ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has purchased Mountain View II and III, two affordable multifamily properties in Albuquerque, for $22.8 million. CPP plans to renovate the properties, which share a contiguous block, and operate the assets as one development. The seller was not disclosed. Built in 1967 and 1968 respectively, Mountain View II and III are located at 1515 and 1333 Columbia Drive SE, approximately four miles from downtown Albuquerque. In total, Mountain View Apartments offers 241 studio, one-, two- and three-bedroom layouts spread across multiple two-story, garden-style buildings and townhouses. Community amenities include central laundry facilities, off-street parking, a picnic area, playground and on-site management. CPP’s total development investment is approximately $65.8 million, which includes the purchase price and estimated per-unit renovation cost of $95,078. Along with extensive work to repair a burnt building, the total site renovation will bring modernization, ADC compliancy, energy efficiency and improved security to the community. Renovations are scheduled for completion in December 2024. Project partners include New Mexico Mortgage Finance Authority; KeyBank, which secured construction and debt financing through Freddie Mac; and R4, which will provide equity financing.
THORNTON, COLO. — Rockefeller Group has purchased a 35.6-acre parcel in the Denver suburb of Thornton from Confluent Development for an undisclosed price. Confluent originally acquired the site in 2022 and obtained all entitlements and approvals for an industrial development. Rockefeller Group plans to utilize the site to build 25 Commerce Park, a three-building, 453,550-square-foot industrial park located at E. 152nd Avenue and Washington Street. The developer broke ground this week and completion is slated for first-quarter 2025. 25 Commerce Park will feature a 131,250-square-foot distribution center with 28-foot clear heights, 220 parking spaces, 31 dock-high doors and four drive-in doors; a 146,300-square-foot distribution facility with 28-foot clear heights, 224 parking spaces, 33 dock-high doors and four drive-in doors; and a 176,000-square-foot property with 32-foot clear heights, 231 parking spaces, 41 dock-high doors and four drive-in doors. Additionally, there are 39 trailer parking stalls available to tenants at each of the three buildings. The project team includes Grey Wolf as designer, Golden Triangle Construction as general contractor and Kimley Horn & Associates as civil engineer. Todd Witty and Daniel Close of CBRE represented the buyer in the land acquisition and will market the project upon completion.
RIO RIO, ARIZ. — Omega Produce Co. has completed the sale of an industrial space at 891 E. Frontage Road in Rio Rio. Grower Alliance Properties acquired the asset for $3.6 million. Jose Dabdoub of Cushman & Wakefield | PICOR represented the seller in the deal.
SANTA MONICA, CALIF. — Barnes & Noble will open a store within a 21,000-square-foot space at Third Street Promenade in Santa Monica. This marks the return of the retailer to the property following a five-year hiatus. Other new tenants at the center include fitness brand JOHN REED and pickleball venue Pickle Pop.
MESA, ARIZ. — Scottsdale, Ariz.-based Martens Development Co. has acquired a fully entitled, 44-acre industrial development site at the corner of Ellsworth and Willis roads in Mesa. Silver Creek Development sold the land for $19.1 million. The sale accounts for the first phase of the project and the second phase accounts for an additional 17 acres. In the first phase, Martens plans to build a seven-building 603,000-square-foot Class A industrial project known as The Brickyards. The buildings will range from 35,938 square feet to 259,554 square feet. The facilities will include heavy power, dock-high and grade-level loading, electric vehicle charging stations, innovative building designs, ESFR K-25 fire sprinklers and ample parking. Kirk Kuller, Phil Haenel and Will Strong of Cushman & Wakefield, in conjunction with CBRE’s Mark Krison and Luke Krison, represented the seller, while Pete Wentis and Kevin Cosca of CBRE represented the buyer in the transaction.
TUSTIN, CALIF. — Confluent Senior Living and MorningStar Senior Living have entered into an Exclusive Negotiating Agreement (ENA) with the City of Tustin to lead the development of MorningStar at Tustin Legacy. Located in Orange County, the 283,000-square-foot community will feature 145 independent living, 60 assisted living and 28 memory care units. The main buildings will be between four and five stories high surrounded by 29 single-story independent living cottages. The site, formerly the Marine Corps Air Station (MCAS) Tustin, is located within the 1,600-acre Tustin Legacy community. The location provides direct access to the next phase of Tustin Legacy Park, which will ultimately connect all sections of Tustin Legacy. The developers plan to break ground in the first half of 2025 through a public-private partnership with the city. HPI Architecture designed the project. During the initial nine-month ENA period, the city, Confluent and MorningStar will negotiate a Disposition and Development Agreement (DDA) that will provide the price and terms of the transaction with the city. Confluent and MorningStar will pursue approval of entitlements for the project during the same ENA period.
DURANGO, COLO. — Armstrong Capital Development has purchased Durango Town Center, a shopping center located at 1125, 1145 and 1185 S. Camino Del Rio in Durango. A local private investor sold the asset for $14.5 million. At the time of sale, Durango Town Center was 98 percent leased to 20 tenants. A Walmart Supercenter shadow anchors the property. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller, while Bowlby also sourced the buyer in the transaction.
PHOENIX — ViaWest Group has acquired a single-tenant industrial building, located at 2727 W. Grovers Ave. in Phoenix’s Deer Valley submarket, for an undisclosed price. Gary Cornish and Geoffrey Turbow of CBRE handled the off-market transaction with the undisclosed seller. The 23,000-square-foot property features six dock-high trailer positions, four grade-level doors and 1.4 acres of gated outdoor yard space. A wholesale distributor of specialty building products currently occupies the building.
SAN JOSE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.8 million loan for the refinancing of Tully Commercial Center, a retail property in San Jose. Located at 1055-1095 Tully Road, Tully Commercial Center features 15 freestanding retail spaces. Current tenants include Little Caesars, Hawaiian BBQ, a hair and nail salon, and a dry cleaner. David Campbell of MMCC’s Palo Alto office secured the financing, which features a seven-year term and 25-year amortization.
BUCKEYE, ARIZ. — A partnership between Tucson-based Holualoa Cos. and Phoenix-Countrywalk Community Developers has broken ground on Lanai, a multifamily property in Buckeye. Built over two phases, Lanai will feature 444 townhome-style residences. Designed by WORKSBUREAU, Lanai units will feature dormer windows, vaulted ceilings and living rooms with glass sliders to enable indoor-outdoor living. Ground-floor unit will feature semi-private front courtyards. Community amenities will include a pool and lounge area, splash pad, playground, outdoor fitness equipment and area, dog park and dog run.