DOVE CREEK, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a retail property located at 468 US-491 in Dove Creek. The asset traded for $1.4 million. Family Dollar and Dollar Tree currently occupy the 10,500-square-foot asset. Peter Sengelmann of Pinnacle Real Estate Advisors represented the buyer in the transaction.
SAN JOSE, CAMPBELL, RANCHO CORDOVA AND CAMARILLO, CALIF. — Gantry has secured a $70 million structured permanent loan to retire existing construction/bridge debt and recapitalize four recently completed developments/value-add self-storage facilities in Southern and Northern California. The four properties, which are currently undergoing initial lease-ups, include Trojan Storage San Jose, Trojan Storage Campbell, Trojan Storage Rancho Cordova and Trojan Storage Camarillo. Andy Bratt, Amit Tyagi and Sean Kuang of Gantry represented the borrower, Trojan Storage. The loan, which was secured through one of Gantry’s life company relationships, features a fixed rate with a lengthy interest-only period during the term.
SEDONA, ARIZ. — Chicago-based Waterton has purchased Poco Diablo Resort, a 137-key hotel located at 1752 AZ-179 in Sedona. Terms of the transaction were not released. Waterton plans to reposition and rebrand the asset as Outbound Sedona. Planned renovations include adding a heated pool and hot tub with rock formations, mini-waterfall features and zero gravity lounging options, as well as expanding the spa to include new treatment rooms. Situated on 18 acres adjacent to Oak Creek, the hotel features a lobby, onsite restaurant, 8,500 square feet of indoor/outdoor event space, a swimming pool and spa center. Outbound Sedona will be operated by Denver-based CoralTree Hospitality. The property will the fifth hotel under Waterton’s Outbound Hotels brand, a collection of lifestyle hotels in outdoor destinations.
LOS ANGELES — Raintree Partners has completed the disposition of Candela, an apartment community in the Hollywood Hills neighborhood of Los Angeles. Cityview acquired the asset for $35.5 million, or $316,875 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1974, Candela offers 112 apartment units in a controlled-access residential building. The classic units feature Formica countertops, white cabinetry, black appliances and large closets, while the renovated units feature stone countertops, stainless less appliances, recessed lighting and vinyl plank flooring. Additionally, most units have a private balcony or patio. Community amenities include a private garage, swimming pool, dog spa and package locker system.
SURPRISE, ARIZ. — Rockefeller Group has completed the construction of Surprise Pointe Commerce Center, a distribution center on 24 acres in Surprise. The 418,400-square-foot property can accommodate one to four tenants and offers a clear height of 36 feet, 80 dock doors, a 190-foot truck yard, 103 truck trailer parking stalls, 466 auto-parking stalls and custom-designed office space. The project team included Ware Malcomb, Layton Construction and Hunter Engineering. Cooper Fratt and John Werstler of CBRE are marketing the project for lease or sale.
GILBERT, ARIZ. — An affiliate of Cohen Asset Management has purchased a freestanding industrial manufacturing building in Gilbert from Southern California-based De Pietro Holdings for $8.7 million. Rigid Industries LED Lighting, a LED lighting company, occupies the 48,823-square-foot building, which is located at 779 N. Colorado St. The building was originally developed in 2004. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s Private Capital Group in Phoenix represented the buyer and seller in the deal. The seller had owned the property since 2015 prior to the sale.
SAN DIEGO — Impact Housing and Verbena Road Holdings have received $112.2 million in financing for Mission Gorge, a modular affordable housing development in San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Market’s Debt Advisory team secured an $85.2 million, three-year, floating-rate senior construction loan through ACORE CAPITAL, as well as $27 million in preferred equity from Ascendant Capital Partners for the borrower. Located at 6171 Mission Gorge Road, Mission Gorge will feature 483 studio and one-bedroom units for residents earning at or below 80 percent of the area median income. The apartments will offer quartz countertops, appliances, wall dividers with built-in storage and recessed lighting with dimmer switches. Community amenities will include laundry facilities, lounge space, a 4,150-square-foot roof deck, a fully equipped fitness center, coworking space and ground-floor retail space.
STOCKTON, CALIF. — Trammell Crow Co., in a joint venture with Realty Income Corp., has broken ground on an industrial build-to-suit facility in Stockton for The Home Depot. Located at 320 McCloy Ave., the 655,200-square-foot property is slated for delivery in 2026. MacGregor Associates is the architect of record and Arch-Con Corp. is serving as the general contractor. Tyson Vallenari of Cushman & Wakefield and Tom Davis of CBRE represented the Port of Stockton and Trammell Crow Co., respectively, in the ground lease.
PHOENIX — Cushman & Wakefield has arranged the sale of 501 Gateway, a four-story office building located at 501 N. 44th St. in Phoenix. An undisclosed full service real estate solutions firm sold the asset to 501 Gateway Center LLC for $18 million. The property features 102,305 square feet of multi-tenant office space, a four-story parking garage, flexible floor plates, an onsite café and immediate freeway, airport and light rail access. At the time of sale, the building was 82 percent leased. The building, which was originally constructed in 1997, has been upgraded to a modern office asset. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield in Phoenix represented the seller in the transaction.
MERIDIAN, IDAHO — MJW Investments has purchased Verraso Village, a Class A build-to-rent townhome community in Meridian, from an undisclosed seller in an off-market transaction. Built in two phases in 2016 and 2018, Verraso Village offers 96 two-level homes that average 1,840 square feet with attached two-car garages. Ninety-five percent of the units are three-bedroom and 3.5-baths and each townhome offers an individualized exterior façade. The acquisition marks MJW’s first entry into the Boise MSA. The company acquired the asset with a moderately low-leveraged agency loan assumption with 3.2 percent fixed-rate financing and more than five years remaining on the loan term.
