Pinnacle Real Estate Brokers $6.6M Sale of Apartment Building in Colorado Springs

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Brookside Apartments, an apartment building located at 418-432 E. Brookside St. in Colorado Springs. The asset traded for $6.6 million, or $170,000 per unit.Built in 1955, the building features 39 apartments. Michael Krebsbach and Kenny Clarke of Pinnacle represented the buyer in the

May 23, 2022Acquisitions, Colorado, Multifamily, Western

Luminous Capital Acquires R&D Building for Life Sciences Conversion in Carlsbad

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 5931 Priestly Drive, an industrial/research and development (R&D) building in Carlsbad. Locally based investment firm Greene Properties sold the asset for $14 million, or $265 per square foot.Situated within Carlsbad Research Center, the 52,800-square-foot property was fully leased to two tenants under short-term leases that expire in 2023 at the time of …

May 20, 2022Acquisitions, California, Development, Life Sciences, Western

JLL Arranges $54M Loan for Refinancing of Retail Portfolio in Denver, Fort Collins Areas

ARVADA, AURORA, DENVER AND FORT COLLINS, COLO. — JLL has arranged a $54 million loan for the refinancing of a four-property, 436,055-square-foot retail portfolio in Denver and Fort Collins. The borrower is Denver-based Gart Properties.Eric Tupler of JLL placed the 10-year, fixed-rate loan with an undisclosed life insurance company. Gart used the proceeds from the nonrecourse loan to retire existing debt and to realize significant value that has been created through the renovation and …

May 20, 2022Colorado, Loans, Retail, Western

Silver Star Real Estate Buys Multifamily Community in Glendale, Arizona, for $26.5M

GLENDALE, ARIZ. — Silver Star Real Estate has purchased Maryland West, a multifamily community located at 4530 W. McLellan Road in Glendale. CRSC Residential Inc. sold the asset for $26.5 million, or $265,000 per unit.Built in 1970, Maryland West features 100 apartments, the majority of which are two- and three-bedroom units. Communal amenities include onsite laundry facilities, a basketball court, playground and covered parking.Cliff David and Steve Gebing of Institutional Property …

May 20, 2022Acquisitions, Arizona, Multifamily, Western

Lee & Associates Brokers $12.5M Sale of Industrial Facility in Brea, California

BREA, CALIF. — Lee & Associates Orange has brokered the sale of a freestanding industrial property located at 760 Challenger St. in Brea, an eastern suburb of Los Angeles. The asset traded for $12.5 million, approximately 20 percent over asking price.The 27,734-square-foot building features two dock-high doors and 24-foot minimum warehouse clearance.Mark Hintergardt of Lee & Associates represented the undisclosed seller in the transaction. The name of the buyer was also not …

May 20, 2022Acquisitions, California, Industrial, Lee & Associates, Western

Marcus & Millichap Negotiates Sale of 36,300 SF Industrial Building in Denver

DENVER — Marcus & Millichap has negotiated the sale of a multi-tenant industrial property located at 1221 E. 56th Ave. in Denver. The sales price was undisclosed.Alyssa Tomback of Marcus & MIlichap’s Denver office represented the seller and buyer, both of which were private investors who requested anonymity, in the transaction.At the time of sale, the 36,300-square-foot property was fully occupied by multiple

May 20, 2022Acquisitions, Colorado, Industrial, Western

Build-to-Rent Planning and Entitlements: How to Avoid Challenges

The build-to-rent (BTR) property type has gained significant traction in the commercial real estate market due to increasing interest from tenants, investors and developers. Developers moving into the BTR market before 2020 originally focused on this sector as an “in between” product for future home buyers who weren’t ready to commit to a single location but wanted additional space and amenities.The pandemic fueled tenants’ desires for more privacy and space without the long-term …

May 19, 2022Affordable Housing, Bohler, Build-For-Rent, Content Partner, Development, Features, Midwest, Multifamily, Northeast, Single-Family Rental, Southeast, Texas, Western

CBRE Arranges $75M Loan for Shoreway Innovation Center in Belmont, California

BELMONT, CALIF. — CBRE has arranged a $75 million loan for the acquisition and redevelopment of Shoreway Innovation Center in Belmont. The property will be redeveloped into a new life sciences campus. The borrower is Four Corners Properties.Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged and secured the three-year, floating-rate financing through a private equity firm. The nonrecourse loan carried two extension options.Four Corners …

May 19, 2022California, Life Sciences, Loans, Office, Western

Clarion Partners, HP Investors Sell Three Retail Properties in San Diego for $89.8M

SAN DIEGO — Clarion Partners and HP Investors have sold a collection of three single-tenant net-leased retail properties within Gateway at Kearny Mesa in San Diego. An undisclosed private investor acquired the asset for $89.8 million.Totaling 194,303 square feet, the property is fully occupied to three national tenants, including a global discount department store, Food 4 Less and Prime Car Wash/Jiffy Lube. The properties were constructed in 2001 on 18.8 acres as part of a 30-acre Gateway …

May 19, 2022Acquisitions, California, Retail, Western

EverWest Real Estate Investors Buys MUIR Apartments in Seattle for $54.5M

SEATTLE — Denver-based EverWest Real Estate Investors has purchased MUIR Apartments, a mixed-use multifamily property in downtown Seattle, for $54.5 million.Dylan Simon, Winslow Lee and Jerrid Anderson of the Simon and Anderson Team of Kidder Mathews’ Seattle office represented the undisclosed seller and sourced the buyer in the deal.Completed in 2019, MUIR Apartments features 130 apartments and a rooftop deck. The property takes its name from Camp Muir, a refuge on the ascent to …

May 19, 2022Acquisitions, Multifamily, Washington, Western