PROVO, UTAH — Basis Investment Group has provided a $23.1 million bridge loan to Scannell Properties to facilitate the refinancing of Sierra Vista Way, a recently constructed industrial property in Provo. The bridge loan is an investment held in BIG Real Estate Fund III. Situated within Mountain Vista Business Center, Sierra Vista Way features 158,765 square feet of industrial space with direct access to I-15, US-189, SR-114 and Lakeview Parkway.
PHOENIX — Gantry has secured two permanent loans, totaling $16.5 million, for one borrower to refinance maturing debt on a pair of industrial properties in metro Phoenix. The first property is a 79,000-square-foot modern industrial building with a fenced truck court located in the Southwest Valley submarket of Phoenix, and the second asset is a 113,000-square-foot modern warehouse property with two buildings in Phoenix’s Northwest Valley submarket. Both facilities were fully leased to long-term tenants at the time of sale. Tim Storey, Chad Metzger and Andrew Christopherson of Gantry represented the borrower, a private real estate investor. Both loans were secured from one of Gantry’s correspondent life company lenders and feature full-term, interest-only payments at a fixed rate. Gantry will service both loans on behalf of its correspondent lender.
THE DALLES, ORE. — Norris & Stevens has brokered the sale of retail property located at 3560 W. 6th St. in The Dalles. Robert N. Magid sold the property to Northstar Market LLC for $2.3 million. Constructed in 2007, the 11,335-square-foot freestanding retail building features showroom space, restrooms, break rooms, a security room, an overhead grade door and 19 parking spaces. The property was formerly occupied by Aaron’s. Doug Carter of Portland, Ore.-based Norris & Stevens represented the seller, while Jessica Kaur of Knipe Realty EA Powered represented the buyer in the deal.
SPARKS, NEV. — Westmount Realty Capital has purchased Lillard Drive Industrial portfolio in Sparks. Terms of the transaction were not disclosed. Totaling 809,138 square feet, the Class A asset features three buildings located at 350, 360 and 450 Lillard Drive. At the time of sale, the portfolio was 90 percent leased to international and regional logistics and supply chain tenants. The buildings offer 24- to 26-foot clear heights, abundant dock-high and drive-in loading, ESFR sprinklers and a Union Pacific rail spur.
GOODYEAR, ARIZ. — Hanley Investment Real Estate Advisors has arranged the $23 million sale of Mountain Ranch Marketplace, a 49,683-square-foot shopping center located in Goodyear, approximately 19 miles west of Phoenix. Originally built in 2009 on 12.4 acres, Mountain Ranch Marketplace was 94.6 percent occupied at the time of sale to tenants such as AutoZone, Starbucks, Papa John’s Pizza, Subway, Leslie’s Pool Supplies, Verizon, Edward Jones, North Star Animal Hospital, Oasis Bagels, T&T Martial Arts Academy and Great Clips. Tenants not included in the sale are Safeway, McDonald’s, Taco Bell, Walgreens and Chase Bank. Bill Asher, Jeremy McChesney and Lee Csenar of Hanley represented the buyer, Bershon Realty Co., in the transaction. Ryan Schubert, Michael Hackett and Zach Aulick of CBRE represented the seller and developer, Kitchell Development Co.
PASADENA, CALIF. — Newmark has negotiated the sale of The Chamber of Commerce Building, an office property located at 117 E. Colorado Blvd. in Pasadena. A partnership led by Pasadena-based investor Pete Klutzier and his company, Edgewood Realty Partners, acquired the asset for an undisclosed price. Built in 1904 in the tradition of Beaux-Arts architecture, The Chamber of Commerce Building offers 82,025 square feet of 84 percent leased office space and an adjacent standalone parking structure at 48 N. Raymond Ave. The building has undergone significant upgrades over the years and caters to the needs of small- to mid-sized tenants. Kevin Shannon, Rob Hannan, Ken White, Laura Stumm and Michael Moll of Newmark represented the undisclosed seller in the deal.
TUCSON, ARIZ. — Tucson Newcrest has acquired 62,750 square feet of retail space at Eastpoint Marketplace, located at 6964-6970 E. 22nd St. in Tucson. Eastpoint Kolb Additional Investors LLC, JRSL LLC, Union Financial Management Services and JDW CAT 10 sold the asset for $12.8 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
— By J.C. Casillas of NAI Capital — The Inland Empire office market continues to show signs of recovery, with broad-based tenant demand pushing occupancy higher and absorbing vacant direct space. While landlords are holding asking rents steady to capitalize on the improving environment, direct vacant space decreased 3.2 percent quarter over quarter and 16.4 percent year over year. Vacant sublease space fell a solid 4.5 percent quarter over quarter, though it nearly doubled year over year to 135,149 square feet at year-end. Renewed tenant activity continues to chip away at vacant space, reinforcing the recovery. In fourth-quarter 2025, net absorption — driven primarily by direct space — totaled about 557,000 square feet for the year, marking a meaningful milestone in the market’s rebound. The vacancy rate edged down 10 basis points quarter over quarter, supported by 106,095 square feet of space coming off the market. It now stands at 4.7 percent, 80 basis points lower than a year ago. Stabilization has been supported by shifting workplace strategies and evolving remote work patterns. Since the economy reopened following the pandemic, occupied office space has increased by nearly 2.1 million square feet, surpassing pre-pandemic levels. Sublease vacancy has fallen 22.5 percent …
SALT LAKE CITY — Northmarq has arranged an $82.5 million bridge loan for the refinancing of CINQ and LUMA, two mid-rise apartment communities in Salt Lake City. John Bradshaw, Larry Pinnock and Adam Bradshaw of Northmarq’s Salt Lake City Debt + Equity secured the financing for the undisclosed borrower, through a relationship with Prudential. Located at 550 W. 200 S, CINQ features one-, two- and three-bedroom units, a fitness center, year-round heated lounge pool, a courtyard with barbecues and yard games, mezzanine level with a speakeasy whiskey lounge, business booths and coworking spaces. Additional amenities include bike wash and repair spaces, a dog spa and dog play area, controlled parking access and parking garage, package lockers and professional onsite management and maintenance. Located at 205 W. 500 W., LUMA offers studio, one- and two-bedroom units with stainless steel appliances, granite countertops, walk-in closets, balconies and urban mud rooms. Community amenities include a fitness center, swimming pool, clubhouse, coworking space, onsite maintenance, a barbecue grill, bike wash and repair space, bike storage, private wine storage and a private dining and wine tasting area.
SEATTLE — L&B Realty Advisors has completed the $8 million disposition of a retail building located at 601 Pine St. in downtown Seattle. Dino Christophilis and Daniel Tibeau of CBRE represented the seller in the deal. Situated on 0.35 acres of land, the 67,578-square-foot property is located a block away from Westlake Center and in the core of Seattle’s central business district. The undisclosed buyer plans to renovate the four-story property in preparation of new retailers, according to CBRE.
