Western

CapRock Continues Industrial Development in Southern California

by Jeff Shaw October 27, 2023

— By Nellie Day — Jon Pharris, co-founder and president of Newport Beach, Calif.-based CapRock Partners, is in delivery mode. The firm recently debuted Palomino Ranch Business Park and Saddle Ranch South, two new LEED Silver-certified industrial building complexes in Norco, Calif. Palomino Ranch is a three-phased, 2-million-square-foot industrial development, while Saddle Ranch South is a 374,000-square-foot three-building industrial park. Next up is Central Point III, a component of CapRock’s 5-million-square-foot, master-planned Central Point industrial development in Visalia. WREB recently sat down with Pharris to discuss these new projects, the types of tenants/users CapRock is now targeting and why location is more important than ever. WREB: Why was Norco the right choice for both the Saddle Ranch South and Palomino Ranch developments? Pharris: Norco is an important location for logistics and distribution due to its position near the convergence of Riverside, San Bernardino and Orange counties, in addition to its seamless transportation connectivity, robust infrastructure, proximity to major ports and airports, favorable business environment and skilled workforce. These factors collectivelycontribute to the city’s efficiency, cost-effectiveness, and competitiveness for facility operations, attracting businesses seeking to optimize their supply chains and expand their market reach. Norco is highly desired by Orange County, …

October 27, 2023

Arizona Development Multifamily Western

Milhaus, Banyan Residential to Develop 320-Unit Alanna Multifamily Property in Phoenix

by Amy Works October 26, 2023

PHOENIX — Milhaus and Banyan Residential are developing Alanna, an apartment community located at 48th and Washington streets in Phoenix. Spread across four residential buildings, Alanna will feature 320 apartments with quartz countertops, luxury vinyl tile flooring and tile tub/shower surrounds. The property will offer 10,000 square feet of amenity space, including a fitness center, yoga studio, social lounge, golf simulator and saltwater pool. McShane Construction Co. will provide design-assist construction services for the project, which Todd & Associates designed. Before construction began, McShane performed site work, which included using deep dynamic compaction and imported fill prior to mass grading, as well as installing a vapor/methane mitigation system for site remediation.

October 26, 2023

Acquisitions Industrial Utah Western

Colmena Group Sells 280,800 SF Distribution Center in Spanish Fork, Utah

by Amy Works October 26, 2023

SPANISH FORK, UTAH — Colmena Group has completed the sale of a distribution center, located at 3065 N. 200 E. in Spanish Fork, to Caspian Investments for an undisclosed price. Young Living Essential Oils fully occupies the 280,800-square-foot, Class A facility. The property features 56-foot column spacing, 36-foot clear heights, cross-dock loading, a high level of security, a fenced truck court, 35 dock-high doors, four corner storefronts and skylights. Bryce Blanchard of Newmark represented the seller, while Skyler Peterson of Newmark represented the buyer in the transaction.

October 26, 2023

Acquisitions Colorado Multifamily Western

MG Properties Acquires 316-Unit Syracuse Apartments in Denver

by Amy Works October 26, 2023

DENVER — MG Properties has purchased 4400 Syracuse Apartments, a multifamily community in Denver. Morgan Group and LaSalle Investment Management sold the property for an undisclosed price. Situated in the Denver Tech Center/Southeast Business Corridor, 4400 Syracuse Apartments features 316 units with modern finishes, functional floor plans and best-in-class amenity spaces. Jordan Robbins and Alex Possick of JLL Capital Markets represented the sellers in the deal. Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL Capital Markets arranged an undisclosed amount of Freddie Mac financing for the transaction.

October 26, 2023

California Development Retail Western

NewMark Merrill Opens 96,011 SF Rialto Village Shopping Center in California

by Amy Works October 26, 2023

RIALTO, CALIF. — Calabasas-based NewMark Merrill Cos. has completed the development of Rialto Village, a 96,011-square-foot, grocery-anchored retail center at the corner of Riverside Avenue and San Bernardino Boulevard in Rialto. Rialto Village is 100 percent leased. Current tenants include Sprouts Farmers Market, Burlington, In-N-Out Burger and Quick Quack Car Wash. Other tenants slated to open in the coming months include Ulta Beauty, Five Below, Mochinut, Red Phoenix Nail Salon, West Coast Dental, Coffee Bean, Cold Stone Creamery, Nekter Juice Bar, Sharetea, The Joint Chiropractor, AhiPoki Bowl, Every Table, Arrowhead Credit Union and Mattress Firm. Greg Giacopuzzi and Darren Bovard of NewMark Merrill, along with Brian McDonald, Walter Pagel and Hannah Curran of CBRE, secured the leases and are overseeing leasing at the center.

October 26, 2023

Acquisitions California Industrial Western

ViaWest Group Divests of 53,978 SF Distribution Facility in San Diego

by Amy Works October 26, 2023

SAN DIEGO — ViaWest Group has completed the sale of an industrial distribution building in the Kearny Mesa submarket of San Diego to Southern California-based Burke Real Estate Group. Terms of the transaction were not released. Situated at 7440 Convoy Court, the property features 53,978 square feet of Class A industrial space. At the time of sale, the asset was fully leased Genuine Parts Co. (NYSE: GPC) and Hajoca Corp. Michael Kendall, Gian Bruno, Kenny Patricia, Louay Alsadek, Maddie Mawby, Eric Parra, Evan McDonald and Tucker Hohenstein of Colliers handled the transaction for both the buyer and seller.

October 26, 2023

High Tech Solutions Lenders Bill Hyman Lument quote

Content Partner Features Loans Lument Midwest Multifamily Northeast Southeast Texas Video Western

How One Lender Is Finding High-Tech Solutions to Complicated Application Processes

by Sarah Daniels October 26, 2023

Today’s accelerating technology transformation is altering how the commercial real estate industry executes transactions and manages assets. “The amount of information that a multifamily borrower needs to submit and disclose has become more demanding over time,” says William (Bill) Hyman, a Lument senior managing director who oversees the firm’s strategic business technology transformation and conventional loan production. “That has made due diligence more complex and data intensive, and we wanted to create a more secure and expedient way to tackle that process.” Seeing this need, Lument responded by creating a suite of proprietary technology tools. Across the industry, the advent of online, friendlier multifamily loan application and servicing processes has not only eliminated the transfer of sensitive information through email by moving the processes to secure portals, but it has also streamlined common paper-based, time-consuming and burdensome tasks. That has translated into much speedier decisions about loans and responses to questions and requests. LeapOnline Beginnings Lument is a commercial real estate finance solutions provider based in New York that specializes in Fannie Mae, Freddie Mac, Federal Housing Administration and balance sheet lending. The company’s digital transformation began in 2017. At the time, the company saw the opportunity to better …

October 26, 2023

Acquisitions Affordable Housing Multifamily New Mexico Western

CPP Enters Santa Fe Market, Acquires Two Affordable Housing Communities for $41.8M

by Amy Works October 25, 2023

SANTA FE, N.M. — Community Preservation Partners (CPP) has entered the Santa Fe market with the acquisition and planned renovation of two multifamily communities — Sangre De Cristo Apartments and Santa Fe Apartments. Once renovated, the two communities will be restricted to households earning 60 percent or less of the area median gross income and will continue to benefit from project-based rental assistance. Located at 255 Camino Alire, Santa Fe Apartments features 64 units and was built in 1968. Sangre De Cristo Apartments, located at 1801 Espinacitas St., offers 164 units. Both communities offer one-, two- and three-bedroom layouts, with Sangre De Cristo also offering four-bedroom units. Renovation costs are estimated at $96,700 per unit. CPP’s total investment for both properties is approximately $93.7 million, which includes the combined purchase price of $41.8 million. CPP expects to complete renovations by December 2024. Project partners include the New Mexico Mortgage Finance Authority, US Bank and KeyBank.

October 25, 2023

Acquisitions Arizona Hospitality Western

Colliers Negotiates $23M Sale of 3 Palms Hotel in Scottsdale, Arizona

by Amy Works October 25, 2023

SCOTTSDALE, ARIZ. — Colliers has brokered the sale of 3 Palms Hotel, located at 7707 E. McDowell Road in Scottsdale. California-based investors — Peter Sun of Five Star Inn One LLC and Lily Hsue of Five Star Inn Two LLC — acquired the asset from Roger Abbott of La Jolla, Calif., for $23 million. Originally constructed in 1980 and remodeled in 2006 and 2007, 3 Palms Hotel features 130 guest rooms with full-length mirrors, complimentary newspapers, high-speed Wi-Fi and deluxe spas. Situated on 3.4 acres, the hotel offers an outdoor pool and spa, a rooftop sundeck, fitness center and concierge. James Meng of Colliers handled the negotiations and transaction.

October 25, 2023

Acquisitions Multifamily Oregon Western

Fairfield Sells 141-Unit The Perch PDX Apartments in North Portland to Green Leaf Capital Partners

by Amy Works October 25, 2023

PORTLAND, ORE. — Fairfield has completed the disposition of The Perch PDX, an apartment community in the Overlook neighborhood of Portland. Green Leaf Capital Partners acquired the asset for an undisclosed price. Built in 2020, The Perch PDX features 141 studio, one- and two-bedroom units, averaging 648 square feet. Apartments offer stainless steel appliances, modern cabinetry, quartz countertops, vinyl plank flooring and full-size washers and dryers. Community amenities include seventh- and third-floor terraces, a game room, fitness center, co-working spaces, secured access garage parking and a dog washing station. The Perch PDX is located at 5325 N. Interstate Ave. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets’ investment sales and advisory team represented the seller and procured the buyer in the transaction.

October 25, 2023

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