Western

Garrett Cos. Sells Two-Property Multifamily Portfolio in Metro Denver to Harbor Group for $132.5M

by Amy Works February 9, 2024

CASTLE ROCK AND DENVER, COLO. — The Garrett Cos. has completed the sale of a two-property multifamily portfolio, totaling 434 apartments, to affiliates of Harbor Group International for $132.5 million. The portfolio includes The Prospector Modern Apartments at 3360 Esker Circle in Castle Rock and Ladora Modern Apartments at 18590 E. 61st Ave. in Denver. Prospector features 238 one-, two- and three-bedroom floorplans averaging 1,013 square feet, and Ladora offers 196 one-, two- and three-bedroom floorplans with an average apartment size of 1,024 square feet. Both assets were built in 2023 and are approaching lease up. Community amenities at the properties include resort-style pools, fitness centers, mail and package services, and pet parks and spas. Terrance Hunt, Shane Ozment, Andy Hellman and Justin Hunt of CBRE’s multifamily investment properties team in Denver represented the seller. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE’s New York office, along with Brady O’Donnell and Jill Haug of CBRE’s Denver office, arranged acquisition financing for the buyer.

February 9, 2024

California Development Loans Multifamily Seniors Housing Western

JLL Capital Markets Arranges $51.1M in Construction Financing for Active Adult Project in Danville, California

by Amy Works February 9, 2024

DANVILLE, CALIF. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. Slated for delivery in 2025, the project is restricted to residents age 55 and older.

February 9, 2024

Acquisitions Arizona Industrial Western

ViaWest Group Acquires 428,427 SF Industrial Campus in Gilbert, Arizona

by Amy Works February 9, 2024

GILBERT, ARIZ. — ViaWest Group has purchased a 428,427-square-foot industrial property in the Phoenix suburb of Gilbert for an undisclosed price. Situated on 26.9 acres, the campus features six buildings housing 11 tenants. At the time of sale, the property was 98 percent occupied. The properties feature 15-foot to 30-foot clear heights, 64 dock-high doors, 23 grade-level doors and 639 car parking spaces. The campus comprises a 108,212-square-foot building at 955 N. Fiesta Blvd., a 126,472-square-foot facility at 1171 and 1191 N. Fiesta Blvd., a 180,087-square-foot building at 2075 and 2135 W. Obispo Ave. and a 13,656-square-foot property at 2020 W. Guadalupe Road. Mark Detmer, Greer Oliver, Ryan Sitov and Connor Nebekey-Hay of JLL Capital Markets facilitated the transaction. The name of the seller was not released. Kevin MacKenzie, Jason Carlos and Jarrod Howard of JLL secured financing for the buyer. Steve Larsen of JLL is marketing the portfolio for lease.

February 9, 2024

Acquisitions Nevada Office Western

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

by Amy Works February 9, 2024

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.

February 9, 2024

Acquisitions Industrial Washington Western

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

by Amy Works February 9, 2024

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.

February 9, 2024

Market Reports Utah Western Western Market Reports

This Is Not Your Patriarch’s Salt Lake City

by Jeff Shaw February 9, 2024

— 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 …

February 9, 2024

Acquisitions Arizona Retail Western

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

by Amy Works February 8, 2024

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.

February 8, 2024

Acquisitions California Industrial Western

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

by Amy Works February 8, 2024

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.

February 8, 2024

Acquisitions Arizona Office Western

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

by Amy Works February 8, 2024

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.

February 8, 2024

Acquisitions Industrial New Mexico Western

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

by Amy Works February 8, 2024

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.

February 8, 2024

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