— By Charles Van Geel of Cushman & Wakefield — Despite broader economic headwinds, Southern Nevada’s commercial real estate market continues to showcase remarkable resilience – especially in the office sector. The demand for high-quality office space remains strong in the Southwest and Summerlin submarkets, underpinned by a flight to quality and shifting corporate priorities toward top-tier environments. The bulk of today’s office activity is concentrated along the critical Interstate 215 corridor, stretching from Green Valley to Summerlin parkways. This corridor has become the heartbeat of the region’s office market. However, within this high-demand stretch, the availability of true Class A product (particularly in the Southwest submarket) is diminishing. Small blocks of space are becoming increasingly rare, while sublease opportunities along this corridor are practically nonexistent. Adding pressure to this is the fact that new construction is largely stalled. Speculative development is not economically feasible with the current market dynamics. Lenders are unwilling to fund projects unless developers can demonstrate significant preleasing commitments, often north of 50 percent. This has been a challenge, as preleasing activity in the broader market remains minimal. Still, the area has received a few recent high-profile deliveries. These include Downtown Summerlin’s 1700 Pavilion, Phase II of …
WEST HOLLYWOOD, CALIF. — Goodyear Investments, a private investor, has purchased The Shops at Hancock Lofts, a retail condominium property in West Hollywood, from an institutional owner for $13 million. Located at 8759, 8761 and 8763 Santa Monica Blvd., The Shops at Hancock Lofts features 10,513 square feet of fully leased retail space and a parking garage. Current tenants include Tender Greens, Thirty-2 Dentistry and Crossroads Trading. Patrick Wade and Alex Kozakov of CBRE represented the seller in the transaction.
SANTA MONICA, CALIF. — A joint venture between Tova Capital and Shopton Capital has acquired a freestanding retail property located on a 15,000-square-foot corner lot at 801-805 Wilshire Blvd. in Santa Monica. The asset traded for $5.5 million. Originally developed in 1981, the single-story building offers 7,500 square feet of retail space. At closing, the property was 40 percent leased to Commercial Bank of California. The joint venture plans to make upgrades to the property including a new storefront, exterior lighting upgrades, paint and facade enhancements to lease vacancy and stabilize the asset. Luc Hawkshaw, Eric Mandell and Jeffrey Ahn of Ally Commercial represented the buyers in the deal. The name of the seller was not released. Ryan Gurman of CBRE has been retained to handle leasing activities at the property.
PHOENIX — Industrial Outdoor Ventures (IOV) has completed its seventh acquisition in Phoenix with the purchase of 2115 S. 16th St., a 4.4-acre site in Phoenix. Situated one mile from Sky Harbor International Airport, the site features six maintenance and office buildings totaling 33,266 square feet. The six structures offer high-clearance maintenance bays, lower clearance shop space, will-call areas and several dedicated offices. Currently the property is leased to Action Scaffolding, a regional construction support firm utilizing the site for equipment storage, scaffold fabrication and its headquarters, and Johnson Controls, a global building systems and HVAC company. Terms of the acquisition were not disclosed.
AURORA, COLO. — SRS Real Estate Partners has negotiated the ground lease (land ownership) sale of a retail property in Aurora. A Denver-based private investor acquired the asset from a national REIT for $3.6 million. Built in 2024, the 1,000-square-foot property is occupied by a King Soopers fuel center on a new 20-year corporate-guaranteed lease from parent company, The Kroger Co. The property is an outparcel to Arapahoe Crossings, a 528,000-square-foot power center anchored by King Soopers. Patrick McGlinchey, Brian Wolfman, Justin Gregory and Erik Christopher of SRS Real Estate represented the seller in the deal.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 10,405-square-foot medical office building located at 2155 W. Orange Grove Road in Tucson. OGFP Building LLC sold the asset to The Kenneth M. Phrang & Cynthia L. Phrang Trust for $3.1 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Ryan Gonzales of Marcus & Millichap represented the buyer in the deal.
SEATTLE — A partnership between Kennedy Wilson, Kenedix Inc. and Hulic Co. has purchased The Danforth in Seattle for $173 million. Kennedy Wilson has a 10 percent interest, investing $6.6 million of equity in the core plus joint venture, and will serve as asset manager for the partnership and earn customary fees. Built in 2018, the 16-story tower features 265 one-, two- and three-bedroom layouts, a Studio Fit fitness center, rooftop solarium, dog run, a resident lounge with shuffleboard and media center, a full demonstration kitchen and barbecue patio with multiple grills. Additionally, Whole Foods Market occupies the ground-floor retail space.
PHOENIX — Northmarq has arranged a $68 million refinance of IMT Desert Ridge, an apartment property at 21155 N. 56th St. in Phoenix. Scott Botsford, Joe Giordani and Brendan Golding of Northmarq secured the permanent floating-rate financing for IMT Capital LLC through a correspondent life company relationship. Built in 2014, IMT Desert Ridge offers 370 one- and two-bedroom apartments with in-home washers/dryers, fully equipped kitchens, kitchen islands or breakfast bars, quartz countertops with tile backsplashes, walk-in closets, wood-style flooring, high ceilings, private patios or balconies and detached garages.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of The Place at Arroyo Verde, a multifamily property in Tucson’s Casas Adobes neighborhood. MC Cos. sold the asset to Olympus Property for $37.5 million, or $240,385 per unit. Completed in 2024, The Place at Arroyo Verde features 156 apartments in a combination of one-story casitas and two-story, walk-up floor plans. The open-concept apartment interiors offer stainless steel appliance packages, sizable interior storage space, single French doors and walk-in showers with custom tile surrounds. Community amenities include a leasing office, clubhouse, swimming pool, an oversized sundeck, a fitness center, grilling stations and covered parking. Steve Gebing, Hamid Panahi, Clint Wadlund and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer.
CORONADO, CALIF. — Marcus & Millichap has arranged the sale of Del Island, an affordable housing community in Coronado. Motel Del Island sold the asset to 308 Orange LLC for $9.6 million. Aaron Bove and Jared Wallach of Marcus & Millichap represented the seller, while Scott Darnell of Darnell Capital Management procured the buyer in the transaction. Located at 308 Orange Ave., Del Island consists of four contiguous parcels across eight lots. The property is currently operated as 29 affordable housing units with a mix of studio, one- and two-bedroom layouts. The 28,198-square-foot site is situated within the R-4 zoning of Orange Avenue Corridor Specific Plan and offers 30 off-street parking spaces.