SCOTTSDALE, ARIZ. — Clear Sky Capital has obtained $17.5 million in construction financing for a self-storage facility at 16136 N. Pima Road in Scottsdale. With completion slated for third-quarter 2025, the four-story, Class A facility will include 1,051 climate-controlled self-storage units and 15 luxury collector car/recreational vehicle storage spaces. Additionally, the property will feature a state-of-the-art security system, including exterior surveillance. Kevin Mackenzie and Jason Carlos of JLL Capital Markets’ debt advisory team secured the loan for the borrower through Enterprise Bank and Trust.
TEMECULA, CALIF. — Level Asset Capital has acquired Tower Office Plaza, an office property in Temecula, for $13.8 million. Located at 27555 Ynez Road, the four-story asset is situated within Tower Plaza, a grocery-anchored retail center. The four-story, 71,775-square-foot office building includes a two-story parking structure and an oversized pond water feature. At the time of sale, the property was 94 percent occupied with tenants ranging from medical providers to banking services. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE Investment Properties represented the seller, Providence Real Estate Group. Hugo Cosio of Level Asset Capital represented the buyer in the transaction.
LOS ANGELES — Lee & Associates – LA North/Ventura has brokered the acquisition of an industrial property located at 10643 Glenoaks Blvd. in the Pacoima neighborhood of Los Angeles. Greater Los Angeles Vector Control District, a local government health entity, acquired the asset from Glenoaks Partners for $13.1 million. Chris McKenzie of Lee & Associates – LA North/Ventura represented the seller in the transaction. The asset features 38,063 square feet of industrial space with 13,086 square feet of office space and high-power capabilities.
LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of an office building in Lakewood, a first-ring suburb of Denver. A private investor purchased the asset from a limited liability company for $2.1 million. Located at 3405 Yarrow St., the property offers 7,053 square feet of Class B office space. Built in 2023, the building is fully occupied by Stanbrick Dental and Dental Care Alliance. Erik Enstad, Chadd Nelson and Brandon Kramer of Marcus & Millichap’s Denver office represented the seller, while Chris Lind, Mark Ruble, Zack House and Sean Lenchner of Marcus & Millichap’s Phoenix office represented the buyer in the deal. Adam Lewis of Marcus & Millichap served as Colorado broker of record.
RENO, NEV. — San Diego-based Tower 16 Capital Partners has acquired The Deco at Victorian Square, an apartment property located at 955 Avenue of the Oaks in Reno, for $43 million. Built in 2021, The Deco features 209 apartments in a mix of studio, one- and two-bedroom layouts averaging 731 square feet. Tower 16 plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping enhancements. The company has also planned outdoor amenities, including barbecues, seating and game areas. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil Secured arranged debt financing for the buyer.
DENVER — StarPoint Properties is nearing completion of Point Central Business Park, a speculative industrial project situated on more than 9.5 acres in Denver. Commencing construction last summer, the park is scheduled for completion in the second quarter of this year. Located at 1051 E. 73 Ave., the 157,473-square-foot park features a 74,618-square-foot building and an 82,855-square-foot building. The development can accommodate occupier sizes ranging from 13,000 square feet to 157,000 square feet. Each building offers 2,358 square feet of high-end speculative office space, 2,000A/480V electrical and 32-foot clear heights. The park features 225 parking spaces, 27 dock-high truck doors (with the ability to add an additional 23 doors) and eight drive-in doors. Drew McManus, Bryan Fry and Ryan Searle of Cushman & Wakefield are marketing the property for lease.
BAKERSFIELD, NORTH HOLLYWOOD AND VENTURA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $96 million loan refinancing for three shopping centers in Southern California. Tenants at the properties — which are located in Bakersfield, North Hollywood and Ventura — include 24 Hour Fitness, Dollar Tree, Starbucks Coffee, Wells Fargo and Tractor Supply. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC secured the five-year financing on behalf of the borrower, a private investor. The interest-only loan carries a fixed interest rate of 5.8 percent.
SAN DIEGO — Biotest Inc. has purchased a research and development (R&D) facility, located at 10140 Mesa Rim in the Sorrento Mesa neighborhood of San Diego, for $23 million. The China-based life sciences company plans to use the 42,547-square-foot property for product development and distribution. Todd Holley of Voit Real Estate Services represented the buyer in the transaction. The name of the seller was not released.
VISALIA, CALIF.— Hanley Investment Group Real Estate Advisors has brokered the $3.4 million sale of a 2,000-square-foot, single-tenant property in Visalia, located in the San Joaquin Valley between Fresno and Bakersfield. Starbucks Coffee occupies the building, which was constructed on 0.6 acres in 2023 and features a double drive-thru. Sean Cox, Alexander Moore, Bill Asher and Kevin Fryman of Hanley represented the developer and seller, Stock Five Development, in the transaction. David Mouallem of D.M. Realty Inc. represented the buyer, a Los Angeles-based private investor.
— By Anthony Lydon, Executive Managing Director, JLL — At $403 billion in annual gross domestic product, Arizona is now the nation’s 18th largest GDP economy, recently passing Minnesota and Indiana. With its expected growth over the next 24 months, the state is on track to become the nation’s 16th largest GDP economy, surpassing Tennessee and Maryland. Like a shortlist of other fortunate U.S. markets, Arizona can credit a portion of this growth to its thriving logistics sector. The potential that industrial real estate offers for nearshoring — that commanding force with the power to rapidly diversify and expand a local economy. In Arizona alone, every $1 spent in the logistics industry has a $2 to $2.50 “multiplier effect” in the categories of earnings, revenue and jobs. The ability to capture that growth has been transformed in recent years by the CHIPS Act. This has provided, among other things, a 25 percent tax credit for investing in facilities that manufacture semiconductors or related manufacturing equipment. The Inflation Reduction Act has also provided more than $270 million in tax credits for clean energy projects involving solar, wind, hydrogen, carbon sequestration and EV charging. These programs played a role in attracting TSMC, …