VACAVILLE, CALIF. — Ridgeline Property Group, along with USAA Real Estate as capital partner and real estate investment manager, has started vertical construction for Midway Commerce Center Buildings A and C in Vacaville. Situated on 89.7 acres, the 1.5 million-square-foot industrial park is located off Eubanks Drive, a mile from the Midway Road and Highway 505 interchange and less than four miles from Interstate 80. The 198,490-square-foot, rear-loading Building A will offer 36-foot clear heights and mechanical dock levers at every other position. The 1.2 million-square-foot, cross-dock Building C will offer an internal clear height of 42 feet and hydraulic dock levels at all 209 positions. Both buildings will feature LED lighting, ample power and high-finish offices. Completion is slated for early this fall. Development costs were not released. HPA Architecture is serving as architect for the project. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield are handling leasing for the project.
SCOTTSDALE, ARIZ. — Arizona-based Mark-Taylor Residential has opened San Bellara, a multifamily property located at 17800 N. 78th St. in Scottsdale. Mark-Taylor will manage the 180-unit community in-house. San Bellara features a mix of one-, two- and three-bedroom layouts with granite countertops, stainless steel appliances, walk-in closets, in-unit washers/dryers, air conditioning, private patios or balconies and direct-access garages. The pet-friendly property also offers a swimming pool, hot tub, fitness center, business center, outdoor cabanas with a poolside kitchen, an electric car station and a resident clubhouse with flat-screen TV.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of The Beverly On Fifth, a residential property in Tucson. Beverly On Fifth Owner LLC acquired the acquired the asset from Dry Desert LLC for $6.7 million. Located at 5601 E. 5th St., The Beverly On Fifth features 35 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
SAN TAN VALLEY, ARIZ. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 1732 W. Hunt Highway in San Tan Valley. A limited liability company sold the property to an undisclosed buyer for $6.1 million. Super Star Car Wash occupies the 4,517-square-foot on a net-leased basis. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller. Ryan Sarbinoff of Marcus & Millichap served as the Arizona broker of record in the deal.
BEND, ORE. — Cushman & Wakefield has arranged the sale of The Alexander Bend, a 136-unit independent living community in Bend. Opened in late 2019 and representing the city of Bend’s newest independent living offering in over 10 years, The Alexander Bend features 3.1 acres of adjacent land. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard represented the seller, BPM Real Estate Group, in the transaction. The buyer was Touchmark, which renamed the community Touchmark at Pilot Butte and will operate it alongside Touchmark at Mount Bachelor Village on the west side of Bend. The price was $57.8 million.
LAS VEGAS — Dornin Investment Group (DIG) has completed the disposition of City Centre Place, an office building located at 400 S. Fourth St. in downtown Las Vegas. California-based Ally Investments acquired the asset for $15.2 million. The six-story City Centre Place features 109,189 square feet of Class A office space. At the time of sale, the property was 36 percent occupied. Onsite amenities include an atrium, attached parking garage, controlled access, monument signage and security. Marc Magliarditi and Travis Landes of CBRE represented the seller in the transaction.
Continental Properties Opens 240-Unit Springs at Northgate Multifamily Community in Colorado Springs
COLORADO SPRINGS, COLO. — Continental Properties has opened Springs at Northgate, an apartment property located at 93 Clear Pass View within the 200-acre master-planned Polaris Pointe development in Colorado Springs. Springs at Northgate features 240 townhome-style studios, one-, two- and three-bedroom apartments with modern floor plans, high-end finishes, gourmet kitchens, abundant natural light, in-unit washers/dryers and private patios or balconies. Onsite amenities include a swimming pool, community clubhouse, outdoor grill area, 24-hour fitness center, car care area and leash-free dog park.
INDIO AND PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two new properties leased by 7-Eleven in Riverside County. Two different buyers acquired the assets for a combined total of $10.1 million. Bill Asher and Jeff Lefko of Hanley Investment Group represented the sellers, TSC Perris LLC and TSC Indio Golf Center LLC, in both transactions. In the first transaction, a private investor acquired a newly constructed, 3,494-square-foot 7-Eleven convenience store and gas station at the intersection of Golf Center Parkway and Avenue 45 in Indio. The property traded for $5.1 million, or $1,474 per square foot. Rick Lazar of Lee & Associates in Riverside represented the buyer. In the second deal, a Los Angeles-based private investor purchased a recently completed, 2,950-square-foot 7-Eleven convenience store and gas station at Perris and Harley Knox boulevards in Perris. The asset traded for $5 million, or $1,695 per square foot. Pooya Dayanim of Beverly Hills-based Dayanim Real Estate Corp. represented the buyer.
COSTA MESA, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial/flex building in Costa Mesa. The property traded for $6.1 million. Located at 3587-3589 Harbor Blvd., the 19,271-square-foot building features a large fenced yard, three ground-level doors and 400 amps, 120/208 volt power. Greg Diab of Lee & Associates Orange represented the buyer in the deal.
— By Rob Martensen, Senior Executive Vice President, Colliers International — There are a lot of questions being asked about the Phoenix industrial market as we turn the calendar to 2023. Having been an industrial broker in this market for 25 years, I have seen many ups and downs, which are historically driven by the residential construction market. Phoenix used to be a one-industry town…and that industry was growth. Sure, we’ve had large companies like Motorola, Avnet and Intel, but the industrial market has been mostly driven by people moving to Arizona and buying houses and household goods. Phoenix has transformed in the past five years into a thriving city that now supports many industries. The largest is advanced manufacturing. This includes semiconductors, battery manufacturing, electric vehicle manufacturing and all supporting businesses. Intel is in the process of a $20 billion expansion to their existing facility, while Taiwan Semiconductor Manufacturing Company (TSMC) is under construction on a $12 billion chip making factory. TSMC recently announced it’s going to immediately start on Phase II of this factory, which will be another $28 billion spent in Phoenix. It is estimated that 160 new companies have moved to Phoenix to support these two new …