DENVER — NAI Shames Makovsky has arranged the purchase of an industrial property located at 6270 E. 50th Ave. in Denver. Albrook Partners acquired the asset from C.C.E. Real Estate LLC for $3.8 million. The property features 34,782 square feet of industrial space. Paul Cattin and Adam Hubschman of NAI Shames Makovsky represented the buyer in the deal.
PETALUMA, CALIF. — Gantry has arranged a $9.5 million permanent loan to refinance Plaza North Shopping Center in the Sonoma County city of Petaluma. Lola’s Market, CVS/pharmacy, Starbucks Coffee, GNC, Club Pilates and a variety of fast food, dining, beauty, retailers and professional services occupy the 101,000-square-foot retail center. Robert Slatt, Andrew Ferguson and Maria Zwick of Gantry’s San Francisco production office secured the loan on behalf of the borrower, a private limited partnership. One of the Gantry’s correspondent life company lenders provided the seven-year, fixed-rate, permanent loan. The new financing replaces a maturing loan from 2013.
DENVER — Marcus & Millichap has arranged the sale of a flex industrial building located at 1919 Federal Blvd. in Denver. A private investor sold the asset to an undisclosed buyer for $2.5 million. Situated on 0.4 acres, the 11,600-square-foot property features ample clear heights. Jake Klimas and Brandon Kramer of Marcus & Millichap represented the seller in the deal.
WINSLOW, ARIZ. — Atlas Global Development Group has released plans for I-40 TradePort Winslow, a 3,000-acre manufacturing and logistics park in Winslow, approximately 57 miles southeast of Flagstaff, Arizona. The project will kick off the development of the I-40 TradePort Corridor, a planned 805-mile network of clean-energy logistics hubs. According to Atlas Global, the project aims to circumvent the increasingly slow supply chain performance of the Inland Empire in Southern California, and to address future negative impacts to the national supply chain. The park will seek tenants in industries such as advanced manufacturing, heavy manufacturing, logistics, transportation, manufactured wood products, renewable energy production and storage, semiconductor suppliers and aerospace. The site sits at the nexus of a BNSF Railroad line, the Winslow-Lindberg Regional Airport and Interstate 40. The U.S. Department of Transportation has awarded a $974,000 grant to the project. Atlas Global plans to use the funds to support planning, studies and analysis for the project’s development, as well as primary engineering and design work. “These rural Arizona communities have long been overlooked, despite their incredible potential as central and essential pieces to the supply chain logistics puzzle,” says Daniel Lupien, managing director of Atlas Global Development Group. “The RIA grant …
— By Aiman Noursoultanova, Senior Vice President, CBRE’s Reno Investment Properties Group — Reno’s multifamily sector has performed exceptionally well over the past decade due, in part, to strong, sustained job growth. Nevada continues to lead the nation in employment growth at 3.8 percent over the past year, according to July data from the Bureau of Labor Statistics. While Reno’s job growth over the past decade has focused more on diversification, recent growth can best be characterized by higher-wage industries like healthcare, technology, manufacturing and aerospace/aviation. As a result, the market has seen an influx of new Class A, well-amenitized construction that appeals to this new tenant demographic. Notable company relocations and expansions thus far in 2023 include OMEC Medical, a life sciences instrument manufacturer; Edgecore, a wholesale data center developer, owner and operator; Generac, a leading global designer, manufacturer and provider of energy technology solutions; and Stellar Aviation, a fixed-base private airplane operator catering to private planes and jets. Companies investing in Reno most commonly appreciate the region’s attractive regulatory environment, low cost of doing business, access to regional transportation corridors and a high quality of life for its employees. Regarding rent growth over the past decade, several submarkets have performed …
VISTA, CALIF.; TEMPE, ARIZ.; AND LAS VEGAS — Talonvest Capital has arranged a $31.9 million loan for the acquisition of a three-property self-storage portfolio in Vista, Tempe and Las Vegas. The borrower is Rosewood Property CO. The portfolio offers 2,010 units, including 238 climate-controlled units, 1,772 non-climate-controlled units and 90 parking spaces. Kim Bishop, Tom Sherlock, Philippe Castillo and Lauren Maehler of Talonvest secured the 10-year loan that provides seven years of interest-only payments with the ability for full-term interest-only payments.
PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly built, multi-tenant retail pad at Monterey Crossing, a shopping center in the Coachella Valley city of Palm Desert. Newport Beach-based Fountainhead Development sold the asset to a Los Angeles-based private investor for $6.3 million. Situated on 1.2 acres at 3120 Dinah Shore Drive, the 8,370-square-foot property was fully leased to Jersey Mike’s Subs, Nekter Juice Bar, Roll-Em-Up Taquitos, Keith Alexander DDS and Mathnasium. The building was built in 2022. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Yoram Katz of Woodland Hills-based Peak Commercial represented the buyer in the deal. This transaction marks the fifth retail pad building Hanley Investment Group has sold at Monterey Crossing, totaling a combined 25,430 square feet and approximately $27 million.
MORENO VALLEY, CALIF. — CBRE has negotiated the sale of Bevia Apartments, a multifamily property located at 13260 Heacock St. in the Inland Empire city of Moreno Valley. Bevia Apartments Owners I LLC acquired the asset from Bevia Apts LLC for $8.7 million, or $181,667 per unit. Eric Chen and Blake Torgerson of CBRE represented the buyer and seller in the deal. Bevia Apartments features 48 studio, one-, two- and three-bedroom floor plans. The property has undergone significant renovation after a fire damaged the units. The new owner will continue to finish post-fire damage construction and plans to stabilize the property, which was half vacant at the time of sale.
ENCINITAS, CALIF. — Cushman & Wakefield has brokered the purchase of a mixed-use retail/office building located at 264 N. Coast Highway in Encinitas, approximately 25 miles north of San Diego. A private local investor acquired the property for $2.7 million. Originally developed in 1936 and renovated in 2005, the 1,530-square-foot building was recently painted on the outside and is walking distance to Moonlight Beach. Peter Curry and Owen Curry of Cushman & Wakefield’s Private Capital Group in San Diego represented the buyer, while Donn Yu of OCAP Real Estate & Financial represented the undisclosed seller in the deal.
COLORADO SPRINGS, COLO. — Capstone has brokered the sale of Canyon Retreat Apartments, a 5,252-square-foot multifamily property located at 3737 and 3746 Red Canon Place in Colorado Springs. The asset traded for $1.3 million. The names of the seller and buyer were not released. Built in 1955, Canyon Retreat consists of two buildings: an eight-unit building with four studios and four one-bedroom/one-bath apartments, and a two-unit building with two one-bedroom/one-bath apartments with a separate shared laundry space. Adam Riddle and Conor Cavanor of Capstone brokered the transaction.