Western

Kidder Mathews Arranges $18.8M Sale of Dexter Hayes Apartment Building in Seattle

by Amy Works July 11, 2024

SEATTLE — Kidder Mathews has arranged the sale of Dexter Hayes, a multifamily property at 1701 Dexter Ave. N. in Seattle’s Westlake neighborhood. The asset traded for $18.8 million, or $290,000 per unit. Opened in 2016, Dexter Hayes offers 65 apartments with high-end finishes, spacious floor plans and large windows. Community amenities include a clubhouse, rooftop deck and an open-air central courtyard. Dylan Simon, Jerrid Anderson, Matt Laird and JD Fuller of the Simon and Anderson team at Kidder Mathews’ Seattle headquarters represented the undisclosed seller and buyer in the deal.

July 11, 2024

Development Industrial Nevada Western

Mohr Capital, Standard Real Estate to Develop 180,000 SF Industrial Facility in Reno, Nevada

by Amy Works July 11, 2024

RENO, NEV. — Mohr Capital has partnered with Standard Real Estate Investments, as equity joint venture partner, to develop a single-story, multi-tenant industrial facility in Reno. Situated on 11 acres at 9865 N. Virginia St., the 180,000-square-foot property will offer large grade-level, drive-in doors; 32-foot clear heights; options to build office spaces on the end caps and in-line; 25 dock positions outfitted with 40,000-pound levelers and seals; motion-sensing LED light fixtures; ESFR fire protection sprinkler system; and roof-mounted, gas-fired make-up air units. Completion is slated for summer 2025. The project team includes FCL Construction as general contractor, Techtonics Design Group as civil engineer and architect and Stearns Bank as construction loan lender.

July 11, 2024

Acquisitions California Industrial Western

NAI Capital Commercial Negotiates $5M Sale of Manufacturing Facility in Placentia, California

by Amy Works July 11, 2024

PLACENTIA, CALIF. — NAI Capital Commercial has arranged the sale of 1049 S. Melrose St., Unit C, a multi-tenant manufacturing building in the Orange County city of Placentia. A trust sold the asset to an undisclosed buyer for $5 million, or $248 per square foot. Situated within a 11-building, master-planned industrial park totaling 158,580 square feet, the 20,150-square-foot building is fully leased with one month-to-month tenant occupying 4,850 square feet; two leases expiring on Dec. 31 covering 11,300 square feet; and one lease expiring July 31, 2024, covering 4,000 square feet. Marie Taylor of NAI Capital Commercial represented the seller in the deal.

July 11, 2024

Acquisitions California Industrial Western

Voit Brokers Sale of 3,034 SF Industrial Building in Costa Mesa, California

by Amy Works July 11, 2024

COSTA MESA, CALIF. — Voit Real Estate Services has arranged the sale of an industrial building at 123 Monte Vista Ave. in the Orange County city of Costa Mesa. An exotic car dealer sold the asset to a private individual for $3.2 million, or $1,054 per square foot. The buyer plans to use the 3,034-square-foot building for personal use. Stefan Rogers of Voit Real Estate Services’ Irvine office represented the seller, while Matt Fryer of Lee & Associates represented the buyer in the transaction.

July 11, 2024

Acquisitions Montana Retail Western

Benderson Development Acquires Walgreens-Occupied Property in Missoula, Montana

by Amy Works July 11, 2024

MISSOULA, MONT. — Benderson Development has purchased a freestanding retail building, located at 2527 N. Reserve St. in Missoula, located along the Clark Fork River near the Idaho border. Terms of the transaction were not released. Walgreens occupies the retail building. With this acquisition, Benderson expanded its national footprint to 40 states.

July 11, 2024

PACE Map Active & In Development States - labels white background

Content Partner Development Features Loans Midwest Northeast Southeast Texas Western

Bipartisan Interest Fuels Widespread Adoption of C-PACE Financing Laws

by Sarah Daniels July 11, 2024

It may have taken more than a decade, but after starting out as a niche financing vehicle to create more energy-efficient and resilient buildings, the commercial property assessed clean energy (C-PACE) program has arguably achieved mainstream acceptance. Roughly 40 states and Washington, D.C., now either offer or are developing C-PACE programs. Over the last year alone, Georgia, Hawaii, New Mexico, Minnesota and Idaho passed legislation enabling or substantially improving the financing tool, points out Rafi Golberstein, CEO of PACE Loan Group, a direct lender of C-PACE headquartered in Minneapolis, Minn. What’s more, he adds, New Jersey and North Carolina are among states that in the coming months are expected to advance bills authorizing the use of C-PACE, or PACE for short. Given the current partisanship within the country, one of the most revealing characteristics of PACE’s growing appeal has been its ability to cross the political aisle, Golberstein observed. PACE’s popularity in particular has ascended over the last several months as developers have sought fresh capital to enhance their financial flexibility in a rising interest rate environment. “PACE is really turning out to be a bipartisan issue, as many state lawmakers are realizing that it is a great financing tool …

July 11, 2024

California Company News Texas Western

SRS Real Estate Partners Names Garrett Colburn as President

by Amy Works July 11, 2024

DALLAS — Dallas-headquartered SRS Real Estate Partners has named Garrett Colburn as president, responsible for the company’s continued national growth, including office productivity and culture. Colburn will partner with CEO Chris Maguire to generate growth across all platforms, including retail, capital markets and industrial. Additionally, Colburn will serve on SRS’ Executive Committee, the group responsible for setting overall strategy for the firm throughout the United States and globally. Colburn currently serves as managing principal and co-market leader of SRS’ five California offices and will continue both roles in addition to his new responsibilities. He joined the company in 2012 to grow the Southern California office and has served on the SRS Board of Directors since 2016.

July 11, 2024

Acquisitions Affordable Housing Development Montana Multifamily Western

CPP Purchases 60-Unit Elmore Roberts Affordable Multifamily Community in Great Falls, Montana

by Amy Works July 10, 2024

GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired Elmore Roberts, an affordable apartment property in Great Falls, with plans to renovate the asset. CPP’s total development investment is approximately $13.2 million, which includes the $3.1 million purchase price and an estimated $97,000 per unit renovation cost. Located at 6 6th St. S., Elmore Roberts features 60 units in a mix of 30 one-bedroom and 30 two-bedroom layouts. Planned renovations include addressing deferred maintenance and outdated systems, including ADA accessibility, and increasing sustainability across the property. In-unit renovations will include new formaldehyde-free cabinets and countertops, Energy Star refrigerators and upgraded ranges and range hoods. Additionally, units will receive low-flow toilets, updated showerheads and faucets, LED lighting upgrades and a new coat of low-VOC paint. Exterior and community upgrades include new windows, roofing and gas furnaces, path-of-travel upgrades, parking lot restriping and brick pointing. CPP will also upgrade the laundry room and add a community area with a computer room. Renovations are slated for completion in December. Project partners include WNC & Associates, Glacier Bank, MBOH, Montana Healthcare Foundation and the City of Great Falls. The property’s two ModRehab contracts were set to expire in 2024, but with CPP’s involvement, a …

July 10, 2024

Acquisitions Industrial Nevada Western

BLT Enterprises Buys 88,457 SF Industrial Asset in Las Vegas from PepsiCo

by Amy Works July 10, 2024

LAS VEGAS — BLT Enterprises has purchased an industrial warehouse property, located at 3131 Polaris Ave. in Las Vegas, from PepsiCo for an undisclosed price. In conjunction with the sale, PepsiCo has leased back the 88,457-square-foot property for one year. Once PepsiCo vacates the property, BLT will implement value-add improvements, including upgrading onsite power and refurbishing the parking lot.

July 10, 2024

Acquisitions California Industrial Western

Stos Partners Sells 21,980 SF Warehouse Building in La Mirada, California

by Amy Works July 10, 2024

LA MIRADA, CALIF. — Stos Partners has completed the sale of an industrial building, located at 14575 Firestone Blvd. in the Los Angeles suburb of La Mirada, to an owner/user for $9.2 million. Bulit in 1964, the building features 21,980 square feet of warehouse space with 24-foot clear heights. Stos Partners originally acquired the vacant building in June 2022. The seller implemented a capital improvements program, including parking lot resurfacing, door renovations, LED lighting systems and mechanical improvements. Brad Schenider and Nick Krakower of Lee & Associates represented the seller in the deal.

July 10, 2024

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