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Echo-Park-303-Glendale-AZ
ArizonaDevelopmentIndustrialWestern

Echo Real Estate, LGE Break Ground on 676,176 SF Echo Park Industrial Project in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Echo Real Estate Capital and LGE Design Build, as design-build contractor, have broken ground on Echo Park 303, a two-building industrial facility situated on nearly 40 acres in Glendale. Located near the intersection of Northern Parkway and Reems Road, Echo Park 303 will feature a 455,936-square-foot facility, a 220,240-square-foot building, 743 parking spaces and gated yards for nearly 250 trailer spaces. The buildings will feature two stories of storefront window systems to allow for natural lighting in the lobbies and offices situated on the corners of the buildings. Completion of the 676,176-square-foot park is slated for third-quarter 2023.

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2020-S-Ave-E8-Yuma-AZ
ArizonaCivicDevelopmentWestern

McCarthy Building Cos. Starts Construction of $17.5M Student Experience Center at Arizona Western College in Yuma

by Amy Works

YUMA, ARIZ. — McCarthy Building Cos. has broken ground for development of the $17.5 million Student Experience Center at Arizona Western College in Yuma. Serving more than 11,000 students, the two-story, 45,000-square-foot center will be situated on 3.5 acres. Slated to open in fall 2023, the center will feature a lecture hall, multiple instructional modalities, shared common areas, conference rooms, maker space, an eatery, game areas and a multimedia center and esports arena. The multimedia center will house the KAWC radio station and broadcast television studio with an emphasis on modern technology. Students and the public will be able to observe behind-the-scenes production through glass walls and TV monitors. The Student Experience Center will also offer a space for honors students to study and collaborate on group projects; a food pantry and clothing program for disadvantaged students; and 13,000 square feet of administrative space on the second floor. EMC2 is serving as the design architect on the project. The project team also includes Haxton Masonry, Delta Diversified Enterprises, Yuma Valley Contractors, Pacific Steel Inc. and Progressive Roofing.

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Packwood-Lodge-Packwood-WA
AcquisitionsHospitalityWashingtonWestern

Crystal Investment Property Negotiates Sale of 30-Room Packwood Lodge in Washington State

by Amy Works

PACKWOOD, WASH. — Crystal Investment Property (CIP) has arranged the sale of Packwood Lodge, a select-service hotel located at 13807 US-12 in Packwood. Terms of the transaction were not released. The 30-guest room Packwood Lodge includes extensive capital improvements, 21 updated guest rooms or suites and nine detached cabins. The property features a lobby with a breakfast area, office, laundry room, owner’s quarters and a hotel-adjacent leased restaurant. Rooms and suites include flatscreen TVs, mini fridges, microwaves, coffee makers and high-speed wireless internet. The cabins, completed in 2019, feature kitchenettes, dining areas, jacuzzi tubs and outdoor decks. Joseph Kennedy of CIP, along with the CIP team, represented the buyer and seller in the transaction.

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Stax-Studios-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Northcap Commercial Brokers $8.6M Sale of Stax Studios Apartment Complex in Downtown Las Vegas

by Amy Works

LAS VEGAS — Northcap Commercial has arranged the sale of Stax Studios, a studio apartment community in downtown Las Vegas. Clark Studio Investar LLLP sold the asset to an undisclosed buyer for $8.6 million, or $196,591 per unit. Built in 1963 and fully renovated in 2019, the property offers 44 studio units. Stax Studios is located at 501 S. 10th St. Devin Lee, Robin Willett and Jerad Roberts of Northcap Commercial represented the seller in the deal.

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621-Hawaii-St-El-Segundo-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

BLT Enterprises Expands California Holdings with Seven-Building Acquisition for $130M

by Amy Works

SANTA MONICA, CALIF. — Santa Monica-based-BLT Enterprises has purchased seven industrial and creative office properties throughout Los Angeles County, Orange County and San Diego County, Calif., for a total of $130 million. The acquisitions total nearly 270,000 square feet of buildings on more than 18 acres of land. Names of the sellers were not released. The properties include: A 49,307-square-foot creative office building located at 621 Hawaii St. in El Segundo and fully leased to Nexon America Inc., South Korea’s largest video game developer. A 10,400-square-foot warehouse at 7748 Industry Ave. in Pico Rivera. A 10,246-square-foot warehouse at 2901 Thornton Ave. in Burbank, which is fully leased to Reno Hardware. A 6,900-square-foot creative office building at 6368 Arizona Circle and an 8,100-square-foot creative office building, both in Los Angeles. A 12,620-square-foot warehouse located at 3539 Howard Way in Costa Mesa. A 175,000-square-foot distribution facility on 11.1 acres at 1 Viper Way in Vista.

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Green-Valley-Corporate-Park-Fairfield-CA.jpg
AcquisitionsCaliforniaIndustrialWestern

Panattoni Sells Green Valley Corporate Park in Fairfield, California to TA Realty for $90.5M

by Amy Works

FAIRFIELD, CALIF. — Panattoni has completed the disposition of Green Valley Corporate Park, a three-building industrial campus in Fairfield. TA Realty acquired the asset for $90.5 million. Situated on 26.5 acres at 4550-4750 Business Center Drive, Green Valley Corporate Park offers 415,107 square feet of Class A industrial space. The buildings feature 32-foot to 36-foot clear heights, 51 dock doors, 10 grade-level doors and 392 parking spaces. At the time of sale, the newly completed property was 75 percent pre-leased to Southern Glazer and Landsberg Orora. Ryan Sitov and Mark Detmer of JLL Capital Markets represented the seller in the deal. Glen Dowling, Matt Bracco and Chris Neeb of JLL handled leasing for the asset.

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2100-Webster-St-San-Francisco-CA
AcquisitionsCaliforniaHealthcareOfficeWestern

CBRE Arranges $44.5M Acquisition of Pacific Professional Building Medical Office Property in San Francisco

by Amy Works

SAN FRANCISCO — CBRE has negotiated the purchase of the fee simple interest of Pacific Professional Building, a 132,000-square-foot medical office building in San Francisco. Pan-Med Enterprises, a collection of doctors that occupies and operates practices at the property, acquired the underlying land out of a ground lease for $44.5 million. Mike Taquino, Kyle Kovac, Alec Haley and Giancarlo Sangiacomo of CBRE Capital Markets represented the buyer in the deal. Additionally, Mike Walker and Brad Zampa of CBRE’s Debt & Structured Finance team secured the $44.5 million, 10-year, fixed-rate, non-recourse loan to finance the purchase of the fee simple interest and repayment of the existing leasehold loan from a middle-market East Coast bank. Located at 2100 Webster St., Pacific Professional Building is a five-story medical office with an outpatient radiology lab, testing labs, pharmacy and health resource center. The building is 97 percent leased and was completely renovated in 2021.

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Northwest-Apts-Broomfield-CO
Affordable HousingColoradoDevelopmentMultifamilyWestern

Highridge Costa Starts Construction of 50-Unit Northwest Affordable Apartments in Broomfield, Colorado

by Amy Works

BROOMFIELD, COLO. — Highridge Costa has started construction on Northwest Apartments, an affordable multifamily property in Broomfield. The 50-unit community is designated for families earning 30 to 60 percent of area median income. Designed by Denver-based Santulan Architecture, the four-story building will feature 16 one-bedroom/one-bath units; 26, including an on-site manager’s unit, two-bedroom/two-bath units; and eight three-bedroom/two-bath units. Residences will include patios and balconies, quartz countertops, a range and oven, dishwasher, refrigerator, air conditioning, garbage disposal, window coverings and high-speed internet connections. Community amenities will include a clubroom, fitness center, play area, small dog park, laundry rooms and secure indoor storage for bicycles. Completion is slated for late fall 2023.

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6550-W-Orangewood-Ave-Glendale-AZ.jpg
ArizonaDevelopmentIndustrialWestern

Provident Realty Advisors Acquires 16.6-Acre Site in Glendale, Arizona for Spec Industrial Development

by Amy Works

GLENDALE, ARIZ. — Dallas-based Provident Realty Advisors has purchased a 16.6-acre land site at 6550 W. Orangewood Ave. in Glendale for an undisclosed price. The company plans to develop a 302,400-square-foot speculative warehouse and distribution facility on the site. Construction is slated to begin in the first half of 2023 with completion scheduled for early 2024. The building will feature 36-foot clear heights, 61 dock doors, a 185-foot truck court and 86 trailer parking spaces. Case Van Lare, Chris Martin and Cavanaugh Adams of Provident Realty Advisors provided in-house representation for the acquisition. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE will handle leasing of the development.

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2777-E-Camelback-Rd-Phoenix-AZ
ArizonaMarket ReportsOfficeWesternWestern Market Reports

Reimagined Class A Office Projects Lead Phoenix’s Road to Recovery

by Jeff Shaw

By Phil Breidenbach, Senior Executive Vice President, Colliers  Class A landlords are answering the call from tenants for captivating workplaces. These re-imagined environments are drawing businesses to buildings and invigorating absorption in the market.  Greater Phoenix office vacancy fell to 13.5 percent at mid-year, which was a 0.6 percent drop from last quarter and 0.7 percent lower than mid-year 2021. This number also sits 1.6 percent below the national average. While 287,000 square feet of new product was delivered, more than 587,000 square feet was absorbed. This is evidence the workforce is finding its way back to the office, if not full-time at least a few days a week. The refreshing surge in absorption is driven by companies coming to the best and newest buildings — redefining Class A with amenities that compel the workforce back into the office. New buildings like 100 Mill and Cavasson are two great examples. The first, 100 Mill, was completed in the second quarter and is more than 90 percent preleased. The building will feature next-level common areas and best-in-class meeting and lounge areas. The flight to quality trend has evolved into a flight to experience trend. Companies are finally coming to grips with the reality that how they …

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