Western

R.D. Olson Construction Completes 179-Room Springhill Suites by Marriott in Chula Vista, California

by Amy Works March 27, 2024

CHULA VISTA, CALIF. — R.D. Olson Construction has completed the construction of Eastlake’s Springhill Suites by Marriott in Chula Vista, nestled between San Diego and the Mexico border. Delivered in 18.5 months, the 127,628-square-foot hotel features 179 guest suites, 1,900 square feet of meeting and conference space, a pool and a 1,095-square-foot fitness center. The hotel lobby features computers and printers for guest use at the business center with flexible workspace and free Wi-Fi, as well as a media and TV lounge with a fireplace. The property also offers a 930-square-foot dining space with complimentary breakfast; a full-service bar and lounge with 1,800 square feet of interior seating and nearly 1,500 square feet of covered patio seating; a 24/7 in-house market; a courtyard with two barbecues; and an event lawn with three fire tables for lounging. Additionally, several 700-square-foot suites bordering the courtyard pool have private patios and host ground-floor pool access. The property also has 10 electric vehicle charging stations. Project partners include Lee & Sakahara Architects and The Design Studio.

March 27, 2024

Colorado Development Industrial Western

Westfield Co. Develops 472,800 SF Pivot Denver Spec Industrial Project

by Amy Works March 27, 2024

DENVER — Westfield Co. is developing Pivot Denver, a 472,800-square-foot, Class A industrial property in central Denver. The core and shell are already complete and the speculative development is 33.5 percent pre-leased to three tenants totaling approximately 159,000 square feet. Situated on the site of the Denver Merchandise Mart, Pivot Denver features four facilities: 162,000-square-foot Building 1; 33,600-square-foot Building 2; 154,800-square-foot Building 3 and 122,400-square-foot Building 4. The buildings offer ample dock/grade loading, 28-foot to 32-foot clear heights and ample parking. Total Tool, a construction tool supplier, inked a deal to occupy 59,000 square feet; an undisclosed tenant leased 75,000 square feet; and Crescent Electric Supply Co., an electric wholesale supply and distribution company, leased 25,000 square feet. Construction of Pivot Denver began in late 2022. Tyler Smith, Alec Rhodes and Aaron Valdez of Cushman & Wakefield are handling leasing of the project on behalf the landlord.

March 27, 2024

Affordable Housing Development Multifamily Oregon Western

Commonwealth, WNC Plan Pacific Flats Affordable Housing Project in Phoenix, Oregon

by Amy Works March 27, 2024

PHOENIX, ORE. — Commonwealth Development Corp. and WNC & Associates have released plans for Pacific Flats, an affordable multifamily community in Phoenix, a small city in the southern portion of the state near the California border. Slated for completion in June 2025, Pacific Flats will feature 72 Low-Income Housing Tax Credit (LIHTC) units spread across five three-story residential buildings. Amenities will include a clubhouse with a fitness center, business center and community room. Eight units will be reserved for families earning up to 30 percent of area median income (AMI), 20 units at 50 percent AMI and 44 units at 60 percent AMI. The property will include high-efficiency windows and Energy Star-rated appliances and building mechanical equipment. Pacific Flats residents will have access to supportive services, including educational classes and help with access coordination to other non-profit agencies. ACCESS, a local community action organization, will provide the services. WNC’s total investment in the project is $25.1 million. The deal was structured with 4 percent LIHTC Equity, a construction and permanent loan through Legacy Bank, a $13.5 million soft loan using LIFT funds and a $170,000 soft loan using OHCS MEP funds. Commonwealth Development also partnered with Native of One Wind Indigenous …

March 27, 2024

Arizona Development Retail Western

Peak Southern Acquires 5.8-Acre Retail Development Site in Mesa, Arizona

by Amy Works March 27, 2024

MESA, ARIZ. — Peak Southern LLC has purchased a 5.8-acre land site, located at 10834 E. Southern Ave. in the Phoenix suburb of Mesa. Signal Butte & Southern LLC sold the property for $3 million. John Jackson and Kristina Remon of Colliers in Arizona negotiated the transaction. The buyer plans to develop a retail center on the site. According to Colliers, the property will be divided into three pad sites that are available for purchase, build-to-suit or ground lease, and construction of the retail buildings will be based on purchase or lease timing.

March 27, 2024

Acquisitions Colorado Office Western

DS Real Estate Sells Single-Tenant Office Property in Golden, Colorado for $3.8M

by Amy Works March 27, 2024

GOLDEN, COLO. — DS Real Estate LLC has completed the disposition of a single-tenant office building located at 607 19th St. in Golden, a suburb west of Denver. An undisclosed buyer acquired the asset for $3.8 million, or $315.85 per square foot. Formerly a retail bank building, the 12,031-square-foot property was redeveloped into a modern office space in 2017. The asset features ample parking, offices with mountain views, two conference rooms, a breakroom with a built-in speakeasy bar in the former bank vault space, and bathrooms with large locker/shower areas. Brett MacDougall and Michael DeSantis of Unique Properties Inc. / TNC Worldwide represented the seller, while Kurt Liss of JLL represented the buyer in the deal.

March 27, 2024

California Development Life Sciences Western

King Street to Convert Office Building into Mesa Labworks Life Sciences Facility in San Diego

by Amy Works March 26, 2024

SAN DIEGO — King Street Properties has released plans to redevelop a creative office building at 5825 Oberlin Drive in San Diego into a Mesa Labworks, a speculative lab and life sciences facility. Construction of Mesa Labworks’ first two spec lab suites is currently underway. Located in the Sorrento Mesa submarket, the 60,000-square-foot building will offer move-in ready spec lab solutions, with suites ranging from 8,000 square feet to 15,000 square feet. Scheduled for completion in August 2024, the new suites will deliver state-of-the-art lab infrastructure. Mike Novkov, Bill Cavanagh and Brett Ward of Cushman & Wakefield are handling leasing for the project.

March 26, 2024

Arizona Development Restaurant Retail Western

SIHI Breaks Ground on Costco-Anchored Shopping Center in Buckeye, Arizona

by Amy Works March 26, 2024

BUCKEYE, ARIZ. — Sunbelt Investment Holdings (SIHI) has broken ground on Buckeye Commons, a retail center at the southeast intersection of Interstate 10 and Verrado Way in Buckeye, a suburb west of Phoenix. Butler Design Group designed the project, with CHASSE Building Team as general contractor. Buckeye Commons will feature more than 410,000 square feet of retail space. Currently signed tenants include Over Easy, Starbucks Coffee, Jimmy John’s, The Joint Chiropractic, State Farm and DIP Nail Bar, as well as a 160,938-square-foot Costco that opened in July 2023. The first store openings at Buckeye Commons are slated for mid-2025. Greg Laing, Zach Pace and Teale Bloom of Phoenix Commercial Advisors executed the current leases, which represent approximately 60 percent of the property’s first phase of shops and pads.

March 26, 2024

California Development Multifamily Western

Ryan Cos., Strata Equity Group Plan 278-Unit Millenia Lot Multifamily Community in Chula Vista, California

by Amy Works March 26, 2024

CHULA VISTA, CALIF. — Ryan Cos. US and Strata Equity Group have formed a joint venture to develop Millenia Lot 19, an apartment property in Chula Vista, just south of San Diego. The joint venture has received financing and started construction of the 278-unit project. Situated within the Millenia master-planned community, the 340,000-square-foot community will consist of four mid-size buildings and 1,180 square feet of commercial space. Millenia Lot 19 will feature 482 parking spaces, a resort-style pool and spa, rooftop deck with clear views of the Pacific Ocean and Mexico, pet amenities, a fitness center and resident clubhouse. The commercial space of the project will include public co-working space that will be available to the greater community. Additionally, the project will offer bike maintenance and storage facilities, community green areas, electric vehicle chargers in every resident garage, a solar program with panels on both rooftops and carports, and energy-efficient appliances. Ryan is the develop and builder and Ark Architects is the architect of record for the project. The first units of Millenia Lot 19 are slated for delivery by fourth-quarter 2025.

March 26, 2024

Acquisitions California Loans Multifamily Seniors Housing Western

Cambridge Arranges $5.6M Acquisition Loan for Twilight Haven Senior Living in Fresno, California

by Amy Works March 26, 2024

FRESNO, CALIF. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno. Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.

March 26, 2024

Acquisitions Arizona Multifamily Western

Cushman & Wakefield | PICOR Brokers $2M Sale of Alamo Apartments in Tucson, Arizona

by Amy Works March 26, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Alamo Apartments, a multifamily building in Tucson. The Twenty Lofts on Tenth LLC acquired the asset from Euclid 35 LLC for $2 million. Located at 824 E. 10th St., the 11,189-square-foot building features 20 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both the seller and buyer in the transaction.

March 26, 2024

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