Western

Marcus & Millichap Arranges $41.4M Sale of Six-Property Car Wash Portfolio in Phoenix, Las Vegas

by Amy Works August 16, 2023

PHOENIX AND LAS VEGAS — Marcus & Millichap has brokered the sale of six Ultra Clean Express Car Wash net-leased properties located across Phoenix and Las Vegas. The portfolio sold for $41.4 million. Chris Lind, Zack House and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller, a limited liability company. Ryan Sarbinoff served as Marcus & Millichap’s Arizona broker of record and Drank Cameron Glinton served as Marcus & Millichap’s Nevada broker of record. The buyer was not disclosed. Each asset includes a new 20-year, triple-net lease with corporate guarantee and a 10 percent rental increase every five years. Ultra Clean operates under multiple brands, including Ultra Clean, 3 Minute Car Wash, Rinse N Ride, Sparkle and Fast & Friendly.

August 16, 2023

Dove-Valley-Business-Center-Englewood-CO

Acquisitions Colorado Industrial Western

Westcore Sells Dove Valley Business Center in Englewood, Colorado for $29.7M

by Amy Works August 16, 2023

ENGLEWOOD, COLO. — Westcore has completed the disposition of Dove Valley Business Center, a warehouse distribution center located at 14101 E. Otero Ave. in the Denver suburb of Englewood. An undisclosed private investor acquired the asset for $29.7 million. Built in 2018, Dove Valley Busines Center features 149,776 square feet of Class A industrial space with 28-foot clear heights, ESFR sprinklers, dock-high and drive-in loading, a large truck court and outdoor storage. At the time of sale, the facility was fully leased to five tenants. Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick of CBRE National Partners in Denver represented the seller, while MidPacific Asset Advisors represented the buyer in the transaction. Tyler Reed, Dominic DiOrio and Peter Beugg of Stream Realty Partners handled leasing for the property.

August 16, 2023

Acquisitions Industrial Nevada Office Western

Avison Young Brokers $4.7M Sale of Office/Warehouse Building in Henderson, Nevada

by Amy Works August 16, 2023

HENDERSON, NEV. — Avison Young has arranged the sale of an office and warehouse property located at 7440 Commercial Way in Henderson. Diamond Mountain Properties sold the asset to R.E. Michel Co. for $4.7 million. Built in 2001 on 1.2 acres, the 17,776-square-foot property features just under 4,000 square feet of office space, 28-foot clear heights, one dock-level door, one grade-level door and 31 parking stalls. The buyer, a wholesale distributor of HVAC/R equipment, parts and supplies, will occupy the entire building. Joe Leavitt, Chris Lexis and James Griffis of Avison Young represented the seller, while the buyer was self-represented in the deal.

August 16, 2023

Acquisitions California Loans Office Western

Kairos Investment Provides Acquisition Financing for 156,600 SF The Commons of Valencia Office Complex in California

by Amy Works August 15, 2023

VALENCIA, CALIF. — Kairos Investment Management has provided a senior bridge loan to Harbor Associates for the acquisition of The Commons of Valencia, a 156,600-square-foot, Class A office complex in Valencia. Terms of the financing were not released. Located at 25152 and 25124 Springfield Court, the complex features two three-story buildings and a two-story parking structure, with 12 electric vehicle charging spots, 170 stalls within a covered structure and 622 stalls in total. Recent renovations at the property include added tenant-friendly updates to the common areas, including the lobbies, furnished outdoor spaces and landscaping.

August 15, 2023

California Loans Retail Western

Gantry Arranges $14.2M Refinancing for Retail Center in Milpitas, California

by Amy Works August 15, 2023

MILPITAS, CALIF. — Gantry has secured a $14.2 million permanent loan to refinance a neighborhood retail center in Milpitas. The shopping center features 48,000 square feet of retail space. Andrew Mekjavich, Ben Johnson and Erinn Cooke of Gantry’s San Francisco production office secured the loan for the borrower, a private real estate entity. A regional bank provided the fixed-rate loan, which was structured to retire a debt facility that Gantry placed in 2018.

August 15, 2023

Acquisitions California Multifamily Walker & Dunlop Western

Walker & Dunlop Brokers Sale of 230-Unit Multifamily Property in La Mesa, California

by Amy Works August 15, 2023

LA MESA, CALIF. — Walker & Dunlop has brokered the sale of Jefferson La Mesa, an apartment community located at 4949 Baltimore Drive in La Mesa. Terms of the transaction were not released. Walker & Dunlop’s California investment sales team, led by Hunter Combs, acted as advisor to the seller, JPI, and the buyer, R&V Management Co.

August 15, 2023

Acquisitions Colorado Industrial Western

City Lights Church Buys Commercial Building in Greeley, Colorado for $5.5M

by Amy Works August 15, 2023

GREELEY, COLO. — Cushman & Wakefield has arranged the sale of a freestanding flex commercial property, located at 7251 W. 4th St. in Greeley. City Lights Church acquired the property from Ashton Greeley Property LLC for $5.5 million. Originally built in 1985 and since renovated, the 48,044-square-foot building was vacant at the time of sale. The property is situated on more than 4.6 acres. Jason Ells of Cushman & Wakefield represented the seller, while Erick Backlund of Kairos Real Estate represented the buyer in the deal.

August 15, 2023

Acquisitions Colorado Multifamily Western

Hosler Holdings Sells 28-Unit Apartment Building in Aurora, Colorado

by Amy Works August 15, 2023

AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a residential property located at 15500 E. 13th Ave. in Aurora. Hosler Holdings sold the asset for $4 million, or $144,643 per unit. Built in 1972, the 30,132-square-foot property features 28 units. Barton Thompson of Pinnacle Real Estate Advisors represented the seller in the deal. The buyer was not disclosed.

August 15, 2023

California Market Reports Retail Western Western Market Reports

Investor Demand Continues for Orange County Retail

by Jeff Shaw August 15, 2023

— By Gleb Lvovich, Managing Director, and Daniel Tyner, Senior Director, JLL Capital Markets — The commercial real estate market across all asset classes has seen a slowdown in transaction activity in 2023 compared to 2022 and 2021 largely due to the rapid increase in borrowing costs for investors. This might have impacted the commercial real estate sector as a whole, but shopping centers in Orange County are still buzzing with consumers as occupancy remains robust. Orange County has continuously proved to be one of the most sought-after markets to invest in retail due to its strong demographics, population growth and overall fundamentals. Investor Demand Shopping center performance in Orange County has been excellent over the past few years, and investors see this trend continuing for the foreseeable future. Low vacancy and strong tenant demand has allowed investors to experience significant rent growth at their properties. Orange County has experienced particularly strong grocer performance and expansion. Historically, shopping center transactions have been very limited in Orange County. This has further driven investor demand due to the lack of available investment opportunities. The few listings that exist generate significant interest. Recent examples include the sale of Ralph’s- and Rite Aid-anchored Brea …

August 15, 2023

Roxann Campbell Pavlov Media Multifamily Wi-Fi

Content Partner Features Midwest Multifamily Northeast Pavlov Media Southeast Student Housing Texas Western

Pavlov Media Delivers, Manages Optimal Wi-Fi Service for Multifamily Residents

by Sarah Daniels August 15, 2023

Day-to day life as a property manager in both a conventional multifamily building and student housing can be unpredictable. Hiring and staffing issues can plague many operators, resulting in the need to wear many different hats. These different hats can make it difficult for staff to fully address all of the residents’ needs. Managing a Wi-Fi system — perhaps the most crucial technology platform at any community — is one duty that the onsite team can happily offload to a third-party provider. Reliable Managed Wi-Fi Systems Roxann Campbell, vice president of regional sales at Pavlov Media, says today’s Internet-connected culture has increased the need for residents to have an absolutely reliable managed Wi-Fi system. Pavlov Media (which provides Wi-Fi & fiber services to multifamily and student properties) is an Internet service provider (ISP) that can establish connectivity throughout entire buildings while managing Internet for all of a property’s residents. This managed Wi-Fi approach benefits the buildings’ owner-operators because it offers a planned strategy for wiring and Wi-Fi signals. Routers aren’t competing against each other, as they can in communities that give their residents the option to sign up with any number of competing Internet providers. “Bulk managed Wi-Fi provides residents …

August 15, 2023

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