Monday, June 16, 2025
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Merx-Portland-OR
DevelopmentMultifamilyOregonWestern

Deacon Development Nears Completion of Three Multifamily Communities in Oregon Totaling 352 Units

by Amy Works

PORTLAND AND SALEM, ORE. — Deacon Development is nearing completion on three apartment properties, totaling 352 units, in Portland and Salem — Rivenwood, Merx and Paceline. CloudTen Residential will oversee all lease-up and management activities at the assets. Situated in Portland’s Slabtown submarket, the seven-story Merx will feature 126 studio and one-bedroom apartments ranging from 297 square feet to 453 square feet. Originally the site of Sylvia’s Grocery, which opened in 1884, Merx (short for mercantile) will offer a resident lounge, coffee bar, private outdoor terrace and rooftop deck, as well as ground-floor retail space. Pre-leasing is slated to begin this month with units ready for move-in late April 2024. Located at 1341 N. Killingworth St. in Portland, Paceline will feature 69 studio and one-bedroom apartments, ranging from 350 square feet to 460 square feet. All apartments will include in-unit washers/dryers, custom casework, quartz countertops and expansive windows. Community amenities will include package lockers, bike parking and a rooftop deck. Completion is scheduled for June 2024. The five-story Rivenwood, located at 420 Center St. NE in downtown Salem, will offer 157 studio, one- and two-bedroom apartments ranging from 370 square feet to 849 square feet. Apartments will include stainless steel …

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Fox-Village-Theatre-LA-CA
AcquisitionsCaliforniaRetailWestern

Newmark Brokers Sale of Fox Village Theatre in Los Angeles

by Amy Works

LOS ANGELES — Newmark has arranged the sale of Fox Village Theatre at 945 Broxton Ave. and 10959 Weyburn Ave. in Los Angeles’ Westwood Village. Terms of the transaction were not released. Built in 1929, Fox Village Theatre had its original grand opening in 1931. Designed by Percy Park Lewis, Fox Village Theatre spans a combined building area of 24,099 square feet, including a 17,155-square-foot operating theatre and 6,944 square feet of retail space that includes a 3,088-square-foot Starbucks Coffee. The property also features a 170-foot tower. At the time of sale, the asset was 84 percent occupied. Steven Salas, Bill Bauman and Kyle Miller of Newmark represented the undisclosed sellers in the deal.

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Laveen-Commons-Phoenix-AZ
ArizonaMarket ReportsRetailWesternWestern Market Reports

Phoenix’s Retail Sector Overcomes Challenges, Now Poised for a Brighter Future

by Jeff Shaw

— By Dave Cheatham, President, Velocity Retail Group and X Team Retail Advisors — Phoenix’s retail market has rebounded post-pandemic and is now considered a winning bet, along with industrial and multifamily. The market has benefitted from surging consumer demand, population expansion and a robust technology industry, largely fueled by accelerated growth in the chip manufacturing sector. Strong and positive economic performance has established a foundation on which retailers have built success across the Valley of the Sun. There are challenges, to be sure, which range from interest rate hikes and rising inflation to chaos in the capital markets and reduced investment transaction volume, in addition to increased construction costs. New construction has been limited, as evidenced by the fact that no Target, Lowe’s or Home Depot stores have been built in the Valley since the recession. That appears to be changing as plans for big box stores that had been idle for a decade are shifting to expansion mode once more. Second-generation space is in high demand due to the higher costs of building new, standalone stores. Market indicators are trending upward for the retail sector. Vacancies are at a record low, demand remains high and rents are continuing …

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Spanish-Ridge-Industrial-Park-Las-Vegas-NV.jpg
AcquisitionsIndustrialNevadaWestern

Ares Management, CapRock Partners Sell 230,899 SF Spanish Ridge Industrial Park in Las Vegas for $54.8M

by Amy Works

LAS VEGAS — Ares Management and CapRock Partners have completed the disposition of Spanish Ridge Industrial Park in Las Vegas. EastGroup Properties bought the Class A facility for $54.8 million. Spanish Ridge consists of three single- and multi-tenant buildings totaling 230,899 square feet in the southwest of the city. The park’s 133,075-square-foot, 75,836-square-foot and 21,988-square-foot buildings feature clear heights ranging from 24 feet to 30 feet, ESFR sprinklers, warehouse evaporative coolers, ample power, 128-foot to 180-foot concrete truck courts, and a combined 50 dock-high doors and 11 grade-level doors. Additionally, the park offers five office spaces totaling 2,000 square feet. At the time of sale, the property was fully leased to five investment-grade credit tenants. The industrial park is located at 5425 and 5365 S. Riley St. and 8875 W. Hacienda Ave. Andrew Briner and Bret Hardy of Newmark represented the sellers, with support from Rob Lujan and Jason Simon of JLL’s Industrial Las Vegas office. Terms of the deals were not disclosed.

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Banner-East-Valley-Mesa-AZ
AcquisitionsArizonaHealthcareOfficeWestern

Banner Health Divests of Three-Building Medical Office Portfolio in Arizona for $32M

by Amy Works

MESA, GILBERT AND QUEEN CREEK, ARIZ. — Banner Health has completed the disposition of an outpatient medical building portfolio in Arizona totaling 80,315 square feet. Stockdale Capital Partners acquired the portfolio for $32 million. Banner Health fully occupies the three assets in Mesa, Gilbert and Queen Creek. The properties were constructed in 2013 and 2014. Mindy Berman, Pat Williams, Matt DiCesare and Liam Sorensen of the JLL Medical Properties Group investment advisory sales team represented the seller. John Chun, Daniel Digerness and Liam Sorensen of the JLL Medical Properties Group debt advisory team secured $25 million in acquisition financing for the buyer.

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Belmar-Villas-Lakewood-CO
AcquisitionsColoradoMultifamilyWestern

ColRich Multifamily Buys 318-Unit Belmar Villas in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — San Diego-based ColRich Multifamily has acquired Belmar Villas, an apartment property located at 700 S. Reed Court in Lakewood, a first-ring suburb west of Denver. The name of the seller and acquisition price were not released. Built in 1970, Belmar Villas features 17 residential buildings totaling 318 units and a leasing office on 18 acres. The property offers one-, two- and three-bedroom layouts with an average unit size of 856 square feet. Community amenities include a fitness center, resort-style pool and hot tub, clubhouse, playground and basketball court. Terrance Hunt, Shane Ozment, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE’s multifamily investment properties team in Denver represented the seller. Troy Tegeler, Trevor Breaux and Ryan Greer of CBRE Debt & Structured Finance in Greater Los Angeles arranged acquisition financing for the buyer.

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1055-Perry-St-Castle-Rock-CO
AcquisitionsColoradoHealthcareOfficeWestern

NavPoint Real Estate Group Brokers $13.5M Sale of Medical Rehabilitation Center in Castle Rock, Colorado

by Amy Works

CASTLE ROCK, COLO. — NavPoint Real Estate Group has negotiated the sale of 1055 Perry St., a Class A medical rehabilitation facility in Castle Rock, approximately 30 miles south of Denver. C.R.H.I. LLC sold the asset to JTLC CR CO LLC for $13.5 million. Situated on 2.3 acres, the two-story building totals 28,704 square feet of medical office space. The facility also features landscaping, modern interior finishes, multiple outdoor patios and terraces, a dining hall and physical therapy suite. Matt Call and Mike Quinlan of NavPoint Real Estate Group represented the seller in the off-market transaction.

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AcquisitionsColoradoRetailWestern

CBRE Arranges $12.9M Acquisition of The Shops at Mesa Ridge in Fountain, Colorado

by Amy Works

FOUNTAIN, COLO. — CBRE has brokered the purchase of The Shops at Mesa Ridge, a multi-tenant retail property located at 6859-6885 and 6965 Mesa Ridge Parkway in Fountain, a suburb of Colorado Springs. A private investor acquired the asset from an undisclosed seller for $12.9 million. Built in 2001, the 29,309-square-foot asset features two multi-tenant buildings that were 95.7 percent occupied at the time of sale. Pizza Hut, ENT Credit Union and Buffalo Wild Wings are three of the 16 current tenants. Mark Shaffer, Gary Stache, Gerard Poutier and Chris Martin of CBRE Capital Markets Investment Properties represented the buyer in the transaction.

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ArizonaDevelopmentHospitalityMixed-UseRestaurantRetailWestern

Diversified Partners Breaks Ground on Eastgate Plaza Mixed-Use Project in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Diversified Partners has broken ground on Eastgate Plaza, a 17-acre mixed-use development at the northeast corner of Elliot and Ellsworth roads in Mesa. Confirmed tenants for the project include a drive-thru Starbucks Coffee, d’Lite Health On The Go, Pure Barre, Fix FX, Fresh Monkee, Playa Bowls, Kolache Café, Southern California-based Farmer Boys, Ono Hawaiian BBQ, Vero Chicago Pizza, Swig soda shop, Euphoria Nail Salon, Mecham Orthodontics, MB2 Dental, Andi’s Hair Salon & Barbershop AVEDA, Discount Tire and The UPS Store. Eastgate Plaza will also feature a 91,911-square-foot Cambria Hotel with 107 guest rooms on 2.11 acres. Designed with Cambria’s new prototypical plans, the hotel will include a 500-square-foot rooftop bar and kitchen, a first-floor restaurant and lounge, an outdoor seating and dining area, and an outdoor pool with a sundeck and fireplace. The hotel is slated to open on Sept. 1, 2025. Elliot & Ellsworth Investment Properties owns the site. An entity led by Brown Jr. Canyon Building & Design is the construction management group overseeing the buildout, while RKAA Architects is the architect of the project. EPS Group is serving as civil engineer.

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Allure-Apts-Denver-CO
AcquisitionsColoradoMultifamilyWestern

Gelt Venture Partners Buys 252-Unit Allure Apartments in Denver for $68.2M

by Amy Works

DENVER — Gelt Venture Partners has acquired Allure Apartments, a multifamily community located at 1300 S. Willow St. in Denver. Sares Regis Group sold the asset for $68.2 million. Built in 2002 and renovated in 2023, Allure Apartments features 252 one- and two-bedroom apartments spread across 12 two- and three-story buildings. Community amenities include a 24-hour fitness center, heated pool, private detached garages, parcel package lockers, a business center, coffee bar and resident clubhouse. The recently upgraded units offer washers/dryers, wood-style flooring, granite countertops, stainless steel appliances, updated cabinets, upgraded light fixtures, carpeted bedrooms, patios or balconies, and nine-foot vaulted ceilings. Jordan Robbins of JLL represented both sides of the transaction.

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