SAN JOSE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.8 million loan for the refinancing of Tully Commercial Center, a retail property in San Jose. Located at 1055-1095 Tully Road, Tully Commercial Center features 15 freestanding retail spaces. Current tenants include Little Caesars, Hawaiian BBQ, a hair and nail salon, and a dry cleaner. David Campbell of MMCC’s Palo Alto office secured the financing, which features a seven-year term and 25-year amortization.
BUCKEYE, ARIZ. — A partnership between Tucson-based Holualoa Cos. and Phoenix-Countrywalk Community Developers has broken ground on Lanai, a multifamily property in Buckeye. Built over two phases, Lanai will feature 444 townhome-style residences. Designed by WORKSBUREAU, Lanai units will feature dormer windows, vaulted ceilings and living rooms with glass sliders to enable indoor-outdoor living. Ground-floor unit will feature semi-private front courtyards. Community amenities will include a pool and lounge area, splash pad, playground, outdoor fitness equipment and area, dog park and dog run.
SAN JOSE, CALIF. — A joint venture between Archway Equities and Virtú Investments has acquired The James, a Class A apartment community in downtown San Jose. Fairfield sold the asset for $74.2 million. Located at 98 N. First St., The James features 190 apartments in a mix of studio, one- and two-bedroom floor plans, 7,256 square feet of street-level retail space and a 251-space subterranean garage. Common amenities include a fitness center, resort-style pool, resident clubhouse, conference rooms, a dog washing station, outdoor meeting areas with barbecues and fire pits, and a bike storage facility. At the time of closing, the property was 95 percent leased. The James was built in 2019. Virtú Investments will manage the property through its property management division North Coast. Brian Eisendrath of Institutional Property Advisors arranged acquisition financing from Freddie Mac for the buyers. Brett Betzler, Kaohu Berg-Hee and Rachel Parsons of Berkadia represented the seller in the deal.
QUEEN CREEK, ARIZ. — Plaza Cos. and Ryan Cos. have completed the disposition of Ironwood Medical Pavilion, located on the Banner Ironwood Medical Center campus in Queen Creek. Hammes Partners acquired the asset for $23.3 million. Plaza Cos. will remain a minority joint venture investor and will continue to provide leasing and property management services for the property. Completion in September 2019, the three-story Ironwood Medical Center features 60,000 square feet of medical office space. The facility is adjacent to the Banner Ironwood Medical Center, a 78-acre medical center campus at the southwest corner of Gantzel and Combs roads. Bill Cook and Margaret Lloyd of Plaza Cos. will lead leasing efforts, while Scott Rubin of Plaza Cos. will oversee property management of the facility.
TUCSON, ARIZ. — Greenlight Communities and MEB Management, as property manager, have opened Cabana Bridges, a multifamily community located at 1102 E. 36th St. in South Tucson. The 170,784-square-foot property features studio, one- and two-bedroom apartments. Community amenities include a 24/7 fitness center, outdoor fitness circuit, yoga yard, swimming pool, clubhouse, shared spaces, a community garden and electric vehicle charging stations.
MESA, ARIZ. — Trez Capital has closed a construction loan for Dale Cavan for the development of Hawes Commerce Park, an industrial project at the intersection of East Pecos and South Hawes roads in Mesa. Currently under construction, Hawes Commerce Park will feature 10 buildings with a combined 16 units and a total of 153,000 net rentable square feet. The property sits adjacent to Phoenix’s secondary airport, Phoenix-Mesa Gateway Airport. Completion is slated for third-quarter 2024.
PHOENIX — LPC Desert West, Lincoln Property’s Co.’s (LPC) Southwest division, has completed the sale of 3131 and 3133 Camelback office buildings in Phoenix to an entity of Presson Corp., led by local investor Daryl Burton, for $72.1 million. Barry Gabel, Chris Marchildon and C.J. Osbrink of Newmark represented the seller in the deal. LPC will retain leasing and management duties for the Class A buildings. Totaling 295,401 square feet, the project spans two adjacent multi-story office buildings at 3131 and 3133 E. Camelback Road. 3131 Camelback is a four-story, 196,332-square-foot building, and 3133 Camelback is a three-story, 99,069-square-foot facility. The property also features an onsite parking garage.
BROOMFIELD, COLO. — St. John Properties has started construction of Simms Technology Park, an 81-acre mixed-use business community in Broomfield. Upon completion, the project will feature nearly 600,000 square feet of single-story and multi-story office and flex/research-and-development (R&D) space, as well as complementary retail amenities. The first phase of the park includes a single-story 41,000-square-foot office building and two flex/R&D buildings offering a total of nearly 70,000 square feet of space. Totaling just over 110,000 square feet, the three buildings are designed to achieve LEED certification. Completion of the three buildings is slated for summer 2024. In summer 2022, Broomfield City Council granted approval for St. John Properties to begin development activities on Simms Technology Park, a $125 million project at the intersection of North Simms Street and West 112th Avenue in Broomfield County, approximately 20 miles northwest of Denver. The Baltimore-based developer acquired the development site from Brocade Communications Systems LLC in 2020. In addition to the initial three buildings, St. John Properties is currently marketing the sale or ground lease of four pad sites, ranging from 1.5 acres to two acres, that can support various uses, including restaurants, convenient stores/gas stations and fast food. The final development is expected …
BELLINGHAM, WASH. — 11 Capital has completed the sale of WWU – Living Portfolio and The U, two student housing communities near Western Washington University (WVU) in Bellingham. PTLA Corp. acquired the assets for a total of $35.4 million. Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia’s Seattle office, represented the seller in both transactions. The WWU – Living Portfolio sold for $29.2 million and consists of 145 units spread across three student housing properties that were 87 percent occupied at the time of sale: — University Heights, a 78-unit/114-bed community at 2110 Bill McDonald Parkway — Taylor Heights, a 16-unit/64-bed property at 2115 Taylor Ave. — Viking Gardens Apartments, a 33-unit/132-bed community at 2300 Bill McDonald Parkway The U, which sold for $6.2 million, features 18 units/61 beds. The property was 97 percent occupied at the time of sale.
FULLERTON, CALIF. — Irvine, Calif.-based Shopoff Realty Investment has completed the disposition of the hard corner of the current Sunrise Village Shopping Center in Fullerton. Dream ERE: Real Estate, a local Orange County, Calif.-based investor, acquired the asset for an undisclosed price. The sold property includes the Del Taco drive-thru ground lease and a 6,355-square-foot, three-tenant pad that is currently occupied by Papa John’s Pizza, Sunrise Optometry and Coffee Code. In January 2023, Shopoff received unanimous approval for the mixed-use redevelopment of Sunrise Village. Dubbed The Pines at Fullerton, the project will include 49 small-lot detached homes, 64 townhouses and 23,000 square feet of neighborhood retail uses. With the sale of the corner retail, 2.7 acres of retail pads remain for sale.
