Western

Centerspace Acquires Sugarmont Apartments in Salt Lake City for $149M

by Amy Works June 18, 2025

SALT LAKE CITY — Centerspace (NYSE: CSR) has purchased Sugarmont Apartments, a Class A mid-rise multifamily property in Salt Lake City’s Sugar House neighborhood, from Cottonwood Communities for $149 million. Centerspace has retained Cottonwood as property manager for the asset, which is located at 2191 S. McClelland St. Built in 2021, Sugarmont Apartments features 341 units in a mix of studio, one-, two- and three-bedroom floor plans, along with townhomes. Residences offer quartz countertops with mosaic tile backsplashes, smart home features, private balconies, walk-in closets and luxury plank flooring. Community amenities include a resort-style pool and spa, two landscaped courtyard terraces with fire pits and grills, a fitness club and yoga studio, pet park and resident clubhouse. Mark Jensen, Rawley Nielsen and Darren Nielsen of Northmarq’s Salt Lake City Multifamily Investment Sales team represented the buyer in the transaction.

June 18, 2025

California Development Loans Multifamily Western

BWE Secures $61M Construction Loan for Park Center Apartments in Bakersfield, California

by Amy Works June 18, 2025

BAKERSFIELD, CALIF. — BWE has secured a $61 million construction loan to finance the first phase of Park Center at Seven Oaks, a planned 520-unit multifamily community in Bakersfield. Upon completion, Park Center at Seven Oaks will be the largest multifamily development in Kern County, Ariz. Phase I will include 352 garden-style apartments. Located at the southwest corner of S. Allen Road and White Lane, the initial southern phase of Park Center Apartments will feature 17 residential buildings, a leasing office, fitness center and pool house. Of the 352 planned units, 152 will be one-bedroom/one-bath units and the remaining 200 will be two-bedroom/two-bath units. Apartment amenities will include quartz countertops, subway tile backsplash, white Shaker cabinets, hardwood-style plank flooring, stainless steel appliances, in-unit washers/dryers, fiber optic internet, private patios and nine-foot ceilings. Community amenities will include a clubhouse with kitchen, lounges, coworking spaces, storage, a mail room, fitness center with yoga studio, two pools, pergola-shaded barbecue patios and fire pits and a shared active-use turf area with corn hole, volleyball and ping pong. The pet-friendly community will also offer a fenced dog run and onsite dog wash station. Tom Turnage and Alex Gregoire of BWE originated the four-year, floating-rate loan with …

June 18, 2025

Acquisitions Arizona Retail Western

Continental Realty Buys 203,525 SF Sundance Towne Center Near Phoenix for $54.3M

by Amy Works June 18, 2025

BUCKEYE, ARIZ. — Continental Realty Corp. has expanded into the Phoenix market with the acquisition of Sundance Towne Center, a regional power center in Buckeye. Shin Yen Management sold the asset for $54.3 million. Located at 466 S. Watson Road, Sundance Towne Center features 203,525 square feet of retail space occupied by nearly 50 retailers and restaurants, including PetSmart, Boot Barn, Bealls Outlet, AutoZone, BMO Bank, Cracker Barrel, Dollar Tree, Dunn-Edwards Paints, Mattress Firm and Peter Piper Pizza. At the time of sale, the property was 94 percent leased. Michael Hackett, Jimmy Slusher, Ryan Schubert and Zach Aulick of CBRE represented the seller in the transaction.

June 18, 2025

Acquisitions Arizona Healthcare Office Western

MIG Real Estate Sells 163,311 SF Scottsdale Centre Medical Outpatient Building in Arizona

by Amy Works June 18, 2025

SCOTTSDALE, ARIZ. — MIG Real Estate has sold Scottsdale Centre, a medical outpatient building in Scottsdale, to an Arizona-based commercial real estate investment company for $44.6 million. Located at 7373 N. Scottsdale Blvd., the 163,311-square-foot Scottsdale Centre is 78 percent leased, of which 66 percent was medical and 34 percent was office tenancy. Current tenants include Palo Verde Cancer Specialists, Prosano Health and various other healthcare providers. Originally constructed in 1984 and upgraded and converted from office to primary medical space post-pandemic, Scottsdale Centre is a two-story building situated on 8.7 acres. The property features 254 surface parking spaces and 466 subterranean parking spaces. Travis Ives, Gino Lollio and Tyler Moses of Cushman & Wakefield’s U.S. Healthcare Capital Markets represented the Newport Beach, Calif.-based seller in the deal. Sheila Bale, Erika Eckblad, Tom Weinhold, Tim Whittemore and Patrick Schrimsher of Cushman & Wakefield provided local market leasing advisory on the sale and have been retained by the buyer to continue handling leasing for the property.

June 18, 2025

Acquisitions California Retail Western

Progressive Real Estate Brokers $5.7M Sale of Retail Property in Pomona, California

by Amy Works June 18, 2025

POMONA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant, triple-net leased retail property located at 601 E. Holt Ave. in Pomona. A private Southern California-based investor sold the asset to a Los Angeles-based private developer and investor for $5.7 million. Brad Umansky and Lance Mordachini of Progressive Real Estate Partners represented the seller, while Alex Smith of Rosewood Realty Corp. represented the buyer in the transaction. AutoZone Mega Hub occupies the 30,000-square-foot building, including mezzanine space. AutoZone Mega Hubs are larger format stores that feature a full-service retail storefront and a mini-distribution center for satellite stores in the surrounding region.

June 18, 2025

Market Reports Nevada Office Western Western Market Reports

Las Vegas Office Sector Finds Its Stronghold Along the 215 Corridor

by John Nelson June 18, 2025

— By Charles Van Geel of Cushman & Wakefield — Despite broader economic headwinds, Southern Nevada’s commercial real estate market continues to showcase remarkable resilience – especially in the office sector. The demand for high-quality office space remains strong in the Southwest and Summerlin submarkets, underpinned by a flight to quality and shifting corporate priorities toward top-tier environments. The bulk of today’s office activity is concentrated along the critical Interstate 215 corridor, stretching from Green Valley to Summerlin parkways. This corridor has become the heartbeat of the region’s office market. However, within this high-demand stretch, the availability of true Class A product (particularly in the Southwest submarket) is diminishing. Small blocks of space are becoming increasingly rare, while sublease opportunities along this corridor are practically nonexistent. Adding pressure to this is the fact that new construction is largely stalled. Speculative development is not economically feasible with the current market dynamics. Lenders are unwilling to fund projects unless developers can demonstrate significant preleasing commitments, often north of 50 percent. This has been a challenge, as preleasing activity in the broader market remains minimal. Still, the area has received a few recent high-profile deliveries. These include Downtown Summerlin’s 1700 Pavilion, Phase II of …

June 18, 2025

Acquisitions California Restaurant Retail Western

Goodyear Investments Acquires 10,513 SF Retail Property in West Hollywood

by Amy Works June 17, 2025

WEST HOLLYWOOD, CALIF. — Goodyear Investments, a private investor, has purchased The Shops at Hancock Lofts, a retail condominium property in West Hollywood, from an institutional owner for $13 million. Located at 8759, 8761 and 8763 Santa Monica Blvd., The Shops at Hancock Lofts features 10,513 square feet of fully leased retail space and a parking garage. Current tenants include Tender Greens, Thirty-2 Dentistry and Crossroads Trading. Patrick Wade and Alex Kozakov of CBRE represented the seller in the transaction.

June 17, 2025

Acquisitions California Retail Western

Tova Capital, Shopton Capital Buy Retail Building in Santa Monica, California for $5.5M

by Amy Works June 17, 2025

SANTA MONICA, CALIF. — A joint venture between Tova Capital and Shopton Capital has acquired a freestanding retail property located on a 15,000-square-foot corner lot at 801-805 Wilshire Blvd. in Santa Monica. The asset traded for $5.5 million. Originally developed in 1981, the single-story building offers 7,500 square feet of retail space. At closing, the property was 40 percent leased to Commercial Bank of California. The joint venture plans to make upgrades to the property including a new storefront, exterior lighting upgrades, paint and facade enhancements to lease vacancy and stabilize the asset. Luc Hawkshaw, Eric Mandell and Jeffrey Ahn of Ally Commercial represented the buyers in the deal. The name of the seller was not released. Ryan Gurman of CBRE has been retained to handle leasing activities at the property.

June 17, 2025

Acquisitions Arizona Industrial Western

Industrial Outdoor Ventures Purchases 4.4-Acre Storage Site in Phoenix

by Amy Works June 17, 2025

PHOENIX — Industrial Outdoor Ventures (IOV) has completed its seventh acquisition in Phoenix with the purchase of 2115 S. 16th St., a 4.4-acre site in Phoenix. Situated one mile from Sky Harbor International Airport, the site features six maintenance and office buildings totaling 33,266 square feet. The six structures offer high-clearance maintenance bays, lower clearance shop space, will-call areas and several dedicated offices. Currently the property is leased to Action Scaffolding, a regional construction support firm utilizing the site for equipment storage, scaffold fabrication and its headquarters, and Johnson Controls, a global building systems and HVAC company. Terms of the acquisition were not disclosed.

June 17, 2025

Acquisitions Colorado Retail Western

SRS Real Estate Negotiates $3.6M Ground Lease Sale of Fuel Center in Aurora, Colorado

by Amy Works June 17, 2025

AURORA, COLO. — SRS Real Estate Partners has negotiated the ground lease (land ownership) sale of a retail property in Aurora. A Denver-based private investor acquired the asset from a national REIT for $3.6 million. Built in 2024, the 1,000-square-foot property is occupied by a King Soopers fuel center on a new 20-year corporate-guaranteed lease from parent company, The Kroger Co. The property is an outparcel to Arapahoe Crossings, a 528,000-square-foot power center anchored by King Soopers. Patrick McGlinchey, Brian Wolfman, Justin Gregory and Erik Christopher of SRS Real Estate represented the seller in the deal.

June 17, 2025

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