Western

RED Development, Globe Corp. Plan 150-Acre GSQ Mixed-Use Project in Goodyear, Arizona

by Katie Sloan April 13, 2023

GOODYEAR, ARIZ. — A joint venture between RED Development and Globe Corp. has released plans for GSQ, a 150-acre mixed-use development located in Goodyear, approximately 15 miles west of Phoenix. Groundbreaking on the project is proposed for next year. Plans include retail and entertainment space, restaurants, multifamily communities, office space and a hotel. GSQ will complement the Goodyear Civic Square at GSQ development, which Globe Corp. completed in August 2022. Goodyear Civic Square features a new city hall building, two-story library, two-acre community park, office space and retail space. “Our dream of a downtown is one step closer to becoming reality,” says Goodyear Mayor Joe Pizzillo. “We have all the right partners working together to create a very special walkable district for our residents — and the greater Southwest Valley region — to enjoy as they bring quality shopping, dining and entertainment to this area.” A number of new developments have been announced in Goodyear this year, including build-to-rent projects by UrbanStreet Group and a joint venture between Blue Vista Capital Management and Family Development; and several industrial projects, including a warehouse for Sub-Zero Group and the $360 million first phase of AirPark, located adjacent to the Phoenix-Goodyear airport. Phoenix-based RED …

April 13, 2023

Bohler Content Partner Development Features Midwest Multifamily Northeast Retail Southeast Texas Western

Savvy Developers Stay Active Even When the Easy Sites Are Gone

by Sarah Daniels April 13, 2023

As vacant sites become rare and cost-prohibitive, commercial real estate developers need to be creative when it comes to bringing a new project out of the ground. Unconventional development sites offer cost savings and location advantages, and in-depth due diligence and creativity on the part of developers can make for sites that can allow an elegant union of lower costs and strategy. With limited room for delay, how can developers think critically about available sites and leverage existing conditions to their advantage? Katherine Roberts, senior project manager at Bohler’s Warrenton, VA office, and Gregory Roth, principal at Bohler’s Tampa office, offer their expert advice on threading this needle. Bohler specializes in land development, especially making development work when conventional sites aren’t an option. Prioritizing Development Needs When Assessing Red Flags Certain project factors can be red flags if time or cost are obstacles to a developer, including These points of concern are usually knots that can be untangled if a developer has the time, money and appetite to move forward in spite of these interruptions, but each factor does bear watching. “Developers should understand where their limits are and where they’re willing to negotiate. Ideally, anything you’re developing should be …

April 13, 2023

California Hospitality Loans Western

Relevant Group Receives $33.3M Refinancing for The Dream Hollywood Hotel in Los Angeles

by Jeff Shaw April 12, 2023

LOS ANGELES — An affiliate of The Relevant Group has received a $33.3 million refinancing for The Dream Hollywood, a 178-key hotel in Los Angeles’ famed Hollywood neighborhood. The 10-story property is the West Coast flagship of Dream. The hotel includes Tao Restaurant, Beauty & Essex and the Highlight Room, as well as an 11,000-square-foot rooftop with pool deck and 3,000 square feet of meeting and event space. It is situated at the corner of Selma Avenue and N. Cahuenga Boulevard, one block off Hollywood Boulevard. A joint venture between the LCP Group and Safanad provided the capital.

April 12, 2023

Acquisitions Retail Western

Hanley Arranges Sales of Three Walgreens-Occupied Properties Totaling $22.6M

by Jeff Shaw April 12, 2023

CORONA DEL MAR, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant properties totaling $22.6 million. Each of the properties is leased to Walgreens. Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., arranged the sale of the first property, located in Minneapolis, on behalf of the seller, a California-based private investor. A New York-based private investor purchased the 14,535-square-foot building for $6.6 million. Located in Sugar Grove, Illinois, the second property comprises 14,739 square feet. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., arranged the $6.6 million transaction on behalf of the seller, a private investor based in California. Isaiah Harf of Northmarq represented the Chicago-based 1031-exchange buyer. Brad Dessy and Matt Burnett of Hanley, in association with ParaSell Inc., represented the buyer, a California-based private investor, in the third transaction. The 17,325-square-foot property, located in metro Miami, sold for $9.4 million.

April 12, 2023

Acquisitions Colorado Multifamily Western

Marcus & Millichap Negotiates $3.8M Sale of Woodlawn Apartments in Littleton, Colorado

by Jeff Shaw April 12, 2023

LITTLETON, COLO. — Marcus & Millichap has arranged the sale of the 24-unit Woodlawn Apartments in Littleton. A limited liability company bought the asset from another LLC for $3.8 million. The community is located at 1085 West Lilley Ave. All units are one-bedroom apartments with high-speed internet access, updated windows and floors, air conditioning, heating, refrigerators and ovens. The 1950s-built property also offers 24 surface parking spaces. Greg Price and Spencer Shaffer of Marcus & Millichap’s Denver office represented the seller, while the firm’s Boomer Beatty represented the buyer.

April 12, 2023

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $3.7M Sale of Apartment Building in Denver

by Jeff Shaw April 12, 2023

DENVER — Pinnacle Real Estate Advisors has negotiated the sale of a 24-unit apartment building in Denver for $3.7 million. The community is located at 1400 W. Mississippi Ave. It was built in 1963. The sale represented a per-unit price of $154,167, or $208.97 per square foot. Josh Newell of the Newell Team at Pinnacle Real Estate Advisors represented the undisclosed seller, while the firm’s Connor Knutson and Jake Waxter represented the undisclosed buyer.

April 12, 2023

Arizona Industrial Leasing Activity Western

Chef’s Warehouse Signs 46,339 SF Cold Storage Lease in Phoenix

by Jeff Shaw April 12, 2023

PHOENIX — The Chef’s Warehouse West Coast LLC has signed a long-term lease for 46,339 square feet at Reywest Commerce Park in Phoenix. The space is located at 3717 W. Washington St. The lease is valued at $8.5 million. The Chef’s Warehouse specializes in specialty foods, supplies and ingredients for commercial establishments. The supplier is moving out of a smaller warehouse in Tempe. Reywest Commerce Park was built in 1991 and renovated in 2012. It features cold storage warehousing with cold loading dock and a large secure truck court. Phil Haenel of Cushman & Wakefield represented he landlord, CPT Condor Washington LLC. NAI Horizon’s Isy Sonabend and Drew Eisen represented Chef’s Warehouse in the lease transaction.

April 12, 2023

Arizona Development Life Sciences Western

University of Arizona Completes Construction of $85M Applied Research Building in Tucson

by Jeff Shaw April 11, 2023

TUCSON, ARIZ. — The University of Arizona has completed construction of its $85 million Applied Research Building (ARB) in Tucson. The 89,000-square-foot ARB is the first building in the country to house all research spaces related to the fabrication and testing of satellites in one integrated facility. The ARB is the new home of applied physical sciences and engineering, connecting faculty across four colleges and eight departments. McCarthy Building Cos. constructed the property, which SmithGroup designed.

April 11, 2023

Acquisitions California Industrial Western

Vertical Ventures Buys 232,863 SF Rose Canyon Business Park in Central San Diego

by Jeff Shaw April 11, 2023

SAN DIEGO — Vertical Ventures has purchased a 232,863-square-foot industrial park in Central San Diego. The multi-tenant park is located at 4901- 4907 Morena Blvd., west of the Clairemont submarket. Known as Rose Canyon Business Park, the property’s 15 buildings are spread across 38.1 acres. The asset was built in the late 1970s through the 1980s, and has recently undergone external renovations. The property is 99.5 percent occupied and offers suites ranging from 500 to 5,000 square feet. Phillip Linton of the CBRE Capital Markets Division in San Diego represented the buyer, while Cushman & Wakefield represented the seller.

April 11, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of 145-Unit Seniors Housing Community in Bountiful, Utah

by Jeff Shaw April 11, 2023

BOUNTIFUL, Utah — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 145-unit independent living, assisted living and memory care community in Bountiful, approximately 10 miles north of Salt Lake City. The facility was built in 1978 expanded in 1999. The property totals 124,673 square feet on approximately 2.4 acres of land. The buyer was a California-based private equity group partnering with a Salt Lake City-based management company. They plan to invest heavily in remodeling the community and improving the overall performance. Vince Viverito and Brad Clousing of SLIB handled the transaction. The seller was not disclosed.

April 11, 2023

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