Western

SLIB Negotiates Sale of 40-Unit Renew Saddle Rock Memory Care in Aurora, Colorado

by Amy Works December 12, 2023

AURORA, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Renew Saddle Rock Memory Care in Aurora, approximately 20 miles southeast of Denver. The asset features 40 units and 52 beds and was built in 2015. The property totals 38,585 square feet on approximately 4.7 acres of land. The seller was an out-of-state private equity group with a third-party operator divesting the asset to exit the senior living space. The buyer was an experienced Denver-based owner-operator looking to grow its portfolio. The price was not disclosed. Vince Viverito, Ryan Saul and Jason Punzel of SLIB handled the transaction.

December 12, 2023

Acquisitions California Restaurant Retail Western

Hanley Investment Group Brokers $3.9M Sale of Multi-Tenant Retail Pad in Palm Desert, California

by Amy Works December 12, 2023

PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 39575 Washington St. in Palm Desert. A Los Angeles-based private investor sold the asset to a San Diego-based private 1031 exchange investor for $3.9 million. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Omar Hussein of Del Mar-based Beacon Realty Advisors represented the buyer in the deal. Built in 2008, the 8,500-square-foot retail property offers four tenant suites. At the time of sale, the property was fully occupied by Chipotle Mexican Grill (under a new 10-year, triple-net, corporate lease), Cornerstone Pharmacy, Luxury Nails & Spa and Keller Williams Realty Coachella Valley | Jelmberg Team.

December 12, 2023

Acquisitions Arizona Restaurant Retail Western

CBRE Arranges $3.6M Sale of Restaurant Building in Scottsdale, Arizona

by Amy Works December 12, 2023

SCOTTSDALE, ARIZ. — CBRE has brokered the sale of a restaurant property located at 3748 N. Scottsdale Road in Old Town Scottsdale. Scottsdale-based The Shipp Family purchased the building from a private individual investor for $3.6 million. Good Life Sports Bar and Grill signed a 10-year, triple-net lease to occupy the 5,265-square-foot property, which another restaurant formerly occupied. This location will be the Omaha, Nebraska-based chain’s first location in Arizona. Built in 1957, the two-tenant building is currently being renovated for the new tenant that is slated to open next year. Joe Campagno and Benjamin Farthing of CBRE negotiated the transaction.

December 12, 2023

California Development Multifamily Western

Sudberry Properties Starts Construction of 200-Unit The Brynn Multifamily Community in San Diego

by Amy Works December 11, 2023

SAN DIEGO — Sudberry Properties has broken ground on The Brynn, its fourth apartment property in the 230-acre, master-planned Civita community in San Diego’s Mission Valley neighborhood. Located on 3.3 acres at 2525 Via Alta, The Brynn is slated to open in 2025 and overlook the 14.3-acre Civita Park. The five-story property will feature 200 one-, two- and three-bedroom apartments, ranging in size from 613 square feet to 1,448 square feet. Units will include nine-foot ceilings, hardwood-style flooring, carpeting, and kitchens with Energy Star stainless steel appliances, quartz countertops and full-size washers and dryers. Additionally, some layouts offer patios or decks. Community amenities include a 360-space parking structure, clubroom, pool, spa, barbecues, lounges, firepits, TVs, an indoor/outdoor fitness area, shuffleboard, an indoor/outdoor bar, a pool table and lounge area with couches. Residents at The Brynn will also have access to the recreational amenities at the three existing apartment neighborhoods in Civita – Circa 37, West Park and Purl.

December 11, 2023

Acquisitions California Industrial Western

Old Grove Acquires Two Industrial Buildings in Vista, California for $29.4M

by Amy Works December 11, 2023

VISTA, CALIF. — Old Grove LLC, an out-of-town 1031 exchange buyer, has purchased two industrial properties in Vista from DXW LLC for $29.4 million. Located at 3215 and 3225 Executive Ridge, the two buildings offer a total of 120,239 square feet. BioFilm, a manufacturer and distributor of healthcare products, occupies both assets on a triple-net lease. Matt Poucho, Anthony DeLorenzo, Matt Harris, Roger Carlson and Blake Wilson of CBRE represented the seller, while James DeRegt of Lee & Associates represented the buyer in the deal. BioFilm occupies the 44,630-square-foot building at 3225 Executive Ridge as its corporate headquarters. Situated on 2.6 acres, the building features three loading docks, three grade-level doors and 28-foot clear heights. Thirty-three percent of the building serves as an office area, while the remaining space serves the company’s manufacturing needs. The tenant also occupies the 44,630-square-foot building at 3215 Executive Ridge, which is 71 percent warehouse space and 29 percent office space. The facility features drive-around truck access to two loading docks and four grade-level doors. Additionally, the property is equipped with heavy power.

December 11, 2023

Arizona Development Industrial Western

Super Radiator Coils Breaks Ground on 150,000 SF Industrial Heat Exchanger Manufacturing Facility in Mesa, Arizona

by Amy Works December 11, 2023

MESA, ARIZ. — Super Radiator Coils, a company specializing in heat exchanger manufacturing, has broken ground on a ground-up design/build industrial facility in Mesa. The project team includes Scannell Properties, Ware Malcomb as architect and Brinkmann Constructors as design/builder. Constructed of concrete tilt-up panels, the 150,000-square-foot facility will include more than 45,000 square feet of Class A office space, 130,000 square feet of fully conditioned manufacturing floor space, gantry crane systems and clean room areas that support advanced manufacturing. Super Radiator Coils will use the facility as its western U.S. production hub to produce industrial heat exchangers, coils and nuclear products. Completion is slated for fall 2024. John Grady, Jackei Orcutt and Jonathan Teeter of CBRE represented Super Radiator Coils in the development and building transaction.

December 11, 2023

Arizona Industrial Loans Self-Storage Western

Gantry Arranges $18.3M Loan for StorEz Self-Storage Facility in Scottsdale, Arizona

by Amy Works December 11, 2023

SCOTTSDALE, ARIZ. — Gantry has arranged an $18.3 million loan for StorEz Self Storage, located at 3030 N. 73rd St. in Scottsdale. The 71,000 rentable-square-foot property features 797 self-storage units. The five-year permanent loan was underwritten on the asset’s five-year pro forma as it moves through stabilization. An insurance company provided the financing, which features a fixed rate with an initial interest-only period followed by 25-year amortization. Andy Bratt and Sean Kuang of Gantry’s Irvine, Calif., office secured the loan on behalf of the undisclosed borrower.

December 11, 2023

Acquisitions Arizona Multifamily Western

Cushman & Wakefield | PICOR Brokers $1.6M Sale of 10th Street Apartments in Tucson, Arizona

by Amy Works December 11, 2023

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of 10th Street Apartments, a residential property in Tucson. 804 E 10th LLC acquired the asset from 10th Street 12 LLC for $1.6 million. Located at 804, 814 and 858-870 E. 10th St., the 9,180-square-foot property features 12 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

December 11, 2023

Arizona Civic Development Life Sciences Western

McCarthy Building Cos. Breaks Ground on $185M Science, Technology Building at ASU’s Polytechnic Campus in Mesa

by Amy Works December 8, 2023

MESA, ARIZ. — McCarthy Building Co., as general contractor, and SmithGroup, as designer, have broken ground on Interdisciplinary Science and Technology Building 12 (ISTB12), a $185 million project at Arizona State University’s Polytechnic campus in Mesa. The multi-level research and education building will provide a centralized location for Ira A. Fulton Schools of Engineering’s new School of Manufacturing Systems and Networks. The 173,194-square-foot building will consist of three floors and 128,828 programmable square feet for office, meeting, industrial, research and collaboration spaces. The facility will also offer specific spaces and labs specializing in additive manufacturing; robotics for smart manufacturing and industry automation; cyber manufacturing and operations research; semiconductor manufacturing; and manufacturing systems for the energy sector. Completion is slated for November 2025. Partners on the project include WOODPATEL, PK Associates and Speedie & Associates, as well as additional integrated design services performed by SmithGroup, including MEP engineering, lab planning and landscape architecture.

December 8, 2023

Acquisitions Arizona Multifamily Western

Fore Property Co. Divests of 310-Unit Cuvee Multifamily Community in Glendale, Arizona for $86M

by Amy Works December 8, 2023

GLENDALE, ARIZ. — Fore Property Co. has completed the sale of Cuvee, an apartment property located at 7200 N. 91st Ave. in Glendale. Pillar Communities acquired the Class A asset for $86 million. Completed in 2023, Cuvee features 310 apartments; two resort-style pools; a two-story, club-style fitness center; and a residential clubhouse with TV lounges, a game room, coffee bar and business center. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.

December 8, 2023

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