CASTLE ROCK, COLO. — Saunders Development and NavPoint Real Estate Group have completed construction on two 80,000 square-foot industrial buildings in Castle Rock. The buildings, designed for distribution tenants, feature a ceiling height of 24 feet. Lakewood Electric and Colorado Powerline are the first tenants to operate from one of the buildings. Jeff Brandon and Charlie Davis of NavPoint Real Estate Group are handling the leasing of these two buildings.
TACOMA, WASH. — Colliers has brokered the sale of a self-storage property located at 8233 S. Hosmer in Tacoma. Hosmer Self Storage LLC sold the property, spanning 46,265 square feet and consisting of 454 storage units, to Merit Hill Capital. The price was not disclosed. The facility offers a range of storage unit sizes, including drive-up units and options for indoor vehicle storage. The Colliers de Jong | Becher Self Storage Team represented the seller in the negotiation process.
— By James Hall, ABI Multifamily — It’s been a tumultuous year for global capital markets and asset prices, which have had to contend with a broad array of geopolitical and economic headwinds. The Las Vegas multifamily market — while it remains demographically sound — is dealing with inflationary-based pricing concerns and fundamental characteristics dampening investor appetite.Amongst all the noise and negatively skewed fundamentals, Las Vegas’ economy continues to grow, with tourism surpassing pre-pandemic levels this quarter. Harry Reid Airport reported the highest recorded number of passengers in February, indicating that the market continues to benefit from a surge in post-pandemic domestic tourism.A report released by the Federal Funds Information for States ranked Nevada as first in the nation for economic growth and momentum last year. The measurement considers a wide array of key economic and demographic indicators, including population, personal income and employment growth.While California continues to reel from a declining population, both Nevada and Arizona are benefiting from a surge in net-migration. The population of Las Vegas is expected to double by 2060, which would add an additional 2 million residents to the MSA, per Woods and Poole Economics..Las Vegas residents have a much higher propensity to rent …
GOODYEAR, ARIZ. — Sunbelt Investment Holdings and Graycor Construction Company have begun construction on Phase I of Camelback 303, a Class A industrial park in Goodyear. The first phase consists of a 516,320-square-foot building within the Loop 303 Corridor. It is designed for use by a single tenant, or it can be divisible to three tenants. The Camelback 303 project aims to provide warehouse, distribution and manufacturing space. At completion, Camelback 303 is slated for up to 16 buildings ranging from 32,400 square feet to 1.2 million square feet. The development is part of the even larger PV|303 master-planned business park, which totals 1,600 acres and offers 20 million square feet of industrial, office and retail space. Construction on Camelback 303 Phase I is underway now, with completion scheduled for first-quarter 2024. The architect for Camelback 303 is Butler Design Group. Graycor Construction serves as the general contractor. Andy Markham, Mike Haenel and Phil Haenel of Cushman and Wakefield are the project’s exclusive leasing brokers.
JURUPA VALLEY, CALIF. — Lee & Associates-Ontario has facilitated the sale of Riverside Business Park, a fully occupied, multi-tenant business park in Jurupa Valley. Intersection Equities LLC acquired the asset, consisting of 37 units across 22 buildings, for $19.5 million. The park features ground-level and dock-high door loading, private yards, and clear heights of up to 16 feet. The sellers were Bravo Whiskey Properties LLC and Transition Properties LLC. The selling agent, Barret Woods of Lee & Associates-Ontario, represented himself as a principal in the transaction. Brad Yates and Stefan Pastor of Stream Realty represented the buyer.
OAKHURST, CALIF. — Bayview PACE has provided a $19.8 million financing agreement for the construction of a new 125-room hotel in Oakhurst, about 16 miles south of Yosemite National Park. The financing will enable the start of construction on the resort, which aims to attract adventure and lifestyle travelers. The project will feature luxury accommodations, a full restaurant and bar, meeting spaces and other amenities. Waterton and equity partner Argosy Real Estate are the developers.
PHOENIX — Jamie Godwin, president of Stevens-Leinweber Construction (SLC), has purchased a two-story office building in Phoenix’s Camelback Corridor area for $3.8 million. The building will undergo a multi-million-dollar renovation to serve as the company’s new, expanded headquarters. The renovation plans include modernizing the building’s interior, creating employee-centric amenities and improving common areas. Other planned improvements include renovations to the building’s shared courtyard and common areas, new HVAC systems and the addition of a fire sprinkler system. Chris Krewson of Newmark represented SLC in the purchase of the 5045 building. Wally Hale and Drew Sampson of Avison Young represented the building’s seller, 5045 Associates LLC. Renovations are underway, with the project slated for completion by the end of this year.
SALT LAKE CITY — Workbox, a member-driven coworking company, is set to open its first location outside of the Midwest in Salt Lake City. The new coworking space will be in the historic Orpheum Theater, which formerly served as a CommonGrounds Workplace location. Workbox offers shared kitchen spaces, private conference rooms and programming events.
Technology, like commercial real estate, becomes increasingly vulnerable to the need for replacement and updates over time. Just as multifamily landlords can update properties by periodically replacing outmoded flooring and fixtures to suit the latest occupier preferences, technology must also keep up with the latest trends. For the best renter experience, multifamily properties need Internet connectivity that will serve residents as their technological needs grow and their tolerance for frequent outages diminishes. Disruptions associated with repairs or network upgrades can threaten customer satisfaction and renewal rates. Unfortunately for many landlords who rely on traditional telecommunications lines for their properties’ Internet, modern usage is straining older infrastructure. Booming wireless technology use is gobbling up bandwidth to connect everything from consumers’ phones and laptops to fitness monitors, smart TVs and other household appliances. As a vice president of product catalog who has worked for over a decade at broadband service provider Pavlov Media, John Danner understands the problem of limited Internet bandwidth all too well. He is eager to see technological improvements that will replace these old systems. “The old copper infrastructure can’t meet the requirements of the next generation of wireless connectivity,” explains Danner. “With fiber-optic connections, the sky is the …
CAMPBELL AND SANTA CLARA, CALIF. — JLL Capital Markets has arranged the sale of three garden-style apartment communities in Silicon Valley for approximately $70 million. The portfolio includes: Appletree, a 72-unit community in Campbell; Vista Point, a 68-unit property in Santa Clara; and Cedartree, a 50-unit asset that is also located in Santa Clara. All properties offer one- and two-bedroom floor plans. Ryan Wagner, Brandon Geraldo and Matt Kroger led the team that represented the private seller and procured three unique buyers. Further details were not disclosed.