Western

ABI Multifamily Negotiates $5M Purchase of Two-Property Multifamily Portfolio in East Phoenix

by Amy Works February 26, 2024

PHOENIX — ABI Multifamily has brokered the acqusition of a two-property apartment portfolio in Phoenix. The 30-unit portfolio traded for $5 million, or $166,667 per unit. The undisclosed buyer and seller are both based in Arizona. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal. Built in 1963, Holly Villas Apartments consists of six buildings offering a total of 22 two-bedroom/two-bath apartments. Consisting of six separate lots, the property sits on a total of 1.49 acres. Built in 1976, 50th Street Apartments features two buildings with seven two-bedroom/one-bath units and one three-bedroom/one-bath unit. The two-lot property sits on a total of 0.48 acres.

February 26, 2024

Acquisitions Colorado Industrial Western

American Financial Group Sells Industrial Building in Denver for $1.1M

by Amy Works February 26, 2024

DENVER — Malman Commercial Real Estate has arranged the sale of a 6,272-square-foot industrial property located at 4940 E. 39th Ave. in Denver. American Financial Group Corp. sold the asset to James R. Jones for $1.1 million. Jake Malman of Malman Commercial Real Estate represented the seller in the deal.

February 26, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $79M Sale of Chateau de Ville Apartments in Anaheim, California

by Hayden Spiess February 23, 2024

ANAHEIM, CALIF. — Marcus & Millichap has brokered the $79 million sale of Chateau de Ville, a 254-unit multifamily community in Anaheim. Built in 1970, the property features 21 buildings on nine acres, with a mix of one- and two-bedroom floorplans. Amenities at the community include a swimming pool, clubhouse and fitness center. Tyler Leeson and Matt Kipp of Marcus & Millichap arranged the sale on behalf of the seller, a long-term partnership, and procured the buyer, a private investor.

February 23, 2024

Arizona Data Centers Development Industrial Western

Baker Completes First Phase at 72-Acre Redevelopment of Former Motorola Manufacturing Facility in Phoenix

by Hayden Spiess February 23, 2024

PHOENIX — Baker Development has started the final phase of demolition on a 72-acre industrial site in Phoenix, as part of a redevelopment of the property. Beginning in the 1960s, the site housed a Motorola semiconductor manufacturing campus. Work has been underway at the site for three years, and Baker has delivered one of four parcels to a data center user. Daniel J. Slack, president and COO of Baker, says that the developer is also “in discussions with other well-known companies attracted to the site’s substation-level power, its Foreign Trade Zone potential, as well as access to nearby housing, diverse labor pool and recreational amenities.”

February 23, 2024

California Loans Multifamily Western

Cronheim Arranges $56M Permanent Financing for Multifamily Portfolio in Los Angeles

by Hayden Spiess February 23, 2024

LOS ANGELES — Cronheim Mortgage has arranged $56 million in permanent financing for a portfolio of multifamily communities in Los Angeles. Andrew Stewart and Allison Villamagna of Cronheim secured the financing on behalf of the borrower, 4SITE Real Estate. The portfolio includes Barranca Los Angeles, 4Mica Apartments and Arroyo Los Angeles. Cronheim arranged $37 million, $10.9 million and $8.1 million in financing for the properties, respectively. Barranca Los Angeles totals 200 apartment units, with amenities including a pool, spa, gym, yoga studio, workspaces, outdoor garden terrace and BBQ area. The property also features a ground-floor food hall that was leased to Origin Story, TG Thai, Soto’s Cuban Kitchen and Bistro DK at the time of financing. 4Mica Apartments and Arroyo Los Angeles comprise 60 and 56 apartments, respectively. Arroyo Los Angeles is situated adjacent to Arroyo Seco Park, a 74-acre public park that features horseback riding, golfing, batting cages, tennis courts, a dog park and clubhouse areas.

February 23, 2024

Acquisitions Colorado Industrial Western

JLL Negotiates Sale of 145,242 SF Commerce Square Industrial Property in Aurora, Colorado

by Hayden Spiess February 23, 2024

AURORA, COLO. — JLL Capital Markets has negotiated the sale of Commerce Square, an industrial property in the Denver suburb of Aurora that totals 145,242 square feet across two buildings. Situated on nine acres, the buildings feature rear-loading configurations, 18-foot clear heights, 38 docks, 11 drive-in doors and 265 parking spaces. Larry Thiel, Ryan Sitov and Rob Key of JLL represented the seller, Graham Street Realty, in the transaction. Midtown National Group acquired the property, which was leased to 12 tenants at the time of sale, for an undisclosed price. The leasing team for Commerce Square included Carmon Hicks and Jason White of JLL.

February 23, 2024

Acquisitions Development Hawaii Industrial Leasing Activity Mixed-Use Retail Western

Alexander & Baldwin Completes One Lease, Two Sales at 125-Acre Mixed-Use Development in Maui

by Hayden Spiess February 23, 2024

KAHULUI, HAWAII — Alexander & Baldwin has arranged one lease and completed the sale of two properties at Maui Business Park Phase II, its 125-acre mixed-use development located in Kahului on the island of Maui. The build-to-suit industrial lease totals 29,500 square feet. The undisclosed tenant plans to relocate operations to the site upon completion of the warehouse and distribution facility. The County of Maui also purchased 12.5 acres at the property for $17.4 million, with plans to construct a new facility for its Department of Transportation. Hamai Appliances Inc. also purchased two lots totaling 1.3 acres for $2.4 million. The buyer plans to build a showroom and service center on the site to expand its current operations.

February 23, 2024

Arizona Development Multifamily Student Housing Top Stories Western

Aptitude Development Breaks Ground on 485-Bed Student Housing Project Near Arizona State University

by Jeff Shaw February 23, 2024

TEMPE, ARIZ. — Aptitude Development has broken ground on The Marshall Tempe, a 485-bed student housing community near the Arizona State University (ASU) campus in Tempe. Situated at 1031 E. Apache Blvd. in the University Heights neighborhood, The Marshall Tempe is located approximately 1.3 miles from the university’s registrar office, 1.5 miles from the ASU Art Museum and one mile from the Sun Devil campus store. The Marshall Tempe is slated for completion prior to the fall 2026 semester. Planned amenities include a pool, cold plunge, sauna, study lounges and fitness center. BKV Associates designed the community. CHA Consulting is providing engineering services. Aptitude Development was founded in 2014 and is based in Elmwood Park, New Jersey. The Marshall Tempe will be the company’s 10th ground-up development. ASU had its largest enrollment class ever in 2023, with more than 144,000 students between online and in-person classes across all its campuses. In-person enrollment broke 80,000 students for the first time in the school’s history. — Channing Hamilton

February 23, 2024

Arizona Industrial Market Reports Western Western Market Reports

What’s Hot in the Phoenix Industrial Market?

by Jeff Shaw February 23, 2024

— By Rob Martensen, Vice Chair, Colliers International — What’s hot in Phoenix’s industrial market? This is a question we get asked a lot from developers and property owners looking to enter our region. The topic of conversation is mostly centered around the amount of space under construction in the Phoenix MSA and what parts of town are seeing the most activity. In the past, we had submarkets that would be more or less attractive, and we would steer clients in that direction. Today, however, the entire Phoenix metropolitan area is in play for tenants and owners. Greater Phoenix has been fortunate to land several “whales,” large corporations that bring multiple suppliers with them. Naturally, the one most talked about is Taiwan Semiconductor Manufacturing Corporation (TSMC) in North Phoenix. TSMC took down nearly 1,600 acres of land to build a $12 billion chip making factory. The company has since announced it will immediately commence construction on Phase II of the project. Intel is another chip manufacturer that has had a presence in nearby Chandler, but is now under construction on a $20 billion expansion. Both of these undertakings will continue to feed companies that move to Phoenix and support not …

February 23, 2024

Acquisitions Arizona Industrial Western

Cushman & Wakefield Brokers $38M Sale of Koll Cotton Center Industrial Complex in Phoenix

by Hayden Spiess February 22, 2024

PHOENIX — Cushman & Wakefield has brokered the $38 million sale of Koll Cotton Center, a light industrial property located at 4050 E. Cotton Center Blvd. in Phoenix. The property comprises 228,605 square feet across seven buildings on 17.8 acres. California-based G.W. Williams Co. acquired the development, which was 98 percent leased at the time of sale, from TerraCap Management. Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield arranged the sale in collaboration with Tracy Cartledge and Robert Buckley, also of Cushman & Wakefield. The seller orginally acquired the property in 2021 and implemented upgrades including new roofs and exterior improvements.

February 22, 2024

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