Western

JLL Negotiates Sale of 145,242 SF Commerce Square Industrial Property in Aurora, Colorado

by Hayden Spiess February 23, 2024

AURORA, COLO. — JLL Capital Markets has negotiated the sale of Commerce Square, an industrial property in the Denver suburb of Aurora that totals 145,242 square feet across two buildings. Situated on nine acres, the buildings feature rear-loading configurations, 18-foot clear heights, 38 docks, 11 drive-in doors and 265 parking spaces. Larry Thiel, Ryan Sitov and Rob Key of JLL represented the seller, Graham Street Realty, in the transaction. Midtown National Group acquired the property, which was leased to 12 tenants at the time of sale, for an undisclosed price. The leasing team for Commerce Square included Carmon Hicks and Jason White of JLL.

February 23, 2024

Acquisitions Development Hawaii Industrial Leasing Activity Mixed-Use Retail Western

Alexander & Baldwin Completes One Lease, Two Sales at 125-Acre Mixed-Use Development in Maui

by Hayden Spiess February 23, 2024

KAHULUI, HAWAII — Alexander & Baldwin has arranged one lease and completed the sale of two properties at Maui Business Park Phase II, its 125-acre mixed-use development located in Kahului on the island of Maui. The build-to-suit industrial lease totals 29,500 square feet. The undisclosed tenant plans to relocate operations to the site upon completion of the warehouse and distribution facility. The County of Maui also purchased 12.5 acres at the property for $17.4 million, with plans to construct a new facility for its Department of Transportation. Hamai Appliances Inc. also purchased two lots totaling 1.3 acres for $2.4 million. The buyer plans to build a showroom and service center on the site to expand its current operations.

February 23, 2024

Arizona Development Multifamily Student Housing Top Stories Western

Aptitude Development Breaks Ground on 485-Bed Student Housing Project Near Arizona State University

by Jeff Shaw February 23, 2024

TEMPE, ARIZ. — Aptitude Development has broken ground on The Marshall Tempe, a 485-bed student housing community near the Arizona State University (ASU) campus in Tempe. Situated at 1031 E. Apache Blvd. in the University Heights neighborhood, The Marshall Tempe is located approximately 1.3 miles from the university’s registrar office, 1.5 miles from the ASU Art Museum and one mile from the Sun Devil campus store. The Marshall Tempe is slated for completion prior to the fall 2026 semester. Planned amenities include a pool, cold plunge, sauna, study lounges and fitness center. BKV Associates designed the community. CHA Consulting is providing engineering services. Aptitude Development was founded in 2014 and is based in Elmwood Park, New Jersey. The Marshall Tempe will be the company’s 10th ground-up development. ASU had its largest enrollment class ever in 2023, with more than 144,000 students between online and in-person classes across all its campuses. In-person enrollment broke 80,000 students for the first time in the school’s history. — Channing Hamilton

February 23, 2024

Arizona Industrial Market Reports Western Western Market Reports

What’s Hot in the Phoenix Industrial Market?

by Jeff Shaw February 23, 2024

— By Rob Martensen, Vice Chair, Colliers International — What’s hot in Phoenix’s industrial market? This is a question we get asked a lot from developers and property owners looking to enter our region. The topic of conversation is mostly centered around the amount of space under construction in the Phoenix MSA and what parts of town are seeing the most activity. In the past, we had submarkets that would be more or less attractive, and we would steer clients in that direction. Today, however, the entire Phoenix metropolitan area is in play for tenants and owners. Greater Phoenix has been fortunate to land several “whales,” large corporations that bring multiple suppliers with them. Naturally, the one most talked about is Taiwan Semiconductor Manufacturing Corporation (TSMC) in North Phoenix. TSMC took down nearly 1,600 acres of land to build a $12 billion chip making factory. The company has since announced it will immediately commence construction on Phase II of the project. Intel is another chip manufacturer that has had a presence in nearby Chandler, but is now under construction on a $20 billion expansion. Both of these undertakings will continue to feed companies that move to Phoenix and support not …

February 23, 2024

Acquisitions Arizona Industrial Western

Cushman & Wakefield Brokers $38M Sale of Koll Cotton Center Industrial Complex in Phoenix

by Hayden Spiess February 22, 2024

PHOENIX — Cushman & Wakefield has brokered the $38 million sale of Koll Cotton Center, a light industrial property located at 4050 E. Cotton Center Blvd. in Phoenix. The property comprises 228,605 square feet across seven buildings on 17.8 acres. California-based G.W. Williams Co. acquired the development, which was 98 percent leased at the time of sale, from TerraCap Management. Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield arranged the sale in collaboration with Tracy Cartledge and Robert Buckley, also of Cushman & Wakefield. The seller orginally acquired the property in 2021 and implemented upgrades including new roofs and exterior improvements.

February 22, 2024

Cypress-Village-Apartments_Buena-Park-Calif

Acquisitions California Loans Multifamily Western

Priya Living Sells Cypress Village Apartments in Buena Park, California for $34.4M

by Hayden Spiess February 22, 2024

BUENA PARK, CALIF. — Priya Living has sold Cypress Village Apartments, a multifamily community in the Orange County city of Buena Park, for $34.4 million. Northmarq represented the seller in the transaction. Nate Prouty, Briana Harney DeHaan, Andrew Deaver and Soraya Rios of Northmarq arranged $19.7 million in acquisition financing for the undisclosed buyer. Built in 1963 and renovated in 2023, the property features 88 two-bedroom apartments. Amenities at the community, which was 95.5 percent occupied at the time of sale, include a swimming pool, courtyard, BBQ area and clubhouse. The seller was not disclosed.

February 22, 2024

Acquisitions Net Lease Retail Washington Western

Matthews Negotiates $5.9M Sale of 7-Eleven-Occupied Property in Everett, Washington

by Hayden Spiess February 22, 2024

EVERETT, WASH. — Matthews Real Estate Investment Services has arranged the $5.9 million sale of a single-tenant property in Everett, approximately 25 miles north of Seattle. 7-Eleven occupies the building, which is situated at 7500 Hardeson Road, on a net-lease basis. Brandon Sontz, Nick Hahn and Chad Kurz of Matthews brokered the transaction. A local developer sold the property to an undisclosed buyer.

February 22, 2024

Acquisitions California Multifamily Western

CBRE Arranges $2.7M Sale of Multifamily Community in Long Beach, California

by Hayden Spiess February 22, 2024

LONG BEACH, CALIF. — CBRE has arranged the $2.7 million sale of a multifamily community located at 2203 E. Bermuda St. in Long Beach. Built in 1985, the apartment building totals 8,364 square feet across eight units. Dan Blackwell, Trey Mitchell and Jack O’Connor of CBRE represented the California-based, all-cash buyer in the transaction. The seller is also based in California. This marks the first sale of the property since its construction.

February 22, 2024

Leasing Activity Mixed-Use Restaurant Retail Utah Western

Three Restaurants Sign Leases at $1.2B Valley Grove Development in Pleasant Grove, Utah

by Hayden Spiess February 22, 2024

PLEASANT GROVE, UTAH — Three restaurants have signed new leases at Valley Grove, a mixed-use property currently being developed by St. John Properties in Pleasant Grove, approximately 35 miles south of Salt Lake City. Wayback Burgers, The Smoked Taco and Sip’N Drinks & Treats are scheduled to open at the property later this year, occupying spaces totaling 6,011 square feet. Upon full build-out, the cost of the project, which features office, retail, hotel and research and development space, is expected to total $1.2 billion. Ryan Stewart, Erik Hulbert and Chris Flesner of Mountain West Commercial represented Wayback Burgers in the lease negotiations, and Stewart also represented The Smoked Taco in negotiations. Roger Woolstenhulme and Collin Cook of Wyngate Properties represented Sip’N Drinks & Treats. Other retail tenants at Valley Grove include AT&T, Café Rio, Da Cloud Boba Shoppe, Jersey Mike’s Subs, Kolache Krave, R&R BBQ, Starbucks Coffee, Slim Chickens, Verizon and Village Baker.

February 22, 2024

Acquisitions California Development Industrial Western

Newmark Brokers $80M Sale of Industrial Building, Development Site in San Jose

by Hayden Spiess February 21, 2024

SAN JOSE, CALIF. — Newmark has brokered the $80 million sale of a 19.7-acre development site located at 550 E. Brokaw in San Jose. The property includes a 293,906-square-foot building. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller, Bay West Development, in the transaction. Supermicro Computers acquired the property, with plans to occupy the existing building and develop at the site. Phil Mahoney and Joe Kelly of Newmark assisted in the sale and manage leasing at the property, which Fry’s Electronics previously occupied.

February 21, 2024

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