Western

Joint Venture Sells 88,015 SF Self-Storage Facility in Lehi, Utah

by Amy Works October 29, 2025

LEHI, UTAH — A joint venture between Gardner Group, a Salt Lake City-based full-service commercial real estate development and management company, and Management Elevated, a Utah-based self-storage third-party manager and consulting firm, has completed the sale of Saratoga Storage, a 676-unit self-storage facility in Lehi. Constructed in 2023, Saratoga Storage consists of three single-story buildings with 100 drive-up units. The property offers a gated entry with a digital keypad, a separate onsite management office in front of the entrance gate, a 24/7 video surveillance throughout the facility, asphalt driveways and units with roll-up doors. Jordan Farrer and Adam Schlosser of The LeClaire-Schlosser Group of Marcus & Millichap represented the seller in the transaction.

October 29, 2025

Arizona Industrial Market Reports Western Western Market Reports

Phoenix Industrial Presses Play After a Year of Stops and Starts

by John Nelson October 29, 2025

— By Todd Hamilton of Citywide Commercial Real Estate — The Phoenix industrial market has felt like a game of pause and play over the past 12 months. A year ago, the sector hit pause amid election uncertainty. Post-election hopefulness reignited activity, but tariffs triggered another slowdown. Then came summer, which is always transactionally slow in Phoenix. This pattern was especially pronounced in the mid-size industrial segment, which was dominated by properties with less than 100,000 square feet. Typically owned by mom-and-pop investors or regional players, these groups lack institutional backing and are more sensitive to factors like interest rates, rising product costs and recession chatter. Despite the unpredictability, Phoenix industrial space has maintained its trademark resilience. Rents grew 4.7 percent year over year, per CoStar’s latest market report, while 787 sales were completed in the past 12 months, at an average price of $180 per square foot. Large-scale inventory (buildings 400,000 square feet and above) has also enjoyed a recent resurgence. At the start of the year, we were wringing our hands over multiple vacant, million-plus-square-foot buildings. Since then, five of those buildings have been leased or sold, with full occupancy expected by year-end. That activity accounts for a …

October 29, 2025

California Development Multifamily Western

Hanover Co., KTGY Break Ground on Residential Building at 22-Acre Coyote Creek Village in North San Jose

by Amy Works October 28, 2025

SAN JOSE, CALIF. — Hanover Co., with KTGY as designer and architect, has broken ground on the first market-rate residential building at Coyote Creek Village, a 22-acre lifestyle-focused mixed-use community in North San Jose. KTGY has designed three market-rate residential buildings, totaling 1,140 apartments, for the development. The seven-story buildings will offer a mix of studio, one-, two- and three-bedroom apartments. Hanover Parkside (Building A) is currently underway with completion slated for fourth-quarter 2027, and Hanover Coyote Creek (Building B) is set to break ground in second-quarter 2026. The master-planned community will also feature 154 for-sale townhomes by SummerHill Homes and 136 affordable rental apartments by The Pacific Cos.

October 28, 2025

Arizona Development Industrial Western

IndiCap, VAC Development Start Construction of $31M Bethany Bay Industrial Project in Glendale, Arizona

by Amy Works October 28, 2025

GLENDALE, ARIZ. — IndiCap and VAC Development have broken ground for Bethany Bay, a Class A shallow-bay industrial project in Glendale. Located at 16380 and 16840 W. Bethany Home Road, the $31 million development will feature 136,800 square feet spread across two buildings. Completion is slated for August 2026. The 98,060-square-foot Building 1 will offer a clear height of 28 feet and 5,000 amps of power, and the 39,226-square-foto Building 2 will feature a clear height of 24 feet and 2,500 amps of power. Suite sizes will range from 4,500 square feet to 18,000 square feet, with each building accommodating four to six users. Building 2 will be delivered with fully built-out speculative office suites ranging from 800 square feet to 1,100 square feet — each of which will be connected to warehouse space and equipped with HVAC, lighting and restrooms for near-immediate occupancy. MIke Schwab of Land Advisors handled the project on behalf of IndiCap. The project team includes Berkeley Partners as senior lender, Olive Point Capital as preferred equity, Newmark as lender placement, Colliers as leasing broker, Commonwealth Land Title Insurance Co. as title company, Ware Malcomb as architect and civil engineer and FCL Builders as general contractor.

October 28, 2025

Acquisitions California Office Western

CBRE Arranges Sale of 79,528 SF Office Building in Brea, California

by Amy Works October 28, 2025

BREA, CALIF. — CBRE has arranged the sale of an office property located at 120 S. State College Blvd. in Brea. A local private investor acquired the asset from an undisclosed seller for $19.5 million. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su of CBRE represented the seller in the deal. Built in 1985 and renovated in 2015, the 79,528-square-foot property is situated on 2.3 acres within Brea Place. At the time of sale, the property was fully leased to six tenants, including County of Orange, Calif., CareFusion, Whittier Filtration, HdL Cos. and Yellow Box Corp.

October 28, 2025

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Negotiates Sale of 63,630 SF Pink Door Storage & RV Facility in Magna, Utah

by Amy Works October 28, 2025

MAGNA, UTAH — The LeClaire-Schlosser Group of Marcus & Millchap has directed the sale of Pink Door Storage & RV, a 63,630-square-foot storage facility in Magna. A local development partnership sold the asset to Zoke Group for an undisclosed price. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller. Constructed in 2002, Pink Door Storage & RV features 445 self-storage units spread across seven single-story buildings with 220 drive-up units. Property amenities include a gate entry with a digital keypad, an onsite management office in front of the entrance gate, 24/7 surveillance, asphalt driveways, units with roll-up doors and covered RV and boat parking.

October 28, 2025

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Brokers $4.3M Sale of Starbucks-Occupied Retail Property in Azusa, California

by Amy Works October 28, 2025

AZUSA, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a newly renovated single-tenant restaurant property at 843 Arrow Highway in Azusa. Los Angeles-based California Icon LLC sold the asset to Glendale, Calif.-based MTSA Properties for $4.3 million. The 3,800-square-foot Starbucks Coffee-occupied building was originally constructed in 1970 and renovated in 2025 to meet the company’s newest prototype. The property features a café with interior seating, a patio and a drive-thru. The asset is secured by a new long-term absolute triple-net lease with minimal landlord responsibilities, according to Bill Asher of Hanley Investment Group. Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Sheila Alimadadian of Marcus & Millichap represented the buyer in the deal.

October 28, 2025

Acquisitions Development Multifamily Nevada Western

Waterton, NRP Group Acquire Las Vegas Site for 368-Unit South Valley Apartments Project

by Amy Works October 27, 2025

LAS VEGAS — Waterton and The NRP Group have acquired an 8.5-acre site on South Las Vegas Boulevard in Las Vegas and financially closed for the development of South Valley Apartments. The project is the first partnership between Waterton and The NRP Group. South Valley will features 368 studio, one-, two- and three-bedroom floor plans with select one-bedroom units featuring dens spread across two four-story, elevator-serviced residential buildings. Units will include quartz countertops, subway tile backsplashes, stainless steel appliances in the kitchens and vinyl plank flooring. Community amenities will include an outdoor pool, two courtyards, outdoor seating areas with fire pits and grilling stations, a club lounge, coworking space and a conference room. Waterton and The NRP Group are providing equity commitments while CIBC is providing a senior loan. The NRP Group will serve as general contractor and provide property management services. Delivery of the first residences is slated for mid-year 2027 with completion scheduled for early 2028.

October 27, 2025

Arizona Loans Multifamily Western

JLL Secures $19.5M Refinancing for Villas Las Mandarinas Multifamily Community in Tucson

by Amy Works October 27, 2025

TUCSON, ARIZ. — JLL Capital Markets has secured a $19.5 million loan for the refinancing of Villas Las Mandarinas, a multifamily property located at 4250 E. 29th St. in Tucson. Brad Miner and Drew Lydon of JLL arranged the fixed-rate loan through Santander Bank N.A. for the borrower, GDL Asset Management and GDL Property Management. Built in 1977 and renovated in 2023, Villas Las Mandarinas features 322 apartments, averaging 322 square feet, and modern amenities.

October 27, 2025

Acquisitions California Office Western

CBRE Negotiates Sale of 46,527 SF Stewart Plaza Office Property in Upland, California

by Amy Works October 27, 2025

UPLAND, CALIF. — CBRE has negotiated the sale of Stewart Plaza, a Class A office property located at 440 N. Mountain Ave. in Upland. A partnership between a local investor and a medical group acquired the asset from Stewart Plaza Owner LLC for $9 million. Sammy Cemo, Austin Reuland, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller in the deal. The three-story, 46,527-square-foot property has recently undergone more than $1 million in renovations, including a roof replacement, elevator modernization, HVAC replacements, lobby upgrades, new lobby and exterior furniture and a new digital directory.

October 27, 2025

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