Western

GIP Purchases Two-Building Office Portfolio in Phoenix for $17.4M

by Amy Works February 5, 2024

PHOENIX — Deer Park, Ill.-based Government Investment Partners (GIP) has acquired a two-building office portfolio, located at 3925 and 3945 E. Broadway Road in Phoenix, from The Simone Charitable Foundation for $17.4 million. The State of Arizona Department of Child Safety and Imani Wellness occupy the 75,148-square-foot building at 3925 E. Broadway Road, and the City of Phoenix occupies the 61,850-square-foot building at 3945 E. Broadway Road. Totaling 136,998 square feet, the portfolio was 88 percent occupied at the time of sale. Brian Ackerman of Colliers handled the transaction.

February 5, 2024

California Loans Multifamily Western

Thorofare Capital Funds $26M Bridge Loan for Apartment Building in San Diego

by Amy Works February 5, 2024

SAN DIEGO — Thorofare Capital has provided $26 million in lease-up bridge financing for an apartment property located in San Diego’s Point Loma neighborhood. The newly built property features 82 apartments with best-in-class finishes and amenities. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart of Thorofare Capital secured the loan that features a one-year initial term plus extensions. Further details on the borrower and property were not disclosed.

February 5, 2024

Acquisitions Colorado Industrial Western

BKM Capital Partners Acquires West 6th Center Industrial Facility in Central Denver for $10.7M

by Amy Works February 5, 2024

DENVER — BKM Capital Partners has purchased West 6th Center, a light industrial property at 1780 W. 6th Ave. in Denver, for $10.7 million. BKM acquired the asset through a joint venture partnership with TerraCore Capital. Built in 1995, the facility features a 69,575-square-foot unit, a 29,745-square-foot unit and a 23,463-square-foot unit. The asset offers 16- to 20-foot clear heights, a small office component, 50,000 square feet of secured yard space, two oversized grade-level loading doors, 26 dock-high doors and five mobile metal ramps to convert select dock-high doors to drive-in doors. At the time of sale, three occupants fully occupied the 122,783-square-foot small-bay industrial building. BKM plans to invest $7 million into a value-add repositioning plan to modernize the asset. Plans include upgrades to the property’s roof, parking lots, HVAC systems, paint scheme, landscaping, signage and storefronts, as well as capital for speculative tenant improvements. The buyer plans to divide the 69,575-square-foot property and convert it into four smaller units to create six total units ranging from 20,464 square feet to 40,928 square feet. Alec Rhodes, Aaron Valdez and Raymond Trevisan of Cushman & Wakefield represented the undisclosed seller, while BKM represented itself in the deal.

February 5, 2024

Acquisitions Colorado Multifamily Western

Capstone Arranges $5.4M Sale of The Ridge at 285 Multifamily Property in Lakewood, Colorado

by Amy Works February 5, 2024

LAKEWOOD, COLO. — Capstone has brokered the sale of The Ridge at 285, a multifamily property located at 3490 S. Carr St. in Lakewood. The asset traded for $5.4 million. The names of the seller and buyer were not released. Constructed in 2020, the property features 12 townhome-style, three-bedroom/two-and-a-half bath apartments. All apartments feature stainless steel appliances, in-unit washers and dryers, and attached garages. Christian Burgdof and Sean Holamon of Capstone handled the transaction.

February 5, 2024

California Development Hospitality Loans Western

EKN, Garn Receive $67.1M Construction Financing for Marriott Hotel Development in Sand City, California

by Amy Works February 2, 2024

SAND CITY, CALIF. — EKN Development and Garn Development have received $67.1 million in construction financing for the development of a dual-branded, 215-room hotel in Sand City, a tiny beach city on the shores of Monterey Bay in Northern California. JLL Capital Markets represented the borrower and secured at $39 million first mortgage loan from HALL Structured Finance. Nuveen Green Capital provided a $28.1 million C-PACE loan. The 139,660-square-foot development will include a 127-room Courtyard by Marriott and an 88-room Residence Inn by Marriott. The property will also offer 3,133 square feet of flexible meeting space; a courtyard with resort-style pool, cabanas and a fully equipped stage to accommodate live performances and events; and an independently branded restaurant and bar.

February 2, 2024

Arizona Build-to-Rent Development Loans Single-Family Rental Western

CBRE Arranges $35.2M Construction Loan for Bella Olivia Build-to-Rent Community in Peoria, Arizona

by Amy Works February 2, 2024

PEORIA, ARIZ. — CBRE has arranged a $35.2 million construction loan for Arizona-based Bela Flor Communities to develop Bella Olivia, a build-to-rent property in Peoria, a northwestern suburb of Phoenix. Construction is currently underway, with the property slated to open in summer 2024. Located at 9625 W. Olive Ave., Bella Olivia will feature 112 one-, two- and three-bedroom units across 16 residential buildings. Community amenities will include a resort-style pool and spa, designated walking trail, tot lot and dog park. Bruce Francis, Doug Birrell, Bob Ybarra, Shaun Moothart, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt & Structured Finance secured the 80 percent loan-to-cost, full-term interest-only, nonrecourse loan with an initial 30-month term.

February 2, 2024

Acquisitions Colorado Industrial Self-Storage Western

DXD Capital Buys Seven Self-Storage Facilities in Grand Junction, Colorado

by Amy Works February 2, 2024

GRAND JUNCTION, COLO. — DXD Capital has purchased a seven-property self-storage facility portfolio in Grand Junction, located in the western part of the state near the Utah border. DXD acquired the assets through DXD Self Storage Fund II, which launched in 2022. The price and sellers were not disclosed. Totaling 135,588 net rentable square feet, the portfolio offers 923 units. DXD hired StoragePro as third-party manager for the seven facilities. The buyer plans several capital improvements for the properties, including increased security measures and ADA paving projects at some facilities. The properties will continue to operate under the Hill and Home Storage brand. Adam Schlosser and Thomas Parsons of Marcus & Millichap represented DXD Capital in the deal.

February 2, 2024

Acquisitions Arizona Multifamily Western

Capro Acquires Arcadia Views Apartments in Phoenix for $8.5M

by Amy Works February 2, 2024

PHOENIX — Las Vegas-based Capro Arcadia Views LLC has purchased Arcadia Views, a multifamily property at 2640 N. 52nd St. in Phoenix. Kinella Capital sold the asset for $8.5 million. Built in 2023, Arcadia Views features 16 one- and two-bedroom apartments with chef-inspired kitchens, outdoor areas and smarthome designs throughout. Select units also offer views of Camelback Mountain. David Fogler, Steven Nicoluzakis and Race Carter of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.

February 2, 2024

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers $2.6M Sale of Starbucks-Occupied Property in Aurora, Colorado

by Amy Works February 2, 2024

AURORA, COLO. — Marcus & Millichap has arranged the sale of a restaurant property located at 25455 E. Smoky Hill Road in Aurora, a suburb east of Denver. A developer sold the asset to a local all-cash investor in a 1031 exchange for $2.6 million. Starbucks Coffee occupies the 2,155-square-foot property on a net-lease basis. James Rassenfoss and Drew Isaac of Marcus & Millichap’s Denver office represented the seller, while Kyle Malnati at Kentwood Commercial represented the buyer in the deal.

February 2, 2024

Colorado Market Reports Retail Western Western Market Reports

Denver Retail Market: Is a Storm Brewing?

by Jeff Shaw February 2, 2024

— By Tami Lord, Senior Vice President, SRS Real Estate Partners — No longer the Cowtown of ages past, Denver has developed into an economically diverse, midsized city as demonstrated by both the residential and business growth over the last decade. Major companies now include Denver on their target list for potential headquarters, regional hubs, and distribution locations. Compared to the coastal markets, Denver is more affordable and offers a very desirable quality of life for employees, helping to put Denver on the short list. The pandemic only increased Denver’s growth trajectory. All of a sudden, people were able to maintain their current employment while living in a setting known for over 300 days of sun annually with easy access to hiking, skiing, biking, camping…the list goes on. The population growth has spurred rising housing and land prices. Coupled with rising construction costs, increasing real estate taxes, long permitting times and a tight employment market, traditional retail development has slowed. The lack of significant new development has pushed retail vacancy to a near-record low of 4.1 percent across the metro, according to data from CoStar. Many downtown retail markets across the country have been hit with higher vacancy rates in …

February 2, 2024

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