CASTLE ROCK, COLO. — Colliers has arranged the sale of Castle Rock Industrial at The Meadows, an industrial asset in Castle Rock. Saunders Commercial Development Co. sold the property to a joint venture between New York-based Sound Capital and Connecticut-based Palladian Management for an undisclosed price. Located at 3563-3593 Timber Mill Parkway, Castle Rock Industrial at The Meadows offers 158,380 square feet of industrial space. T.J. Smith, Nick Rice, Tim Shay and Brad Calbert of Colliers represented the seller in the transaction.
SAN BERNARDINO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the $3.6 million sale of a single-tenant retail property leased to Starbucks Coffee in San Bernardino. The newly constructed, drive-thru-only café prototype spans 1,200 square feet and operates on a 15-year triple-net corporate lease with 10 percent rental increases every five years. The asset is located at 291 E. Hospitality Lane. Bill Asher and Jeff Lefko of Hanley represented the seller, a local developer, in the transaction. David Kluver of Lee & Associates represented the buyer, a local investor from Orange County.
OROVILLE, CALIF. — Valore Ventures has acquired a 2-acre development parcel at 350 Oro Dam Blvd. East in Oroville and signed a long-term ground lease with Chick-fil-A for the site. The quick-service restaurant will commence construction of a 4,266-square-foot dual drive-thru restaurant this month. Ryan Orn of Capital Rivers Commercial Real Estate represented the seller, Maverick, in the deal. The financial terms were undisclosed.
LAS VEGAS — Irvine, Calif.-based investment and development firm The Bascom Group has acquired The Ellison, a 294-unit apartment complex located in the Summerlin/Spring Valley submarket of Las Vegas, for $103 million. The sales price translates to approximately $350,000 per door. The Ellison is situated along I-215 in southwest Las Vegas in an area known as “The Curve.” Several developments are underway in the surrounding area, including the Athletics’ new baseball stadium, Intermountain Healthcare’s Children’s Hospital and expansions of the Roseman Nursing School and UNLV Harry Reid Research & Technology Park. Completed in 2024, The Ellison offers studio, one- and two-bedroom units with an average size of 901 square feet. Amenities include a heated, resort-style pool and spa with a jumbotron screen, as well as a clubhouse lounge, fitness center with dedicated spin and Pilates studios. Jonathan Merhaut, Doug Schuster and Curt Allsop of Newmark represented the undisclosed seller in the transaction. Lee Redmond, Nicholas Schroeder, Vincent Punzi and Lowell Takahashi, also with Newmark, arranged an undisclosed amount of acquisition financing through AXA Investment Managers US Inc. on behalf of Bascom Group. “The Ellison is a notable example of why we keep coming back to Las Vegas,” says Tom Gilfillan, …
SANTA ANA, CALIF. — Affinius Capital has received $144 million in construction financing for The Carina, an apartment development in Santa Ana. Jamie Kline, Charlie Vorsheck, Nick Englhard and Charlie Paul of JLL Capital Markets secured the three-year, floating-rate loan through QuadReal for the borrower. Located at 2828 N. Main St., The Carina will feature 408 apartments upon completion in October 2028. Construction began in April, with first units scheduled for delivery in May 2028. The nine-story property will offer a mix of studio, one- and two-bedroom apartments with stainless steel appliances, in-unit washers/dryers, quartz countertops, wood plank-style flooring and private balconies. Community amenities will include a resort-style swimming pool on an open-air, fourth-floor deck, an outdoor lounge and kitchen, fitness center, yoga and spin studio, resident game room, individual study rooms and offices, a dog run and wash, and onsite security. Lowe is managing development of the project. Greystar will provide property management for the community.
SALT LAKE CITY — JLL Capital Markets has secured an undisclosed amount of financing for Northpoint Innovation Park, a 94-acre master-planned industrial project at 3200 N 2200 W in Salt Lake City. A Utah-based community bank provided the loan for the borrower, a joint venture between OCC Industrial and Xcel Development. Situated adjacent to Salt Lake City International Airport and within 10 minutes of downtown Salt Lake City, Northpoint Innovation Park’s master plan includes eight larger sites designed for front-park, rear-load vertical development and five smaller format sites with approximately 1 acre each of yard space or additional parking. Upon completion, the park will offer 15 pad-ready sites for small industrial users. Will Haass and Jeff Pew of JLL arranged the financing, which incorporates an Infrastructure Financing District municipal bond package that will fund public infrastructure improvements including roads, utilities and offsite connections. Culum Mills and the JLL Salt Lake City industrial leasing team will market the individual pad-ready sites to industrial users upon completion of horizontal improvements.
BERKELEY, CALIF. — Gantry has secured a $14 million permanent loan to refinance a near-term maturity for a student housing property located at 2715 Dwight Way in Berkeley. Situated within walking distance of the University of California Berkeley campus, the asset offers 109 beds in 29 units featuring two-, three- and four-bedroom furnished floor plans with modern kitchens, in-unit washers/dryers and hardwood flooring. Tom Dao, Alex Poulos and Toby Judge of Gantry represented the borrower, a private real estate investor. The five-year, fixed-rate, nonrecourse loan was secured from Amalgamated Bank with terms, including introductory interest-only payments transitioning to 30-year amortization, prepayment flexibility and extension options.
AVONDALE, ARIZ. — Beacon Group has purchased 4,665 square feet of office space at Building E, Units 117 and 119 within Coronado Professional Plaza, located at 3400 N. Dysart Road in Avondale. Arizona Agribusiness & Equine Center sold the space for $2 million. Kameron Norwood of Cushman & Wakefield | PICOR represented the buyer, while Joel Moyes of Red Brick Realty represented the seller in the deal.
— By Jared Glover of Berkadia — While several Sun Belt and Rocky Mountain markets continue to work through challenging operations, elevated supply and weakening fundamentals, Reno has emerged as a bright spot in the West. The city posted 2.5 percent year-over-year employment growth, adding more jobs in 2025 than Las Vegas. This is a remarkable stat given that Reno’s population is roughly one-fifth the size of its Southern neighbor. At the same time, Reno’s population grew at roughly four times the national average as median household income climbed to just over $90,000 as the economy continued to diversify into technology, healthcare and manufacturing. In fact, Northern Nevada saw 14 site visits per month last year for potential corporate relocations, according to a recent report by the Economic Development Authority of Western Nevada (EDAWN). This places the region it in the top 1 percent of U.S. markets, reinforcing long-term growth expectations. Several major development projects look to keep this momentum going. The most significant is the $1 billion transformation of the Reno-Tahoe International Airport, which saw a record 4.9 million passengers in 2025. The University of Nevada, Reno, also continues to invest heavily in new buildings to attract and retain top …
ALBUQUERQUE, N.M. — SimonCRE has acquired approximately 38 acres of land to develop Lobo Crossing, a 363,000-square-foot, open-air center located on the University of New Mexico’s south campus in Albuquerque. A timeline for the $150 million project was not disclosed. Target will anchor Lobo Crossing, which will feature 11 junior anchors and 45,000 square feet of space for small retail and restaurant operators. Committed tenants include Burlington, Marshalls, HomeGoods, Sierra, Boot Barn, Five Below and Michaels. Seven additional retailers are finalizing leases, according to the company. The center is currently 90 percent preleased. Lobo Crossing is set to be the largest retail center developed in New Mexico in recent decades, according to SimonCRE.