CHANDLER, ARIZ. — Peak Development Partners, along with Kristian Cotta of Hungry Investments, has purchased a 5.5-acre land parcel at the corner of Chandler Boulevard and Cooper Road in Chandler. NGAI Family Trust sold the property for an undisclosed price. The buyers plan to break ground on multiple retail pads on the site in fourth-quarter 2024. The pads are slated to open by first-quarter 2025. Brian Gast of Velocity Retail Group is handling leasing of the pads. Phil Bramsen of SanTan Commercial Advisors represented the buyers, while Mike Sutton of Lee & Associates represented the seller in the deal.
BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the acquisition of Vantage Point Apartments, a multifamily community in Bakersfield. A Central Valley-based investor acquired the asset for $16.5 million in an off-market transaction. The name of seller was not released. Built in 1985, Vantage Point features 144 one- and two-bedroom apartments ranging from 597 square feet to 805 square feet. Amenities include large closets, ceiling fans, a heated pool, laundry facilities and gated access. The property is situated on 6.31 acres at 6001 Auburn St. Mark Bonas of TMG represented the buyer in the deal.
LAS VEGAS — Clark County has purchased a recently constructed psychiatric hospital building, located at 5409 E. Lake Mead Blvd. in Las Vegas, from a private seller for $10.4 million. Constructed in 2021, the 17,066-square-foot, 24-bed property has never been fully occupied. The asset is located approximately six miles from Mike O’Callaghan Military Medical Center on Nellis Air Force Base and approximately 10 miles from the Veterans Affairs Hospital and 3.5 miles from the 177-bed North Vista Hospital. Marlene Fujita Winkel, Emily Brun, Cody Seager, Travis Ives, Gino Lollio, Sushil Puria and Ken Brown of Cushman & Wakefield represented the seller in the transaction.
The data center market remains a powerhouse of growth and demand in the commercial real estate world. REBusinessOnline sat down with Ryan Goeller, a principal at NAI KLNB commercial real estate services in Virginia, to discuss the various factors impacting this dynamic asset class. REBusinessOnline: Briefly, a data center is a dedicated building housing computer servers and storage systems, constantly processing and managing data for various applications. What is the current state of the data center market? Goeller: Extremely active, with very high demand. Development pipelines are at full power and are strained in certain markets. Leasing demand is through the roof. REBusinessOnline: What types of tenants use these data centers, and what are their space needs? Goeller: The majority of the time, the need for space is so insatiable that entire buildings are leased to single users, especially when it comes to large hyperscale computing projects. However, there are still colocation providers housing smaller tenants in certain buildings. A lot of the activity happening in Northern Virginia is hyperscale activity. These are large tech companies coming in and building 2-million-square-foot campuses that they’re fully occupying themselves. In these instances, the tenants aren’t likely to move once they occupy a space; …
NAPA, CALIF. — Marcus & Millichap has negotiated the sale of Creekside Park I and II, a two-property multifamily portfolio in Napa. The assets traded for $46.9 million, or $249,734 per unit. Constructed in two phases in 1983 and 1985, Creekside Park consists of 15 two-story residential buildings and two single-story amenity buildings on more than 10 acres. The 188 one-, two- and three-bedroom units feature ceiling fans and air conditioning. Renovated units offer new flooring, cabinet faces, hardware, fixtures and countertops. Community amenities include a leasing office, swimming pool, two spas, fitness center, children’s play area, laundry facilities and manicured grounds. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer, and procured the undisclosed buyer in the transaction.
IRVINE, CALIF. — Developer Alliance Residential and architect KTGY have opened Broadstone Edition, a 264-unit residential property with a mix of market-rate and affordable apartments in Irvine. Located on the corner of Alton Parkway and Von Karman Avenue within the Irvine Business Complex, the five-story Broadstone Edition wraps around a six-story, 426-stall parking structure and two open courtyards. The property offers 22 very low-income units, 14 moderate-income units and 228 market-rate units. Onsite amenities include a pool and spa with cabanas; private karaoke lounge; 2,000-square-foot rooftop deck with a social lounge and firepits; 2,000-square-foot gym/studio; specialty bicycle parking; and a courtyard barbecue area. Additionally, the development has a Fitwel Healthy Building certification. The project team included Hendy as interior designer, Fuscoe Engineering as civil engineer and MJS Landscape Architecture as landscape architect.
AURORA, COLO. — A joint venture between Draper and Kramer Inc., Koelbel and Co., Mile High Development and Urban Roots Development has completed vertical construction of Tempo Nine Mile, a multifamily community in Aurora. The project, which is located at the northeast corner of Parker Road and Peoria Street, is part of the 22-acre The Point at Nine Mile master-planned development. The five-story property will feature 255 market-rate apartments in a mix of one-, two- and three-bedroom layouts, ranging from 542 square feet to 1,321 square feet. Additionally, the community will offer 3,000 square feet of ground-floor retail space, an outdoor pool, landscaped courtyard, community room, bike-ski-kayak room, and rooftop fitness center and party deck. Pre-leasing is slated to begin this summer, with first deliveries and move-ins scheduled for fall 2024. KTGY is serving as architect, and Brinkmann Constructors is serving as general contractor. The developers are financing the project through a HUD-insured loan that PGIM Real Estate originated.
PORTLAND, ORE. — Newmark has arranged the sale of The Beverly, a boutique mixed-use asset in Portland’s Hollywood District. Terms of the transaction were not disclosed. Originally delivered as condominiums in 2009, the 48,684-square-foot community features ground-floor retail space and 53 high-end residential units above. Whole Foods Market anchors the retail space. Nick Kucha, Nick Bicardo, Jakob Nicholls, Robert Black and Sam Lawhead of Newmark represented the undisclosed seller, while Tim Sotoodeh represented the undisclosed buyer in the deal.
PHOENIX — ABI Multifamily has arranged the acquisition of a multifamily property located at 1525 W. Indian School Road in Phoenix. The asset traded for $2.4 million, or $136,111 per unit. Both the undisclosed buyer and seller are based in Arizona. Built in 1959, the two-story property features 18 apartments in a mix of four studio units, eight one-bedroom/one-bath units and six two-bedroom/one-bath units. The asset also offers parking for each unit and an on-site laundry facility. Andrew Arambula, Tom Palestina and Bryce Neagle of ABI Multifamily represented the buyer in the deal.
FRESNO, CALIF. — The Mogharebi Group (TMG) has brokered the sale of The Victor, a multifamily community in Fresno. A Washington-based private investment group sold the asset to a Central Valley-based private investment group for nearly $30 million. Situated on 8.7 acres at 1577 E. Bulldog Lane, The Victor features 232 apartments ranging in size from 800 square feet to 1,000 square feet. Unit amenities include in-unit washers/dryers, large balconies, fireplaces and ceiling fans. Community amenities include a resort-style pool, outdoor picnic area, fitness center and business center. The garden-style property was built in 1974. Robin Kane and Brendan Kane of TMG’s Fresno office represented the seller in the deal. The buyer assumed the current loan on the property, which has eight years remaining at a 3.94 percent interest rate with three years of interest-only payments remaining.