Western

DAUM Commercial Negotiates Sale of 29,932 SF Industrial Warehouse in Santa Ana, California

by Amy Works October 2, 2026

SANTA ANA, CALIF. — DAUM Commercial Real Estate Services has negotiated the off-market sale of an industrial warehouse facility in Santa Ana. Mike Barreiro, Devin Ray, Zack Homsy, David Freitag, Ben Andrews and Sam Andrews of DAUM represented the seller and procured the buyer, a global retailer and e-commerce wholesaler of currency collectibles and numismatic supplies, in the deal. Located at 3102 W. Adams St., the freestanding buildings features 29,932 square feet of manufacturing and distribution space on 1.6 acres zoned M-1 (light industrial). The property includes 3,000 square feet of office space, 20-foot clear heights, four truck-high loading positions, two ground-level loading doors and 45 parking spaces.

October 2, 2026

Colorado Market Reports Multifamily Western Western Market Reports

Denver’s Multifamily Turns the Corner

by John Nelson October 2, 2026

— By Adam Riddle of MMG Real Estate Advisors — After a difficult stretch, Denver’s rental market is showing signs of relief. Absorption picked up sharply in the second quarter, with renters absorbing more new apartments than developers delivered. This is the first time that’s happened on a trailing 12-month basis since late 2021. It’s a meaningful shift after two years defined by heavy construction and soft pricing. The supply wave that pressured the market is receding. New deliveries are down nearly 40 percent from a year ago, and the number of units still under construction has shrunk to less than 4 percent of existing inventory, well below the 2023 high of around 11 percent. A handful of submarkets, particularly Englewood/Littleton, still carry a sizable pipeline worth watching, but for most of the metro, the worst of the construction overhang appears to be behind it. Rent trends have been the last piece to catch up. Average effective rents are still down from a year ago, a lingering effect of the concessions landlords leaned on to fill units during the delivery wave. Thankfully, the quarterly trend has turned positive for two straight quarters now. Occupancy is climbing too, albeit gradually. Taken …

October 2, 2026

Development Idaho Multifamily Western

Thompson Thrift to Develop 300-Unit The Highline Apartment Property Near Boise

by Amy Works October 1, 2026

NAMPA, IDAHO — Thompson Thrift has begin construction of The Highline, a multifamily community in Nampa, approximately 20 miles west of Boise. Slated to welcome residents in early 2028, The Highland will feature 300 one-, two- and three-bedroom apartments with private entrances averaging 1,100 square feet. Residences will offer quartz countertops, stainless steel appliances, designer fixtures and finishes, hardwood-style floors, full-size washers/dryers, walk-in closets and smart-home technology. Additionally, detached garages and patio, balcony or private yard options will be available for select units. Onsite amenities will include a 24-hour fitness center, heated swimming pool and lap pool, courtyards, fire pits, grilling areas, outdoor games and a pickleball court. Residents will also have access to a 24-hour social hub with billiards and shuffleboard, focus rooms, conference space, bike storage, two dog parks and a pet spa. The Highline will be capitalized with equity from the Thompson Thrift 2026 Multifamily Development. The community will be located within East Ranch, a master-planned mixed-use community with a blend of single-family homes and flex industrial space with integrated retail, creating a walkable and amenity-rich environment for residents.

October 1, 2026

Acquisitions Colorado Office Western

PAULS Returns to Denver Tech Center, Acquires 335,908 SF Office Tower

by Amy Works October 1, 2026

DENVER — PAULS has purchased Regency Plaza, a 15-story office tower located at 4643 S. Ulster St. in Denver Tech Center, from Granite Properties for an undisclosed price. The acquisition marks a return of ownership for Regency Plaza, which was previously owned by PAULS. Originally built in 1985 and repositioned in 2020, Regency Plaza offers 335,908 square feet of office space that is 83 percent leased, with more than 176,000 square feet of new leases executed since early 2024. The asset features a renovated lobby, an outdoor plaza, a fitness center, training facility and an onsite restaurant/market. Tim Richey and Jack Richey of Newmark represented the seller in the deal. Collegiate Peaks Bank, a division of Glacier Bank, provided acquisition financing with a fixed-rate loan. Colliers will continue to handle leasing for the property.

October 1, 2026

Acquisitions Multifamily Washington Western

CBRE Negotiates $53M Sale of Townhome Community in Lacey, Washington

by Amy Works October 1, 2026

LACEY, WASH. — CBRE has directed the sale of Chambers Reserve, a townhome property in Lacey. The asset traded for $53 million. The names of the seller and buyer were not released. Jordan Louie, Eli Hanacek, Kyle Yamamoto and Natalie Kasper of CBRE represented the seller in the transaction. Located at 3725 Wildspitz St. SE, Chambers Reserve offers 125 three- and four-bedroom townhome floor plans, with an average unit size of 1,736 square feet, spread across 23 residential buildings. Community and unit amenities include two-car garages, private decks, air conditioning, quartz countertops, stainless steel appliances, a 24-hour fitness center, a seasonal swimming pool and a clubhouse.

October 1, 2026

Acquisitions Arizona Multifamily Western

IPA Brokers $47.8M Sale of Astor at Osborn Apartments in Phoenix

by Amy Works October 1, 2026

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Astor at Osborn, a mid-rise multifamily property in Phoenix. The asset traded for $47.8 million, or $250,262 per unit. Steve Gebing and Cliff David of IPA represented the undisclosed seller and undisclosed buyer in the deal. Completed in 2019, The Astor at Osborn features 191 apartments, garage parking, a resort-style swimming pool, fitness center, clubroom and outdoor grilling stations. The property offers a mix of studio, one-, two- and three-bedroom apartments.

October 1, 2026

California Features Restaurant Retail Western Western Feature Archive

The Great Cap Rate Puzzle: Rethinking How Net Lease Real Estate Responds to Interest Rates

by John Nelson October 1, 2026

By Jeff Lefko of Hanley Investment Group Real Estate Advisors For much of the last few decades, commercial real estate investors have operated under a simple assumption: interest rates rise, and cap rates rise with them. It is a straightforward relationship: intuitive, widely accepted and deeply embedded in underwriting models and investment committee discussions across the industry. Yet in the net lease sector, the connection between interest rates and cap rates has been far less direct than many believe. Since early 2022, the Federal Reserve has increased short‑term rates by more than 500 basis points, the fastest tightening cycle in four decades. Longer‑term borrowing costs remain elevated compared to the ultra-low-rate era of 2020 and 2021, even after the Fed’s rate cuts through 2025. Conventional thinking suggests net lease cap rates should have expanded sharply. Instead, cap rates across much of the single-tenant and multi-tenant net lease market have risen only modestly relative to the scale of the rate increases. There has been movement in certain segments, particularly in secondary markets, shorter lease terms and lower credit tenants, but the broader market has moved far less than the headline rate increases alone would suggest. This raises an important question for …

October 1, 2026

Colorado Loans Multifamily Western

Griffis Residential Receives $86M in Financing for Denver Apartment Community

by Amy Works September 30, 2026

DENVER — Griffis Residential has received $86 million in financing for Griffis Union Station, a Class A apartment property in Denver. Eric Tupler, Kevin Barron and Jake Martin of JLL Capital Markets secured the five-year senior agency loan for the borrower. Completed in 2010, the five-story Griffis Union Station features 400 one- and two-bedroom apartments, averaging 918 square feet. A portion of the units have been fully renovated and feature new countertops, backsplashes, stainless steel appliances and improved lighting. Community amenities include a fitness center, resort-style pool, clubhouse, resident lounge, business center, game room and grilling stations, as well as a dog park and pet washing station. Griffis Union Station is situated on 4.9 acres at 2905 Inca St. in the heart of downtown Denver and close to LoDo, the Ballpark District and RiNo Arts District.

September 30, 2026

Acquisitions Arizona Multifamily Western

D.R. Horton Divests of 260-Unit Ascend at Black Canyon Multifamily Property in Phoenix

by Amy Works September 30, 2026

PHOENIX — D.R. Horton has completed the disposition of Ascend at Black Canyon, an apartment community in Phoenix, to Millburn & Co. for $58.7 million, or $225,769 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milichap, represented the seller and procured the buyer in the transaction. Built on 10 acres in 2024, Ascend at Black Canyon is a controlled-access community with 260 one-, two- and three-bedroom apartments with stainless steel appliances, washers/dryers, smart-home technology, dual-pane windows and private patios or balconies. Community amenities include a resort-style swimming pool, 24-hour fitness center, two dog parks and a pet washing station.

September 30, 2026

23126-23170-Valencia-Blvd-Santa-Clarita-CA

Acquisitions California Retail Western

SRS Real Estate Brokers $27.5M Sale of Value-Add Retail Property in Santa Clarita, California

by Amy Works September 30, 2026

SANTA CLARITA, CALIF. — SRS Real Estate Partners has arranged the sale of a value-add retail property located at 23126-23170 Valencia Blvd. in Santa Clarita. A Los Angeles-based investor sold the asset to Glendale, Calif.-based Avant Real Estate for $27.5 million. Situated on 12.6 acres, the shopping center totals 120,559 square feet and was formerly a Kmart-anchored retail center. At the time of sale, the asset was 80 percent leased. The new ownership plans to fully renovate the shopping center, maintaining its retail use while upgrading the property and enhancing its overall appearance. Carlos Lopez, Terrison Quinn and Tony Vuona of SRS Capital Markets represented the seller, while Ed Matevosian of CBRE represented the buyer in the deal.

September 30, 2026

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