Western

Scannell Properties Breaks Ground on 479,000 SF Distribution Facility in Salem, Oregon

by Amy Works November 3, 2023

SALEM, ORE. — Scannell Properties has broken ground on a 479,000-square-foot distribution and manufacturing facility. Gensco Inc. will occupy the project at Scannell Logistics Park in Salem, approximately 50 miles south of Portland. The building is the second built-to-suit project at the logistics park. Designed by Mackenzie, the building will be a single-story, 399,000-square-foot facility, including 306,000 square feet of storage and distribution space, 93,000 square feet of manufacturing space and 6,400-square-foot office blocks on the north and south ends. Additionally, the property will feature a 68,000-square-foot storage mezzanine for a total floor area of 479,000 square feet. Perlo Construction will build the property, which is slated for completion in spring 2025.

November 3, 2023

Development Idaho Loans Multifamily Western

NewPoint Provides $22.5M in Financing for The Larkspur Workforce Housing Development in Victor, Idaho

by Amy Works November 3, 2023

VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing to facilitate the development of The Larkspur, an 86-unit, market-rate, workforce multifamily community. Miami-based Plaza Equity Partners is developing the property in Victor, a small city of approximately 2,000 residents near the Wyoming border. Karen Kim of NewPoint originated the loan, which features a 22-month construction period followed by a 40-year term. The Larkspur is a planned three-story, garden-style community with 3,000 square feet of retail space. The property will feature 29 studio units, 43 one-bedroom units, 11 two-bedroom units and three three-bedroom units. Community amenities will include an outdoor fire pit, barbecue areas, a bark park, bocce ball court, controlled climate storage and winter/summer sports repair and storage rooms. The project team includes Victor-based Headwaters Construction Co.; Boise-based Syringa Property Management; and South Jordan, Utah-based AE Urbia Architects & Engineers. The Larkspur is situated within the Jackson, Wyoming-Idaho micropolitan statistical area.

November 3, 2023

Acquisitions Colorado Industrial Western

Berkeley Partners Sells Two Industrial Parks in Longmont, Colorado for $16.7M

by Amy Works November 3, 2023

LONGMONT, COLO. — Berkeley Partners has completed the disposition of two industrial parks totaling 98,600 square feet in Longmont, approximately midway between Denver and Fort Collins. Denver-based CentrePoint Properties acquired the assets for $16.7 million. Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt of CBRE represented the seller in the deal. The industrial parks include four buildings located at 1501-1551 S. Sunset St. and 2120-2150 Miller Drive. The assets offer small-bay industrial space, catering to tenants that need between 3,500 square feet and 27,000 square feet. At the time of sale, the parks were 93 percent leased to nine tenants.

November 3, 2023

Acquisitions California Retail Western

Cushman & Wakefield Brokers $10M Sale of Las Tunas Plaza Retail Center in San Gabriel, California

by Amy Works November 3, 2023

SAN GABRIEL, CALIF. — Cushman & Wakefield has arranged the sale of Las Tunas Plaza, a neighborhood shopping center in San Gabriel, an eastern suburb of Los Angeles. The property traded for $10 million, or $572 per square foot. The names of the seller and buyer were not released. Situated on 1.3 acres at 805-841 W. Las Tunas Drive, Las Tunas Plaza offers 17,473 square feet of retail space. At the time of sale, the property was 90 percent leased to a variety of tenants, including 7-Eleven, Golden Deli and Bopomofo Café. Joseph Lising, Mitchell Neff and Maureen Gitto of Cushman & Wakefield’s Southern California Retail and Capital Markets team represented the seller in the deal.

November 3, 2023

Arizona Development Industrial Top Stories Western

Creation, Clarion Partners Acquire 100 Acres in Phoenix for $250M Park Algodon Industrial Campus

by Jeff Shaw November 3, 2023

PHOENIX — A joint venture between locally based developer Creation and New York City-based investment firm Clarion Partners has acquired nearly 100 acres in Phoenix. Located on the northwest corner of the Loop 101 and Indian School Road, the site will be used to develop a $250 million industrial project known as Park Algodon. Park Algodon is a speculative industrial development that totals approximately 1.3 million square feet across 86 acres. The project will be built in two phases, with construction on the first phase slated to begin by the end of the year. The first phase comprises four buildings totaling 670,000 square feet. The second phase will include one 556,000-square-foot building. LGE Design Build is leading the construction, which is scheduled for completion in late 2025. Creation and Clarion Partners acquired the land from the John F. Long family in an off-market transaction. Greg Vogel and Max Xander of Land Advisors represented both parties in the deal. “This acquisition marks our first joint venture with Clarion Partners. We’re honored to work alongside them on this significant project, addressing a key gap in the West Phoenix industrial market,” says Grant Kingdon, principal of Creation’s Mountain West region. “Park Algodon serves as a catalyst to attract new …

November 3, 2023

Market Reports Nevada Office Western Western Market Reports

Reno’s Household Growth Boosts its Office Sector

by Jeff Shaw November 3, 2023

— By Daniel A. Kapic, Vice President, Regional Manager, Marcus & Millichap — Reno continues to be one of the nation’s fastest-growing smaller markets, underpinning tenant demand in the office sector. While remote and hybrid work have impacted office use in the metro, market-wide vacancies have kept in decent shape. Entering July 2023, Reno’s 15.1 percent vacancy rate was below the pre-2017 average. Rapid household growth has backstopped space needs, with law, financial and health service providers executing expansions to capture share in a growing market. The local household count increased 2.2 percent year over year in September, which was the second fastest among metros with fewer than 600,000 households. South Reno is spearheading this growth with 14 consecutive quarters of positive apartment net absorption through June 2023, drawing consumer-facing office tenants to the highly developed Meadowood neighborhood. The Reno VA Medical Center — which serves patients as far as Alturas, Calif. — recently announced its relocation to the area, which should also elevate long-term needs for nearby medical office space. While household growth has shored up space demand, Reno’s office market is still recalibrating to a 20-year-high supply injection. Overall inventory expanded 2 percent in the first half of …

November 3, 2023

Affordable Housing Colorado Development Multifamily Western

TWG to Convert Former Hotel into $35M Affordable Housing Property in Durango, Colorado

by Amy Works November 2, 2023

DURANGO, COLO. — TWG has started the development of Residences at Durango, a $35 million affordable multifamily community at 21382 US 160 W. in Durango, a small city in southwestern Colorado. Partners on the project include the Colorado Housing and Finance Authority, R4 Capital, Colorado Division of Housing, the City of Durango, Project Moxie and RCH Jones. Residences at Durango is an adaptive reuse of a former hotel, which will be converted into 72 studio, one- and two-bedroom units. The new construction will add two three-story buildings, with two- and three-bedroom options, adding an additional 48 apartments. Each unit is restricted to families with incomes ranging from 30 to 60 percent of the area median income or less. Community amenities will include a business center, exercise facility, central laundry facility, playground, picnic area and common area Wi-Fi. Construction is slated for completion by early 2025.

November 2, 2023

Acquisitions California Retail Western

West Village Sells Rancho Santa Fe Plaza in Encinitas, California for $26M

by Amy Works November 2, 2023

ENCINITAS, CALIF. — West Village has completed the disposition of Rancho Santa Fe Plaza, a shopping center located at 162 S. Rancho Santa Fe Road in Encinitas, a northern suburb of San Diego. Corona del Mar-based Space Investment Partners acquired the asset for $26 million. Harvest Ranch Market anchors the 60,492-square-foot retail center. The new owners are planning major enhancements and aesthetic improvements to the property. Mike Moser of Retail Insite represented the seller in the deal.

November 2, 2023

University of Washington Bothell Phase 1 Residential Village

Development Multifamily Student Housing Washington Western

P3 Completes Phase I of Residential Village at the University of Washington Bothell

by Amy Works November 2, 2023

BOTHELL, WASH. — A public-private partnership between the University of Washington (UW) Bothell, Capstone Development Partners and Harrison Street has completed the development of Phase I of its on-campus Residential Village project. The initial phase of the project included the delivery of two new buildings: Summit Hall and Terrace Dining Pavilion. Summit Hall offers 380 beds of housing for first-year students in double-occupancy units, alongside 14,000 square feet of office space on the ground level for university enrollment services. The 15,000-square-foot dining pavilion seats 485 students and offers multiple dining options for students, as well as faculty and staff. Phase II of the development is currently under construction and will include a 300,000-square-foot residence hall offering 1,055 beds for undergraduate and graduate students. The project is scheduled for completion in summer 2024. The development team includes Mahlum Architects and Andersen Construction. Capstone Management Partners will provide operations and management services for the facilities in conjunction with UW Bothell’s residential life team. Bothell is a suburb north of Seattle.

November 2, 2023

Acquisitions California Industrial Western

Harbor Associates, F&F Capital Buy Industrial Portfolio in Carlsbad, California for $21.2M

by Amy Works November 2, 2023

CARLSBAD, CALIF. — A joint venture between Harbor Associates and F&F Capital Group has acquired two industrial buildings at 5801 and 5807 Van Allen Way in Carlsbad, approximately 30 miles north of San Diego. An undisclosed seller sold the portfolio for $21.2 million, or $208 per square foot. Situated within Carlsbad Research Center, the 102,360-square-foot portfolio features passive solar cooling with operable windows, two dock-high doors, three grade-level doors and street frontage along Faraday Avenue. The sale included a leaseback with the seller at 5807 Van Allen Way. The buyers will market 5801 Van Allen Way to traditional industrial and life science users. Dennis Visser and Matt Pourcho of CBRE advised the seller in the deal.

November 2, 2023

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