LA MESA, CALIF. — Walker & Dunlop has brokered the sale of Jefferson La Mesa, an apartment community located at 4949 Baltimore Drive in La Mesa. Terms of the transaction were not released. Walker & Dunlop’s California investment sales team, led by Hunter Combs, acted as advisor to the seller, JPI, and the buyer, R&V Management Co.
GREELEY, COLO. — Cushman & Wakefield has arranged the sale of a freestanding flex commercial property, located at 7251 W. 4th St. in Greeley. City Lights Church acquired the property from Ashton Greeley Property LLC for $5.5 million. Originally built in 1985 and since renovated, the 48,044-square-foot building was vacant at the time of sale. The property is situated on more than 4.6 acres. Jason Ells of Cushman & Wakefield represented the seller, while Erick Backlund of Kairos Real Estate represented the buyer in the deal.
AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a residential property located at 15500 E. 13th Ave. in Aurora. Hosler Holdings sold the asset for $4 million, or $144,643 per unit. Built in 1972, the 30,132-square-foot property features 28 units. Barton Thompson of Pinnacle Real Estate Advisors represented the seller in the deal. The buyer was not disclosed.
— By Gleb Lvovich, Managing Director, and Daniel Tyner, Senior Director, JLL Capital Markets — The commercial real estate market across all asset classes has seen a slowdown in transaction activity in 2023 compared to 2022 and 2021 largely due to the rapid increase in borrowing costs for investors. This might have impacted the commercial real estate sector as a whole, but shopping centers in Orange County are still buzzing with consumers as occupancy remains robust. Orange County has continuously proved to be one of the most sought-after markets to invest in retail due to its strong demographics, population growth and overall fundamentals. Investor Demand Shopping center performance in Orange County has been excellent over the past few years, and investors see this trend continuing for the foreseeable future. Low vacancy and strong tenant demand has allowed investors to experience significant rent growth at their properties. Orange County has experienced particularly strong grocer performance and expansion. Historically, shopping center transactions have been very limited in Orange County. This has further driven investor demand due to the lack of available investment opportunities. The few listings that exist generate significant interest. Recent examples include the sale of Ralph’s- and Rite Aid-anchored Brea …
Day-to day life as a property manager in both a conventional multifamily building and student housing can be unpredictable. Hiring and staffing issues can plague many operators, resulting in the need to wear many different hats. These different hats can make it difficult for staff to fully address all of the residents’ needs. Managing a Wi-Fi system — perhaps the most crucial technology platform at any community — is one duty that the onsite team can happily offload to a third-party provider. Reliable Managed Wi-Fi Systems Roxann Campbell, vice president of regional sales at Pavlov Media, says today’s Internet-connected culture has increased the need for residents to have an absolutely reliable managed Wi-Fi system. Pavlov Media (which provides Wi-Fi & fiber services to multifamily and student properties) is an Internet service provider (ISP) that can establish connectivity throughout entire buildings while managing Internet for all of a property’s residents. This managed Wi-Fi approach benefits the buildings’ owner-operators because it offers a planned strategy for wiring and Wi-Fi signals. Routers aren’t competing against each other, as they can in communities that give their residents the option to sign up with any number of competing Internet providers. “Bulk managed Wi-Fi provides residents …
TEMPE, ARIZ. — Arizona State University (ASU) and Catellus Development Corp. have started construction of Novus Place, the 275,000-square-foot retail and entertainment portion of Novus Innovation Corridor, a 4.5 million-square-foot mixed-use development in Tempe. Located adjacent to ASU’s Tempe campus, the multi-phase project is being developed through a public-private partnership between the university and development firm. Vestar will manage the retail portion of the development. Fox Restaurant Concepts (FRC) recently signed a lease to bring three food-and-beverage concepts — Flower Child, Blanco Taco Cocina + Cantina and North Italia — to the development, with the openings scheduled for next year. Additionally, Blue Sushi Sake Grill and Eureka! have signed leases for 6,021 and 4,290 square feet, respectively. Over Easy and Nautical Bowls also plan to open restaurants at the property, leasing 3,154 and 1,211 square feet, respectively, and tea concept The Alley will occupy 1,738 square feet.
CENTENNIAL, COLO. — Draper and Kramer Inc. has purchased The Wright, an apartment community at 6465 S. Xanadu Way in Centennial, a suburb of Denver. Terms of the transaction were not released. Completed in early 2023, The Wright features seven three-story residential buildings offering a mix of 132 one-bedroom units, 65 two-bedroom units and six three-bedroom units. Residences ranges from 675 square feet to 1,351 square feet, with rents starting at $1,769 per month. The units feature plank-style flooring, stainless steel appliances, quartz countertops, private patios or balconies, walk-in closets and in-unit washers/dryers. Community amenities include a clubhouse with communal kitchen, dining area and hospitality bar; fitness center with state-of-the-art equipment and a private studio for on-demand spin classes and training; private game room; business center; and conference room. Outdoor amenities include a resort-style pool and spa, outdoor kitchen, dining area, grilling stations, a fire pit lounge, basketball court and playground. The pet-friendly property also features a pet washroom and dog park. Mission Rock manages the community.
DENVER — NorthPeak Commercial Advisors has arranged the sale of a residential property located at 1115 Logan St. in Denver’s Capitol Hill neighborhood. The property traded for $6.2 million, or $221,428 per unit. Situated in the Capitol Hill neighborhood, the 14,415-square-foot property features 28 multifamily units. Greg Johnson and Conner Piretti of NorthPeak Commercial Advisors represented the undisclosed seller, while Justin Brockman and Chris Student of The Brockman Group represented the buyer in the deal.
LAKEWOOD, COLO. — Malman Construction Real Estate has arranged the purchase of an industrial property located at 1250 Simms St. in Lakewood. Double O Enterprises LLC sold the building to 1250 Simms LCC for $5.2 million. Jake Malman of Malman Construction Real Estate represented the buyer, while Max Marcum and Scott Marcum of Marcum Commercial Advisors represented the seller in the deal.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of an industrial and office building located at 2316 NE Glisan St. in Portland. Meidi LLC purchased the property from TJR LLC for $1.4 million. Constructed 1953, the 5,140-square-foot industrial and office property features a main level that includes a warehouse/production space and one grade-level overhead door. The second floor features five private offices, a conference room, open work space and a mezzanine storage area. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller, while Andrew Galler of Realty Works Group represented the buyer in the transaction.