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6100-Elton-Ave-Las-Vegas-NV
AcquisitionsNevadaOfficeWestern

PBTK 95 Divests of 18,000 SF Office Building in Las Vegas

by Amy Works

LAS VEGAS — PBTK 95 has completed the disposition of a two-story office building in Las Vegas to a private buyer for $2.8 million. Travis Landes, Marc Magliarditi and Michael Hsu of CBRE represented the seller in the deal. Located at 6100 Elton Ave., the 18,000-square-foot building can accommodate a variety of layout configurations, allowing for an owner-user to occupy or a single- or multi-tenant build out. Additionally, the building offers 90 parking spaces with 38 covered, an outdoor courtyard and signage facing Interstate 95.

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AcquisitionsIndustrialWashingtonWestern

Marcus & Millichap Negotiates $2.3M Sale of Industrial Property in Buckley, Washington

by Amy Works

BUCKLEY, WASH. — Marcus & Millichap has arranged the sale of Buckley Commercial Building and Yard, an industrial property in Buckley, approximately 25 miles east of Tacoma. A limited liability company sold the asset to an undisclosed buyer for $2.3 million, or nearly $220 per square foot. Located at 28515 WA-410, the property features 10,512 square feet of industrial space. Matthew Herman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the transaction.

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Post-District-SLC-UT
Market ReportsUtahWesternWestern Market Reports

This Is Not Your Patriarch’s Salt Lake City

by Jeff Shaw

— By Greg Swedelson and Jon-Eric Greene, co-founders, SSG Realty Partners — Although there continues to be much speculation and concern about the impacts of inflation, high debt costs, rising unemployment and an economy that may be heading for a slowdown in the coming year, there is reason to believe that the outlook for the Salt Lake City commercial real estate market is quite positive. With more than $100 billion in annual GDP, Salt Lake City’s economic growth rate is poised to end the year up nearly 3.5 percent (and nearly 80 percent since 2011). Although many are projecting a more moderate growth rate of 2.8 percent entering 2024, the overall economy and commercial real estate market in SLC remain resilient, if not robust. Offering a combination of affordability, abundant job opportunities and a business-friendly environment, SLC has attracted some of the nation’s largest corporations and specialized tech companies, and with them, talent to fuel meaningful employment growth. So much so, in fact, that net employment is up nearly 10 percent over the pre-Covid levels of 2019, with no sign of slowing.  Like so many markets, SLC has seen a precipitous drop in investment sales volume across all commercial sectors …

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AcquisitionsArizonaRetailWestern

DIG Brokers Sale of 398,602 SF Portion of Yuma Palms Retail Center in Yuma, Arizona

by Amy Works

YUMA, ARIZ. — Disney Investment Group (DIG) has arranged the sale of a portion of Yuma Palms Regional Center, a more than 1 million-square-foot power and lifestyle shopping development in Yuma. Bridge33 Capital acquired the asset for an undisclosed price. Totaling 398,602 square feet, the acquired portion includes 49 existing tenants, including Best Buy, Ross Dress for Less, Marshalls, PetSmart, Michael’s, Five Below, Old Navy, Ulta Beauty and Harkins Theatre. Shadow anchors include Target, Sam’s Club, Dillard’s, JCPenney and 10 freestanding restaurants. David Disney and Adam Crockett of DIG represented the undisclosed seller and procured the buyer in the deal.

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446-S-Yucca-Ave-Rialto-CA
AcquisitionsCaliforniaIndustrialWestern

Stockbridge, Dedeaux Properties Divest of Three-Property Industrial Outdoor Storage Portfolio in the Inland Empire

by Amy Works

SAN BERNARDINO AND RIALTO, CALIF. — Stockbridge and Dedeaux Properties have completed the disposition of a three-property industrial outdoor storage portfolio in California’s Inland Empire. Terms of the transaction, including the name of the buyer and acquisition price, were not released. Totaling 1 million square feet on 23.2 acres, the three buildings are located at 446 S. Yucca Ave. in Rialto and 1066 N. Tippecanoe Ave. and 1938 W. 5th St. in San Bernardino. Mark Detmer, Evan Moran, Chad Solomon, Patrick Wood and Louis Tomaselli of JLL Capital Markets arranged the transaction. Brian Halpern and Jason Rosin, also of JLL, assisted with the procurement of the financing.

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Elevate-at-Dunlap-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

Maricopa County Buys 93,661 SF Elevate at Dunlap Office Building in Phoenix

by Amy Works

PHOENIX — Maricopa County has purchased Elevate at Dunlap, a four-story office building in Phoenix. D23 LLC, an Arizona limited liability company, sold the property for $11.3 million. Situated on more than six acres at 2233 W. Dunlap Ave., the 93,661-square-foot property was vacant at the time of sale.  Built in 1988 and recently renovated, the property features a two-story parking garage. Michael Kitlica, Jerry Roberts and Pat Boyle of Cushman & Wakefield Phoenix represented the seller, while Keith Lammersen of JLL represented the buyer in the deal.

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465-Industrial-Ave-Santa-Teresa-NM
AcquisitionsIndustrialNew MexicoWestern

Hunt Southwest Real Estate Acquires 215,256 SF Industrial Building in Santa Teresa, New Mexico

by Amy Works

SANTA TERESA, N.M. — Hunt Southwest Real Estate Development has purchased an industrial building located at 465 Industrial Ave. in Santa Teresa, near both the Texas and Mexico borders. MCS Realty Partners sold the asset for an undisclosed price. Built in 2015, the vacant 215,256-square-foot building offers of 32-foot clear heights; existing office space; an air-conditioned space for quality control lab, production or assembly; an ESFR sprinkler system; and a secure, fenced-in truck court with trailer staging area. Additionally, there’s land adjacent to the building that can accommodate a 45,000-square-foot building expansion, additional parking or outside storage. Adin Brown of Sonny Brown Associates brought the acquisition opportunity to Hunt Southwest and will represent the company in the lease-up of the facility.

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Secure-Self-Storage-Clinton-UT.jpg
AcquisitionsIndustrialSelf-StorageUtahWestern

Mountain West Purchases 101,025 SF Secure Self Storage in Clinton, Utah

by Amy Works

CLINTON, UTAH — Mountain West Self Storage has acquired Secure Self Storage, a 101,025-square-foot facility in Clinton, approximately 30 miles north of Salt Lake City. A family development group sold the asset for an undisclosed price. Secure Self Storage consists of four one-story buildings offering a total of 647 climate-controlled and non-climate-controlled units. The facility has brick front dividers with metal interior walls, standing-seam metal roofs, roll-up doors and asphalt driveways. Jordan Farrer and Adam Schlosser of The LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer in the transaction.

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Pulse-Millenia-Chula-Vista-CA
AcquisitionsCaliforniaMultifamilyWestern

Northwestern Mutual Sells Pulse Millenia Multifamily Community in Chula Vista, California for $116M

by Amy Works

CHULA VISTA, CALIF. — Northwestern Mutual has completed the disposition of Pulse Millenia, a garden-style apartment property at 2043 Artisan Way in the Otay Ranch submarket of Chula Vista, just south of San Diego. An undisclosed buyer acquired the asset for $116 million. Built in 2106, Pulse Millenia features 273 one-, two- and three-bedroom floor plans averaging 970 square feet with stainless steel appliances, granite countertops, wood-style flooring and in-unit washers/dryers. Community amenities include a central sundeck plaza with a heated pool and spa; a 24-hour fitness center; a social lounge with a billiard table and kitchen; a multi-station business center; a conference center and private dining room; a multi-sport/bocce ball court; and barbecue grilling stations. Pulse Millenia was the first apartment community constructed as part of the $4 billion Millenia master plan within Otay Ranch. Kip Malo led the JLL Capital Markets Investment Sales Advisory team that represented the seller in the deal. Charles Halladay, Annie Rice, Brandon Smith, Rick Salinas of JLL Capital Markets Debt Advisory secured a $71.8 million, seven-year, fixed-rate loan through Freddie Mac Multifamily for the undisclosed buyer. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan.

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Walla-Walla-Town-Center-WA
AcquisitionsRetailWashingtonWestern

Alamo Group, Covenant Real Estate Buy 120,169 SF Walla Walla Town Center Mall in Washington

by Amy Works

WALLA WALLA, WASH. — Alamo Group and Covenant Real Estate Group have acquired Walla Walla Town Center, a shopping mall situated on 31 acres in Walla Walla. Terms of the transaction were not released. At the time of sale, the 120,169-square-foot property was 93 percent occupied. Current tenants include Planet Fitness, Burlington, Ross Dress for Less, Marshall’s, PetSmart, Ulta Beauty, Hobby Lobby, Famous Footwear and Sportsman’s Warehouse. Formerly known as Blue Mountain Mall, the asset was redeveloped and reopened as Walla Walla Town Center in 2018. According to Marcus & Millichap, Bed, Bath & Beyond declared bankruptcy and vacated the premises during escrow and negotiations are underway with Old Navy to backfill some of the center’s vacancies. Christopher Edwards, Clayton Brown and Ruthanne Loar of Marcus & Millichap represented the buyer in the deal.

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