Western

Griffin Living Sells 85,022 SF Griffin Plaza Retail Center in Simi Valley, California for $22.1M

by Amy Works January 31, 2023

SIMI VALLEY, CALIF. — Griffin Living has completed the disposition of Griffin Plaza, a shopping center located at 3885-3977 Cochran St. in Simi Valley. A private 1031 exchange investor acquired the asset for $22.1 million. Built in 1981 and renovated in 2019, Griffin Plaza features 85,022 square feet of retail space. At the time of sale, the property was 94 percent occupied. Current tenants include Aldi, CVS/pharmacy, Wendy’s and Varenita Assisted Living Community, a 102-unit seniors housing property located within Griffin Plaza. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets representd the seller in the deal.

January 31, 2023

Arizona Development Industrial Western

Graycor Construction Completes Three Industrial Buildings at Gilbert Spectrum in Arizona

by Amy Works January 31, 2023

GILBERT, ARIZ. — On behalf of GID and SunCap Property Group, Graycor Construction Co. has completed development of Buildings 9, 10 and 11 at Gilbert Spectrum, a 64-acre industrial park at McQueen and Elliot roads in Gilbert. Northrop Grumman, a multinational aerospace and defense technology company, has leased the 100,000-square-foot Building 9. S&M Moving Systems, a full-service local and long-distance moving company, has leased the 142,200-square-foot Building 10. At the 66,400-square-foot Building 11, Banner Industries, which specializes in high-purity and industrial flow component distribution, is occupying 27,097 square feet and Varsity Brands, an American apparel company, is leasing 18,047 square feet. The new buildings offer 28-foot to 32-foot clear heights, a mix of dock-high and drive-in doors, generous power and ESFR sprinklers. Additionally, the three buildings share a 190-foot loading court. Graycor served as design-build general contractor and Balmer Architectural Group was the project architect. At build-out, Gilbert Spectrum will include up to 850,000 square feet of office, flex industrial and technology-related space. Ken McQueen and Chris McClurg of Lee & Associates Arizona are handling leasing for the three facilities.

January 31, 2023

Acquisitions Arizona Hospitality Western

Sun Valley Hotels Buys 108-Key La Quinta Inn & Suites in Peoria, Arizona

by Amy Works January 31, 2023

PEORIA, ARIZ. — Toronto-based Sun Valley Hotels LLC has acquired La Quinta Inn & Suites at 16321 N. 83rd Ave. in Peoria. The name of the seller and acquisition price were not released. The hotel features 108 guest rooms, a heated outdoor pool, fitness center and Wi-Fi. Bill Murney of Cushman & Wakefield’s Hospitality team in Phoenix represented the seller in the deal.

January 31, 2023

Acquisitions California Industrial Western

MCA Realty Divests of 42,750 SF Struck Business Park in Orange, California

by Amy Works January 31, 2023

ORANGE, CALIF. — MCA Realty has completed the disposition of Struck Business Park, a two-building industrial park in Orange, to a private investor for $13.5 million. MCA Realty originally acquired the asset for $9.4 million in August 2021. Located at 1523 and 1547 W. Struck Ave., Struck Business Park features 42,750 square feet of industrial space. At the time of sale, the property was 100 percent leased. The asset was built in 1976. Michael Hefner, Hayden Socci and Tom Terry of Voit Real Estate Services represented the seller, while Michael Vernick of Voit Real Estate Services represented the buyer in the deal.

January 31, 2023

Loans Multifamily Washington Western

Marcus & Millichap Arranges $4.1M Acquisition Loan for Powerhouse Villas in Yakima, Washington

by Amy Works January 31, 2023

YAKIMA, WASH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million bridge loan for the purchase of the Powerhouse Villas Duplex multifamily portfolio in Yakima. Tammy Linden of MMCC’s Seattle office arranged the 12-month loan for the undisclosed borrower. Built in 2018, the portfolio consists of 12 duplexes, totaling 24 units. The acquisition was part of a 1031 exchange, with purchase contracts assembled from three different sellers. Zachary Howe of Marcus & Millichap handled the acquisition.

January 31, 2023

Bohler Content Partner Data Centers Development Features Midwest Northeast Texas Western

Data Center Developers Consider Unconventional Sites, Streamlining Strategies to Meet Immense Demand

by Sarah Daniels January 31, 2023

Data center development is simultaneously growing by leaps and bounds as well as suffering from its own success. The easy-to-develop sites have been snapped up and demand for additional data and cloud services continues to grow, forcing developers to look beyond the obvious locations for sites. This can entail running into less-than-obvious delays in the development process. Data centers reliably store and transmit the deluge of information that makes modern life possible. The factors driving the need for data centers — enterprise demand for cloud services, dependence on 5G cell networks, artificial intelligence technology, edge computing capabilities, social media use and streaming needs — will continue to grow exponentially in the coming years. According to a September 2022 report by advisory company Arizton, approximately 2,825 megawatts of power capacity will be added to the data center market in the next five years. The same report forecasts the U.S. data center construction market will reach $25 billion by 2027, up from $20 billion in 2021. Data centers are utility-intensive property types, and the sites that can support their formidable power, communication and water needs often require high-level considerations right from the start. How can the development process for such projects be streamlined …

January 31, 2023

Acquisitions California Development Hospitality Western

Weller Development Partners Buys 2,870-Acre Aetna Springs Resort in Napa Valley

by Amy Works January 30, 2023

POPE VALLEY, CALIF. — Weller Development Partners has acquired Aetna Springs, a 2,870-acre wine country resort in Pope Valley. Mosaic Real Estate Investors sold the asset for an undisclosed price. Located at 1600 Aetna Springs Road, the property has producing vineyards, a community clubhouse, a nine-hole golf course designed (currently closed, but minimally maintained), tennis courts, a swimming hole and 40 planned estate lots. Development plans include 70 guest cottages in the historic resort village, 18 glamping sites, expansion of the existing vineyards and construction of the estate homes. Additional plans include recreational activities on Lake Juliana, a full-service spa, recreational center, restaurants and a boutique winery. Six Senses will operate the resort upon completion. Aetna Springs’ history stems from its 19th century origins, when it was best known for its mineral hot springs and outdoor activities. The property is 16 miles north of downtown St. Helena, and its vineyards produce cabernet sauvignon, sauvignon blanc and petite syrah grapes that are sold to premier wine brands, including Rombauer, Frank Family, Duckhorn and The Prisoner. Henry Bose, Alex Lee-Bull, Elena Quach, Jeff Woolson, Tom Berry and Morgan Abbott of CBRE represented the seller in the deal.

January 30, 2023

Acquisitions Idaho Retail Western

Ironwood Partners Sells 105,406 SF Ironwood Square Shopping Center in Coeur d’Alene, Idaho

by Amy Works January 30, 2023

COEUR D’ALENE, IDAHO — Ironwood Partners LLC has completed the disposition of Ironwood Square, a retail center in Coeur d’Alene. EMES Ironwood LLC acquired the property for an undisclosed price. Kobe Furqueron of Marcus & Millichap’s Salt Lake City office represented the seller, while Allan Friedman of Westlake Associates procured the buyer in the deal. Adam Lewis is Marcus & Millichap’s brokers of record in Idaho. At the time of sale, the 105,406-square-foot Ironwood Square was 96.2 percent occupied. Current tenants include Staples, Rite Aid, Holiday’s Hallmark, Wells Fargo, Tesoro Fuel Center, Beyoutiful Hot Yoga and Norco Medical. Staples and Rite Aid recently extended their leases by seven and 10 years, respectively.

January 30, 2023

Arizona Development Industrial Western

Thompson Thrift Breaks Ground on 1 MSF Germann Commerce Center in Queen Creek, Arizona

by Amy Works January 30, 2023

QUEEN CREEK, ARIZ. — Thompson Thrift has started construction on the first phase of Germann Commerce Center, a 1 million-square-foot industrial development in Queen Creek, approximately 35 miles southeast of downtown Phoenix. Located on the southwest corner of Germann and Meridian roads, the first phase will consist of 400,000 square feet of speculative light industrial space spread across five standalone buildings on 26 acres. The facilities will feature front-park/rear-load industrial space, 28-foot to 32-foot clear heights and frontage on East Germann Road. At full buildout, the multi-phase project will provide up to 1 million square feet of warehouse, distribution, light assembly and manufacturing space covering 68 acres. Thompson Thrift plans to complete the first phase in first-quarter 2024, with build-to-suit and for-sale options in Phase II following immediately after.

January 30, 2023

Colorado Hospitality Loans Western

Flynn Properties Receives $30M in Financing for The Madeline Hotel in Telluride, Colorado

by Amy Works January 30, 2023

TELLURIDE, COLO. — Flynn Properties has received $30 million in financing for The Madeline Hotel, Auberge Resorts Collection, in Telluride. Jordan Angel, Jeffrey Bucaro and Ethan Habecker of JLL Capital Markets’ debt advisory team arranged the five-year, floating-rate loan through Värde Partners. The transaction refinances debt on the resort hotel. Originally built in 2009 and renovated in 2020 and 2021, The Madeline features 83 guest rooms and 56 separately owned condominiums. The hotel offers a spa, 24-hour fitness studio, outdoor retail plaza and Sky Terrace, which features an outdoor pool, two oversized spas, multiple fire pits and a bar. Onsite food and beverage outlets include Black Iron Kitchen & Bar and Timber Room. The hotel also offers ski-in/ski-out access to the 147 trails of the Telluride Ski Resort and curated experiences including heli-skiing, dog sledding, snowshoeing and ice climbing in the winter, and fly fishing, dirt biking, horseback riding and helicopter tours in the summer.

January 30, 2023

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