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1555-Fiesta-Blvd-Gilbert-AZ
AcquisitionsArizonaNAIOfficeWestern

NAI Horizon Brokers $10.6M Sale of Office Building in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — NAI Horizon has arranged the sale of an office building located at 1555 N. Fiesta Blvd. in Gilbert. The Commerce Insurance Co. sold the property to Graduation Solutions for $10.6 million. The buyer will relocate its business to the 29,000-square-foot second floor of the Fiesta Boulevard office building. Woodside Homes occupies the first floor of the property. Don Morrow and Dylan Whitwer of NAI Horizon represented the seller, while Julie Hance of Rick Brandt Real Estate represented the buyer in the transaction.

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Clarence-Wesley-Health-Center-Bylas-AZ
ArizonaDevelopmentHealthcareWestern

Willmeng Breaks Ground on 34,000 SF Clarence Wesley Health Center in Bylas, Arizona

by Amy Works

BYLAS, ARIZ. — Willmeng Construction has broken ground on Clarence Wesley Health Center, which will serve the San Carlos Apache Tribe’s community in Bylas. Designed by Cuningham Architects, the 34,000-square-foot health center will provide the community with a modern medical facility, offering dental, pharmacy, optometry and imaging services. Clarence Wesley Health Center will replace the existing facility. Completion is slated for first-quarter 2025. The namesake of the new facility, Clarence Wesley, was dubbed “A Champion of Indian Rights.” Wesley served as chairman of the San Carlos Apache Tribe, president of the Inter-Tribe Council of Arizona and president of the National Congress of American Indians.

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13920-W-Camino-Del-Sol-Sun-City-West-AZ
AcquisitionsArizonaHealthcareOfficeWestern

CBRE Negotiates $4.6M Sale of Medical Office Complex in Sun City West, Arizona

by Amy Works

SUN CITY WEST, ARIZ. — CBRE has arranged the sale of Sun West Medical Complex, a medical office property located at 13920 W. Camino Del Sol in Sun City West. Miami-based Creative Realty Group sold the property to a private buyer for $4.6 million. Built in 2001, the 17,484-square-foot complex was 92 percent occupied at the time of sale. Situated on 1.7 acres, the asset features 60 parking spaces and 16 covered spaces. Geoffrey Turbow, Gary Cornish and Nick Williams of CBRE’s Investment Properties represented the seller in the deal.

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8300-N-Cornerstone-Dr-Hayden-ID
IdahoMarket ReportsOfficeWesternWestern Market Reports

Companies Are Attracted to the Boise Office Market

by Jeff Shaw

— By Karena Gilbert, Office and Investment Associate, Colliers — Idaho experienced significant population growth in recent years, and the commercial real estate market reflected that trend. The pace of growth has begun to slow, although overall growth is expected to increase over the next decade.  The growth brought both business and talent to the state as the Boise MSA continues to maintain a healthy office market. Second-quarter vacancy sits at 7 percent, up from 6.1 percent in the first quarter and outperforming the national vacancy rate, which stands at 16.4 percent. The Boise MSA has experienced an 18.5 percent job growth over a five-year period compared to the national growth level of 3.4 percent.  Despite these promising stats, Idaho is not immune to the economic turbulence being felt on a national level. With interest rates rising and market uncertainty, some buyers have become more cautious while others still actively seek opportunity. Cap rates have increased from 5.1 percent in the second quarter of 2022 to between 5.5 percent and 6.5 percent in the second quarter of 2023. Office lease absorption is down, though we’re still seeing a lot of interest in Boise. Micron, a $66 billion semiconductor company founded …

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AcquisitionsCaliforniaMultifamilyWestern

MG Properties Buys Artist Walk Apartments in Fremont, California for $89.7M

by Amy Works

FREMONT, CALIF. — MG Properties has acquired Artist Walk Apartments, a multifamily community in Fremont, from Clarion Partners for $89.7 million. Built in 2017, Artist Walk features 185 apartments and 30,000 square feet of ground-floor retail space. Jason Parr, Seth Siegel and Scott MacDonald of Cushman & Wakefield represented the seller in the deal. Andrew Behrens, Jesse Weber and Stephen Baird of CBRE Capital Markets arranged financing, provided by Freddie Mac, for the transaction.

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Apollo-Los-Angeles-CA
CaliforniaDevelopmentMultifamilyWestern

Cityview, Stockbridge Start Construction of 265-Unit Apollo Multifamily Project in Los Angeles

by Amy Works

LOS ANGELES — Cityview and Stockbridge have started construction on Apollo, an apartment development in Los Angeles’ South Bay neighborhood. Slated for completion in 2025, the transit-oriented community will feature 265 apartments in a mix of studio, one- and two-bedroom floor plans. Residences will feature stainless steel appliances, quartz countertops, vinyl plank flooring, smart thermostats, keyless entry, smart home systems, and fiber optic internet and Wi-Fi. Located at 12888 Crenshaw Blvd., the community amenities will include a swimming pool and spa deck with loungers and daybeds; a CV Works coworking center; podcast room; 3D printer; indoor fitness center; outdoor strength and stretching area; indoor-outdoor community room; and open-air courtyards with an entertainment lounge, pool table, Korean barbecue grills, fire pits, lounge seating, gathering tables and a variety of dining areas. Additionally, the property will feature ample secure bike lockers and storage, a transit kiosk, and walk and bike path access. City National Bank and Banc of California provided construction financing. The project team includes WPIC Construction, AC Martin, Nadia Geller Designs and MJS Landscape Architecture.

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3200-35th-Ave-NE-Everett-WA
AcquisitionsIndustrialWashingtonWestern

Coldwell Banker Negotiates $14.7M Acquisition of Industrial Park in Everett, Washington

by Amy Works

EVERETT, WASH. — Coldwell Banker Commercial Danforth has arranged the purchase of an industrial park in Everett. Mina Properties VIII acquired the asset from BFS Operations LLC for $14.7 million. Situated on 31.6 acres at 3200 35th Ave. NE, the asset features four buildings offering a total of 94,000 square feet of industrial space. The industrial park offers access to Interstate 5 and SR 529. Mina Properties VIII intends to maintain the property as a multi-tenant investment. Michael Fear of Coldwell Banker Commercial Danforth handled the transaction on behalf of the buyer.

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758-N-Clarkson-St-Denver-CO
AcquisitionsColoradoMultifamilyWestern

NorthPeak Commercial Brokers $5M Sale of Apartment Building in Denver

by Amy Works

DENVER — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 758 N. Clarkson St. in Denver. The property traded for $5 million, or $294,117 per unit. The 9,329-square-foot asset features 17 newly renovated residential units. Greg Johnson and Conner Piretti of NorthPeak represented the undisclosed seller in the deal. The name of the buyer was not released.

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Interactive-Learning-Pavilion-UC-Santa-Barbara-CA
CaliforniaCivicDevelopmentWestern

C.W. Driver Cos. Completes 95,000 SF Interactive Learning Pavilion at UC Santa Barbara

by Amy Works

SANTA BARBARA, CALIF. — C.W. Driver Cos. has completed the construction of the Interactive Learning Pavilion, a four-story learning facility at UC Santa Barbara. The company collaborated with LMN Architects on the $70 million project in Santa Barbara. The 95,000-square-foot structures offers 2,000 seats of classroom space, including five lecture halls, three classroom spaces for project-based learning and 20 flexible discussion rooms. Each of the 32 classrooms and lecture halls is designed to seat between 30 and 350 students. Additionally, the project features 1,700 bicycle parking spaces. The pavilion’s two buildings are connected via an open-air corridor. The project received LEED Gold Certification.

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Craig-Road-Logistics-Center-North-Las-Vegas-NV
DevelopmentIndustrialNevadaWestern

Rockefeller Group to Redevelop Former Walmart Site in North Las Vegas into Craig Road Logistics Center

by Amy Works

NORTH LAS VEGAS, NEV. — Rockefeller Group has acquired a former Walmart Supercenter site for the development of Craig Road Logistics Center, an industrial project at the intersection of Craig Road and North Nellis Boulevard in North Las Vegas. Terms of the transaction were not released. Situated on 19 acres, Craig Road Logistics Center will feature two speculative building offering a total of 369,198 square feet of industrial space. The 227,660-square-foot building will feature 36-foot clear heights, 176 auto parking stalls and 29 dock doors. The 141,538-square-foot facility will offer 32-foot clear heights, 219 auto parking stalls and 18 dock doors. Additionally, both buildings will offer a variety of state-of-the-art features to ensure the project is a Class A facility. Lee & Sakahara Architects will design the project, TWC Construction will serve as general contractor and Taney Engineering will serve as civil engineer. Rockefeller Group represented itself in the land purchase. Jason Simon and Rob Lujan of JLL’s Las Vegas office will be listing brokers for the project.

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