loop 202 and State Route 24, as well as nearby connections to Ray, Ellsworth and Pecos roads. Project stakeholders include The Boyer Co., Gensler, Dibble Engineering, Caruso Turley Scott and IMEG.

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Echo-Park-303-Glendale-AZ
ArizonaDevelopmentIndustrialWestern

Echo Real Estate Capital, LGE Complete 676,176 SF Industrial Project in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Echo Real Estate Capital and LGE Design Build have completed Echo Park 303, a two-building industrial project near the intersection of Northern Parkway and Reems Road in Glendale, a suburb of Phoenix. Totaling 676,176 square feet, Echo Park 303 includes 220,240-square-foot Building A and 455,936-square-foot Building B. Situated on 40 acres, the site offers ample parking, including 743 parking spaces and gated yards to accommodate nearly 150 trailer spaces. HubStar Logistics signed a lease to occupy the entirety of Building A. Designed and built by LGE, Echo Park 303 features two stories of storefront window systems placed to maximize natural lighting within the lobbies and office spaces located at the corners of the buildings. JLL is handling leasing for the project.

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Sierra-Park-Apts-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Northcap Commercial Negotiates $7M Sale of Sierra Park Apartments in Las Vegas

by Amy Works

LAS VEGAS — Northcap Commercial has arranged the sale of Sierra Park Apartments, a multifamily property at 557 Sierra Vista Drive in Las Vegas. The asset traded for $7 million, or $111,111 per unit. Built in 1979, Sierra Park Apartments offers 63 units. Devin Lee, Robin Willett and Jerad Roberts of Northcap Commercial brokered the transaction. The names of the seller and buyer were not released.

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Market ReportsOfficeUtahWesternWestern Market Reports

As the Global Office Landscape Changes, Salt Lake City Responds with Resilience

by Jeff Shaw

— By Nadia Letey, senior vice president, CBRE — The global office landscape has markedly changed post-pandemic. Now, amidst economic headwinds and the ongoing stabilization of return-to-office mandates, U.S. office markets like Salt Lake City are undergoing various shifts that are set to shape real estate dynamics in 2024. At the same time, Utah’s economy remains a highly desirable location to do business, in large part bolstered by an exceptionally strong talent pool. What’s Changing: Development Slowdown Poised to Ease Supply Demand Imbalances Salt Lake City saw a 42 percent year-over-year decrease in total office space under construction in fourth-quarter 2023, marking an all-time low. High interest rates, along with record-high vacancies, will continue to deter developers from breaking ground in the near term without significant pre-lease activity. This thinning construction pipeline will likely reduce supply side risks over the next several years as demand can be placed within second-generation space with elevated vacancy. Existing properties — especially in amenity-rich locations — will do well to attract tenants. The emphasis on creating a collaborative and inviting workspace will continue to be important to bring employees into the office.  Projects that are moving from planned to under construction are hedging their risk by …

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