Western

LRE & Cos. Reveals Plans for 13-Acre Fernley Promenade Mixed-Use Development in Fernley, Nevada

by Amy Works January 25, 2023

FERNLEY, NEV. — California-based LRE & Cos. has announced plans to develop Fernley Promenade, a 13-acre mixed-use development along Interstate 80 in Fernley. The project will the first shopping center development in Fernley in over a decade. The first confirmed tenant for Fernley Promenade is a 98-room Home2 Suites by Hilton with a swimming pool and fitness center. The development will also feature three junior retail anchors, as well as various dining and shopping options. Retail space, ranging from 1,200 square feet to 20,000 square feet, is currently available for lease. The property can accommodate freestanding buildings with drive-thru, junior anchor and shop space. Shawn Smith and Sean Retzloff of Kidder Mathews will manage leasing for the property.

January 25, 2023

Acquisitions Multifamily Washington Western

HFO Brokers $38.5M Sale of Meadow Brook Place Apartment Community in Vancouver, Washington

by Amy Works January 25, 2023

VANCOUVER, WASH. — HFO Investment Real Estate has arranged the sale of Meadow Brook Place Apartments, a multifamily community located at 2231 NE Bridgecreek Ave. in Vancouver. California-based Aukum Group acquired the asset from Meadowbrook Place LLC, an entity associated with an Oregon family investor group, for $38.5 million. Built in 1996, Meadow Brook Place Apartments features 154 one-, two- and three-bedroom residences spread across 17 buildings, ample off-street parking, storage space, a rental office, pool and basketball court. Greg Frick, Tyler Johnson and Rob Marton of HFO facilitated the transaction.

January 25, 2023

Acquisitions Colorado Multifamily Western

Northmarq Negotiates $33.5M Sale of Basecamp Apartments in Montrose, Colorado

by Amy Works January 25, 2023

MONTROSE, COLO. — Northmarq has arranged the forward sale of Basecamp Apartments in Montrose. Range Colorado sold the asset to Blueline Equity Partners for $33.5 million. Slated to open this year, Basecamp Apartments will offer one- and two-bedroom floor plans, ranging from 719 square feet to 995 square feet. The units will feature stainless steel appliances, wine refrigerators, hard-surface countertops and a modern flooring and lighting package. Alex Possick, Seth Gallman, Mark Jeffries and Jeff DeHarty of Northmarq’s Colorado Multifamily Investment Sales and Debt/Structured Finance team handled the transaction.

January 25, 2023

Copper-Creek-Senior-Living-South-Jordan-Utah

Acquisitions Multifamily Seniors Housing Utah Western

Stellar Senior Living Acquires 103-Unit Anthology of South Jordan Seniors Housing Community in Utah

by Amy Works January 25, 2023

SOUTH JORDAN, UTAH — Stellar Senior Living has acquired Anthology of South Jordan, a 103-unit seniors housing community in South Jordan, a suburb of Salt Lake City. The new owner has changed the name to Copper Creek Senior Living. The property offers independent living, assisted living and memory care services. Copper Creek is located near retail, entertainment, recreational and healthcare destinations. Utah-based Stellar Senior Living is a family-owned senior living provider operating 28 senior living communities in nine states in the Western United States.

January 25, 2023

Development Industrial Nevada Top Stories Western

Tesla to Invest $3.6B for Electric Battery, Truck Factories at Gigafactory Nevada Campus

by John Nelson January 25, 2023

SPARKS, NEV. — Electric car manufacturing giant Tesla Inc. (NASDAQ: TSLA) plans to invest $3.6 billion to expand Gigafactory Nevada, an advanced manufacturing campus in the Reno suburb of Sparks that Tesla launched in 2014. The company’s investment will include two new factories — a battery manufacturing facility and a truck factory — that can support approximately 3,000 new team members. At the battery facility, Tesla plans to produce enough of its patented 4680 battery cells for 1.5 million light-duty vehicles annually. The facility will have the capacity for 100 Gigawatt hours (GWh) annually. The truck factory represents the first high-volume factory for Semi, Tesla’s fully electric combination truck that was announced in 2017. The company’s Semi trucks can travel up to 500 miles on a single charge and run on less than 2 kilowatt hours (kWh) per mile, which Tesla says gives companies using commercial transportation a sustainable freight option. The first Semi trucks were delivered in December 2022 to PepsiCo, according to CNBC. Gigafactory Nevada currently spans 5.4 million square feet and represents a $6.2 billion investment for Tesla to date. Annually Tesla produces 7.3 billion battery cells, 1.5 million battery packs, 3.6 million electric vehicles and 1 …

January 25, 2023

Arizona Development Industrial Western

TCC, CBRE Investment Complete 516,000 SF Elliot Gateway Logistics Center in Mesa, Arizona

by Amy Works January 24, 2023

MESA, ARIZ. — A joint venture between Trammell Crow Co. (TCC) and CBRE Investment Management has completed construction of Elliot Gateway, a four-building, Class A logistics park on 40.5 acres at 9020 E. Elliot Road in Mesa. Elliot Gateway features a 151,239-square-foot Building A, a 124,611-square-foot Building B, a 186,000-square-foot Building C and a 54,640-square-foot Building D. Building C is fully leased to a mechanical and electrical construction company, while the other buildings are available for lease. Graycor Consrtuction Co. served as general contractor and Butler Design Group served as architect for the project. Evan Koplan and Serena Wedlich of CBRE are marketing and leasing the property on behalf of TCC and a fund sponsored by CBRE Investment Management.

January 24, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $49.7M Sale of Apartment Property in Phoenix

by Amy Works January 24, 2023

PHOENIX — ABI Multifamily has arranged the sale of Dimension on 27th Apartment Homes in Phoenix. An Arizona-based seller sold the asset to a California-based buyer for $49.7 million, or $191,346 per unit. Built in 1982, the property features 23 residential buildings offering a total of 260 units in a mix of studio, one-bed/one-bath and two-bed/one-bath layouts with stainless steel appliances, vinyl wood flooring and a patios/balconies. Common area amenities include a swimming pool, playground, laundry facilities and onsite maintenance. Alon Schnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

January 24, 2023

California Development Office Western

Lowe Develops 113,000 SF Office Building in Los Angeles Arts District

by Amy Works January 24, 2023

LOS ANGELES — Lowe as developer and manager, along with Ware Malcomb as architect/designer and Swinerton as general contractor, has completed construction of a nine-story creative office building located at 2130 Violet St. in Los Angeles’ Arts District. Totaling more than 113,000 square feet, the building includes 109,100 square feet of office space, 3,400 square feet of ground-floor retail space, four levels of parking for 275 vehicles, outdoor spaces including private terraces, and a 3,000-square-foot rooftop deck/lounge. The building offers 27,000-square-foot open floorplates, high ceilings, energy-efficient building systems and HVAC.

January 24, 2023

Acquisitions California Multifamily Western

Trion Acquires Courtyard at Artisan Square Multifamily Property in Sacramento for $23.6M

by Amy Works January 24, 2023

SACRAMENTO, CALIF. — Trion Properties has purchased Courtyard at Artisan Square, an apartment community located at 1503 Fulton Ave. in Sacramento. A private seller sold the asset for $23.6 million. Constructed in 1970, the property features 104 one-, two- and three-bedroom apartments averaging 830 square feet with open floorplans. The community comprises 11 two-story residential buildings totaling more than 86,000 square feet. Current amenities include a fitness center, pool deck and high-end upgrades throughout the property. The previous owner fully renovated the property’s exterior and all unit interiors to include quartz countertops, in-unit washers/dryers, dual-pane windows, new roofs, full patio replacement, asphalt and concrete walkways.

January 24, 2023

Acquisitions Arizona Retail Western

HJ Red Mountain Sells 69,270 SF Red Mountain Plaza Shopping Center in Mesa, Arizona

by Amy Works January 24, 2023

MESA, ARIZ. — HJ Red Mountain LLC, an entity formed by Jakosky Properties, has completed the disposition of Red Mountain Plaza, a retail center at the northwest corner of Power and McKellips roads in Mesa. Red Mountain Plaza, a Washington LLC, acquired the asset for $16.4 million. Situated on eight acres, Red Mountain Plaza offers 69,270 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of tenants, including Michaels and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield in Phoenix represented the seller in the deal.

January 24, 2023

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