GREEN VALLEY, ARIZ. — ABI Multifamily has arranged the sale of Via Alamos Apartments, a 160-unit multifamily property located on West Via Alamos Drive in Green Valley. The property traded for $19.5 million, or $121,875 per unit. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group, in collaboration with Desiree Palmer, Ryan Kippes and Nathaniel McAdoo of ABI Multifamily’s Tucson Apartment Team, represented the buyer and seller in the transaction. The names of the parties were not disclosed. Built in 1984, Via Alamos Apartments features 88 one-bedroom/one-bath units, 56 two-bedroom/one-bath units and 16 two-bedroom/two-bathroom units with individual metered electricity and hot water heaters, air conditioning/heating, refrigerators, oven ranges, linen closets, high-speed internet access and cable access. Select units offer a balcony, dishwasher, garbage disposal and additional storage. Community amenities include a swimming pool, spa, fitness center, basketball court, dog park, children’s playground, leasing office, laundry room, additional storage and on-site covered and open parking.
BASALT, COLO. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults (age 55 and over) in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square feet.
TUCSON, ARIZ. — Western American Investments has purchased an industrial space at 2425 W. Curtis Road in Tucson. Kassaboo LLC, Stefiboo LLC and Vegaboo LLC sold the asset for $2.2 million. The property features 10,963 square feet of industrial space. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer in the deal.
DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …
GILBERT, ARIZ. — Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the northwest corner of Power and Warner roads in Gilbert. The property traded for $107.5 million in an all-cash transaction. The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with a groundbreaking slated for third-quarter 2024. The project will include: Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.
CHINO, VALENCIA AND LIVERMORE, CALIF. — Westcore has acquired the Odyssey Portfolio, a 3.5 million-square-foot industrial portfolio across Chino, Valencia and Livermore. The price was not disclosed. The portfolio includes: The industrial buildings are all fully occupied with staggered lease expirations that will enable Westcore to drive value and make capital improvements to the properties. Current tenants include Pharavite, Tesla, Draxlmaier Automotive, Coca-Cola and Schlage. Steve Silk, Jay Borzi, Adam Pastor and Christina Buhl of Eastdil Secured represented the undisclosed seller, while Westcore was self-represented in the deal.
COLORADO SPRINGS, COLO. — Andover Properties has acquired a self-storage facility situated on 23 acres in Colorado Springs. Terms of the transaction were not released. Andover will rebrand the 215,748-square-foot facility under its Storage King USA brand. Previously, the asset operated as AAA Platte Self Storage. The property has 681 climate-controlled units in a variety of sizes. The Storage King USA portfolio now totals 158 facilities in 18 states across the country, with five assets in Colorado.
RIVERSIDE, CALIF. — Irving, Texas-based JPI has begun vertical construction on The Exchange at Riverside, a three-story multifamily development in the Inland Empire city of Riverside. The community will feature 482 one-, two- and three-bedroom apartments, as well as several live/work units. Apartments will offer energy-efficient, stainless steel appliances and electric ranges; private tiered balconies; nine-foot ceilings; and a full-sized washers/dryers. Community amenities will include two resort-style pools with cabanas and outdoor fireplaces, an outdoor kitchen, coworking lounges, a fitness center, dog park, bicycle storage and repair room and electric vehicle charging stations. First occupancy for The Exchange at Riverside is slated for late 2024.
COLORADO SPRINGS, COLO. — NorthPeak Commercial Advisors has arranged the purchase of a retail space located at 4425 Buckingham Drive in Colorado Springs. The asset traded for $2.6 million, or $1,100 per square foot. The property features 2,347 square feet of retail space, which a Dunkin location currently occupies. Matt Lewallen and Kevin Calame of NorthPeak Commercial Advisors represented the buyer in the deal. Further details were not disclosed.
— By Gabe Kadosh, Vice President at Colliers in Los Angeles — Retail leasing activity in Los Angeles is robust. Demand is particularly strong in the home/furniture industries. The quick-service restaurant segment is another one that continues to grow, with a large uptick in demand for drive-thru accommodations. Now, for the good news — or bad news, depending on whether you’re a landlord or tenant. Los Angeles remains a tenant market. There is currently too much available retail space. Oftentimes, retail tenants can simply go across the street if they find a particular landlord’s rent — or lease terms — unfavorable. The current vacancy rate for retail in Greater Los Angeles stands at about 6 percent. Significant concessions and incentives are being offered in various regions of Los Angeles. Downtown Los Angeles is seeing the largest number of concessions. That’s because the office market has been shuttered so dramatically, thanks to the pandemic and the work-from-home trend that just won’t go away. This has caused some Downtown mixed-use office and retail landlords to offer base CAM or even no rent just to keep the doors open. In other cases, some retail tenants only pay a percentage of sales with no …