Western

CBRE Negotiates $2.2M Sale of Multifamily Community in Riverside, California

by Amy Works January 15, 2024

RIVERSIDE, CALIF. — CBRE has arranged the sale of 1180 Central Avenue, a seven-unit apartment property in the Inland Empire city of Riverside. Michael J. O’Neill and Jean A. O’Neill Trust acquired the asset from The Kazanjian Exemption Trust for $2.2 million, or $315,000 per unit. Located on the Canyon Crest area of Riverside, the community features two- and three-bedroom floor plans, five of which are townhouse style with golf course views. Eric Chen and Blake Torgerson of CBRE represented the buyer in the transaction.

January 15, 2024

Acquisitions Colorado Industrial Western

Newmark Brokers $2.1M Sale of Industrial Building in Denver

by Amy Works January 15, 2024

DENVER — Newmark has arranged the sale of an industrial property located at 1305 Osage St. in Denver. Osage Studios LLC acquired the asset from GSW Ventures LLC for $2.1 million. Mike Viehmann and Mike Wafer Jr. of Newmark represented the seller, while Gruber Commercial Real Estate represented the buyer in the deal.

January 15, 2024

Acquisitions Arizona Multifamily Western

Alliance Residential Sells 288-Unit Broadstone Dobson Ranch in Mesa, Arizona to Weidner Apartments Homes

by Amy Works January 12, 2024

MESA, ARIZ. — Alliance Residential has completed the disposition of Broadstone Dobson Ranch, an apartment property situated within the Dobson Ranch master-planned community in Mesa. Weidner Apartments Homes acquired the asset for an undisclosed price. Completed in 2023, Broadstone Dobson Ranch features 288 apartments, with nine-foot and 10-foot ceilings, full-size washers/dryers, walk-in closets and private patios or balconies. Community amenities include a central courtyard, resort-style swimming pool and spa, fitness center, resident clubhouse, attached and detached garages, covered parking and controlled-access entry. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, and procured the buyer in the deal. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets secured acquisition financing for the buyer.

January 12, 2024

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Negotiates $19.5M Sale of Chandler Heights Village Retail Center in Gilbert, Arizona

by Amy Works January 12, 2024

GILBERT, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Chandler Heights Village, a shopping center at the corner of Higley and Chandler Heights Village roads in Gilbert. The asset traded for $19.5 million, or $384 per square foot. Totaling 50,763 square feet, Chandler Heights Village was fully leased at the time of sale. Tenants include Papa John’s, Leslie’s, Edward Jones, Jersey Mike’s Subs and Phoenix Children’s Academy. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.

January 12, 2024

Acquisitions Arizona Industrial Western

Cushman & Wakefield Brokers Sale of 491,152 SF Last-Mile Industrial Portfolio in Phoenix

by Amy Works January 12, 2024

PHOENIX — Cushman & Wakefield has arranged the sale of a last-mile industrial portfolio, totaling 491,152 square feet in Phoenix. The two-building portfolio consists of Canal Crossing, a single-tenant building totaling 155,144 square feet on 10 acres, and Riverside @ 51st, a 336,038-square-foot multi-tenant building on 19.4 acres. At the time of sale, the properties were fully occupied. LaSalle Investment Management acquired Canal Crossing, and Link Logistics purchased Riverside @ 51st. The seller was a joint venture between a privately held national real estate company and a global investment management firm. The prices were not disclosed. Located at 5670 S. 32nd St., Canal Crossing is fully occupied by a leading distributor of aftermarket automotive and RV equipment and accessories in North America. Built in 2015, the facility features 30-foot clear heights, a 130-foot truck court, 37 dock-high doors, two ground-level doors and ESFR sprinklers. Located at 2300 S. 51st Ave., Riverside @ 51st is fully leased to five tenants. Built in 2007, the property features 30-foot clear heights, 135- to 185-foot truck courts, 91 dock-high doors, six ground-level doors and ESFR sprinklers. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group brokered the …

January 12, 2024

Colorado Industrial Loans Western

BridgeCore Provides $12.8M Refinancing for Industrial Property in Henderson, Colorado

by Amy Works January 12, 2024

HENDERSON, COLO. — BridgeCore has provided $12.8 million in expedited refinancing for a single-tenant industrial building in Henderson. This is the first financing provided under BridgeCore’s new Middle Market Loan Program, which launched in fall 2023 as an alternative to traditional life insurance company financing. BridgeCore structured a three-year loan with 18 months of yield maintenance for the undisclosed borrower. The borrower required an expedited transaction, which closed prior to year-end 2023, due to a bank loan that matured at the end of September 2023. The borrower also required cash-out proceeds for repatriation of capital, which was available with the 64 percent loan-to-value refinance.

January 12, 2024

Acquisitions Retail Utah Western

Partners Real Estate Arranges Acquisition of 99,215 SF JCPenney-Occupied Retail Store in South Jordan, Utah

by Amy Works January 12, 2024

SOUTH JORDAN, UTAH — Texas-based Partners Real Estate has brokered the purchase of a retail store located at 11552 S. District Drive in South Jordan, a suburb of Salt Lake City. JCPenney occupies the 99,215-square-foot property. Dimitri Jordan of Partners Real Estate represented the buyer in the deal. No further details were disclosed.

January 12, 2024

Market Reports Nevada Western Western Market Reports

Steady Activity Continues in the Las Vegas Market, Despite 2024 Headwinds

by Jeff Shaw January 12, 2024

— By Paul Sweetland, SIOR, Vice Chairman, Colliers Doherty Industrial Group — Throughout 2023 we were often asked if the Las Vegas industrial market had “missed the memo” on the slowdown since other western markets were experiencing a slowdown that we had yet to see. With record under-construction numbers and net absorption numbers being on pace to finish the year with the second highest total of the last five years, Las Vegas didn’t appear to be slowing down. However, there are certain sectors that show initial signs of a pending change. Land Sales: Land sale transactions have seen a 75 percent drop from the prior year. Peak land pricing was $36.00 per land square foot in the summer of 2022, and by the fourth quarter of 2023 it had dropped 25 to 35 percent as demonstrated in the limited closings that occurred. Although lease rates continued to increase, developer underwriting had seen significant changes in exit CAP rates along with debt, equity and construction financing due to an unstable interest rate environment with the Feds continued rate increases at the fastest pace in 40 years. Lower land pricing or significant lease rate increases are going to be necessary for the …

January 12, 2024

California Development Healthcare Western

Hoag Plans $1B Sun Family Medical Campus Expansion in Irvine, California

by Amy Works January 11, 2024

IRVINE, CALIF. — Hoag, a nonprofit healthcare delivery network in Orange County, is developing a $1 billion expansion at its Sun Family Campus medical facilities in Irvine. The new campus will include specialty care institutes for surgical innovation, cancer and digestive and women’s health, as well as dedicated urgent care services for cancer patients. The six new buildings will house 155 inpatient beds, eight operating rooms, 24 ICU beds and 120,000 square feet of ambulatory facilities. The campus will also feature outdoor spaces for therapies and meditation, including numerous healing gardens programmed to create unique and meaningful experiences for patients and caregivers. Last September, Hoag broke ground on the first phase of the project, which is named in recognition of the support of Diana and David Sun, who donated $50 million toward the project. Construction of the first phase is underway, and Sun Family Campus is slated to open to patients in 2026. The project team includes McCarthy Building Cos., LPA Design Studios, Jacobs, HB&A, KPFF and tk1sc.

January 11, 2024

Acquisitions Arizona Healthcare Office Western

Regent Properties Sells 153,332 SF Talavi Corporate Center in Glendale, Arizona

by Amy Works January 11, 2024

GLENDALE, ARIZ. — Regent Properties has completed the disposition of Talavi Corporate Center, a three-story office and medical property in Glendale, to Texas-based Woodside for $9.3 million in an all-cash transaction. Situated on 11.4 acres at 5651 W. Talavi Blvd., Talavi Corporate Center offers 153,332 square feet of office and medical space. At the time of sale, the asset was 74 percent leased to five tenants. The center was built in 2002. Woodside plans to upgrade specific suites to speculative condition and enhance other areas of the property to attract new tenants and bring the property to greater stabilization. This transaction is Woodside’s first acquisition in Arizona. Barry Gabel, Chris Marchildon and CJ Osbrink of Newmark represented the seller in the deal.

January 11, 2024

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