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Friendship-Village-Tempe-AZ
ArizonaDevelopmentMultifamilySeniors HousingWestern

Ryan Cos. Completes 142,000 SF Second Phase of Friendship Village Seniors Housing Redevelopment in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Ryan Cos. US Inc. has completed the second phase of a master-planned renovation on the 50-acre seniors housing campus of Friendship Village Tempe.  The newly constructed, four-story, 142,000-square-foot building is 89 percent occupied. LCS Development is leading the project, and the operator is LCS. Friendship Village Tempe, one of the first continuing care retirement communities in the region, was originally built in 1980. The revitalization of its campus began with Phase I of construction in 2019. Ryan A+E Inc., the design studio of Ryan, was the architect for both phases. The second phase includes 64 independent living apartments, four guest suites and 69 underground parking spaces. The one- and two-bedroom residences range from 743 square feet to 1,789 square feet. Phase III construction is scheduled to begin in second-quarter 2025. Details on that phase were not released.

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5995-Sepulveda-Culver-City-CA
AcquisitionsCaliforniaOfficeWestern

Newmark Negotiates Sale of Vacant 27,090 SF Office Building in Culver City, California

by Amy Works

CULVER CITY, CALIF. — Newmark has arranged the sale of 5995 Sepulveda, a vacant office building in Culver City, just west of Los Angeles. A private investor acquired the site for an undisclosed price and plans to occupy the property. The newly renovated building offers 27,090 square feet of creative office space with 12,000-square-foot floor plates and column-free layouts. The property also features landscaped outdoor seating and 24/7 onsite security and access control. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Michael Moll, Steve Kolsky and Greg Frankovich of Newmark represented the undisclosed seller.

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Litchfield-Waddell-Rds-Surprise-AZ
AcquisitionsArizonaRetailWestern

ORION Investment Arranges Acquisition of Multi-Tenant Retail Pad in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — ORION Investment Real Estate has brokered the purchase of a multi-tenant retail pad building at the southeast corner of Litchfield and Waddell roads in Surprise, a suburb northwest of Phoenix. Fox Properties Surprise LLC acquired the asset form Parkview Realty Investments LLC for $2.4 million, or $300 per square foot. Built in 2009 on 3.17 acres, the 8,009-square-foot property is situated within Boulevard at Surprise Pointe, a 290-acre development with more than 200,000 square feet of retail space. Tenants at the Boulevard include AMC Theatres, Uptown Alley, Walgreens, Dutch Bros., Cold Stone Creamery, Tap House Sports Grill, Tropical Smoothie Café and Quick Quack Car Wash. Nick Miner of ORION represented the buyer, while Paul Blum of West USA represented the seller in the deal.

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AcquisitionsIndustrialWashingtonWestern

Marcus & Millichap Brokers Sale of 12,000 SF Industrial Building in Renton, Washington

by Amy Works

RENTON, WASH. — Marcus & Millichap has arranged the sale of a 12,000-square-foot industrial building at 61 Shattuck Ave. South in Renton, a suburb southeast of Seattle. A limited liability company sold the asset to an undisclosed buyer for $2.3 million. Anne Goldman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the deal. According to the firm, the transaction represents a record price per square foot for 1970s vintage construction in the submarket.

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Market ReportsNevadaWesternWestern Market Reports

Navigating Las Vegas Real Estate as the Recession Cycle Begins

by Jeff Shaw

— By Mike Ballard, Partner, Ascent Multifamily Accounting in Las Vegas — Las Vegas — known for its vibrant entertainment scene and thriving real estate market — is experiencing the early signs of a recession. With one of the most substantial construction forecasts in the nation, the Las Vegas multifamily real estate sector is poised to witness a surge in supply with 8,000 units to come online by 2025, according to Avison Young.  However, despite the anticipated surge in deliveries, the Las Vegas market has seen fewer construction starts this year. We can anticipate that the Valley will once again have a shortage of rental housing in 2025 and 2026, which will increase rents and cause concessions to evaporate.    It is also anticipated that up to 10 percent of commercial real estate within the Valley may face foreclosure in the next 18 months. The city is currently experiencing one of the highest rates of foreclosure in the country, with nearly one in every 1,800 homes experiencing foreclosure. This can be attributed to high interest rates and the prospect of a recession forming a dark cloud over the nation’s real estate market.  According to CoStar, quarterly multifamily sales volume has yet to eclipse $150 million in 2023. The surge in supply is also …

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Clearwater-Newport-Beach-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Clearwater Living Opens 101-Unit Assisted Living Community in Newport Beach, California

by Amy Works

NEWPORT BEACH, CALIF. — Clearwater Living has opened its previously announced Clearwater Newport Beach, a 101-unit assisted living and memory support community in Newport Beach. Located at 101 Bayview Place, Clearwater Newport Beach features 70 assisted living and 31 memory support apartments in a mix of studio, one- and two-bedroom floor plans. The community includes an outdoor courtyard, creative studio, clubroom, fitness and wellness center, theater, housekeeping and laundry, salons, transportation and concierge services. Clearwater Newport Beach also offers a variety of dining options, including an on-site Savor Restaurant, CDM Café, wine vault, outdoor bar and private dining. The community provides residents with access to a licensed nurse on-site, 24-hour compassionate care partners, medication coordination, regular monitoring and other comprehensive care services, as well as physical therapy, occupational therapy and speech-language pathology through a collaboration with EmpowerMe Wellness.

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ColoradoDevelopmentLoansLumentMultifamilySeniors HousingWestern

Lument Arranges $27M Construction Financing for Seniors Housing Project in Durango, Colorado

by Amy Works

DURANGO, COLO. — Lument has arranged a $27 million debt placement to assist Mission Senior Living with the construction of a 124-unit, 129-bed, two-story assisted living and memory care community to be known as Mesa Verde Estates in Durango.  Lument’s Steve McGee, Rob McAdams, and Sangjin Na led the transaction. The financing structure included a $20.9 million U.S. Department of Agriculture (USDA) guaranteed loan that a community bank provided. The structure also includes approximately $6 million of commercial property assessed clean energy (C-PACE) proceeds, which Lument sourced from an independent investment firm. C-PACE is an alternative financing mechanism used for the upfront costs associated with energy efficiency or renewable energy improvements. Founded in 2012, Mission Senior Living is an owner and operator of senior living communities in the Western U.S. with six communities totaling 639 units under management.

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AcquisitionsArizonaMultifamilyWestern

Cushman & Wakefield | PICOR Brokers $6.1M Sale of Wasko Modern Apartments in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Wasko Modern Apartments, a multifamily property in Tucson. Wasko Modern LLC sold the asset to 2302 East Fort Lowell Owner LLC to $6.1 million. Located at 2302 E. Fort Lowell Road, the 30,280-square-foot investment property features 38 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

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Holly-Villas-Apts-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

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

by Amy Works

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.

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AcquisitionsColoradoIndustrialWestern

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

by Amy Works

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.

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