Western

CBRE Arranges $44M Refinancing for Queen Creek Commerce Center in Chandler, Arizona

by Amy Works May 30, 2024

CHANDLER, ARIZ. — CBRE has secured $44 million in refinancing for Queen Creek Commerce Center, an industrial complex at 555 E. Queen Creek Road in Chandler. Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt and Structured Finance arranged the 10-year loan with a 5.47 percent interest rate and a 65 percent loan-to-value ratio on behalf of the borrower, Schnitzer Properties. A life insurance company provided the funding. Built in 2022 on 34.5 acres, Queen Creek Commerce Center consists of two industrial buildings featuring 32-foot clear heights, 18 grade-level doors and 122 dock-high doors. Totaling 560,352 square feet, the asset includes a 163,072-square-foot Building A and a 397,280-square-foot Building B. At the time of financing, the property was fully occupied.

May 30, 2024

Acquisitions Colorado Office Western

Marcus & Millichap Brokers Sale of 15,377 SF Office Property in Centennial, Colorado

by Amy Works May 30, 2024

CENTENNIAL, COLO. — Marcus & Millichap has arranged the $1.9 million sale of The Office at Yosemite, an office building in Centennial, just south of Denver. Brandon Kramer and Chadd Nelson of Marcus & Millichap represented the seller, a limited liability company, in the deal. Located at 6886 S. Yosemite St., The Office at Yosemite features 15,377 square feet of office space. The property is near Fiddler’s Green Amphitheatre and the Arapahoe Entertainment District.

May 30, 2024

Arizona Development Industrial Market Reports Western Western Market Reports

Mesa Becomes a Mecca for Industrial Development

by Jeff Shaw May 30, 2024

Todd Ostransky, vice president of development at Indicap, knew Metro Phoenix was a market the firm wanted to enter for industrial development. Though the area is a hotbed of industrial activity, Indicap’s attention immediately set on Mesa, less than 20 miles east of Phoenix, for its inaugural project. “We identified the East Valley as an area of growth, along with the need for space for mid-bay industrial spec product,” he says. Indicap and joint venture partner AECOM-Canyon Partners chose a 65-acre space within the mixed-use, master-planned community of Eastmark. The JV purchased the site for $48 million in April 2022 during a period of “aggressive expansion,” which saw Indicap kick off 10 developments involving more than 13 million square feet of Class A industrial space across key Arizona corridors. The inaugural Phoenix-area project was Eastmark Center of Industry, which completed Phase I construction in April. This phase brought 978,837 rentable square feet of Class A industrial space to Mesa’s Gateway Airport submarket. The space spans five mid-bay and cross-dock buildings. It features concrete slab on grade, tilt-up exterior walls, and a hybrid wood roof system, ensuring durability and flexibility. Power was also a major amenity for a project of this …

May 30, 2024

Affordable Housing Development Loans Multifamily Washington Western

Kōz Development Receives $48M Financing for Workforce Housing Development in Seattle

by Amy Works May 29, 2024

SEATTLE — Kōz Development, a Washington-based, women-led development firm, has closed on $48 million in financing for the development of Kōz in Lower Queen Anne, a multifamily property located at the corner of W. Republican St. and 3rd Ave. in Seattle’s Queen Anne neighborhood. The financing includes an equity investment from MSquared, a women-owned real estate development and investment platform, and a construction loan from Goldman Sachs. The project will feature 169 units available to households at a range of income levels. Sixty-nine units will be affordable to households earning up to 80 percent of the area median income (AMI). An additional 17 units will be restricted through the Mandatory Housing Affordability Program for 75 years and will be deeply affordable to households earning between 40 percent and 60 percent of AMI. The remaining units will have rents attainable at workforce levels. Snohomish County-based Kirtley-Cole Associates is serving as general contractor for Kōz in Lower Queen Anne, which will be built to Washington’s Built Green standards, which approximates a LEED Silver level of sustainability. Financing sources include a $26.1 million construction loan from the Urban Investment Group at Goldman Sachs Alternatives and a $9.7 million equity investment by MSquared. Cushman …

May 29, 2024

Colorado Development Mixed-Use Office Restaurant Retail Western

Magnetic Capital Breaks Ground on 100,000 SF Mixed-Use Building in Denver

by Amy Works May 29, 2024

DENVER — Magnetic Capital has broken ground on 2nd & Adams, a mixed-use building located at 2nd Street and Adams Avenue in the Cherry Creek submarket of Denver. Slated for completion in third-quarter 2025, 2nd & Adams will feature 80,000 square feet of office space and 20,000 square feet of retail space. The building will have multiple food, beverage and retail concepts across the ground-floor space, and the rooftop will feature a 5,600-square-foot bar and restaurant. Bow River Capital, a Denver-based private alternative asset manager, has pre-leased 30,000 square feet of office space at 2nd & Adams for the company’s headquarters. The project team includes OZ Architecture as architect and Mortenson Construction as general contractor. Blake Holcomb of CBRE is handling leasing for the project.

May 29, 2024

Acquisitions Arizona Multifamily Western

Garrett Cos. Divests of 164-Unit The Plaza Taos Apartment Complex in Chandler, Arizona

by Amy Works May 29, 2024

CHANDLER, ARIZ. — The Garrett Cos. has sold The Plaza Taos, a multifamily community in Chandler, to Olympus Partners for an undisclosed price. Situated off Arizona State Route 87, The Plaza Taos features 164 one-, two- and three-bedroom apartments with open-concept floor plans, washers/dryers and oversized patios/balconies. Completed in 2023, the community offers a heated swimming pool and spa, an off-leash pet park, indoor dog spa and outdoor kitchen with gas grills. 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. Additionally, Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets secured a seven-year loan on behalf of the buyer.

May 29, 2024

Acquisitions Arizona Industrial Western

CapRock Buys 244,286 SF Longbow Industrial Park in Mesa, Arizona

by Amy Works May 29, 2024

MESA, ARIZ. — CapRock Partners has acquired Longbow Industrial Park, a two-building industrial complex in Mesa, from a private investor for an undisclosed price. Situated on 14.5 acres on the northwest corner of McDowell Road and 58th Circle, Longbow Industrial Park offers a total of 244,286 square feet of Class A industrial space. Both individual buildings feature 30-foot clear heights, 2,400 square feet of speculative office space, warehouse HVAC and LED lighting, dock packages on one-third of the dock-high doors, ESFR sprinklers, ample power, a fully secured, 182-foot concrete truck court and a large wrap-around parking lot with 320 auto stalls. The 129,165-square-foot Building 1 (divisible to 30,031 square feet) offers 36 dock-high doors and four motorized grade-level doors, while the 115,121-square-foot Building 2 (divisible to 26,291 square feet) features 34 dock-high doors and four motorized grade-level doors. Stein Koss, Tom Louer, Marc Pierce and Fenton Kelly at Lee & Associates represented CapRock Partners in the acquisition and is handling leasing for the project.

May 29, 2024

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers $7.5M Sale of Oasis on Grand Multifamily Property in Phoenix

by Amy Works May 29, 2024

PHOENIX — Marcus & Millichap has arranged the sale of Oasis on Grand, an apartment community in Phoenix. Oasis TC LLC sold the asset to 1501 Grand LLC for $7.5 million. Located at 1501 Grand Ave., Oasis on Grand offers 60 apartments. Richard Butler of Marcus & Millichap represented the seller, while Los Angeles-based Stepp Commercial represented the buyer in the deal.

May 29, 2024

Development Multifamily Washington Western

Joint Venture Completes 311-Unit Eastline Grand Apartments in Redmond, Washington

by Amy Works May 28, 2024

REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has completed the development of Eastline Grand. Located in downtown Redmond, a suburb east of Seattle, the project is the first phase of redevelopment at the Remond Square Shopping Center. Located at 16595 Redmond Way, Eastline Grand features 311 studios, one-, two- and three-bedroom apartments ranging from 483 square feet to 1,279 square feet and 20,000 square feet of ground-floor retail space. The units offer air conditioning; top-of-the-line finishes, including chef-inspired kitchens complete with Bertazzoni and Kitchen Aid appliance packages, gas ranges, kitchen range hoods, microwaves and Carrera quartz countertops; and bathrooms with tiled tub surrounds, floating vanities and illuminated mirrors. At full build out, the redevelopment project will feature 623 residences on 3.5 acres. The developers broke ground in October 2021. Slated for delivery in first-quarter 2025, the second building, Eastline Central, under construction at 16502 Cleveland St., will offer 312 apartments and 13,000 square feet of retail and commercial space.

May 28, 2024

Acquisitions California Multifamily Western

Advanced Real Estate Buys Beachpoint Multifamily Property in Huntington Beach, California

by Amy Works May 28, 2024

HUNTINGTON BEACH, CALIF. — Advanced Real Estate has acquired Beachpoint, an apartment building in the Orange County city of Huntington Beach, for an undisclosed price. Situated on Beach Boulevard, the property features a 68-unit apartment building and a 12,000 square feet of multi-tenant office space. Advanced Real Estate plans to update the asset with new paint, signage, an amenities overhaul and drive-entry enhancements. The units will receive new flooring, fixtures, a contemporary paint scheme and the addition of washers and dryers. Gary Tolfa of Triqor’s Newport Beach office brokered the off-market transaction. Farmers & Merchants Bank provided the loan for the acquisition.

May 28, 2024

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