Western

BH Properties Sells Tempe Commerce Center Flex Office Property in Arizona for $14.1M

by Amy Works October 13, 2022

TEMPE, ARIZ. — BH Properties has completed the disposition of Tempe Commerce Center, a flex office property in Tempe. JLNI LLC, a company formed by a private individual based in San Diego, purchased the asset for $14.1 million, or $215 per square foot. Located at 6420 S. Kyrene Road, Tempe Commerce Center offers 65,857 square feet of flex office space. At the time of sale, the building was 53 percent leased to a mix of commercial users. Situated on more than 5.5 acres, the property features a 5/1,000 parking ratio, 24-foot clear heights and floor-to-ceiling reflective windows in the main entry with reflective glass entries wrapping around the building. Eric Wichterman, Mike Coover, Tracy Cartledge and Bob Buckley of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

October 13, 2022

Acquisitions Multifamily Utah Western

Nella Invest, Brinkman Real Estate Buy Onyx Apartments in Midvale, Utah

by Amy Works October 13, 2022

MIDVALE, UTAH — Colorado-based Brinkman Real Estate has partnered with Nella Invest to acquire Onyx Apartments, a boutique multifamily community in Midvale. Terms of the transaction were not released. Built in 2021, Onyx Apartments features 48 one- and two-bedroom residences with in-unit laundry, stainless steel appliances, walk-in closets and balconies.

October 13, 2022

Arizona Development Industrial Mixed-Use Retail Top Stories Western

Thompson Thrift Breaks Ground on 1 MSF Elliot Tech Center Mixed-Use Campus in Mesa, Arizona

by Katie Sloan October 13, 2022

MESA, ARIZ. — Thompson Thrift has broken ground on Elliot Tech Center, a 1 million-square-foot industrial and retail campus located at the intersection of Elliot and Signal Butte roads within Mesa’s Elliot Road Technology Corridor. At full build-out, the project will span 75 acres and include eight industrial and retail buildings. The project is located northeast of Phoenix-Mesa Gateway Airport, north of Apple’s Global Command Center and east of Meta’s Mesa Data Center, which is currently under construction. Phase I of the development is scheduled for completion in fall 2023 and will include three industrial buildings ranging from 79,000 square feet to 89,000 square feet and five retail pads. The industrial buildings will feature secure truck courts, a variety of bay sizes and clear heights from 28 feet to 32 feet. Black Rock Coffee Bar and an unnamed convenience store are set to open within the retail portion of Phase I, and lease negotiations are currently underway for a 4,000-square-foot, full-service restaurant. Ken McQueen and Chris McClurg of Lee & Associates are handling leasing for the industrial portions of the development, and Phoenix Commercial Advisors is marketing the retail component. The design-build team for Phase I of the project includes Butler …

October 13, 2022

Acquisitions Development Industrial Utah Western

ViaWest Group, Clarion Partners Buy 25-Acre Industrial Development Site in Salt Lake City

by Amy Works October 12, 2022

SALT LAKE CITY — A partnership between ViaWest Group and Clarion Partners has acquired 25 acres of land in Salt Lake City’s Northwest Quadrant from Gannett Enterprises for an undisclosed price. Rusty Bollow and Bobby Stevens of Colliers represented the seller, while Phillip Eilers of Cushman & Wakefield represented the buyer in the deal. ViaWest plans to develop more than 340,000 square feet of Class A industrial space on the site, divided into a 100,000-square-foot building and a 240,000-square-foot building. The development will offer direct access to interstates 5 and 215 and State Route 201. Buildings will feature highway visibility, 107 shared trailer spaces, 67 dock doors and nearly 380 parking spaces. Colliers will serve as leasing agents for the new facilities.

October 12, 2022

Acquisitions Arizona Multifamily Western

OpenPath Investments Divests of 222-Unit Dana Park Multifamily Property in Mesa, Arizona

by Amy Works October 12, 2022

MESA, ARIZ. — OpenPath Investments has completed the sale of Dana Park, an apartment community located on 11 acres in Mesa. Baron Properties acquired the property for $64.6 million, or $291,216 per unit. Completed in 1986, Dana Park features 222 apartments spread across 19 buildings, plus two swimming pools and spas and a community vegetable garden. Apartments feature stackable washers and dryers, built-in bookshelves and walk-in closets. The unit mix is 67 percent two-bedroom/two-bath layouts, with the remainder of the units one-bedroom/one-bath floorplans. The average unit size is 928 square feet. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

October 12, 2022

Colorado Loans Multifamily Seniors Housing Western

Ziegler, M&T Partner for $19.5M Refinancing of Carmel Oaks Active Adult Community in Lakewood, Colorado

by Amy Works October 12, 2022

LAKEWOOD, COLO. — Ziegler and M&T Realty Capital Corp. have acted as financial advisor in a $19.5 million Fannie Mae financing on behalf of Essex Communities. The transaction will refinance the existing debt on Carmel Oaks, an age-restricted independent living community in Lakewood. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with five years of interest-only payments followed by a 30-year amortization. The loan also carries a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital improvement expenditures and initial equity.

October 12, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $11.1M Sale of Bank of America-Occupied Retail Building in Hawthorne, California

by Amy Works October 12, 2022

HAWTHORNE, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne. An Orange County-based private office group sold the asset to the City of Hawthorne for $11.1 million, or $861 per square foot. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark represented the buyer in the deal.

October 12, 2022

Acquisitions Colorado Industrial Office Western

Ivy Realty Sells 32,926 SF Flex Office Building in Boulder, Colorado

by Amy Works October 12, 2022

BOULDER, COLO. — Ivy Realty has completed the disposition of 6707 Winchester Circle, a single-story office/industrial building in Boulder. Evermore Partners acquired the asset for $8.8 million. Situated on 3.6 acres within Gunbarrel Tech Center, 6707 Winchester features 33,296 square feet of flex office space. Fully renovated in 2016, the property offers 28,832 square feet of office and lab space and 4,000 square feet of warehouse and distribution space. The warehouse space features three dock-high doors and one roll-up door. On-site amenities include a fitness center with showers and locker rooms, an outdoor patio with barbecue space, and bike storage. At the time of sale, the property was fully leased to four tenants, with life sciences companies comprising 33 percent of the rent roll. Larry Thiel, Jason Schmidt and Rob Key of JLL Capital Markets represented the seller in the transaction.

October 12, 2022

Acquisitions Colorado Multifamily Western

EverWest Sells Peakview Apartments in Denver Tech Center for $115M

by Amy Works October 11, 2022

CENTENNIAL, COLO. — Denver-based EverWest Real Estate Investors has completed the disposition of Peakview Apartments, a multifamily community situated within Denver Tech Center in Centennial. Griffis Residential acquired the four-story asset for $115 million. Located at 7700 E. Peakview Ave., Peakview Apartments features 304 studio, one-, two- and three-bedroom residences, a resort-style swimming pool, rooftop deck, fitness center, and bicycle storage and repair facilities. A structured, controlled-access deck provides parking. Peakview is two blocks from the Arapahoe light rail station. The asset was constructed in 2015.

October 11, 2022

Acquisitions California Office Western

Newmark Negotiates $30M Sale of Airport Plaza Office Park in Long Beach, California

by Amy Works October 11, 2022

LONG BEACH, CALIF. — Newmark has arranged the sale of Airport Plaza, a two-building office park in Long Beach. WCCP Airport Plaza L.B. LLC sold the asset to LB5000 LLC for $30 million. Located at 5000 and 5001 Airport Plaza Drive, the project features 126,219 square feet of multi-tenant office space. At the time of sale, Airport Plaza was fully leased to 19 tenants, including Federal Aviation Administration, Advanced Medical Management and NACA Logistics. The property is situated on a 2.7-acre plot, which has a 46-year ground lease in place with the City of Long Beach. Kevin Shannon, Ken White and Scott Schumacher of Newmark represented the seller in the deal.

October 11, 2022

Newer Posts

Older Posts