FLAGSTAFF, ARIZ. — Olympus Property has purchased Trailside Apartments, a multifamily community in Flagstaff. Terms of the transaction were not released. This acquisition expands Olympus’ presence in Flagstaff, where the company also owns Mountain Trail Apartments. Built in 2020, Trailside Apartments features 111 studio, one- and two-bedroom floor plans, ranging from 463 square feet to 951 square feet. Apartments offer nine-foot ceilings, hardwood floors, stainless steel appliances, private balconies and patios, in-unit washers/dryers and detached garages in select units. Community amenities include a clubhouse, business center, fitness center, steam room and outdoor fireplace.
TUCSON, ARIZ. — Propeller Properties LLC has acquired Halmark Apartments, a multifamily property in Tucson. AZBAHAY LLC sold the asset for $2.3 million. Located at 3130 E. 4th St., the building features 12 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
QUEEN CREEK, ARIZ. — Sprouts Farmers Market has opened a 50,000-square-foot store at Vineyard Towne Center, a 23-acre retail development that Vestar is currently developing in the Phoenix suburb of Queen Creek. Sprouts is the anchor tenant of Phase I of the project. A 145,000-square-foot Target is scheduled to open in April 2025 and anchor the development’s Phase II. Other tenants at Phase I, which is currently 90 percent leased, include Chunk Cookies, Cinnaholic, Dentists of Queen Creek, European Wax Center, MOD Pizza, Mountain America Credit Union, Mr. Pickles, Nekter Juice Bar, Ono Hawaiin BBQ, Over Easy and Zara Nail Bar.
SCOTTSDALE, ARIZ. — LPC Desert West, Lincoln Property Company’s Southwest division, has completed the disposition of Gainey Center, a Class A office property in Scottsdale. Presson Cos., headed by long-time Phoenix commercial real estate investor Daryl Burton, acquired the asset for $26.5 million. Situated on 4.7 acres at 8501 N. Scottsdale Road, Gainey Center features 143,653 square feet of office space. The building offers functional floor plates, private tenant balconies, on-site security, a covered parking garage and views of Camelback Mountain, the McDowell Mountains and Mummy Mountain. During its ownership, LPC renovated the property. Upgrades included an extensive renovation of the lobby, which features a 22-foot atrium, upgraded seating and contemporary artwork. Improvements were also made to the building corridors, restrooms, elevator banks and mechanical systems. Barry Gabel and Chris Marchildon of Newmark represented LPC in the transaction.
BURLINGAME, CALIF. — The California Society of Certified Public Accountants (CalCPA) has completed the disposition of a three-story office building located at 1710 Gilbreth in the Bay Area city of Burlingame. An undisclosed buyer acquired the asset for $15.1 million. Built in 1950, the 34,504-square-foot office building underwent significant renovations in 2017, including new exteriors, interiors and a structural retrofit. CalPAC recently relocated to and expanded its presence in Sacramento. Kyle Kovac, Mike Taquino, Joe Moriarty and Giancarlo Sangiacomo of CBRE’s San Francisco Capital Markets team represented the seller in the deal.
Pinnacle Real Estate Arranges $5.8M Acquisition of Single-Tenant Retail Property in Gilbert, Arizona
GILBERT, ARIZ. — Pinnacle Real Estate Advisors has brokered the purchase of a retail property located at 777 W. Ray Road in Gilbert. Lanwin 120 Windsor LLC acquired the asset from an undisclosed seller for $5.8 million. A gas station occupies the 2,044-square-foot property on an absolute, triple-net, 20-year lease with zero landlord responsibilities and 3 percent annual rent increases. The asset was built in 2000 and remodeled in 2023. Barton Thompson of Pinnacle Real Estate Advisors represented the buyer in the deal.
SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of a freestanding medical office building located at 4850 Union Ave. in San Jose. LGTC Group acquired the asset from 4850 Union Avenue LLC for $9 million. LGTC Group, an outpatient mental health center, plans to occupy the two-story, 17,200-square-foot facility as its new clinic. Erik Hallgrimson and Clarke Steele of Cushman & Wakefield represented the seller in the transaction.
CORONA, CALIF. — BDK Logistics Intelligence has signed a deal to lease an entire industrial facility located at 1161 Olympic Drive in Corona. Monterey Rancho Mirage LLC owns the property. Terms of the lease were not released. Situated on 4.8 acres, the 114,190-square-foot building features 20 dock-high loading doors. Brett Lockwood and Rick Ellison of Cushman & Wakefield represented the landlord in the lease.
REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in Redmond, an eastern suburb of Seattle. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, stainless steel appliances, quartz countertops and wood-style plank flooring. Amenities include an outdoor terrace, barbecue area, complimentary coffee bar, resident social lounge, game room, demonstration kitchen, fitness center and co-working lounge. According to Apartments.com, the complex rises six stories and is served by an elevator. Located at 15808 Bear Creek Pkwy. in Redmond’s downtown area, Radiate Apartments is less than half a mile from Redmond Town Center, an outdoor shopping center with more than 120 retail stores, 20 restaurants, three hotels and entertainment venue space. According to JLL, there is approximately 1.9 million square feet of retail, restaurant and entertainment space within a half-mile radius of the community. Additionally, Radiate Apartments is about 15 miles from downtown Seattle and eight miles from downtown Bellevue. The property offers access to the Redmond Central Connector trail, which will connect to the upcoming Downton …
— By Samuel Hatcher, Field Research Manager, CBRE — Portland’s historically vibrant office market finds itself at a crossroads, striving to regain its footing in the wake of economic headwinds. The city’s unique blend of natural beauty, progressive culture and thriving tech scene has been a magnet for young professionals seeking an exceptional quality of life. However, recent shifting market dynamics have cast a shadow of uncertainty, compelling stakeholders to navigate a path to recovery with adaptability and resilience. Portland’s overall office market vacancy is currently 22 percent across the metro area. Downtown vacancy — which includes the Central Eastside, Northwest Close-in and Lloyd District — is at about 28 percent. Of that vacant space, 3.3 million square feet is Class A. Moreover, sublease availability across the overall office market is up 67 percent year over year and investment remains paused. Capital is waiting on the sidelines due to elevated interest rates and generally tighter financial conditions. Despite these stats, the market is showing some bright spots. The rate at which newly available sublease space is being put on the market has slowed compared to when this narrative was dominating headlines. There’s even a chance of a slight quarter-over-quarter decrease …