Western

First Washington Realty Sells Whole Foods Market-Anchored Retail Center in Tucson for $31.1M

by Amy Works January 27, 2023

TUCSON, ARIZ. — First Washington Realty has completed the disposition of River Center, a neighborhood retail center at 5555-5675 E. River Road in Tucson, to a private investor for $31.1 million. River Center features 107,508 square feet of retail space. At the time of sale, the property was fully leased to Whole Foods Market, Petco, Walgreens, Tenet Healthcare, Childtime Childcare and Orange Theory Fitness. Patrick Dempsey, Geoff Tranchina and Patrick Anthon of JLL Retail Capital Markets’ investment sales and advisory team represented the seller in the transaction.

January 27, 2023

Arrow-Business-Center-Rancho-Cucamonga-CA

California Development Industrial Western

Core5, MBK Break Ground on Spec 49,291 SF Arrow Business Center in Rancho Cucamonga, California

by Amy Works January 27, 2023

RANCHO CUCAMONGA, CALIF. — A joint venture between Core5 Industrial Partners and MBK Industrial Properties has broken ground on Arrow Business Center, a Class A industrial building in Rancho Cucamonga. Slated for completion in September, the speculative facility will offer 49,291 square feet of warehouse space. Situated on 2.4 acres at 11770 Arrow Route, Arrow Business Center will feature five dock-high doors, one drive-in position, 32-foot clear heights, 145-foot-deep truck court, six-inch floor slab and an ESFR sprinkler system. The property will also feature solar power and ample parking with five trailer parking stalls and 46 vehicle stalls. David Neault of KW Commercial will handle leasing for the project.

January 27, 2023

Acquisitions Colorado Retail Western

NAI Shames Makovsky Brokers $6.3M Sale of Retail Building in Denver

by Amy Works January 27, 2023

DENVER — NAI Shames Makovsky has arranged the sale of a retail property located at 70 N. Broadway in Denver. Fleming Building LLC acquired the asset from 70 Broadway LLC for $6.3 million. The property features 17,500 square feet of retail space. Todd Snyder and Joey Gargotto of NAI Shames Makovsky represented the seller in the deal.

January 27, 2023

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Surprisingly Resilient Amid Economic Headwinds

by Jeff Shaw January 27, 2023

By Dean Willmore, Executive Vice President; Kyle Kirchmeier, Associate; Alex Stanisic, Vice President; and Laura Wilhelm, Senior Field Research Analyst, CBRE Las Vegas’ current industrial market is surprisingly resilient. There is, of course, a possibility of planned projects being put on hold or not moving forward at all due to rising inflation and economic uncertainty, but leasing activity hasn’t slowed. Regardless of never-before-seen rent growth, record-low vacancy and a marked increase in asking lease rates every 60 days, the market still may not have peaked. As of the third quarter of 2022, the average asking lease rate was $1.19 per square foot (triple net), and the overall vacancy rate remained at a very low 1 percent. However, industrial/flex space in the 2,000- to 5,000-square-foot range, which is still dealing with the effects of the pandemic, has shown no noticeable rent growth. Some landlords are even offering leasing incentives to attract tenants. If the market contracts in 2023, smaller tenants in this size range will be the first to see its effects. Nearly half of the 17 million square feet under construction during the third quarter was pre-leased, and nearly 80 percent of those projects were in North Las Vegas. The largest lease of the quarter occurred in the submarket, with …

January 27, 2023

Development Multifamily Oregon Student Housing Western

CRG Plans 12-Story Chapter at Eugene Student Housing Property Near University of Oregon

by Amy Works January 26, 2023

EUGENE, ORE. — CRG and its partner Kenter Capital have secured the land and construction financing for Chapter at Eugene, a 12-story, 119-unit student housing community adjacent to the University of Oregon campus in Eugene. Construction is slated to begin later this month, with delivery scheduled for 2024 to coincide with the start of the 2024-25 academic year. Located at 754 E. 13th Ave., the 302-bed Chapter at Eugene will offer a mix of studio, two-, three-, four- and five-bedroom apartments, with preleasing scheduled to begin in early fall 2023. The furnished residences will feature wood-style flooring, kitchens with quartz countertops and stainless steel appliances, living rooms with smart TVs, and in-unit laundry. Community amenities will include a 5,000-square-foot rooftop recreation deck with a dog run, dining areas and fire pits with seating, and a 12th-floor resident lounge with a demonstration kitchen and study rooms, as well as a fitness center, yoga room, study areas, resident storage and bicycle parking on the ground floor. Byline Bank provided construction financing, Seattle-based Jackson Main Architecture served as architect and Springfield, Ore.-based John Hyland Construction is serving as general contractor.

January 26, 2023

Arizona Development Industrial Western

Schnitzer Properties Completes 560,352 SF Queen Creek Commerce Center in Chandler, Arizona

by Amy Works January 26, 2023

CHANDLER, ARIZ. — Portland, Ore.-based Schnitzer Properties has completed the construction of Queen Creek Commerce Center, a two-building industrial project at Queen Creek Road and Hamilton Street in Chandler. Situated on 34 acres, Queen Creek Commerce Center features 560,352 square feet of industrial space. Three tenants have pre-leased the development: Intel, NEHP and Horsepower Automotive Group. Rick Collins of JLL brokered the leases on behalf of Schnitzer Properties.

January 26, 2023

Acquisitions California Multifamily Western

Fairfield Carmenita Sells Alivia Apartments in Whittier, California for $49.6M

by Amy Works January 26, 2023

WHITTIER, CALIF. — Fairfield Carmenita LP has completed the disposition of Alivia Apartments, a multifamily community in Whittier, to NexGen Properties Group for $49.6 million, or $387,695 per unit. Completed in 2022, Alivia Apartments features seven residential buildings comprising 68 one-bed/one-bath units and 60 two-bed/two-bath units. All units offer stainless steel appliances, washers/dryers, kitchen islands with storage, and wood-style plank flooring. Community amenities include a resort-style pool and spa, fitness center, social lounge, dog park and outdoor fire lounge. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Michael Derk of Marcus & Millichap Capital Corp. arranged a 10-year, $19.1 million, non-recourse loan for the buyer.

January 26, 2023

Acquisitions Multifamily Seniors Housing Utah Western

1031 Crowdfunding Buys 178-Unit Seniors Housing Portfolio in Utah

by Amy Works January 26, 2023

ST. GEORGE AND LINDON, UTAH — 1031 Crowdfunding has acquired its first two seniors housing communities in Utah. Totaling 178 units of assisted living and memory care, the communities are in the Provo suburb of Lindon and St. George, which is located approximately 130 miles northeast of Las Vegas. Both properties total 156,473 square feet across 5.85 acres, offer seven-year leases, and are within a four-mile radius of local hospitals. “As 1031 Crowdfunding continues to grow, we plan to move into other regions of the country,” says Edward Fernandez, president and CEO of 1031 Crowdfunding. “Seniors housing facilities are needed throughout the country as the baby boomers continue to age, so we continue to look for opportunities to grow our real estate portfolio in targeted markets where we see seniors housing growth potential. The Utah market is attractive to us because the state offers an ideal environment for businesses, lower taxes and a mix of diverse and varied industries that draw people who want to live and work in the state.” The facilities, Spring Gardens St. George and Spring Gardens Lindon, were built in 2011 and 2016. Avista Senior Living is the operator.

January 26, 2023

Acquisitions California Retail Western

Progressive Real Estate Partners Arranges Sale-Leaseback of LifeStream Blood Bank Building in Ontario, California

by Amy Works January 26, 2023

ONTARIO, CALIF. — Progressive Real Estate Partners has brokered the sale-leaseback of a medical retail building located at 1959 E. 4th St. in Ontario. Duckett-Wilson Development Co. acquired the asset from LifeStream Blood Bank for $1.2 million. LifeStream occupies the 3,060-square-foot, single-story, freestanding building, which is an outparcel to the 85,000-square-foot Vineyard Ontario Plaza shopping center. LifeStream is a nonprofit blood donor that provides blood products and services to Southern California hospitals and medical facilities. Paul Su of Progressive Real Estate represented the buyer and the seller in the transaction.

January 26, 2023

Colorado Development Multifamily Western

Dinerstein Cos. Plans 371-Unit Atlas Longmont Multifamily Community in Longmont, Colorado

by Amy Works January 25, 2023

LONGMONT, COLO. — The Dinerstein Cos. has unveiled its plans to develop Atlas Longmont, an apartment property located at 301 First Ave. in Longmont. Situated on 12 acres, Atlas Longmont will feature 371 studio, one-, two- and three-bedroom apartments ranging from 541 square feet to 1,411 square feet. The 300,000-square-foot property will consist of 10 three-story buildings, one four-story residential building and a two-story leasing and amenity building. Community amenities will include an outdoor pool, multiple spas, a clubhouse, roof deck and coworking space. An affiliate of The Dinerstein Cos. plans to break ground on the asset later this year, with initial units being delivered in early 2025 and a target completion date of early 2026.

January 25, 2023

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