Western

Exceptional Healthcare Buys 10-Acre Parcel, Plans Hospital Development in Eloy, Arizona

by Amy Works December 18, 2023

ELOY, ARIZ. — Exceptional Healthcare has acquired 10 acres in Eloy, approximately midway between Phoenix and Tucson. The company plans to develop a hospital on the site to serve the growing community and surrounding areas. Walton International Group sold the site for $1.1 million. The planned hospital, located at the northeast corner of Interstate 10 and Sunshine Boulevard, will have eight inpatient rooms, an 11-room emergency department and a wide range of medical services. A groundbreaking ceremony will be held on Jan. 24, with a planned opening in late 2024.

December 18, 2023

Colorado Loans Multifamily Western

KeyBank Arranges $16.7M Refinancing for Edge DTC Multifamily Property in Denver

by Amy Works December 18, 2023

DENVER — KeyBank Real Estate Capital has arranged a $16.7 million Fannie Mae fixed-rate loan to refinance existing debt secured by Edge DTC, an apartment community in Denver. Brian Caudel and Allison Loftsgordon of KeyBank Real Estate Capital structured the five-year loan featuring full-term interest-only payments through Fannie Mae for the borrower, Grand Peaks Properties. Built in 1986, Edge DTC features 204 apartments spread across eight two-story residential buildings. Community amenities include a swimming pool, fitness center, business center, dog park and picnic area.

December 18, 2023

California Industrial Leasing Activity Western

DAUM Commercial Negotiates 115,734 SF Warehouse Lease in Rancho Dominguez, California

by Amy Works December 18, 2023

RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has negotiated the lease of an industrial warehouse facility at 3040 E. Ana St. in Rancho Dominguez. JCQ Industrial leased the asset to DCW Inc., a warehousing, fulfillment, distribution and transportation services company. The site was leased for a total consideration of $10.1 million. The 115,734-square-foot property features 35 trailer or container spaces, 18 dock-high doors, 20-foot to 22-foot warehouse ceiling heights and loading access across the front of the building. The building’s office space allows for configurations that range from 6,500 square feet to 21,000 square feet. Additionally, the asset offers ample parking and reception and kitchen areas. Chuck Brill, Casey Mungo and Nat Ortega of DAUM represented the lessor, while Tyler Rollema of Klabin Co. represented the lessee in the deal.

December 18, 2023

Development Mixed-Use Multifamily Nevada Restaurant Retail Western

Agora Realty Receives Financing for 73-Acre Hylo Park Mixed-Use Project in North Las Vegas, Nevada

by Amy Works December 15, 2023

NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.

December 15, 2023

Acquisitions California Multifamily Western

FPA Multifamily Buys Two-Property Multifamily Portfolio in Thousand Oaks, California for $171.2M

by Amy Works December 15, 2023

THOUSAND OAKS, CALIF. — FPA Multifamily, on behalf of its Core Plus Fund V, has acquired a two-property multifamily portfolio totaling 399 units in Thousand Oaks, a suburb west of Los Angeles. Decron Properties sold the assets for $171.2 million. The portfolio consists of Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit property built in 1966. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Los Robles Apartments features studio, one- and two-bedroom apartments, averaging 882 square feet, spread across 32 residential buildings. Units have ductless heating and cooling systems, washers/dryers and new plank flooring. Community amenities include a new leasing office, resort-style pool, fitness center and outdoor lounge areas. The Retreat at Thousand Oaks offers a mix of one- and two-bedroom apartments, three-bedroom townhomes and four-bedroom flats, with an average unit size of 1,260 square feet. The property is within walking distance of Janss Marketplace, an outdoor retail center.

December 15, 2023

Arizona Colorado Development Industrial Multifamily Western

StarPoint Properties Plans Two Opportunity Zone Projects in Arizona, Colorado

by Amy Works December 15, 2023

MESA, ARIZ., AND DENVER — StarPoint Properties is developing two Opportunity Zone projects totaling $115 million. StarPoint has started vertical construction on Lotus Point, a $79.2 million multifamily development in Mesa, and Point Central, a $36.7 million industrial project in Denver. Located at 139 N. Dobson Road, the four-story Lotus Point will offer 245 apartments. The community will benefit from a property tax abatement agreement with the City of Mesa for eight years after construction, which will generate significant property tax savings. Point Central, located at 1051 and 1161 E. 73rd Ave. in Denver, will offer 157,473 rentable square feet split across two industrial buildings with access to Denver’s major highways. Completion of both properties is slated for 2025. StarPoint expects Lotus Point to be stabilized by fourth-quarter 2025 and Point Central by the second quarter of 2025.

December 15, 2023

Acquisitions California Office Western

City of Garden Grove, California Acquires Office Building for $12.1M

by Amy Works December 15, 2023

GARDEN GROVE, CALIF. — The City of Garden Grove, located in Orange County, has purchased Garden Grove Plaza, located at 12966 Euclid St. in Garden Grove. A private seller sold the asset for $12.12 million, or $188 per square foot. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Peter Wells of CBRE represented the seller in the deal. Situated on two acres, the five-story glass-and-steel building offers approximately 64,468 square feet of office space. The property was recently renovated and is currently 77 percent occupied.

December 15, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $8.2M Sale of Apartment Community in Glenwood Springs, Colorado

by Amy Works December 15, 2023

GLENWOOD SPRINGS, COLO. — NorthPeak Commercial Advisors has arranged the sale of a multifamily property located at 228 Auburn Ridge Lane in Glenwood Springs, a resort city approximately midway between Denver and the Utah border. The property traded for $8.2 million, or $171,875 per unit. The 30,376-square-foot asset features 48 apartments. Kevin Calame and Matt Lewallen of NorthPeak handled the transaction.

December 15, 2023

California Market Reports Retail Western Western Market Reports

Long Beach Sees Retail Challenges in Downtown, Success on Second Street

by Jeff Shaw December 15, 2023

— By Jason DuFault, Regional Managing Director – Southern California, KW Commercial — With a population of about 440,000, the City of Long Beach has grown substantially over the past two decades. This is due, in part, to the draw of its coastal location, public spaces, dining and nightlife, employment, the ports of Los Angeles and Long Beach, and its many tourist attractions, including the Queen Mary and the Aquarium of the Pacific. This all bodes well for the retail sector. However, over the past 18 months, the retail market has been inconsistent for success based on location. The city’s overall vacancy rate is currently around 4.3 percent, with the most challenged market being downtown Long Beach, which is currently at 4.6 percent. While the vacancy is still low by most standards, I believe it will likely increase before it gets better. Like many CBDs across the nation, Long Beach’s office vacancy has been high. The decline in the daytime population has retailers struggling. The most challenging projects to rent out retail-wise seem to be the newer vintage mixed-use properties. On the other hand, smaller submarkets in east Long Beach, such as Second Street and Naples, have been strong, giving …

December 15, 2023

Acquisitions Arizona Multifamily Student Housing Western

TSB Realty Arranges Sale of 804-Bed Student Housing Community Near Northern Arizona University in Flagstaff

by Amy Works December 14, 2023

FLAGSTAFF, ARIZ. — TSB Realty has arranged the sale of Elara at The Sawmill, an 804-bed student housing community located near the Northern Arizona University campus in Flagstaff. TSB represented the seller, a partnership between McGrath Real Estate Partners and Kayne Anderson Real Estate, in the disposition of the property to an undisclosed buyer. TSB Capital Advisors consulted on the buyer’s joint venture partnership and secured acquisition financing for the transaction. Built in 2022, the community offers studio through four-bedroom units. Shared amenities include a resort-style swimming pool, jumbotron, grilling pavilion, fitness center, private and group study lounges, a pet wash station and an outdoor bouldering rock. “We’re proud to get this deal over the finish line before the end of the year, especially in the current market environment,” says Timothy Bradley, a principal with TSB Realty and founder of TSB Capital Advisors. “As the newest purpose-built property in a very high-barrier-to-entry market, with a top-of-the-line amenities package, 99 percent occupancy and impressive rent growth, Elara is an excellent addition to the buyer’s portfolio.”

December 14, 2023

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