HENDERSON, NEV. — RealComm Advisors has arranged the purchase of an industrial property located at 1175 Center Point Drive in Henderson. Laurie Pebworth acquired the asset for $5.1 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the buyer in the deal.
ORANGE, CALIF. — PSRS has arranged $15 million in financing for Galleria L’Orange, a multi-tenant retail center in Orange. Michael Tanner and Tony Messiah of PSRS secured the non-recourse loan that features a 10-year term and 30-year amortization. A correspondent life insurance company provided the capital. Situated on 3.1 acres, the three-building asset offers 40,323 square feet of retail space and 180 parking spaces. Tenants include Starbucks Coffee, Supercuts, U.S. Bank, H&R Block and T-Mobile.
PHOENIX AND CHANDLER, ARIZ. — San Francisco-based Berkeley Partners has acquired a three-building industrial portfolio located in Phoenix and Chandler for $25.5 million. The seller was a joint venture between Bird Dog Industrial, HPI and Long Wharf Capital. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. Ken McQueen, Chris McClurg and Blake Peters of Lee & Associates provided market advisory. Totaling 156,112 square feet, the portfolio was 100 percent leased to four tenants at the time of sale. The portfolio includes 235 E. Pima St. in Phoenix and 5740 W. Oakland St. and 481 N. Dean Ave. in Chandler.
PHOENIX — Orion Investment Real Estate has brokered the sale of Montana on Butler, a multifamily property located on Butler Drive in Phoenix. Artisan Prime, a joint venture between Beverly Hills, Calif.-based Artisan Capital and Newport Beach, Calif.-based Prime Capital Investments, acquired the asset for $24 million, or $160,000 per unit, in an off-market transaction. Previously known as Cedar Ridge Apartments, the property features 150 apartments. Linda Fritz-Salazar and Angelessa Ritchie of Orion represented the buyer and seller in the deal.
FORT COLLINS, COLO. — Walker & Dunlop has arranged the sale of Trails at Timberline, an apartment community located in Fort Collins. Terms of the transaction were not released. Trails at Timberline features 314 apartments, with an average unit size of 897 square feet. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop represented the undisclosed seller in the deal. Mark Grace and Trevor Fase of Walker & Dunlop structured the debt financing on behalf of the undisclosed buyer.
ENGLEWOOD, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Dove Valley Outdoor Storage, a 618-unit self-storage, boat and RV storage facility in Englewood. A local partnership group acquired the asset for an undisclosed price. Charles LeClaire and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller, a national private equity group, in the deal. Originally built in 2014 on 11 acres, Dove Valley Outdoor Storage features 157 self-storage units, 391 outdoor storage spaces and 70 covered RV storage spots.
VERNON, CALIF. — North Palisade Partners has broken ground on Palisade Santa Fe Center, a Class A industrial property at 5655 Santa Fe Ave. in Vernon. The 58,999-square-foot facility will feature 32-foot clear heights, a 150-foot secured truck court, 9,500 square feet of two-story office and mezzanine space, more than 55 parking spaces, ESFR sprinklers, six dock-high loading positions, three trailer parking stalls and 1,200 amps of power. The project team includes Herdman Architects and Premier Design + Build Group. Completion is slated for summer 2023. Jack Mergenthaler, Jeff Stephens and Evan Crawford of CREB will handle leasing of the project.
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Multifamily Opportunity Matrix Reveals Most Promising Markets for Investors, Developers
By Arbor Realty Trust Inflationary environments set many investors’ minds to thinking about multifamily properties, which have tended to perform as well or better than other property types in the face of economic headwinds. Product type is no guarantee of success, however, and careful site selection is essential to ensure a project will have the renter demand and pricing power the owner needs to succeed. Arbor Realty Trust, in partnership with Chandan Economics, developed the opportunity matrix featured in Arbor’s Top Opportunities in Large Multifamily Investment Report 2022. The opportunity matrix helps clients navigate the nation’s apartment markets, enabling them to compare relative strengths from one metro to the next and identify those offering the greatest potential for development or investment. Its ranking system, which analyzes eight key categories, found the top three U.S. metro markets for large multifamily investment in 2022 are San Antonio, Kansas City and Las Vegas. “Reviewing what made these communities rise to the top of our 50-metro ranking will demonstrate how investors can use the matrix to compare the climates of opportunity in the markets in which they operate, or to suggest new fields of opportunity for their next venture,” said Matt Maison, vice president …
NORTH LAS VEGAS — SunCap Property Group and Diamond Realty Investments have completed the sale of SunPoint West, a newly constructed industrial park in North Las Vegas. Terms of the transaction were not released. Situated on 39.2 acres, the six-building asset features 730,711 square feet of Industrial space. At time of sale, the park was 100 percent leased to six tenants. SunPoint West is located at 2025, 2125, 2205, 2225, 2255 and 2305 West Cheyenne Ave. Michael Kendall, Gian Bruno, Kenny Patricia, Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers marketed the property for sale.
LOS ANGELES — Stockdale Capital Partners has received approval from the Los Angeles City Council for the development of a 12-story Class A medical office building at 656 S. San Vicente Blvd. in Los Angeles’ Westside neighborhood. With construction slated to begin as early as late 2023, the 145,000-square-foot project will offer surgery, invasive outpatient services, laboratory space and patient-centered medical space. The property will also feature living gardens on the ground floor and upper floors, low-water usage and drip irrigation, increased plantings and greenspace, potential for building-integrated solar, use of recycled materials, high-efficiency heating and cooling systems, and energy-efficient design and green spaces throughout. Additional amenities will include electric vehicle charging stations, ample bicycle parking and 418 parking spaces with valet services.