GLENDALE, ARIZ. — Echo Real Estate Capital and LGE Design Build have completed Echo Park 303, a two-building industrial project near the intersection of Northern Parkway and Reems Road in Glendale, a suburb of Phoenix. Totaling 676,176 square feet, Echo Park 303 includes 220,240-square-foot Building A and 455,936-square-foot Building B. Situated on 40 acres, the site offers ample parking, including 743 parking spaces and gated yards to accommodate nearly 150 trailer spaces. HubStar Logistics signed a lease to occupy the entirety of Building A. Designed and built by LGE, Echo Park 303 features two stories of storefront window systems placed to maximize natural lighting within the lobbies and office spaces located at the corners of the buildings. JLL is handling leasing for the project.
Western
LAS VEGAS — Northcap Commercial has arranged the sale of Sierra Park Apartments, a multifamily property at 557 Sierra Vista Drive in Las Vegas. The asset traded for $7 million, or $111,111 per unit. Built in 1979, Sierra Park Apartments offers 63 units. Devin Lee, Robin Willett and Jerad Roberts of Northcap Commercial brokered the transaction. The names of the seller and buyer were not released.
— By Nadia Letey, senior vice president, CBRE — The global office landscape has markedly changed post-pandemic. Now, amidst economic headwinds and the ongoing stabilization of return-to-office mandates, U.S. office markets like Salt Lake City are undergoing various shifts that are set to shape real estate dynamics in 2024. At the same time, Utah’s economy remains a highly desirable location to do business, in large part bolstered by an exceptionally strong talent pool. What’s Changing: Development Slowdown Poised to Ease Supply Demand Imbalances Salt Lake City saw a 42 percent year-over-year decrease in total office space under construction in fourth-quarter 2023, marking an all-time low. High interest rates, along with record-high vacancies, will continue to deter developers from breaking ground in the near term without significant pre-lease activity. This thinning construction pipeline will likely reduce supply side risks over the next several years as demand can be placed within second-generation space with elevated vacancy. Existing properties — especially in amenity-rich locations — will do well to attract tenants. The emphasis on creating a collaborative and inviting workspace will continue to be important to bring employees into the office. Projects that are moving from planned to under construction are hedging their risk by …
Martens Development Starts Construction of 909,553 SF Brickyards on Ellsworth Industrial Project in Mesa, Arizona
by Amy Works
MESA, ARIZ. — Scottsdale-based Martens Development has broken ground on Brickyards on Ellsworth, an industrial development in Mesa, a suburb east of Phoenix. Completion is slated for second-quarter 2025. Upon completion, Brickyards on Ellsworth will feature eight buildings totaling 909,553 square feet of move-in-ready spaces for industrial tenants. The buildings will range from 35,000 square feet to 250,000 square feet. The project team includes FCL Builders, Ware Malcomb, Hunter Engineering, TLCP and Peterson Associates. Principal Asset Management is the construction lender. Jackie Orcutt, Kevin Cosca, Pete Wentis, Jonathan Teeter and Alex Wentis of CBRE are leading leasing for the development.
PHOENIX — Top 10 Properties has acquired Pinnacle Peak Commerce Center, a freestanding, Class A light industrial building in Phoenix’s Deer Valley submarket. An undisclosed seller divested of the asset for $21.8 million. With immediate access to Interstate 17, Pinnacle Peak Commerce Center features 93,725 square feet of industrial space. At the time of sale, the property was 100 percent leased to three tenants. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, in partnership with Tracy Cartledge and Robert Buckley of Cushman & Wakefield, brokered the transaction for the buyer and seller. Trevor McKendry and Chris Rogers of DAUM Commercial provided lease advisory.
Hardy World, Silver Creek Development Break Ground on 150,615 SF Industrial Project in Surprise, Arizona
by Amy Works
SURPRISE, ARIZ. — Hardy World LLC and Silver Creek Development have broken ground on the Phase III at the Level Crossing master-planned industrial development site in Surprise. Located at 13550 N. Dyasrt Road, the third and final phase will include a 150,615-square-foot speculative warehouse facility. Geared toward logistics and distribution tenants, the warehouse will have the potential to be divided into three tenant spaces for maximum flexibility. ARCO Construction Co. is providing design-build services for the project. The overall Level Crossing plan is slated for completion in early 2025.
THORNTON, COLO. — Faris Lee Investments has arranged the sale of Thornton Town Center. The retail property is located at the southeast corner of Interstate 25 Freeway and E. 104th Street in Thornton, a suburb north of Denver. A Southern California-based private investor sold the property to a Southern California-based value-add investor for $14.4 million. Thornton Town Center offers 265,181 square feet of retail space. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal.
Western Retail Advisors Brokers $5.5M Sale of Avenue at Olive Park Retail Center in Glendale, Arizona
by Amy Works
GLENDALE, ARIZ. — Phoenix-based Western Retail Advisors has arranged the sale of Avenue at Olive Park, a retail property at 5814 W. Olive Ave. in the Phoenix suburb of Glendale. A California family office sold the asset to 2015 K&A Kisidiaris Trust for $5.5 million. McDonald’s, dd’s Discounts, Panda Express, Jack in the Box and Circle K are tenants at the fully occupied retail center. Darrell Deshaw of Western Retail Advisors represented the seller, while Gabe Manzanares of Compass Commercial represented the buyer in the transaction.
Emerald Communities Delivers $63M Expansion at Emerald Heights Seniors Housing Community in Redmond, Washington
by Amy Works
REDMOND, WASH. — Emerald Communities has completed a $63 million expansion project at Emerald Heights, a continuing care retirement community in Redmond, a suburb east of Seattle. The Courtyard building concept was first introduced in 2017 and construction began in September 2022. Emerald Heights is welcoming 34 residents to their new homes this week and eight units are still available. The three-level Courtyard building offers six apartment designs including one-bedroom, one-bedroom with a den, two-bedroom and two-bedroom with a den that range in size from 826 to 1,764 square feet. The Courtyard building encompasses an underground parking structure, an entry plaza, shared outdoor spaces and meeting areas on each floor for social gatherings. Architectural firm of Rice Fergus Miller designed the project under the direction of Dean Kelly. GLY Construction was the builder. In addition to the newly opened Courtyard, Emerald Heights is also working on a new $55 million assisted living project, FirView. This 67,555 square-foot expansion will bring 54 one-bedroom apartments of assisted living along with a new dining space, activity rooms, outdoor patio, underbuilding parking and a sky-bridge connection the main buildings. Dean Kelly of Rice Fergus Miller and GLY Construction will also be involved in the …
Greystar Completes 1.1 MSF First Phase of Gateway Grand Industrial Project in Mesa, Arizona
by Amy Works
MESA, ARIZ. — Greystar has completed the first phase of Gateway Grand, a Class A industrial development in Mesa, and the company’s first industrial project in Arizona. Located at 7852 and 8016 E. Pecos Road, Gateway Grand Phase I offers 1.1 million square feet of industrial space spread across two 537,429-square-foot buildings. Available for immediate occupancy, the properties include speculative office space, initial HVAC on site and are move-in ready for a range of users. The office space includes conference rooms, break rooms, open and private offices and restrooms, while the industrial space includes 40-foot clear heights, 60-foot by 60-foot column spacing, a 70-foot speed bay, ESFR sprinklers and seven-inch slabs. Each building has 98 dock-high and four grade-level doors, supports 518 auto parking spaces and is equipped with 3,600 amps of power that is easily expandable via additional SES electrical gear on order. Phase II will add a 1.1 million-square-foot single building that is rail capable, with adjacency to Union Pacific’s planned Pecos Industrial Rail and Train Extension project. The building features will mirror those of Phase I, with an expanded 192 docks doors, seven-inch unreinforced slab over four-inch ABC, auto parking spaces and 2,000 square feet of speculative office …