Western

Capstone Acquires Two Commercial Properties in Tempe, Phoenix for $28M

by Amy Works January 23, 2024

PHOENIX AND TEMPE, ARIZ. — Capstone Advisors has purchased an urban core retail and entertainment property in Tempe and a flex industrial building in Phoenix. The names of the sellers were not released. Located at 420 and 501 S. Mill Ave. in Tempe, the retail and entertainment property consists of two buildings totaling 38,896 square feet. Capstone paid $22.2 million for the asset. At the time of sale, the property was fully occupied. Current tenants include Starbucks Coffee, Spinelli’s Pizza, Lotions & Potions, Bang Bang, Crispy Cones, Varsity Tavern, Rodeo Ranch and Low Key Piano Bar. In the second transaction, Capstone acquired a flex industrial building located at 16402 N. 28th Ave. in Phoenix for $5.8 million. Currently, the 51,680-square-foot building is used as a temperature-controlled, drop-ceiling office occupied by Kemper Insurance. Capstone plans to convert the building back to industrial use as soon as Kemper’s lease expires.

January 23, 2024

Affordable Housing Colorado Development Multifamily Western

Hunt Capital, Mile High Ministries Open 61-Unit Clara Brown Commons Affordable Housing Community in Denver

by Amy Works January 23, 2024

DENVER — Hunt Capital Partners (HCP), in collaboration with faith-based developer Mile High Ministries (MHM), has opened Clara Brown Commons, a four-story, 61- unit affordable multifamily property in Denver’s Cole neighborhood. Located at 3701 York St., Clara Brown Commons comprises 14 one-bedroom/one-bath, 28 two-bedroom/two-bath and 19 three-bedroom/two-bath apartments for low-income families earning up to 20 to 80 percent of the area median income. Apartments feature full-size refrigerators/freezers, electric ranges with recirculating hood, dishwashers, washers/dryers, ceiling fans and coat closets. Community amenities include a conference room, fitness room, children’s playroom, bike storage, mail area, sunroom, balcony and roof patio. Financing for the project included a tax-exempt $15.9 million construction loan and a tax-exempt $6.4 million construction-to-permanent loan, both provided by Pacific Western Bank. MHM provided a $6 million loan, composed of $1.8 million in City of Denver HOME funds, $1.5 million in Colorado Division of Housing HOME funds and $2.7 million in sponsor capital campaign funds. Completion of Clara Brown Commons is the first step of a three-stage plan to enrich the Cole neighborhood in northern Denver. Seventeen Habitat for Humanity townhomes adjacent to the apartment complex will open by end of January. Future phases will provide additional space for community …

January 23, 2024

Acquisitions Colorado Industrial Self-Storage Western

DXD Capital Buys 135,050 SF Hill & Homes Self-Storage Portfolio in Colorado

by Amy Works January 23, 2024

GRAND JUNCTION AND PALISADE, COLO. — DXD Capital, a New Mexico-based self-storage private equity firm, has acquired a Hill & Homes Self-Storage portfolio featuring seven properties spread across Colorado’s western slope. A local private owner and developer sold the portfolio for an undisclosed price. Totaling 135,050 square feet, the portfolio features 922 units all managed from a central office. All locations have perimeter fences, remote-accessed security camera and gates. The facilities are located at 2222 Sandford Drive, 2462 Highway 6 and 50, 2693 Highway 50, 1462 Colorado Ave., 2787 Printer’s Court and 3170 Pipe Court in Grand Junction and 340 W. 3rd St. in Palisade. Thomas Parsons and Adam Schlosser of the LeClair-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer in the deal.

January 23, 2024

Colorado Loans Multifamily Western

Colliers Provides Fannie Mae Refinancing for The Everett Apartment Building in Denver

by Amy Works January 23, 2024

DENVER — Colliers Mortgage has provided a Fannie Mae loan for the refinancing of The Everett, a market-rate multifamily property in Denver. Built in 2022, The Everett features 33 studio units with a loft floor, providing separation for bedroom and living areas. Other unit amenities include stainless steel appliances, dishwashers and in-unit washers/dryers. Ray Picone of Colliers’ Denver office secured the five-year loan for the borrower, The Everett LLC. The size of the loan was not disclosed.

January 23, 2024

California Market Reports Retail Western Western Market Reports

San Diego’s Retail Investment Market Outlook

by Jeff Shaw January 23, 2024

— By Jeff Lefko, Executive Vice President, Hanley Investment Group Real Estate Advisors — Hanley Investment Group is expanding and opening its newest office in San Diego in early 2024. San Diego, the eighth most populous city and the fifth largest county in the United States, ranks second only to Los Angeles County in California, boasting a population nearing 3.28 million. With a substantial GDP of $206 billion, San Diego holds the 17th largest metropolitan area position in the U.S. and the fourth largest in California. The city’s economy thrives on defense, tourism, international trade and research/manufacturing sectors. Notably, in 2022, San Diego experienced an 8 percent growth in life science employment, reinforcing its position as a premier life science research destination. Attracting 28.8 million annual visitors, it stands as a prominent U.S. travel destination, generating approximately $13.6 billion in yearly spending and employing 214,000 San Diegans directly and indirectly. San Diego’s robust economy, diverse population, quality education, and prime location render it a desirable hub for commercial retail investment. The business-friendly climate further enhances its allure, while the limited supply of new retail construction helps maintain stable real estate fundamentals. The changing economy and rising interest rates have caused …

January 23, 2024

Bohler Content Partner Features Midwest Northeast Restaurant Retail Southeast Texas Western

Retail Development Programs Favor Suburbs, Shifting Shopper Habits

by Sarah Daniels January 23, 2024

With high operating costs eroding profitability at many urban stores, major retailers are concentrating development and store renovations in suburban locations with layouts geared to the latest consumer preferences. As more retailers follow suit, early adopters provide object lessons in best practices to better serve an evolving customer base and reveal pitfalls to avoid along the way. “Retailers are more sensitive to the pressures of high costs and loss prevention in urban markets, and as a result, they are backing off in those areas,” says Cornelius Brown, a principal and regional manager in the Philadelphia office of Bohler. “Retailers looking to grow, in our experience, are shifting to the suburbs and using retail program methods to cut costs.” Bohler is a land development design and consulting firm that helps developers move their projects forward quickly. Recently, those clients have been keen to avoid risk in both site selection and design features, Brown says. Streamlining Retail Development Retail programs allow developers to use pre-existing retail layout prototypes to determine optimal site arrangements. This approach uses checklists to assign one of several pre-made layouts to a development based on factors such as road location, grading and elevation, parking needs, drive-through layout, loading …

January 23, 2024

Acquisitions Colorado Office Western

Confluent Development, Ascentris Buy 161,000 SF ParkRidge Six Office Building in Lone Tree, Colorado

by Amy Works January 22, 2024

LONE PINE, COLO. — A joint venture between Confluent Development and Denver-based Ascentris has acquired ParkRidge Six, a five-story, Class A office building in Lone Tree, approximately 15 miles south of Denver. Terms of the transaction were not released. At the time of sale, the 161,000-square-foot building was fully leased. The property features a generous parking ratio, a third-party-operated cafeteria, large-format training rooms, a fitness center, small breakout rooms and outdoor amenity space. This acquisition is the first collaboration between Confluent Development and Ascentris. CBRE facilitated the acquisition.

January 22, 2024

Happy-Valley-Crossroads-East-Portland-OR

Development Oregon Retail Western

Gramor Development, LRS Architects Complete Happy Valley Crossroads East Retail Center in Portland, Oregon

by Amy Works January 22, 2024

PORTLAND, ORE. — Gramor Development and LRS Architects have completed Happy Valley Crossroads East, a six-building retail center in Portland. The open-air property features 39 commercial spaces in a variety of sizes and layout. The asset is situated within walking distance of nearby residential neighborhoods.

January 22, 2024

Acquisitions Affordable Housing Development Multifamily Seniors Housing Washington Western

Great Expectations Acquires Sagebrook Seniors Housing Property in Bellevue, Plans Affordable Housing Conversion

by Amy Works January 22, 2024

BELLEVUE, WASH. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield represented the undisclosed seller in the deal.

January 22, 2024

Acquisitions California Industrial Western

JLL Brokers $11.2M Sale of Distribution Facility in Santa Fe Springs, California

by Amy Works January 22, 2024

SANTA FE SPRINGS, CALIF. — JLL Capital Markets has arranged the sale of a warehouse and distribution facility, located at 10329 Painter Ave. in Santa Fe Springs, a suburb southeast of Los Angeles. An affiliate of Zurich Alternative Asset Management sold the asset to Sterling Investors LP for $11.2 million. The 42,725-square-foot property features 30-foot clear heights, six dock-high doors, one grade-level door and an 82-foot truck court. At the time of sale, the building was fully leased to a single tenant. Mark Detmer, Chad Solomon, Makenna Peter, Cameron Driscoll and Luke McDaniel of JLL Capital Markets represented the seller and procured the buyer in the deal.

January 22, 2024

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