Western

Lodge Partners Divests of Lodge on the Desert Resort in Tucson, Arizona

by Amy Works October 7, 2022

TUCSON, ARIZ. — Lodge Partners has completed the disposition of The Lodge on the Desert, a hotel resort property located at 306 N. Alvernon Way in Tucson. Chicago-based Atira Hotels acquired the asset for an undisclosed price. Situated on five acres, The Lodge on the Desert offers 102 guest rooms. The property was first built in the 1934 as a residence and was converted to a guest ranch with seven rooms in 1936. The asset was expanded into a larger hotel property with the addition of deluxe guestrooms, a restaurant and outdoor space. Bill Murney and Jesse Heydorff of Cushman & Wakefield’s hospitality team in Phoenix represented the seller in the transaction.

October 7, 2022

Acquisitions Arizona Multifamily Western

Rise48 Equity Acquires Aspire Glendale Apartments in Arizona for $29.2M

by Amy Works October 7, 2022

GLENDALE, ARIZ. — Rise48 Equity has acquired Aspire Glendale, a 120-unit multifamily property in Glendale, from Clear Capital for $29.2 million, or $243,333 per unit. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged floating-rate agency financing for the buyer. Built in 1983, the community features 60 percent one-bedroom units and 40 percent two-bedroom units with in-unit washers/dryers and patios or balconies. Community amenities include a 24/7 fitness center and swimming pool.

October 7, 2022

Acquisitions Arizona Multifamily Western

Urban Communities Sells 128-Unit Elevate at South Mountain Apartment Property in Phoenix

by Amy Works October 7, 2022

PHOENIX — Urban Communities has completed the disposition of Elevate at South Mountain, a multifamily community located at 8818 S. Central Ave. in Phoenix. Gudi Real Estate Investments purchased the property for $22.3 million. Situated on 4.6 acres, Elevate at South Mountain includes two recently renovated, two-story buildings offering a total of 128 residential units. Karl Abert and Bret Zinn of Kidder Mathews represented the seller and buyer in the deal.

October 7, 2022

Acquisitions California Retail Western

CEG Capital Partners Buys Mesa College Square Shopping Center in San Diego for $10.5M

by Amy Works October 7, 2022

SAN DIEGO — San Diego-based CEG Capital Partners has purchased Mesa College Square, a retail center at 7604-7608 and 7612 Linda Vista in San Diego. M.C. Square and AFJR Partnership sold the property for $10.5 million. Marc Posthumus and Evan McDonald of Colliers represented the buyer, while Posthumus and McDonald, along with Byram Frost of Big Block Realty, represented the sellers in the transaction. Robert Shaw and Cameron Aldrich of Chicago Title Co. provided escrow and title services. Mesa College Square features 25,409 square feet of multi-tenant retail space. The acquisition is the first time the property has sold since its original construction in 1980. CEG plans to rebrand the center as Kearny Square.

October 7, 2022

Idaho Market Reports Retail Western Western Market Reports

Idaho Makes a Retail Comeback

by Jeff Shaw October 7, 2022

By Brandon Rawlins, Principal Broker, and Bronson Rawlins, Retail Lead and Associate, JLL Like much of the country, the Idaho retail market is seeing a strong rebound in various retail sectors that appeal to the return of social gatherings and a hybrid approach to work life. Moreover, experiential retail is making a strong comeback as consumers crave fun and a return to normalcy. According to JLL’s recent Retail Outlook report, retail fundamentals continue to improve across most of the country, but particularly in the Sunbelt states. Shoppers are heading back to stores, moviegoers are going back to the theaters, and new demand for fun and immersive experiences is on the rise. The Boise area is no exception, with the announcement of several new major players, including Top Golf, Scheels and several mixed-use concepts that appeal to the new hybrid work experience that combines food, shopping and residential. Eatertainment concepts — entertainment with an emphasis on food and beverage — saw a national traffic surge of 22 percent from April 2019 levels and more than 36 percent year over year. Interestingly, retail activity is not just taking place in certain submarkets or neighborhoods; there is strong activity throughout the entire state. The impact of these developments will bring new tenants …

October 7, 2022

Development Loans Multifamily Oregon Western

PCCP Provides $67.5M Construction Loan for Sunshine Dairy Apartment Project in Portland

by Amy Works October 6, 2022

PORTLAND, ORE. — PCCP has provided a $67.5 million loan to finance the construction of Sunshine Dairy, a seven-story, podium-style multifamily property located at 801 NE 21st Ave. in Portland. NBP Capital plans to start construction of the 271-unit community in fourth-quarter 2022, with completion scheduled for fourth-quarter 2024. The development will feature one level of controlled-access subterranean parking. Unit interiors will include vinyl plank flooring, quartz countertops, two-tone modern cabinetry, kitchen peninsulas, pendant and recessed lighting, patios on ground-floor units and in-unit washers/dryers. The property will feature 6,000 square feet of community space and 400 square feet of ground-floor retail space. On-site amenities will include a courtyard garden plaza, fitness center, yoga studio, kitchen, fireside lounge, movie room and a work lounge with private working spaces and a coffee bar.

October 6, 2022

Acquisitions Arizona Single-Family Rental Western

Northmarq Negotiates $30.1M Sale of Single-Family Rental Community in Phoenix

by Amy Works October 6, 2022

PHOENIX — Northmarq has brokered the sale of Proximity of 16th Apartments, a single-family rental property in Phoenix. Scottsdale-based Avenue North LLC sold the asset to Sandy, Utah-based Bridge Founders Group for $30.1 million, or $354,118 per unit. Built in 2021, Proximity on 16th features 85 single-family rental residences in a mix of one-, two- and three-bedroom homes that range in size from 679 square feet to 1,339 square feet. The community includes 60 one-story and 25 two-story units with stainless steel appliances, quartz countertops, full-size washers/dryers, walk-in closets, wood-inspired flooring and patios with private backyards. The community features a pool, barbecue area, garages, covered parking and electric vehicle charging. At the time of sale, the property was 95 percent leased. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team represented the seller in the deal.

October 6, 2022

Palisade-Wild-Horse-Commerce-Center-McCarran-NV

Development Industrial Nevada Western

North Palisade Partners to Develop 141,882 SF Palisade Wild Horse Commerce Center Near Reno

by Amy Works October 6, 2022

MCCARRAN, NEV. — Los Angeles-based North Palisade Partners has purchased a 6.4-acre site in McCarran for the development of Palisade Wild Horse Commerce Center, a Class A industrial property. Located at 99 Wild Horse Canyon Drive within Tahoe Reno Industrial Center in McCarran, the 141,882-square-foot facility will feature 36-foot clear heights, more than 80 parking spaces, ESFR sprinklers, 18 dock-high loading positions, two grade-level doors, LED lighting and 2,000 amps of power with the ability to quickly expand power capabilities. The building will also be divisible to spaces of 90,000 square feet and 50,000 square feet. Completion is slated for mid-2024. Chris Fairchild of Colliers brokered the acquisition transaction.

October 6, 2022

Acquisitions Arizona Industrial Western

CBRE Brokers $17.2M Sale of Warehouse Facility in Phoenix

by Amy Works October 6, 2022

PHOENIX — CBRE has negotiated the sale of an industrial warehouse in Phoenix. James Greaves of G2 Capital sold the asset to a partnership of three private 1031 exchange buyers for $17.2 million. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE represented the seller, while Geoffrey Turbow and Gary Cornish of CBRE represented the buyer in the transaction. Built in 1983 and renovated in 2022, the 115,260-square-foot, rail-served warehouse features 28-foot clear heights, 14 dock doors, a grade-level ramp, two rail-served doors, 6,225 square feet of steel mezzanine and 2,035 square feet of office space. Building updates include a new parking lot, paint, landscaping, fencing, roofing, AC units, roll-up doors, rail spurs and exterior metal doors.

October 6, 2022

Acquisitions California Loans Retail Western

Marcus & Millichap Arranges $13.1M in Acquisition Financing for The Shops at AMC Palm Promenade in San Diego

by Amy Works October 6, 2022

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.1 million loan for the acquisition of The Shops at AMC Palm Promenade, a retail power center located at 756-804 Dennery Road in San Diego. Chad O’Connor of MMCC San Diego secured the financing for the undisclosed borrower. The seven-year, fixed-rate loan has a 5.125 percent interest rate, 30-year amortization and a 60 percent loan-to-value ratio. The seller was not disclosed. Renovated in 2021, the 72,390-square-foot shopping center is located at the on/off ramp of Interstate 805 and Palm Avenue and includes numerous recognized retail tenants.

October 6, 2022

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