BOZEMAN, MONT. — Clarion Partners and Wentworth Property Co. will develop Highmark, a townhome and apartment community in Bozeman. Situated on 8 acres in a Qualified Opportunity Zone (QOZ) in the South University District master-planned neighborhood, Highmark will feature 162 units. Completion is slated for late 2025, with leasing scheduled to begin in April. Highmark will offer a variety of units ranging from single-bedroom apartments to three-story townhomes with 10-foot ceilings, modern kitchens with quartz countertops and stainless steel appliances, wood-vinyl flooring, ample storage, full-size washers/dryers and individual yards and balconies for the townhomes. Community amenities will include a clubroom, fitness center, package locker room, outdoor gathering area, hot tub, dog park, pet spa and more than 300 parking spaces.
AURORA, COLO. — Sidford Capital has acquired Aurora Plaza, a shopping center located at 15001-15293 E. Mississippi Ave. in Aurora, from an undisclosed seller for $16 million. Built in 1982 and renovated in 2001, Aurora Plaza offers 115,461 square feet of retail space on 10.6 acres. The property, which is 80 percent occupied, is leased to 27 tenants, including Hero Dental, Kid to Kid, Rent-A-Center and Domino’s Pizza. Jason Schmidt and Austin Snedden of JLL Capital Market’s Investment Sales and Advisory team represented the seller in the deal.
THOUSAND OAKS, CALIF. — Affinius Capital has provided $54.7 million of preferred equity for the ground-up development of Hillcrest Apartments, a project The Latigo Group is developing in Thousand Oaks. The four-story property will feature ground-floor retail space and 333 units in a mix of one-, two- and three-bedroom floor plans. Amenities will include a rooftop terrace, pool, fitness center, coworking spaces, a multi-sport simulator and wellness center with a sauna and cold plunge. Latigo estimates the project will be complete by the first quarter of 2028. Bercut Smith of JLL arranged the financing.
SANTA ANA, CALIF. — Terreno Realty has purchased an industrial building located at 3500 W. MacArthur Blvd. in Santa Ana from an undisclosed seller for $49.5 million. Situated on 12 acres, the 134,000-square-foot property features seven dock-high and three grade-level landing positions. At the time of sale, the facility was fully occupied by a major home improvement retailer and operated as a retail location.
ANAHEIM HILLS, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of an assisted living and memory care facility located in the Inland Empire region of Southern California. A local operator acquired the property for $14.1 million. Licensed for 100 beds, the facility features 86 units. Cindy Hazzard and Jim Hazzard of Anaheim, Calif.-based JCH represented both the buyer and seller in the transaction.
LAKEWOOD, COLO. — Malman Real Estate has arranged the sale of 1250 Simms Street, an industrial property in Lakewood. An entity doing business as 1250 Simms LLC sold the asset to 1250 Simms St LLC and 1250 Simms St JP LLC for $7.2 million. At the time of sale, the 54,416-square-foot property was fully leased. Jake Malman of Malman Real Estate represented the seller, while Paul Cattin of Platinum CRE represented the buyer in the deal.
DENVER — John Propp Commercial Group has arranged the sale of an industrial building at 1448 W. Cedar Ave. in Denver. Five Quarters Farm LLC acquired the asset from Cedar Palms LLC for $1.6 million, or $248.97 per square foot. The 6,275-square-foot property features two suites and three overhead grade doors. John Propp of John Propp Commercial Group represented the seller, while Christian Dinsdale of SVR Real Estate represented the buyer in the transaction.
— By Liz Claire of Avison Young — The Las Vegas retail market continued its strong performance in fourth-quarter 2024. Vacancy rates declined to 5.3 percent, marking a 200-basis-point drop from the fourth quarter of 2020. Strong absorption rates and healthy rent increases highlight the market’s resilience, even as growth has moderated since its peak in first-quarter 2021. Vacancy Declines and Strong Absorption Las Vegas experienced a significant increase in positive retail space absorption in fourth-quarter 2024, following eight quarters of minimal movement, with a total of 619,000 square feet absorbed. This surge was primarily driven by major developments, including the completion of the 500,000-square-foot BLVD retail project, which saw strong pre-leasing activity from prominent tenants like Adidas, H&M, Lululemon and In-N-Out Burger. Sustained high demand lowered the vacancy rate by 40 basis points from the previous quarter, further solidifying Las Vegas as a leading retail market. Retail Rents and Growth Trends Market-wide retail asking rents averaged $35.20 per square foot, with rents outside the high-priced resort corridor averaging $29.08 per square foot. Year over year, rents increased by 5.8 percent, significantly outpacing the national average rent growth of 3 percent. This steady rent appreciation demonstrates continued demand for retail space in …
LAKE STEVENS, WASH. — Colorado-based Spartan Investment Group has acquired a self-storage facility in Lake Stevens for an undisclosed price. Located at 8911 Vernon Road, the property features 161 units of climate-controlled storage and 242 units of non-climate-controlled storage. Spartan will invest $225,000 in upgrades and expanded amenities to improve curb appeal and modernize security. The self-storage facility was originally constructed in 1999.
PHOENIX — Gantry has secured a $28.2 million permanent loan to refinance a portfolio of five manufactured housing communities in Arizona, California and Iowa. The fully stabilized assets feature a total of 687 pads across properties in Sierra Vista and Casa Grande, Ariz., Hemet and San Bernardino, Calif., and Atlantic, Iowa. Patrick Barkley and Chad Metzger of Gantry’s Phoenix production office represented the borrower, a private real estate investor. The five-year, fixed-rate loan was provided by an institutional balance sheet lender and features full-term interest-only payments. Gantry will service the loan.