Western

Buchanan Street Buys Two Self-Storage Facilities Near Phoenix for $41M

by Jeff Shaw June 23, 2023

CAVE CREEK AND MESA, ARIZ. — Buchanan Street Partners has acquired two Class A self-storage facilities in the Phoenix metro. The properties, located at 29640 N. Tatum Blvd. in Cave Creek and 2862 S. Signal Butte Road in Mesa, offer a combined 160,500 rentable square feet and 1,620 units. With a total purchase price of $41 million, or $255 per square foot, the acquisitions mark Buchanan’s entrance into the greater Phoenix self-storage market. Both recently constructed facilities offer climate-controlled units, video surveillance and security access controls. Westport Properties, Inc., operating under the US Storage Centers brand, will manage the properties as a third-party manager. CBRE’s Nick Walker and Walter Brauer arranged the sale.

June 23, 2023

Acquisitions California Industrial Western

Prologis Purchases Industrial Development Site in Lynwood, California

by Jeff Shaw June 23, 2023

LYNWOOD, CALIF. — Prologis has purchased an infill industrial site in Lynwood. The 1.4-acre property is located at 11511 Bellinger St. It includes a historic 34,436-square-foot industrial facility built in 1930. Surrounding the property are more than 35 UPS, FedEx and Ontrac shipping hubs within a 10-mile radius. CBRE’s Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Bryan Johnson and Nick Williams from CBRE Investment Properties, along with Greg Dyer and Ryan Wengart from CBRE’s Los Angeles South Bay office, represented the seller, 11511 Bellinger Holdings LLC, in this transaction.

June 23, 2023

Acquisitions Colorado Hospitality Western

Thompson Group Arranges $3M Sale of Shepherds Motel in Denver

by Jeff Shaw June 23, 2023

DENVER — A local buyer has acquired the 34-unit Shepherds Motel in Denver for $3 million. The historic motel is located at 1525 Valentia St. It has been family owned and operated since 1994. Barton Thompson and James Few from the Thompson Group at Pinnacle Real Estate Advisors represented both the seller and the buyer in this transaction.

June 23, 2023

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers $1.8M Sale of South Williams Apartment Building in Mesa, Arizona

by Jeff Shaw June 23, 2023

MESA, ARIZ. — A private investor has purchased the 12-unit South Williams apartment building in Mesa for $1.8 million. It is located at 335-359 South Williams, about two miles north of the US-60 freeway and less than a mile south of the Valley Metro Light Rail. New ownership will have the opportunity to renovate all unit interiors to capitalize on renovation premiums already proven in the submarket, notes Paul Bay of Marcus & Millichap’s Phoenix office, who secured the buyer. Bay, Adam Saylor and Darrell Moffitt arranged the transaction. The seller was also a private investor.

June 23, 2023

Leasing Activity Office Utah Western

Common Desk Partners with Patrinely on Coworking Space in Salt Lake City

by Jeff Shaw June 23, 2023

SALT LAKE CITY — Patrinely has announced a licensing and management agreement with Common Desk, a Texas-based coworking company. Common Desk will oversee a 31,828-square-foot coworking space at 650 Main, a new 10-story, Class A office and retail development at the corner of Main Street and 600 South in downtown Salt Lake City. This partnership marks the third location jointly established by Patrinely and Common Desk. The new space will provide users with a unique office environment that features amenities and abundant natural light. The property has obtained LEED Gold certification. CBRE’s Nadia Letey, Roman Bernardo and Dennis Tarro handle the office leasing assignment for 650 Main.

June 23, 2023

Market Reports Nevada Retail Western Western Market Reports

Las Vegas Retail Remains a Strong Investment

by Jeff Shaw June 23, 2023

— By Todd Manning, Managing Broker, NAI Vegas, and Maria Herman, Senior Vice President, Retail Division, NAI Vegas — The Las Vegas retail market continues to perform well into 2023 despite a few headwinds (and headlines) dogging the industry. The success is due in part to Las Vegas continuing to experience strong growth coming out of the pandemic years. For example, visitor volume to Las Vegas reached more than 3 million people in February 2023, which was up 17.8 percent year over year, but was still down 3.4 percent from February 2019. Speaking of performing well, Las Vegas’ retail vacancy rate has been holding steady at around 5.2 percent, just slightly lower than it was a year ago. It is also the market’s lowest retail vacancy rate in over 15 years. Rent growth is slowing, however, and is down from the 10.4 percent gains of one year ago. Rent growth has been another bright spot for Las Vegas retail landlords as rates continue to increase at 7.7 percent year over year. Rent growth is slowing, however, and is down from the 10.4 percent gains from a year ago. Not surprisingly, the investment market for commercial property, retail included, has experienced …

June 23, 2023

Colorado Development Loans Multifamily Western

Formativ, Argosy Real Estate Partners Receive Construction Financing for The Hunter Apartments in Colorado Springs

by Jeff Shaw June 22, 2023

COLORADO SPRINGS, COLO. — A joint venture between Formativ and Argosy Real Estate Partners has secured construction financing for The Hunter, a 214-unit multifamily development in Colorado Springs’ New South End neighborhood. The Hunter will offer studio, one- and two-bedroom floor plans. Amenities include a two-story tenant lounge, golf simulator, pool, fitness center, co-working space, bike storage, dog wash station and a parking garage. The seven-story building is scheduled for completion in late 2024. Rob Bova of JLL Capital Markets led the team that arranged the loan.

June 22, 2023

Acquisitions California Retail Western

JLL Brokers $29M Sale of Adams Marketplace in Huntington Beach, California

by Jeff Shaw June 22, 2023

HUNTINGTON BEACH, CALIF. — JLL Capital Markets has brokered the $29 million sale of Adams Marketplace, a 65,116-square-foot shopping center located in Huntington Beach, approximately 35 miles southeast of Los Angeles. Built in 1974 and renovated in 2022, the property was 98 percent occupied at the time of sale. Smart & Final Extra anchors the center, with other tenants including Petco, Starbucks Coffee, MemorialCare Medical and Wingstop. Jiffy Lube, 76 Gas and Carl’s Jr. are also located at the center and were not included in the sale. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Ti Kuruzar and Daniel Tyner of JLL represented the seller, affiliates of Fortress Investment Group and DJM Capital. A private, California-based buyer purchased the property.

June 22, 2023

Acquisitions California Industrial Western

Intersection Equities, Blue Buy Vista Riverside Business Park in Jurupa Valley, California for $19.5M

by Jeff Shaw June 22, 2023

JURUPA VALLEY, CALIF. — Intersection Equities and Blue Vista Capital Management have acquired Riverside Business Park, a 122,000-square-foot industrial park in Jurupa Valley, for $19.5 million. The park contains 30 suites ranging from 1,500 square feet to 11,000 square feet, offering a total of 30 drive-up doors. Intersection Equities plans to leverage its value-add strategy to make strategic capital improvements aimed at enhancing the attractiveness of the park for both existing and future tenants. Barret Woods of Lee & Associates represented the seller, Transition Properties, while Stefan Pastor of Stream Realty represented the buyers.

June 22, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $5.9M Sale of Townhome Community in Anaheim, California

by Jeff Shaw June 22, 2023

ANAHEIM, CALIF. — CBRE has arranged the $5.9 million sale of a 14-unit multifamily townhome community in Anaheim. An unnamed buyer acquired the asset for $5.9 million. This transaction sets a new benchmark for the city of Anaheim, with a price per unit of $421,000, according to CBRE. The community is located at 129 S. Olive St. in downtown Anaheim. Built in 1986, the property spans about 15,517 square feet and features two-bedroom/two-bathroom, townhome-style floor plans with vaulted ceilings, central air, patios and balconies. The community was recently renovated with fresh paint and exterior wood replacement. CBRE’s Dan Blackwell represented both the buyer and seller in this transaction.

June 22, 2023

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