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AcquisitionsDevelopmentMultifamilyUtahWestern

Dart Interest Buys High-Rise Apartment Development Site in Downtown Salt Lake City for $19.7M

by Amy Works

SALT LAKE CITY — Dart Interest LLC has purchased a 2.32-acre development site in downtown Salt Lake City from an undisclosed seller for $19.7 million. Comprising two parcels, the site includes a vacant, 305,000-square-foot data center and a one-acre parking lot. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop two high-rise apartment projects on the site, which will undergo environmental remediation and demolition of the current data center. The site’s D1 zoning allows for buildings no less than 100 feet in height and no more than 375 feet in height.

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320-W-Bell-Rd-Phoenix-AZ
AcquisitionsArizonaNet LeaseRetailWestern

Marcus & Millichap Brokers Sale of 7,700 SF Retail Property in Phoenix

by Amy Works

PHOENIX — Marcus & Millichap has arranged the sale of a retail property located at 320 W. Bell Road in Phoenix. A limited liability company sold the asset to another limited liability company and private investor for $3.6 million. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Jarecki, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer in the transaction. At the time of sale, the 7,700-square-foot property was fully occupied by Tropical Smoothie Café, Athletico Physical Therapy and The Buffalo Spot, which are all operating under triple-net leases. The leases have terms ranging from five to eight years, featuring annual rental increases and multiple renewal options for all tenants.

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3455-S-Logan-St-Englewood-CO
AcquisitionsColoradoMultifamilyWestern

Pinnacle Real Estate Negotiates $3M Acquisition of Apartment Building in Englewood, Colorado

by Amy Works

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the purchase of a multifamily property located at 3455 S. Logan St. in the Denver suburb of Englewood. The asset traded for $3 million, which equates to $157,895 per unit or $257.20 per square foot. The apartment building features 19 for-rent residences. Josh Newell and Connor Knutson of Pinnacle Real Estate Advisors represented the buyer in the transaction.

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700-Milan-Dr-Reno-NV
AcquisitionsIndustrialNevadaWestern

Westcore Acquires 632,130 SF Distribution Facility in Tahoe-Reno Industrial Center for $82.5M

by Amy Works

RENO, NEV. — Westcore has purchased a distribution facility within the Tahoe-Reno Industrial Center in Reno from an undisclosed seller for $82.5 million. Situated on 34 acres at 700 Milan Drive, the cross-loaded property features 632,130 square feet of distribution space, more than 200 trailer stalls, LEED Gold certification, ESFR sprinklers, energy-efficient lighting and recycled steel. At the time of sale, the facility was fully leased. The property offers one-day truck service to seven states and proximity to Reno Tahoe International Airport and Union Pacific Intermodal Hub. The asset is adjacent to Gigafactory Nevada, Tesla’s $6.2 billion electric vehicle plant in the area.

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Appellation-Hotel-Healdsburg-CA
CaliforniaDevelopmentHospitalityLoansWestern

Greenrock Capital, Petros PACE Arrange $62.6M C-PACE Financing for Appellation Healdsburg Hotel in Sonoma County

by Amy Works

HEALDSBURG, CALIF. — Greenrock Capital and Petros PACE Finance have arranged $62.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the construction of the Appellation Healdsburg in Sonoma County. CCS Healdsburg Hotel LLC — a partnership between Comstock Development Co., Wine Country Holdings (an affiliate of Appellation) and HVH Investment — will develop the property for the new culinary-forward luxury hotel brand and operator, Appellation. Slated to open in 2025, the 108-room hotel will offer a 160-seat Charlie Palmer signature restaurant and bar, a rooftop bar, fitness club, spa, two pools and 15,000 square feet of meeting and event space. The project is being developed as part of the broader North Village mixed-use master plan, which is located two miles north of downtown Healdsburg.

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Arcadia-Cold-Storage-El-Mirage-AZ
ArizonaDevelopmentIndustrialWestern

Ti Cold Completes 300,000 SF Cold Storage Facility in El Mirage, Arizona

by Amy Works

EL MIRAGE, ARIZ. — Melbourne, Fla.-based Ti Cold, as designer and builder, has completed the construction of Phoenix Cold Storage Facility, a nearly 300,000-square-foot cold storage property in El Mirage, approximately 20 miles northwest of Phoenix. Arcadia Cold Storage and Logistics fully occupies the property, which serves as the company’s hub for the Southwest United States with access to key metropolitan markets in Southern California, Arizona, Nevada, Utah, New Mexico and Colorado. The fully racked facility features five fully convertible rooms with the ability to handle frozen and chilled temperatures from negative 10 to 40 degrees Fahrenheit; 60-foot-deep refrigerated dock; and doors to manage distribution and handling services. The property also features 40,500 pallet positions situated in a 50-foot clear height rooms and utilizes the ALTA EXPERT Industrial Freon Refrigeration System. This facility represents one of the first large-scale, third-party logistics cold storage facilities in the Phoenix market.

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California-Plaza-Fresno-CA
AcquisitionsCaliforniaRetailWestern

Graystone Negotiates $5M Sale of California Plaza Retail Center in Fresno

by Amy Works

FRESNO, CALIF. — Graystone Capital Advisors has arranged the $5 million sale of California Plaza, a neighborhood retail center in Fresno. The property traded between two local California-based investors. Brent Zoller and Brenton Baskin of Graystone represented the seller and procured the buyer in the deal. Constructed in 1987, the California Plaza features 39,170 square feet of retail space. At the time of sale, the asset was 62 percent vacant. The retail center is set on a 194,182-square-foot parcel along Blackstone Avenue.  

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9156-W-Peoria-Ave-Peoria-AZ.jpg
AcquisitionsArizonaNet LeaseRetailWestern

Private Investor Buys 12,900 SF Retail Building Occupied by Dunn-Edwards Paints in Peoria, Arizona

by Amy Works

PEORIA, ARIZ. — A private investor has acquired a net-leased property, located at 9156 W. Peoria Ave. in Peoria, from an undisclosed seller for $3.1 million. Dunn-Edwards Paints occupies the 12,900-square-foot building. The sale included a triple-net lease with corporate guarantee and eight percent rental increases every five years. The tenant has operated at the site for more than 20 years and recently extended its lease. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller.

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CaliforniaDevelopmentHospitalityRestaurantRetailTop StoriesWestern

Hard Rock, Steinhaur to Co-Develop 31-Story Hard Rock Hotel Long Beach in Southern California

by John Nelson

LONG BEACH, CALIF. — Global hotelier Hard Rock International has partnered with development firm Steinhauer Properties to develop Hard Rock Hotel Long Beach, a 31-story hotel in downtown Long Beach. The hotel will be situated adjacent to the Long Beach Convention & Entertainment Center along East Ocean Boulevard. Hard Rock Hotel Long Beach will include approximately 427 rooms and suites, including a Rock Star Suite. The hotel will also feature the tallest open rooftop bar on the Southern California coast, as well as an outdoor swimming pool with an amenities deck. The co-developers plan to break ground on the hotel in summer 2024 with plans to open the property in spring 2027. The new development is expected to create approximately 3,100 construction jobs and approximately 500 permanent positions once operations begin in 2027. The hotel represents the first new full-service hotel to be built in Long Beach in 30 years and the first new Hard Rock hotel in Southern California in almost a decade, according to Hard Rock. Amenities will also include Body Rock Fitness Studio, two onsite restaurant options and a Rock Shop that will sell Hard Rock merchandise and other items. The new property will also feature a …

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Cabana-North-Valley-Phoenix-AZ
Affordable HousingArizonaDevelopmentMultifamilyWestern

Greenlight Communities Breaks Ground on 159-Unit Cabana North Valley Affordable Apartments in Phoenix

by Amy Works

PHOENIX — Scottsdale-based Greenlight Communities has broken ground on Cabana North Valley, a 159-unit affordable multifamily community in Phoenix. Located at 33455 N. North Valley Parkway, Cabana North Valley will feature 59 studios, 66 one-bedroom units and 34 two-bedroom units, as well as three courtyards with a wide array of amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by providing housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024.

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