Western

Wentworth Property Sells 18-Property Self-Storage Portfolio for $266.2M

by Amy Works February 1, 2023

PHOENIX — Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self-storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City, two properties are in Denver and one asset is in Boise, Idaho. John Smeck and Alix Hanna of Colliers Arizona, along with Grant Frankel, Adam Licari, John Caraviello and Lucas Blumenfeld of Eastdil Secured’s New York City office, arranged $160 million in non-recourse, fixed-rate financing for the buyer. Tom Gustafson of Colliers’ National Self Storage team in Cleveland, Ohio, procured the buyer for the off-market transaction.

February 1, 2023

Development Multifamily Student Housing Utah Western

Utah Tech University to Break Ground on 564-Bed Campus View Suites Residence Hall

by Amy Works February 1, 2023

ST. GEORGE, UTAH — Utah Tech University is set to break ground on the 564-bed third phase of its Campus View Suites residence hall project in St. George. Set to open in fall 2024, the final phase of the development will span 164,600 square feet. Shared amenities will include a fitness room; multipurpose room; laundry facilities, common kitchens and living rooms on each floor; indoor bike storage; game room; grocery store stocked with fresh fruit, vegetables and dairy; private and shared study rooms; and housing staff offices. The 352-bed first phase of development was delivered in fall 2016. The second phase of the project was completed in fall 2021 and offers 534 beds. The development team for Phase III includes DFCM, Layton Construction and Method Studio.

February 1, 2023

Acquisitions Oregon Retail Western

Hyperion Realty Capital Buys 103,000 SF Beaverton Town Square Shopping Center in Oregon

by Amy Works February 1, 2023

BEAVERTON, ORE. — Hyperion Realty Capital, formerly Portal Investment Management, has acquired Beaverton Town Square, a shopping center located at 11635-11763 SW Beaverton Hillsdale Highway in Beaverton. A private family sold the asset for an undisclosed price. Totaling 103,000 square feet, Beaverton Town Square consists of multiple buildings on nearly 12 acres. Trader Joe’s anchors the retail center. Kevin Adatto and Sean Tufts of CPX handled the transaction.

February 1, 2023

Talbert-Mount-Washington-Industrial-Park-Fountain-Valley-CA

Acquisitions Arizona Industrial Western

Manhattan West Acquires Talbert-Mount Washington Industrial Park in Fountain Valley, California for $16.5M

by Amy Works February 1, 2023

FOUNTAIN VALLEY, CALIF. — Manhattan West Real Estate has purchased Talbert-Mount Washington Industrial Park, a multi-tenant industrial park in Fountain Valley. DDK Investments Ltd. sold the asset for $16.5 million. Situated on 2.9 acres, the park includes a 28,754-square-foot building at 18071 Mt. Washington St. and a 31,000-square-foot building at 11190-11240 Talbert Ave. Six tenants, including OC Art & Home, Harwood Galleria, The Drawer Shop and RADCO, fully occupy the property. Both two-story buildings feature outdoor storage yards, 18-foot to 23-foot clear heights, fire protection, oversized ground-level doors and HVAC. Additionally, the property offers 113 parking spaces. Joseph Harmon and Charles Johnson of DAUM Commercial Real Estate Services represented the buyer, while Devin Ray and Mike Barreiro of DAUM represented the seller in the deal.

February 1, 2023

Acquisitions California Industrial Western

Intersection Purchases 89,000 SF Industrial Building in American Canyon, California

by Amy Works February 1, 2023

AMERICAN CANYON, CALIF. — Intersection has acquired 5555 Broadway Street, an industrial property in the Napa County city of American Canyon. The name of the seller and acquisition price were not released. The 89,000-square-foot building is a temperature-controlled warehouse with a night-air cooling, which is ideal for beverage storage and distribution. Situated on seven acres, the building features five grade-level doors, eight dock-high doors including four with levelers, 18-foot to 23-foot warehouse clearance and 9,000 square feet of office space. The property also includes three acres for additional outdoor storage space. At the time of sale, the building was 98 percent occupied. Intersection plans to bring the property to market-rate rent values and implement capital improvements to the asset. Kris Hagar and Tyler Epting of Newmark represented the buyer in the transaction.

February 1, 2023

Acquisitions California Retail Western

Griffin Living Sells 85,022 SF Griffin Plaza Retail Center in Simi Valley, California for $22.1M

by Amy Works January 31, 2023

SIMI VALLEY, CALIF. — Griffin Living has completed the disposition of Griffin Plaza, a shopping center located at 3885-3977 Cochran St. in Simi Valley. A private 1031 exchange investor acquired the asset for $22.1 million. Built in 1981 and renovated in 2019, Griffin Plaza features 85,022 square feet of retail space. At the time of sale, the property was 94 percent occupied. Current tenants include Aldi, CVS/pharmacy, Wendy’s and Varenita Assisted Living Community, a 102-unit seniors housing property located within Griffin Plaza. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets representd the seller in the deal.

January 31, 2023

Arizona Development Industrial Western

Graycor Construction Completes Three Industrial Buildings at Gilbert Spectrum in Arizona

by Amy Works January 31, 2023

GILBERT, ARIZ. — On behalf of GID and SunCap Property Group, Graycor Construction Co. has completed development of Buildings 9, 10 and 11 at Gilbert Spectrum, a 64-acre industrial park at McQueen and Elliot roads in Gilbert. Northrop Grumman, a multinational aerospace and defense technology company, has leased the 100,000-square-foot Building 9. S&M Moving Systems, a full-service local and long-distance moving company, has leased the 142,200-square-foot Building 10. At the 66,400-square-foot Building 11, Banner Industries, which specializes in high-purity and industrial flow component distribution, is occupying 27,097 square feet and Varsity Brands, an American apparel company, is leasing 18,047 square feet. The new buildings offer 28-foot to 32-foot clear heights, a mix of dock-high and drive-in doors, generous power and ESFR sprinklers. Additionally, the three buildings share a 190-foot loading court. Graycor served as design-build general contractor and Balmer Architectural Group was the project architect. At build-out, Gilbert Spectrum will include up to 850,000 square feet of office, flex industrial and technology-related space. Ken McQueen and Chris McClurg of Lee & Associates Arizona are handling leasing for the three facilities.

January 31, 2023

Acquisitions Arizona Hospitality Western

Sun Valley Hotels Buys 108-Key La Quinta Inn & Suites in Peoria, Arizona

by Amy Works January 31, 2023

PEORIA, ARIZ. — Toronto-based Sun Valley Hotels LLC has acquired La Quinta Inn & Suites at 16321 N. 83rd Ave. in Peoria. The name of the seller and acquisition price were not released. The hotel features 108 guest rooms, a heated outdoor pool, fitness center and Wi-Fi. Bill Murney of Cushman & Wakefield’s Hospitality team in Phoenix represented the seller in the deal.

January 31, 2023

Acquisitions California Industrial Western

MCA Realty Divests of 42,750 SF Struck Business Park in Orange, California

by Amy Works January 31, 2023

ORANGE, CALIF. — MCA Realty has completed the disposition of Struck Business Park, a two-building industrial park in Orange, to a private investor for $13.5 million. MCA Realty originally acquired the asset for $9.4 million in August 2021. Located at 1523 and 1547 W. Struck Ave., Struck Business Park features 42,750 square feet of industrial space. At the time of sale, the property was 100 percent leased. The asset was built in 1976. Michael Hefner, Hayden Socci and Tom Terry of Voit Real Estate Services represented the seller, while Michael Vernick of Voit Real Estate Services represented the buyer in the deal.

January 31, 2023

Loans Multifamily Washington Western

Marcus & Millichap Arranges $4.1M Acquisition Loan for Powerhouse Villas in Yakima, Washington

by Amy Works January 31, 2023

YAKIMA, WASH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million bridge loan for the purchase of the Powerhouse Villas Duplex multifamily portfolio in Yakima. Tammy Linden of MMCC’s Seattle office arranged the 12-month loan for the undisclosed borrower. Built in 2018, the portfolio consists of 12 duplexes, totaling 24 units. The acquisition was part of a 1031 exchange, with purchase contracts assembled from three different sellers. Zachary Howe of Marcus & Millichap handled the acquisition.

January 31, 2023

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