Western

Phoenix Commercial Advisors Brokers $20.5M Sale of Laveen Commons Retail Center in Phoenix

by Amy Works January 11, 2024

PHOENIX — Phoenix Commercial Advisors has arranged the sale of Laveen Commons, a 12.1-acre retail center located at the corner of 35th Avenue and Baseline Road in Phoenix. The asset traded for $20.5 million, or $201 per square foot. Totaling 102,083 square feet, the four-building property was fully leased at the time of sale. Current tenants include Big Lots, Big 5 Sporting Goods, Ace Hardware and 99 Cents Only. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal. The name of the buyer was not released.

January 11, 2024

Acquisitions California Office Retail Western

City Center Realty Partners Purchases 4,500 SF Retail, Office Building in San Francisco

by Amy Works January 11, 2024

SAN FRANCISCO — San Francisco-based City Center Realty Partners has acquired a freestanding, multi-tenant retail and office building in San Francisco’s Marina District for an undisclosed price. Tri Counties Bank currently occupies the ground-floor space of the two-story, 4,500-square-foot building, which is located at 2197 Chestnut St. and originally built in 1907. Kazuko Morgan and Heather Trimble of Cushman & Wakefield represented the buyer, while David Klein and Elijah Hodges of Lee & Associates represented the seller in the deal.

January 11, 2024

Acquisitions Arizona Industrial Western

Meritex Buys 101,932 SF Flex Industrial Building in Phoenix for $20.3M

by Amy Works January 11, 2024

PHOENIX — Minneapolis-based The Meritex Co. has acquired a flex industrial building, located at 3930 E. Watkins St. in Phoenix. Simone Charitable Foundation sold the asset for $20.3 million. Built in 1999 on 7.9 acres, the 101,932-square-foot building was fully occupied at the time of sale. The property is located near Sky Harbor International Airport. Brian Ackerman of Colliers handled the sale transaction and assisted in structuring the financing for the seller.

January 11, 2024

Acquisitions California Life Sciences Top Stories Western

Breakthrough Properties Acquires Majority Stake in $236M Callan Ridge Life Sciences Campus in San Diego

by Jeff Shaw January 11, 2024

SAN DIEGO — Breakthrough Properties Inc. has acquired a 65 percent stake in Callan Ridge, a 185,000-square-foot research campus in San Diego’s Torrey Pines scientific research area. Healthpeak Properties (NYSE: PEAK), the project’s developer, retains a 35 percent stake in the asset. The formation of the joint venture values Callan Ridge at $236 million. Healthpeak began construction of the Callan Ridge campus in 2021. The two-building asset is fully leased to Turning Point Therapeutics Inc., a subsidiary of Bristol-Myers Squibb Co., through April 2035. The lease on 105,000 square feet commenced in July 2023. The lease on the remaining 80,000 square feet will commence in July of this year. The three-story, two-building complex augments part of Healthpeak’s 20-acre Torrey Pines Science Park. Callan Ridge features numerous sustainable features, including a canopy with integrated solar panels; electrochromic windows that change color to control sunlight and heat throughout the day; recycled steel and concrete; and drought-tolerant landscaping. The joint venture plans to pursue LEED Gold certification for the campus. The property also offers amenities such as a fitness center, restaurant, roof deck and patio space, as well as 506 parking stalls. Ferguson Pape Baldwin Architects designed the development. According to Healthpeak, Callan …

January 11, 2024

David Braun Managed IT Services Pavlov Media

Content Partner Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

Managed IT Services Simplify Multifamily Operations

by Sarah Daniels January 11, 2024

The multifamily industry has its hands full: finance in adverse economic conditions, rapidly rising operation costs, as well as the challenge of attracting and keeping quality tenants as the biggest jump in new inventory creates more competition than the industry has seen in decades. Technology is an enabling and defining tool in the midst of these challenges. Tenants often expect services like internet access, telephone, television and Wi-Fi hotspots throughout a complex. Multifamily property staff need data access, speciality software, as well as the ability to schedule prospective resident visits, remote viewing, maintenance and more. Relatively few multifamily operations have the scope, scale and economics for an IT staff that can handle the support and repair requirements necessary to install systems, keep them working, protect data and networks while assisting tenant and staff users, particulary 24 hours a day, 7 days a week. Managed IT services are third-party companies that remotely provide the IT expertise and the help a company requires. “If a resident can’t get on Wi-Fi, if a phone stops working, if there’s an issue with the network or if there’s a problem with the ability to share or store or retrieve data — that’s where we step …

January 11, 2024

California Development Industrial Loans Western

Gantry Arranges $91M Construction Loan for 386,336 SF Gillespie Field iPark Industrial Development in El Cajon, California

by Amy Works January 10, 2024

EL CAJON, CALIF. — Gantry has secured a $91 million construction loan for the development of Gillespie Field iPark, a speculative industrial building at 1756 Weld Blvd. in El Cajon, an eastern suburb of San Diego. George Mitsanas, Peter Hillakas, Drit Shoemaker and Austin Ridge of Gantry arranged the financing for the borrower, Chesnut Properties. 3650 REIT, an institutional debt fund, provided the construction loan with terms including two extension options and nonrecourse covenants. Slated for completion in second-quarter 2025, the 386,336-square-foot facility will feature 30-foot to 32-foot clear heights, ESFR sprinklers with K-25 heads, 64 loading docks, four grade-level doors and rare excess land providing 115 additional truck trailer stalls. The building is designed to achieve net zero emissions from its rooftop solar array and will offer charging stations for electric vehicle semi-trucks. Gillespie Field iPark is 44 percent pre-leased to an aerospace manufacturer and negotiations are underway for the remaining units.

January 10, 2024

Acquisitions Arizona Multifamily Western

IPA Negotiates Sale of 256-Unit Place at Spanish Trail Multifamily Community in Tucson, Arizona

by Amy Works January 10, 2024

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Place at Spanish Trail, an apartment property in Tucson. Terms of the transaction were not disclosed. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Completed in 1979, The Place at Spanish Trail features 256 one- and two-bedroom apartments with white Shaker-style cabinet fronts, new appliances, wood-plank laminate flooring and new electrical and plumbing fixtures. Community amenities include barbecue areas, a renovated clubhouse with full kitchen and coffee station, a renovated fitness area, Amazon package lockers, a new pool fence and furniture, and entry gate.

January 10, 2024

Colorado Development Hospitality Western

KT Development Buys Land Site for 122-Room WoodSpring Suites Hotel in Centennial, Colorado

by Amy Works January 10, 2024

CENTENNIAL, COLO. — KT Development has acquired a three-acre land site within Potomac Park & Industrial Complex in Centennial, just south of Denver. Paragon Financial Partners sold the plot for $1.2 million. The buyer plans to develop a WoodSpring Suites Hotel on the site. Slated for completion in late 2024, WoodSpring Suites Hotel will feature 122 guest rooms. The hotel is an extended-stay brand from Choice Hotels International Inc. Rick Egitto and Howard Schmidt of Avison Young represented the buyer, while Bo Pitto, Chris Schultz and James McGill of JLL represented the seller in the transaction.

January 10, 2024

Acquisitions Arizona Healthcare Office Western

Vanbarton Group, Tramview Capital Acquire Three-Property Medical Office Portfolio in Tucson, Arizona

by Amy Works January 10, 2024

TUCSON, ARIZ. — A joint venture between Vanbarton Group and Tramview Capital Management has purchased a three-property medical office portfolio, totaling 57,600 square feet, in Tucson. Terms of the transaction were not released. The portfolio was acquired through a sale-leaseback transaction with Banner Health, which will continue to lease and occupy each building.

January 10, 2024

Acquisitions California Multifamily Western

CBRE Brokers Sale of 19-Unit Crestview Apartments in Costa Mesa, California

by Amy Works January 10, 2024

COSTA MESA, CALIF. — CBRE has brokered the sale of Crestview Apartments, a multifamily community in the Orange County city of Costa Mesa. An Orange County-based private investor sold the asset to a local private investor for $5 million, or $264,474 per unit. Dan Blackwell and Mike O’Neill of CBRE represented the seller, while Blackwell, O’Neill and Jack O’Connor of CBRE represented the buyer in the transaction. Located at 859 W. 19th St., the two-story, 8,931-square-foot building features 19 apartments, primarily studio units with patios or balconies. The community also has an onsite laundry facility. Recent capital improvements include new exterior paint, repaved asphalt, new decks, new windows throughout and wood replacement.

January 10, 2024

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