Western

Bldg-C-Madison-Logistics-Center-Nampa-ID

LDK Ventures Disposes Portion of Madison Logistics Center in Nampa, Idaho for $21M

by Amy Works September 20, 2024

NAMPA, IDAHO — LDK Ventures has completed the disposition of Building C at Madison Logistics Center in Nampa to Marlay Partners for $21 million. The facility sits approximately 21 miles west of Boise, Idaho via I-84. Building C is one of the industrial park’s three 115,008-square-foot buildings, which in total offer 345,024 square feet of industrial space. At the time of sale, Building C was fully occupied by tenants including a Fortune 50 retailer, UTZ Quality Foods and Carroll’s. Madison Logistics Center features 32-foot warehouse clear heights, an ESFR sprinkler system, ample dock doors, trailer parking stalls and roofing prepped for solar panels.

September 20, 2024

Acquisitions California Office Western

RMR Group Sells 64,000 SF R&D Office Building in Silicon Valley

by Amy Works September 20, 2024

SAN JOSE, CALIF. — The RMR Group has completed the disposition of a research and development (R&D) office building in San Jose. A confidential buyer acquired the Silicon Valley asset for $10.8 million. Situated on 4.2 acres at 3939 N. First St., the 64,000-square-foot building features modernized interiors, including a lobby, tenant spaces, kitchen/breakroom area and extensive lab infrastructure. Additionally, the building offers 3,000 amps of power and rear-covered dock loading. Joe Moriarty, Michael Taquino, Kyle Kovac, Bob Steinbock and Kati Thabit of CBRE represented the seller in the deal.

September 20, 2024

Arizona Development Mixed-Use Multifamily Retail Top Stories Western

Development Team Begins Demolition Process for $850M Metrocenter Mall Redevelopment in Phoenix

by John Nelson September 20, 2024

PHOENIX — Developers Concord Wilshire Capital and TLG Investment Partners have begun the abatement and demolition of the Metrocenter Mall in Phoenix, beginning the $850 million redevelopment of the property into a mixed-use community. The Metrocenter Mall opened its doors in 1973 and closed in 2020. The two-story, 140,000-square-foot mall is situated on 312 acres on the city’s northwest side. Plans for the redevelopment include more than 2,600 apartment units, as well as 100,000 square feet of retail space. The demolition process has commenced with the destruction of the former Dillard’s and U-Haul buildings. Following a survey and analysis of the materials inside the building to ensure the protection of the public, Los Angeles-based Resource Environmental Inc. will abate and remove the asbestos from the building, then proceed with the demolition of the property. The developers formed a strategic alliance in 2021 with Hines, an investment manager based in Houston, to redevelop the property, which the investment group purchased last summer. Hines is overseeing the development site on behalf of the ownership group. According to the development team, the project has been designed as a transit-oriented, self-contained community. The property encompasses Phoenix’s new light rail station that was completed in …

September 20, 2024

California Development Mixed-Use Multifamily Retail Western

Thrive Living Breaks Ground on Costco-Anchored Mixed-Use Project in South Los Angeles

by Amy Works September 19, 2024

LOS ANGELES — Thrive Living, along with Los Angeles city and community leaders, has broken ground on 5035 Coliseum Plaza, a mixed-use project in South Los Angeles. The community will feature a Costco Wholesale anchoring the street-level retail space and 800 units of rental housing above. The project is the first mixed-use development in the nation to have Costco as the anchor retail tenant. A total of 184 apartments, or 23 percent of the total units, will be dedicated to low-income households, and the balance of the units will be non-subsidized affordable and workforce housing. The site is designed to support families, seniors and other residents to move laterally from within the community. Community amenities will include an advanced full-service fitness center, high-tech shared workspaces for residents, study space for students, community rooms connected to landscaped courtyards and a rooftop pool. Construction of the 5035 Coliseum project will support thousands of jobs and is expected to take approximately 30 months from the start date. Additionally, the Costco location will creation an estimated up to 400 jobs once fully operational.

September 19, 2024

Acquisitions Arizona Multifamily Western

PDP Divests of Vela on Camelback Apartments in Phoenix for $72M

by Amy Works September 19, 2024

PHOENIX — Pacific Development Partners (PDP) has completed the disposition of Vela on Camelback, a Class A multifamily property in Phoenix’s Camelback Corridor submarket. In the company’s first acquisition in the Phoenix market in 15 years, Sherman Residenital acquired the asset for $72 million. Completed in 2017, Vela on Camelback offers 237 apartments, a sky deck overlooking Piestewa Peak and Camelback Mountain, a pool and spa area with a barbecue pavilion, club-style fitness center, resident lounge with a chef-inspired community kitchen, dog wash and fenced dog run, gas grills in outdoor courtyards and 24-hour package lockers. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.

September 19, 2024

Colorado Development Industrial Western

Ware Malcomb Announces Completion of 272,500 SF Eagle Rock Distributing Facility in Monument, Colorado

by Amy Works September 19, 2024

MONUMENT, COLO. — Ware Malcomb has announced the completion of a flagship facility for Eagle Rock Distributing Co. in Monument, approximately 20 miles north of Colorado Springs. Ware Malcomb provided integrated services, including civil engineering, architecture and interior design, and Murray & Stafford provided general contracting services for the 272,500-square-foot project. Eagle Rock specializes in the distribution of alcoholic beverages, offering its customers a selection of premium, craft and imported beers, wine, spirits, liquors and other related beverages. The distribution center consists of two buildings: a 262,500-square-foot distribution center and an adjacent 10,000-square-foot maintenance facility to service the company’s trucks. The distribution center includes 209,175 square feet of Controlled Environment Warehouse (CEW), a 12,480-square-foot key cooler, 30,125-square-foot two-story office space, loading docks and an event hosting area on each floor with an outdoor patio. The maintenance facility has a sand/oil interceptor and sanitary line connected. Additional improvements include solar panels covering most of the roofing, an asphalt parking lot, delivery truck loading ramps, concrete sidewalks, landscaping and all associated utilities.

September 19, 2024

Acquisitions Arizona Industrial Western

Stos Partners Acquires Two Industrial Buildings in Phoenix Totaling 94,836 SF

by Amy Works September 19, 2024

PHOENIX — Stos Partners has purchased 236 and 240 North 48th Avenue in Phoenix from an owner-user for an undisclosed price. Situated on 5.3 acres, the property includes two freestanding industrial buildings totaling 94,836 square feet. Constructed in 1978, the 83,200-square-foot warehouse at 240 N. 48th Ave. features 3,450 square feet of office space, 24-foot clear heights, 19 dock-high doors, two grade-level loading doors, 7,000 amps, 45 parking spaces and direct access to Union Pacific Railroad with 10 rail spots. Built in 1979, the 11,636-square-foot building at 236 N. 48th Ave. offers 4,200 square feet of office space, one dock-high door, two grade-level loading doors and 14 auto parking spaces. Stos Partners plans to commence capital improvements to enhance the two buildings’ functionality and appeal, including exterior paint, parking lot and loading areas repairs, dock and ground-level doors repairs and roof and electrical system repairs. Phil Haenel, Gary Anderson and Foster Bundy of Cushman & Wakefield facilitated the transaction. Gary Anderson and Nik Vallens of Cushman & Wakefield are handling leasing for the buildings on behalf of Stos Partners.

September 19, 2024

California Loans Multifamily Western

BridgeCore Capital Provides $6.5M Refinancing for Apartment Complex in Los Angeles

by Amy Works September 19, 2024

LOS ANGELES — BridgeCore Capital has provided $6.5 million in refinancing for a multifamily property on the border of the Koreatown and MacArthur Park neighborhoods in Los Angeles. The undisclosed borrower will use loan proceeds to refinance a matured loan and to pay outstanding property taxes. BridgeCore structured the loan with a six-month prepaid interest reserve to cover the shortfall between net operating income and BridgeCore’s debt service and to avoid payment default by the undisclosed borrower during the loan term. The loan features a 74 percent loan-to-value ratio. Information about the property was not disclosed.

September 19, 2024

Acquisitions Retail Utah Western

Continental Realty Corp. Acquires 630,000 SF Crossroads of Taylorsville Retail Center Near Salt Lake City

by Amy Works September 18, 2024

TAYLORSVILLE, UTAH — Continental Realty Corp. (CRC) has entered the Utah market with the purchase of The Crossroads of Taylorsville, a shopping center in Taylorsville, for an undisclosed price. The asset was purchased with funds from Continental Realty Opportunistic Retail Fund I, a closed-end fund for which approximately $323 million has been raised. Totaling nearly 630,000 square feet, The Crossroads at Taylorsville is located at 5400 S. Redwood Road, 12 miles south of Salt Lake City. The property consists of 10 buildings and seven separate outparcels or multi-tenant strip buildings, all of which is surrounded by a free surface parking lot that can accommodate nearly 3,900 vehicles. At the time of sale, the property was 94 percent leased. Current tenants include Target, T.J.Maxx, HomeGoods, Ross Dress for Less, EOS Fitness, Regal Cinema, PetSmart, Dollar Tree, Guitar Center, King Buffet, Lifetime Products, Mr. Mac, Rockler Woodworking and Sierra Trading Post. Mark Damiani of Eastdil Secured represented the seller, TriGate Capital, in the deal. With this transaction, Baltimore-based CRC has now acquired more than $700 million in retail real estate since the beginning of 2021.

September 18, 2024

Lakeview-Innovation-Center-Thousand-Oaks-CA

Acquisitions California Industrial Office Western

JLL Arranges Sale of 276,529 SF Lakeview Innovation Center Flex Campus in Thousand Oaks, California

by Amy Works September 18, 2024

THOUSAND OAKS, CALIF. — JLL Capital Markets has arranged the all-cash sale of Lakeview Innovation Center, a flex campus on 22.1 acres in Thousand Oaks. An undisclosed seller sold the asset to a partnership between Alta West Partners, an affiliate of Glendon Capital Management and A2 Capital Management for an undisclosed price. Michael Leggett, Jeffrey Bramson, Andrew Harper and William Poulsen of JLL represented the seller in the transaction. Renovated in 2023, Lakeview Innovation Center offers 276,529 square feet of research-and-development (R&D) and office space. The campus includes an onsite Equinox fitness club, Earthbar, pickleball court, walking trails, a tenant lounge and multiple outdoor patio and collaborative spaces. The tenant roster includes Marvell Technologies and Rawlings, which benefit from the property’s infrastructure, including lab-grade HVAC, excess power capacity, ample clear heights, loading docks and backup generators. Additionally, the asset offers expansion opportunities with M2 zoning, supporting up to 123,000 square feet of additional density for life sciences, R&D or office uses. The new ownership team plans to upgrade the common areas, restrooms, signage and landscaping.

September 18, 2024

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