Western

SIHI, Graycor Construction Break Ground on 516,320 SF Camelback 303 Industrial Park in Goodyear, Arizona

by Jeff Shaw July 6, 2023

GOODYEAR, ARIZ. — Sunbelt Investment Holdings and Graycor Construction Company have begun construction on Phase I of Camelback 303, a Class A industrial park in Goodyear. The first phase consists of a 516,320-square-foot building within the Loop 303 Corridor. It is designed for use by a single tenant, or it can be divisible to three tenants. The Camelback 303 project aims to provide warehouse, distribution and manufacturing space. At completion, Camelback 303 is slated for up to 16 buildings ranging from 32,400 square feet to 1.2 million square feet. The development is part of the even larger PV|303 master-planned business park, which totals 1,600 acres and offers 20 million square feet of industrial, office and retail space. Construction on Camelback 303 Phase I is underway now, with completion scheduled for first-quarter 2024. The architect for Camelback 303 is Butler Design Group. Graycor Construction serves as the general contractor. Andy Markham, Mike Haenel and Phil Haenel of Cushman and Wakefield are the project’s exclusive leasing brokers.

July 6, 2023

Acquisitions California Industrial Western

Lee & Associates-Ontario Negotiates $19.5M Sale of Riverside Business Park in Jurupa Valley, California

by Jeff Shaw July 6, 2023

JURUPA VALLEY, CALIF. — Lee & Associates-Ontario has facilitated the sale of Riverside Business Park, a fully occupied, multi-tenant business park in Jurupa Valley. Intersection Equities LLC acquired the asset, consisting of 37 units across 22 buildings, for $19.5 million. The park features ground-level and dock-high door loading, private yards, and clear heights of up to 16 feet. The sellers were Bravo Whiskey Properties LLC and Transition Properties LLC. The selling agent, Barret Woods of Lee & Associates-Ontario, represented himself as a principal in the transaction. Brad Yates and Stefan Pastor of Stream Realty represented the buyer.

July 6, 2023

California Development Hospitality Loans Western

Bayview Provides $19.8M C-PACE Financing for Hotel Development Near Yosemite National Park

by Jeff Shaw July 6, 2023

OAKHURST, CALIF. — Bayview PACE has provided a $19.8 million financing agreement for the construction of a new 125-room hotel in Oakhurst, about 16 miles south of Yosemite National Park. The financing will enable the start of construction on the resort, which aims to attract adventure and lifestyle travelers. The project will feature luxury accommodations, a full restaurant and bar, meeting spaces and other amenities. Waterton and equity partner Argosy Real Estate are the developers.

July 6, 2023

Acquisitions Arizona Office Western

Stevens-Leinweber Construction Acquires Phoenix Office Building for $3.8M

by Jeff Shaw July 6, 2023

PHOENIX — Jamie Godwin, president of Stevens-Leinweber Construction (SLC), has purchased a two-story office building in Phoenix’s Camelback Corridor area for $3.8 million. The building will undergo a multi-million-dollar renovation to serve as the company’s new, expanded headquarters. The renovation plans include modernizing the building’s interior, creating employee-centric amenities and improving common areas. Other planned improvements include renovations to the building’s shared courtyard and common areas, new HVAC systems and the addition of a fire sprinkler system. Chris Krewson of Newmark represented SLC in the purchase of the 5045 building. Wally Hale and Drew Sampson of Avison Young represented the building’s seller, 5045 Associates LLC. Renovations are underway, with the project slated for completion by the end of this year.

July 6, 2023

Leasing Activity Office Utah Western

Workbox Expands with First Coworking Location in Salt Lake City

by Jeff Shaw July 6, 2023

SALT LAKE CITY — Workbox, a member-driven coworking company, is set to open its first location outside of the Midwest in Salt Lake City. The new coworking space will be in the historic Orpheum Theater, which formerly served as a CommonGrounds Workplace location. Workbox offers shared kitchen spaces, private conference rooms and programming events.

July 6, 2023

Content Partner Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

How Future-Proof Is Your Multifamily Property’s ISP?

by Sarah Daniels July 6, 2023

Technology, like commercial real estate, becomes increasingly vulnerable to the need for replacement and updates over time. Just as multifamily landlords can update properties by periodically replacing outmoded flooring and fixtures to suit the latest occupier preferences, technology must also keep up with the latest trends. For the best renter experience, multifamily properties need Internet connectivity that will serve residents as their technological needs grow and their tolerance for frequent outages diminishes. Disruptions associated with repairs or network upgrades can threaten customer satisfaction and renewal rates. Unfortunately for many landlords who rely on traditional telecommunications lines for their properties’ Internet, modern usage is straining older infrastructure. Booming wireless technology use is gobbling up bandwidth to connect everything from consumers’ phones and laptops to fitness monitors, smart TVs and other household appliances. As a vice president of product catalog who has worked for over a decade at broadband service provider Pavlov Media, John Danner understands the problem of limited Internet bandwidth all too well. He is eager to see technological improvements that will replace these old systems. “The old copper infrastructure can’t meet the requirements of the next generation of wireless connectivity,” explains Danner. “With fiber-optic connections, the sky is the …

July 6, 2023

Acquisitions California Multifamily Western

JLL Arranges $70M Sale of Silicon Valley Multifamily Portfolio

by Jeff Shaw July 5, 2023

CAMPBELL AND SANTA CLARA, CALIF. — JLL Capital Markets has arranged the sale of three garden-style apartment communities in Silicon Valley for approximately $70 million. The portfolio includes: Appletree, a 72-unit community in Campbell; Vista Point, a 68-unit property in Santa Clara; and Cedartree, a 50-unit asset that is also located in Santa Clara. All properties offer one- and two-bedroom floor plans. Ryan Wagner, Brandon Geraldo and Matt Kroger led the team that represented the private seller and procured three unique buyers. Further details were not disclosed.

July 5, 2023

Arizona Development Multifamily Western

Thompson Thrift Plans 308-Unit Stella Multifamily Property in San Tan Valley, Arizona

by Jeff Shaw July 5, 2023

SAN TAN VALLEY, ARIZ. — Thompson Thrift is set to begin construction on Stella, a 308-unit apartment community in the Phoenix suburb of San Tan Valley. Stella will comprise 12 two- and three-story buildings, as well as green spaces, a pool, two pickleball courts and two dog parks. Units will come in one-, two- and three-bedroom floor plans and include features such as quartz countertops, hardwood-style flooring, stainless steel appliances, internet access, ceiling fans, washers and dryers, smart thermostats and an Alexa-compatible smart hub. Stella is scheduled to open for residency in late 2024. It will be Thompson Thrift’s sixth community in Arizona.

July 5, 2023

Acquisitions California Multifamily Western

CBRE Brokers $12.1M Sale of Two Apartment Communities in Orange County, California

by Jeff Shaw July 5, 2023

COSTA MESA AND ANAHEIM, CALIF. — CBRE has arranged the sale of two multifamily communities totaling 38 units in Orange County for $12.1 million. The communities traded hands in a 1031 exchange. All parties involved in both transactions were private investors based in Southern California. Dan Blackwell, Mike O’Neill and Andrew Boukather represented both the buyer and seller of 18 units at 1800 W. Glencrest Ave. in Anaheim for $4.8 million. The property was built in 1962 and comprises a pair of two-story buildings. The buildings recently underwent renovations including new flooring, appliances, bathrooms, kitchens, windows, stairs, railings and fascia. Blackwell and O’Neill also represented the seller of the 20 units at 1887 Monrovia Ave. in Costa Mesa. The asset traded hands for $7.3 million. Built in 1959, 1887 Monrovia Ave. comprises one two-story building with a pool, barbeque area and a community laundry room. Recent updates to select units include granite countertops, wood-style flooring and stainless-steel appliances.

July 5, 2023

Acquisitions Multifamily Utah Western

Peak Capital Partners Acquires 96-Unit Park Station Apartments in Midvale, Utah

by Jeff Shaw July 5, 2023

MIDVALE, UTAH — Peak Capital Partners has purchased Park Station from Benedict Canyon Equities for an undisclosed price. Park Station is a 96-unit apartment community in Midvale, 12 miles south of downtown Salt Lake City. The property was constructed in 1974 and offers one- and two-bedroom floor plans. Amenities include a children’s playground, laundry facilities and covered parking. Brock Zylstra and Danny Shin of Institutional Property Advisors represented the seller and procured the buyer.

July 5, 2023

Newer Posts

Older Posts