DENVER — NorthPeak Commercial Advisors has arranged the sale of 995 Corona St., an apartment building in Denver. The 11-unit asset traded for $2.3 million, or $205,454 per unit. Greg Johnson and Conner Piretti of NorthPeak Commercial represented the undisclosed seller in the deal. The name of the buyer was not released.
SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of a net-leased property located at 6401 Stockton Blvd. and 6050 Elder Creek Road in Sacramento. The asset sold for $1.6 million. The undisclosed buyer intends to lease the 43,996-square-foot property to a suitable tenant, according to Marcus & Millichap. Although the use of the property was not disclosed, the address is for a used car dealership in an industrial area. Christopher Hurd of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.
— By Holly Chetwood, Retail Specialist, TOK Commercial — The Boise MSA retail market had one of its strongest quarters on record with net absorption reaching 559,000 square feet at the end of March of this year. Multiple big-box spaces were backfilled in the first 90 days of the year including the former K-Mart and Gordmans spaces in Nampa as well as both Bed, Bath, and Beyond locations in Boise and Meridian. In addition, the highly anticipated Scheels opened its first Idaho store at Ten Mile and I-84 in Meridian. Along with a healthy level of net absorption, nearly 100 transactions were recorded, the highest number of deals seen in a quarter since 2021. The top five deals of the quarter were all over 25,000 square feet, however, leasing activity continues to be primarily driven by tenants in spaces below 2,000 square feet. These deals have accounted for 52 percent of transactions over the past 12 months. As demand stayed high, vacancy continued to tighten throughout the first 3 months of the year. Total vacancy ended the quarter at 4.4 percent, its lowest level in nearly a year. The majority of submarkets are seeing vacancy remain between 2 to 4 percent. …
TUCSON, ARIZ. — A joint venture between Greenlight Communities and Holualoa Cos. has completed construction of Villa Cielo Cortaro, an “attainable multifamily property” in Tucson. Located at 8255 N. Shannon Road, Villa Cielo Cortaro features 196 studio, one- and two-bedroom units, with rents starting at $1,199. Community amenities include a 24-hour gym, pool, electric vehicle charging stations and a co-working lounge. Move-ins are set to begin in August.
SEDONA, ARIZ. — Oak Creek Hospitality has acquired Oak Creek Mobilodge, a manufactured home community in Sedona, approximately 30 miles south of Flagstaff. Creekfront Holdings LLC sold the property for $5.3 million. Located at 1156 AZ-179, Oak Creek Mobilodge features 62 manufactured home spaces. Richard Butler of Marcus & Millichap represented the seller, while Lee Jeans of Coldwell Banker procured the buyer in the deal.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of an apartment building located at 544 S. Sixth St. in San Jose. A limited liability company sold the asset to an undisclosed buyer for $4.3 million. Situated on a 11,868-square-foot parcel, the 7,970-square-foot building features 10 two-bedroom apartments with in-unit washers and dryers. Nine of apartments have been remodeled to include new wood flooring, stainless steel appliances, updated kitchens and granite countertops. Built in 1969, the asset also features on-site parking and storage. Eymon Binesh, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal.
MONTROSE, COLO. — The Boulder Group has arranged the purchase of a single-tenant medical office building located at 2011 Market St. in Montrose, a city of approximately 20,000 residents in the southwest quadrant of the state. A Colorado-based investor acquired the asset from a Midwest-based real estate investment and development company for $2.5 million. Heartland Dental occupies the newly constructed property on a new 10-year net lease. The lease includes 10 percent rental increases every five years and is corporately guaranteed. Heartland Dental has more than 1,700 locations across 38 states nationwide. The company is primarily owned by KKR. Zach Wright and Brandon Wright of The Boulder Group represented the buyer in the transaction.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of a mini-storage warehouse, located at 5620-5622 S. Kelly Ave. in Portland. Ronald A. Buss and Teresa McCurdy sold the asset to Macadam Moving LLC for $1.6 million. Constructed in 1964 as a warehouse and renovated into a self-storage facility in 1998, the 17,322-square-foot property offers 168 individuals storage units, four office/retail spaces and a freight elevator. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller, while Jason Kennedy of RE/MAX Equity Group represented the buyer in the deal.
BROOMFIELD, COLO. — Northmarq has arranged $46 million in construction financing for Blackburn Communities for the development of Wadsworth Junction, a Class A multifamily property at 11495 Wadsworth Blvd. in Broomfield. Situated on 7.7 acres, the three-building community will offer 227 one-, two- and three-bedroom apartments averaging 967 square feet. Unit interiors will feature stainless steel appliances, granite/stone countertops, vinyl flooring throughout, washers/dryers, walk-in closets and patios/balconies. Planned community amenities include a clubhouse with business center, fitness room and bike room; a resort-style pool with spa, cabanas and grilling areas; covered parking; electric vehicle charging stations; and an onsite dog park. Jeff DeHarty and Carl Riggins of Northmarq’s Denver debt and equity team arranged four-year, interest-only loan with an extension option for the borrower through a regional commercial bank.
VANCOUVER, WASH. — Vista Residential Partners, along with PCCP and Principal Asset Management, has broken ground on One26 Vista, an apartment community in Vancouver, just across the Columbia River from Portland, Oregon. Situated on nine acres on NE 72nd Avenue, One26 Vista will feature 238 one-, two- and three-bedroom apartments, averaging approximately 920 square feet. LSW Architects designed the garden-style apartment property, which will offer secure access entries, stainless steel appliances, quartz countertops, kitchen tile backsplashes, laminate cabinets and flooring, roller shades and air conditioning. Community amenities will include a clubhouse, fitness center, pool, hot tub, enclosed dog park and package concierge. Krevolin & Horst of Atlanta represented Vista Residential Partners.
